TacticScaleWhat Shenzhen Sunlord Electronics (顺络电子) Does & How It Makes Money (002138.SZ)
Updated October 2026 · reflects Shenzhen Sunlord Electronics's latest reported financials
Chinese maker of chip inductors, filters and other passive electronic components. It earns revenue by designing, manufacturing and selling large volumes of chip electronic components to electronics makers in China and overseas, including customized parts built for specific customers.
How Shenzhen Sunlord Electronics makes money
It earns revenue by designing, manufacturing and selling large volumes of chip electronic components to electronics makers in China and overseas, including customized parts built for specific customers. Smaller amounts come from ceramics, PCBs, investing and trading activities.
What Shenzhen Sunlord Electronics does
Shenzhen Sunlord Electronics, founded in 2000 and based in Shenzhen, develops, makes and sells chip electronic components in China and abroad. Its core range covers inductors and coils for high-frequency, signal, power, PoC and coupling circuits, along with EMC parts such as beads, common mode filters and chokes. It also makes RF components like LTCC filters, diplexers, couplers, antennas and baluns, and sensitive components such as NTC thermistors and ESD and over-voltage protection devices. Beyond standard parts, Sunlord builds customized components, including NFC products, high-frequency and power transformers, PFC chokes, coupled inductors and wireless charging coil assemblies. It has also expanded into tantalum capacitors, electronic, structural and semiconductor-grade fine ceramics, ceramic powder and printed circuit boards. Its products serve the communications, consumer electronics, computing, automotive electronics, new energy, networking and industrial markets, and the company exports internationally.
Products & services
- Chip inductors and power coils
- EMC components (beads, common mode filters and chokes)
- LTCC RF filters, diplexers and antennas
- NTC thermistors and ESD protection devices
- Transformers and wireless charging coil assemblies
- Tantalum capacitors and fine ceramics
顺络电子是做什么的？
深圳顺络电子股份有限公司成立于2000年，总部位于深圳，主要从事片式电子元件的研发、生产和销售，业务覆盖国内和海外市场。核心产品包括用于高频、信号、电源、PoC及耦合电路的电感和线圈，磁珠、共模滤波器、共模扼流圈等EMC元件，LTCC滤波器、双工器、耦合器、天线、巴伦等射频元件，以及NTC热敏电阻和ESD、过压保护器件。 公司还提供定制化元件，如NFC产品、高频变压器、PFC电感、耦合电感和无线充电线圈组件，并已拓展至钽电容、电子陶瓷、结构陶瓷、泛半导体精细陶瓷、陶瓷粉体和印制电路板。产品应用于通信、消费电子、计算机、汽车电子、新能源、网络设备和工业电子等领域，并出口海外。
What is Shenzhen Sunlord Electronics worth?
On an owner-earnings DCF, Shenzhen Sunlord Electronics's most-likely value is about ¥7 versus a recent price near ¥43 (486% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥3) with a margin of safety — so the honest verdict here is “Stretched — richly priced.” Fair value earns its keep only at the extremes, not in the wide middle.
Today's $43 is above even the optimistic Bull case ($14) — the market expects faster, longer growth than modeled here. Expensive unless that extra growth actually shows up.
⚠ High leverage — net debt is 13.3× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
⚠ Capital-intensive — this business reinvests heavily, so free cash flow runs well below its earnings. Fair value here is built on free cash flow, which understates owner earnings for reinvestment-heavy companies — read it as conservative.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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