证券研究报告·北交所公司深度报告·消费电子 买入（首次） [关键词： Table_Tag#比同类公司便宜 ] #出口导向 [Table_Summary] 投资要点 ◼ 新能源汽车发展动力强劲，智能小家电需求快速攀升： 2） 智能家居带动配套注塑集成件业务发展。2023 年中国智能家居市场 规模预计可以达到 7157.1 亿元较上年同比增长 9.85%。截至 2022 年 4 月 10 日，塑料在家电中的用量已占重量比的 40%，在彩电、空调 等家用电器上的平均使用量为每台 1.5-2.5 千克。 1） 公司在新能源汽车领域具备先发优势。高压线束技术先进，绝缘刺 破式连接器率先打入汽车产业链，汽车电子真空泵线束产品更可靠。 3） 公司定制化能力强，智能系统促进精细化管理，柔性生产线及时响 应复杂多变的市场需求。 ◼ 风险提示：市场竞争风险、主要客户相对集中风险、汇率波动风险、新 增产能不能消化的风险。 股价走势 市场数据 | --- | --- | |--------------------------|-------| | | | | 基础数据 | | | 每股净资产 ( 元 ,LF) | 5.22 | | ...

证券代码：833346 证券简称：威贸电子 公告编号：2024-009 上海威贸电子股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 √其他 (券商策略会) 二、 投资者关系活动情况 活动时间：2024 年 2 月 27 日 问题 1：请问公司对 24 年家电业务的预期如何？ 回答：公司今年将继续在家电领域推进组件策略，与法国 SEB 集团等客户 合作的成熟项目如电熨斗等还在持续增量，也有不少新项目在研发推进中。此 外公司也在积极开展与国外专业咖啡机品牌的合作，产品涵盖复杂线束到塑胶 配件等，希望未来能带来较大的增量。 问题 2：公司与很多欧美客户有长期深度的合作，请问是如何开拓和维护 这些客户的？ 回答：公司与法国 SEB 集团、德国福维克、EBM 集团等大客户都有多年合 作，主要是凭借公司过硬的产品质量、研发能力和高效服务。公司一直追求与 高质量客 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% in the next six months [18][20]. Core Insights - The company achieved a revenue of 230 million yuan in 2023, representing a year-on-year growth of 13.2%. The growth was driven by the mass production of new projects in smart home appliances and the new energy vehicle sector [2][18]. - The company’s net profit attributable to shareholders reached 39.01 million yuan in 2023, up 12.16% year-on-year, with a significant increase in net profit excluding non-recurring items, which grew by 28.9% [18][20]. - The company is focusing on integrated and modular strategies to enhance profitability, with a gross margin of 30.8% in the first half of 2023, an increase of 4.2 percentage points year-on-year [19][20]. Summary by Sections Revenue and Profitability - The company’s revenue for 2023 is projected to be 202.07 million yuan in 2023E, with expected growth rates of 13.24% in 2023, 22.92% in 2024, and 24.83% in 2025 [21]. - The net profit attributable to the parent company is forecasted to be 34.78 million yuan in 2023E, with growth rates of 12.14% in 2023, 25.97% in 2024, and 23.19% in 2025 [21]. Business Segments - The company is actively expanding in three main business segments: automotive, home appliances, and industrial automation, with a notable increase in sales of components like electric irons and collaborations with major clients in the new energy sector [2][19]. - The new energy vehicle business is expected to see significant growth in 2024, potentially surpassing traditional automotive business in terms of revenue contribution [2][20]. Financial Metrics - The company’s EBITDA is projected to grow from 38.93 million yuan in 2023E to 70.37 million yuan in 2025E, indicating a strong upward trend in operational profitability [21]. - The price-to-earnings (PE) ratio is expected to decrease from 27 in 2023E to 15 in 2025E, suggesting an attractive valuation as earnings grow [21].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company is expected to achieve a revenue of 229 million yuan in 2023, representing a 13% increase, and a net profit attributable to shareholders of 39.01 million yuan, reflecting a 12% increase. The growth is attributed to the mass production of new projects in smart home appliances and new energy vehicles, along with an increase in high-value-added products [3][22] - The company has slightly adjusted its profit forecast for 2023 but maintains its forecasts for 2024 and 2025, expecting net profits of 48 million yuan and 58 million yuan respectively, with corresponding EPS of 0.59 yuan and 0.72 yuan [3][24] - The company is optimistic about its business development in the new energy vehicle sector and the recovery of overseas demand in the home appliance sector, which is expected to provide substantial benefits [3] Summary by Sections Business Overview - The company specializes in providing one-stop solutions for wires, harness components, injection molded structural parts, PCBA, and coils [3] - The focus is on small-batch, multi-variety production, enhancing product barriers through integrated and modular strategies [5] Financial Performance - The company reported a projected revenue of 229 million yuan for 2023, with a year-on-year growth of 13.2% expected for 2024 and 27.1% for 2025 [24] - The net profit attributable to shareholders is projected to be 39 million yuan for 2023, with further increases to 48 million yuan in 2024 and 58 million yuan in 2025 [24] Future Development - The company plans to deepen collaborations with Junsheng Electronics, German EBM, and French SEB in the automotive, high-end home appliance, and industrial automation sectors [6] - The strategy includes advancing projects related to charging guns and automotive harness components, as well as exploring potential in energy storage and heat pump projects [6] Market Position - The company has received a patent for an automatic assembly machine for valve pump components, showcasing its advancements in automation and production capabilities [5] - The company aims to enhance customer acceptance of domestic alternatives in the automotive sector through its modular product offerings [5]

Financial Performance - The company's operating revenue for 2023 is expected to be ¥228,822,733.10, representing a year-on-year growth of 13.24%[4] - The net profit attributable to shareholders is projected to be ¥39,007,021.17, an increase of 12.16% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be ¥34,234,744.70, showing a significant growth of 28.88%[5] - Basic earnings per share for the period is anticipated to be ¥0.48, reflecting a year-on-year increase of 4.35%[4] - Total assets at the end of the reporting period are expected to reach ¥519,931,913.56, marking an 8.76% increase from the beginning of the period[4] - Shareholders' equity attributable to the company is projected to be ¥431,422,924.86, which is a 3.47% increase year-on-year[4] Growth Drivers - The company's earnings growth is primarily driven by the mass production of new projects in smart home appliances and the new energy vehicle sector[5] - The increase in net profit is also attributed to the adjustment of product structure towards higher value-added products[5] - The company did not receive government listing subsidies in 2023, which positively impacted the net profit growth compared to 2022[5] Cautionary Notes - Investors are advised to be cautious as the financial data is preliminary and has not been audited by an accounting firm[6]

证券代码：833346 证券简称：威贸电子 公告编号：2024-007 上海威贸电子股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他（线上投资者调研会议） 二、投资者关系活动情况 活动时间：2024 年2月1日 ...

证券代码：833346 证券简称：威贸电子 公告编号：2024-007 上海威贸电子股份有限公司 投资者关系活动记录表 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、投资者关系活动类别 □路演活动 √其他（线上投资者调研会议） 二、投资者关系活动情况 问题 3：国内有很多连接器厂商，请问公司未来是否会考虑和国内连接器厂 商合作？ 回答：公司目前与国内连接器厂商有一些合作，也有根据产品的需求自主开 发生产连接器。未来公司计划加大在连接器研发领域的投入，重新梳理研发团队， 引入先进设备，加强自身在连接器领域的实力，更好地实现电子组件全产业链一 条龙。 上市公司接待人员：公司副总经理、董事会秘书周威迪先生； 三、投资者关系活动主要内容 本次投资者关系活动的主要问题及公司对问题的回复概要如下： 问题 1：请问在汽车领域，公司新能源汽车和传统汽车线束的业务量占比如 何？ 回复：公司新能源汽车领域的业务去年开始放量，处于持续攀升 ...

证券代码：833346 证券简称：威贸电子 公告编号：2024-006 上海威贸电子股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 √现场参观 □新闻发布会 □分析师会议 □路演活动 □其他（券商策略会） 二、投资者关系活动情况 ...

证券代码：833346 证券简称：威贸电子 公告编号：2024-006 上海威贸电子股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 √现场参观 □新闻发布会 活动时间：2024 年 1 月 30 日 活动地点：上海市青浦区练塘镇练东路 28 号办公楼会议室 参与单位及人员：国新证券、中泰证券、上海证券、渤海证券、平安证 券、盈科汇金、高申资管、星广丰资管 上市公司接待人员：公司副总经理、董事会秘书周威迪先生； 三、投资者关系活动主要内容 本次投资者关系活动的主要问题及公司对问题的回复概要如下： □分析师会议 □路演活动 □其他（券商策略会） 二、投资者关系活动情况 问题 1：请问公司外销毛利率整体高于内销，是什么原因？ 回复：首先，公司的出口营收中很大一部分是德国、法国等的高端家电、汽 车和工业自动化客户，也是近年来公司推进集成化、组件化策略较深入的领域。 我们与这些客户有着多年的深度合作，他们往往对产 ...

证券代码：833346 证券简称：威贸电子 公告编号：2024-004 上海威贸电子股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他（券商策略会） 二、投资者关系活动情况 活动时间：公司分别于 2024年1月10日 和1月11日参加了国金证券、 ...