Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of stock price appreciation exceeding 15% over the next six months [5]. Core Insights - The company achieved a record high revenue of 2.415 billion yuan in 2024, representing a year-over-year increase of 55.29%. The net profit attributable to shareholders was 175 million yuan, up 28.11% year-over-year, with a non-recurring net profit of 163 million yuan, increasing by 32.21% year-over-year [1][2]. - In Q4 2024, the company reported a revenue of 825 million yuan, marking a 60.42% increase year-over-year and a 30.71% increase quarter-over-quarter. The net profit for the quarter was 69 million yuan, reflecting a year-over-year growth of 69.05% [2]. - The company is making significant progress in the AEC and robotics sectors, with ongoing development of connectors and harnesses for various industrial and humanoid robot clients. The international expansion is showing promising results, particularly with the establishment of a factory in Mexico to support U.S. clients [3]. Financial Summary - For 2024, the company reported total revenue of 2.415 billion yuan, with a gross margin of 22.12%, which is a decrease of 2.95 percentage points year-over-year. The domestic revenue was 1.993 billion yuan, up 46.79% year-over-year, while international revenue reached 386 million yuan, a significant increase of 113.23% [1][2]. - The company forecasts revenues of 3.09 billion yuan, 3.795 billion yuan, and 4.454 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 242 million yuan, 306 million yuan, and 367 million yuan [4][3]. - The report highlights a decrease in gross margins across various product lines, with the communication connector business experiencing a gross margin of 13.26%, down 5.56 percentage points year-over-year [2].

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company is a leading connector system manufacturer in China, focusing on electric vehicle electrification, intelligence, and battery-related fields, showcasing innovative technologies and products at the Shanghai International Auto Show [2]. - Revenue from new energy connectors has significantly increased, accounting for 90.28% of total revenue in 2024, up from 87.92% in 2023, with a year-on-year growth of 59.46% [3]. - The company has established a strong customer base, including major global clients such as BYD, Tesla, and NIO, positioning itself for continued growth as the penetration of new energy vehicles increases [3]. - The company is expanding into emerging fields such as AI servers, humanoid robots, and medical applications, supported by five production bases in China and abroad, which is expected to drive long-term growth [3]. Summary by Sections Revenue and Profit Forecast - The company is projected to achieve total revenue of 2.415 billion RMB in 2024, a year-on-year increase of 55.29%, with a net profit of 175 million RMB, reflecting a growth of 28.11% [4][9]. - Forecasted net profits for 2025, 2026, and 2027 are 211 million RMB, 340 million RMB, and 396 million RMB, respectively, with corresponding P/E ratios of 35, 22, and 19 [4][9]. Financial Metrics - The company’s diluted earnings per share (EPS) is expected to rise from 1.106 RMB in 2024 to 2.501 RMB in 2027 [9]. - Return on equity (ROE) is projected to improve from 8.36% in 2024 to 14.29% in 2027, indicating enhanced profitability [9].

Group 1 - The core viewpoint of the news is that Suzhou Ruikeda Connection System Co., Ltd. reported significant growth in revenue and net profit for the year 2024, indicating a recovery from the previous year's decline in net profit [2][4] - In 2024, Ruikeda achieved an operating revenue of 2.415 billion yuan, representing a year-on-year increase of 55.29% [2] - The net profit attributable to shareholders for 2024 was 175 million yuan, showing a year-on-year growth of 28.11%, while the net profit excluding non-recurring items was 163 million yuan, up 32.21% year-on-year [2] Group 2 - In the fourth quarter of 2024, Ruikeda reported an operating revenue of 825 million yuan, which is a 60.42% increase year-on-year and a 30.71% increase quarter-on-quarter [4] - The net profit attributable to shareholders for the fourth quarter was approximately 69.31 million yuan, reflecting a year-on-year growth of 69.05% and a quarter-on-quarter growth of 69.05% [4] - The company plans to distribute a dividend of 3.5 yuan (including tax) for every 10 shares and to issue 3 additional shares for every 10 shares held [4] Group 3 - In 2024, Ruikeda's total expenses amounted to 314 million yuan, an increase of 81.07 million yuan year-on-year, with an expense ratio of 12.99%, down 1.97 percentage points from the previous year [4] - Sales expenses increased by 15.61%, management expenses rose by 34.81%, R&D expenses grew by 26.91%, and financial expenses surged by 170.19% [4] - Ruikeda was established on January 11, 2006, and was listed on July 22, 2021, specializing in the research, production, sales, and service of connector products [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 55.91 CNY [4][7][8] Core Insights - The company is expected to achieve a revenue of 2.415 billion CNY in 2024, representing a year-over-year increase of 55.29%, exceeding previous expectations of 1.99 billion CNY [1] - The gross margin for 2024 is projected at 22.12%, a decrease of 3.0 percentage points year-over-year, while the net profit attributable to shareholders is expected to be 175 million CNY, up 28.11% year-over-year but below the forecast of 210 million CNY due to increased expenses [1][2] - The company is actively expanding its product offerings in high-performance data centers and robotics, which are anticipated to drive future growth [1][3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.415 billion CNY, with a significant increase in the fourth quarter, where revenue reached 825 million CNY, up 60.42% year-over-year and 30.71% quarter-over-quarter [1][2] - The revenue from new energy connectors was 2.180 billion CNY, reflecting a year-over-year growth of 59.46%, while communication connectors generated 111 million CNY, a 4.84% increase [2][6] Future Outlook - For 2025, the company aims to continue its international expansion, particularly in North America, where production capacity is expected to increase, mitigating tariff impacts [3] - The company has formed a joint venture to develop high-speed copper cable products for the AI sector and has completed the development of connectors for humanoid robots, leveraging long-term partnerships with major automotive clients [3][4] Valuation and Projections - The projected revenues for 2025-2027 are 3.173 billion CNY, 3.875 billion CNY, and 4.687 billion CNY, with year-over-year growth rates of 31.4%, 22.1%, and 21.0% respectively [4][6] - The estimated net profits for the same period are 250 million CNY, 300 million CNY, and 390 million CNY, with adjustments made due to higher expenses from new product developments [4][6]

Core Viewpoint - The company achieved significant revenue growth in 2024, driven by increased penetration in the electric vehicle and energy storage sectors, alongside expanding overseas production capacity in Mexico and the United States [1][2]. Group 1: Financial Performance - In 2024, the company reported revenue of 2.415 billion, a year-on-year increase of 55.29%, and a net profit of 175 million, up 28.11% year-on-year [1]. - Q4 2024 revenue reached 825 million, reflecting a 60.42% year-on-year increase and a 30.71% quarter-on-quarter increase, with net profit of 69 million, up 69.05% year-on-year and quarter-on-quarter [1]. - The company's gross margin for 2024 was 22.12%, down 2.95 percentage points year-on-year, while the net margin was 7.37%, down 1.41 percentage points year-on-year [1]. Group 2: Overseas Expansion - In 2024, the company generated 386 million from international sales, accounting for 15.98% of total revenue, with limited impact from trade frictions [2]. - The U.S. and Mexico factories are operational, contributing 220 million in revenue, with the U.S. factory showing significant growth and profitability, while the Mexican factory is still ramping up production [2]. - The company is preparing to expand its production footprint in Europe and Southeast Asia to further enhance global market presence [2]. Group 3: Sector Performance - The renewable energy sector accounted for 2.180 billion in revenue, a 59.46% increase, making up 90.28% of total revenue, while the communication sector contributed 111 million, up 4.84% [3]. - The company has established supply relationships with major automotive manufacturers, including BYD and several U.S. companies, positioning itself well for future growth in the electric vehicle market [3]. Group 4: Product Development - The company has developed connectors and harnesses for humanoid robots and is collaborating with domestic and international clients for small-scale supply [4]. - A joint venture has been established to enhance capabilities in the AI data center market, leveraging strengths in connector technology and high-frequency cable business [4]. Group 5: Future Projections - Revenue projections for 2025-2027 are 3.03 billion, 3.68 billion, and 4.42 billion, with year-on-year growth rates of 25.5%, 21.4%, and 20.2% respectively [5]. - Expected net profits for the same period are 260 million, 320 million, and 390 million, with corresponding growth rates of 46.3%, 24.6%, and 20.5% [5].

Group 1 - The core viewpoint of the news is that 瑞可达 (688800.SH) has reported its 2024 annual results, highlighting significant changes in institutional investor holdings [1] - As of April 14, 2025, a total of 278 institutional investors disclosed holdings in 瑞可达 A-shares, with a combined holding of 33.405 million shares, representing 21.09% of the total share capital [1] - The top ten institutional investors collectively hold 10.21% of the shares, but their combined holding ratio has decreased by 5.81 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three public funds reported a decrease in holdings compared to the previous quarter, while 269 new public funds were disclosed, including several notable funds [2] - The public funds that reduced their holdings include 东兴未来价值混合A, 东兴兴晟混合A, and 东兴连众一年持有期混合A, with a slight decline in holding ratios [2] - One insurance fund, 瑞众人寿保险有限责任公司-自有资金, also reported a decrease in holdings compared to the previous quarter [2]

Group 1 - The company announced a 2024 distribution plan, proposing a 10-for-3 stock split and a cash dividend of 3.5 yuan (including tax), with a total cash payout of 55.13 million yuan, representing 31.45% of net profit [2] - The company reported a revenue of 2.415 billion yuan for the year, marking a year-on-year increase of 55.29%, and a net profit of 175 million yuan, up 28.11% year-on-year, with basic earnings per share of 1.11 yuan [2] - This marks the fourth cash distribution since the company went public [2] Group 2 - The stock experienced a net inflow of 1.7342 million yuan from main funds today, but saw a net outflow of 13.719 million yuan over the past five days [3] - The latest margin financing balance for the stock is 515 million yuan, which has decreased by 83.846 million yuan over the past five days, a decline of 13.99% [4] Group 3 - In the electronics industry, 110 companies have announced their 2024 distribution plans, with the highest cash payout being from Pengding Holdings at 2.318 billion yuan, followed by Lens Technology and Shengyi Technology at 1.984 billion yuan and 1.458 billion yuan, respectively [4]

Group 1 - The core viewpoint of the article is that Ruikeda has announced its 2024 annual distribution plan, proposing a 10-for-3 stock split and a cash dividend of 3.5 yuan (including tax) [2] - The company reported a total operating revenue of 2.415 billion yuan for the year, representing a year-on-year increase of 55.29% [2] - The net profit for the year was 175 million yuan, showing a year-on-year growth of 28.11%, with basic earnings per share at 1.11 yuan [2] Group 2 - The stock experienced a net inflow of 1.7342 million yuan in main funds today, but there was a net outflow of 13.719 million yuan over the past five days [3] - The latest margin financing balance for the stock is 515 million yuan, which has decreased by 83.846 million yuan over the past five days, a decline of 13.99% [4] - Among 1181 companies that have announced their 2024 distribution plans, 86 included stock splits, with 45 seeing their stock prices rise on the announcement day [4]

Core Insights - The company, Ruikeda, reported a revenue of 2.41 billion yuan for 2024, marking a year-on-year growth of 55.3%, with a net profit of 175 million yuan, up 28.1% [1] - The company plans to distribute a dividend of 3.5 yuan per 10 shares and issue 3 additional shares for every 10 shares held [1] - The fourth quarter of 2024 saw a revenue of 825 million yuan, reflecting a 60.4% increase year-on-year, and a net profit of 69.31 million yuan, up 69.1% [1] Company Overview - Ruikeda specializes in the research, production, sales, and service of connector products, recognized as a national "little giant" enterprise [1] - The company’s product range includes connectors, connector components, and modules, with capabilities in optical, electrical, microwave, fluid, and data connectors [1] Growth Drivers - The revenue increase in 2024 is attributed to higher penetration rates in sectors such as new energy vehicles, energy storage, industrial robots, rail transportation, industrial control, autonomous driving, and base station communication [1] - The company’s production capacity in overseas factories in Mexico and the United States is ramping up, contributing to an increasing market share [1] - New projects in humanoid robots, low-altitude aircraft, medical applications, servers, and data centers are entering trial and mass production phases [1] Technological Advancements - The company achieved breakthroughs in several technologies and products, including liquid cooling ultra-fast charging technology and medical endoscopes [2] - Development of high-speed copper cable connectors for the AI sector and ultra-fast charging connectors for new energy vehicles has been completed [2] - The company emphasizes the growth potential of connectors in emerging fields, particularly in communication technologies driven by 5G and future 6G networks [2] Market Demand - The demand for connectors in the communication sector is expected to grow significantly due to advancements in 5G network construction, cloud computing, IoT, and data centers [2] - The introduction of large-scale MIMO technology in 5.5G base stations will increase the demand for connectors exponentially compared to 5G [2] - The rise of AI servers will lead to an increase in internal connections, further driving the demand for high-speed connectors [2] Robotics Sector - Connectors are crucial for the stable operation of robots, serving as the bridge for power, signal, and data transmission [3] - The need for high-speed, high-frequency communication and miniaturization in robotics will necessitate redesigning connectors, potentially increasing their value [3] Global Expansion - Ruikeda has successfully launched operations in overseas factories in the United States and Mexico, with significant sales growth and profitability in the U.S. [3] - The company has made progress in developing overseas markets, acquiring new high-quality clients and securing multiple project contracts [3]

东吴证券股份有限公司 关于苏州瑞可达连接系统股份有限公司 2025 年度日常关联交易预计的核查意见 东吴证券股份有限公司（以下简称"东吴证券"或"保荐机构"）作为苏州 瑞可达连接系统股份有限公司（以下简称"瑞可达"或"公司"）持续督导工作 的保荐机构，根据《上海证券交易所科创板股票上市规则》《上海证券交易所科 创板上市公司自律监管指引第 1 号——规范运作》及《上海证券交易所上市公司 自律监管指引第 11 号——持续督导》《证券发行上市保荐业务管理办法》等相关 规定，对公司 2025 年度日常关联交易预计事项进行了核查，具体情况如下： 一、日常关联交易基本情况 （二）本次日常关联交易预计金额和类别 单位：万元人民币 | | | 本次 | 占同类 | 本年年初至披露 | 上年 | 占 同 类 | 本次预计金额与 | | --- | --- | --- | --- | --- | --- | --- | --- | | 关联交易类 | 关联人 | 预计 | 业务比 | 日与关联人累计 | 实际 | 业 务 比 | 上年实际发生金 | | 别 | | 金额 | 例（%） | 已发生的交易金 | 发生 | 例（％） ...