Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has experienced rapid revenue growth, with a reported revenue of 2.4 billion yuan in 2024, representing a year-on-year increase of 55%. The net profit attributable to shareholders reached 180 million yuan, up 28% year-on-year. For Q1 2025, revenue was 800 million yuan, reflecting a 65% year-on-year growth, and net profit was 80 million yuan, up 81% year-on-year [1][3] - The company is actively expanding its overseas production capabilities, with operational factories in the United States and Mexico. The U.S. factory has achieved rapid revenue growth and profitability, while the Mexican factory is in the ramp-up phase but is currently operating at a loss. In 2024, overseas revenue is expected to reach 220 million yuan, with new quality customers and multiple project approvals [2] - The company focuses on connector products and is continuously developing solutions for various sectors, including telecommunications, new energy vehicles, rail transportation, and medical devices. It has established partnerships with major clients in the 5.5G sector and has developed connectors for humanoid robots and liquid cooling servers [2] Financial Summary - The company forecasts net profits of 260 million yuan, 320 million yuan, and 370 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 32, 26, and 22 times [3] - Financial indicators show a significant increase in revenue from 1.555 billion yuan in 2023 to an expected 2.994 billion yuan in 2025, with a year-on-year growth rate of 24% [4] - The latest diluted EPS is projected to be 1.65 yuan in 2025, with a net asset return rate of 11.2% [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has experienced rapid revenue growth, with a 55% year-on-year increase in 2024, reaching 2.4 billion yuan, and a 28% increase in net profit to 180 million yuan. In Q1 2025, revenue surged by 65% year-on-year to 800 million yuan, with net profit increasing by 81% to 80 million yuan [1][3] - The company is actively expanding its overseas production capabilities, with operational factories in the US and Mexico, contributing to revenue growth and new customer acquisition. The US factory has achieved profitability, while the Mexican factory is in the ramp-up phase [2] - The company is focusing on emerging market applications and has developed a range of connector products for various industries, including telecommunications and electric vehicles, positioning itself as a leader in the industry [2] Financial Summary - Revenue is projected to grow from 2.4 billion yuan in 2024 to 2.99 billion yuan in 2025, with a year-on-year growth rate of 24%. Net profit is expected to rise from 261 million yuan in 2025 to 374 million yuan in 2027, with corresponding P/E ratios of 32, 26, and 22 for the years 2025, 2026, and 2027 respectively [3][4] - The company’s gross margin for Q1 2025 was 23.7%, with a net profit margin of 10.0%, reflecting improvements in profitability despite challenges from commodity price fluctuations and increased capacity investments [1][2]

Group 1 - The A-share copper cable sector is experiencing active trading, with notable stocks such as Wolong Nuclear Materials hitting the daily limit up, while Changfei Optical Fiber and Shenyu Co. have increased by over 6% [1] - Other companies in the sector, including Baosheng Co., Xinke Materials, Dingtong Technology, Ruikeda, and Jingda Co., are also seeing upward movement in their stock prices [1]

证券代码：688800 证券简称：瑞可达 公告编号：2025-030 苏州瑞可达连接系统股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 05 月 14 日（星期三）13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 05 月 07 日（星期三）至 05 月 13 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@recodeal.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 苏州瑞可达连接系统股份有限公司（以下简称"公司"）已于 2025 年 4 月 15 日发布公司 2024 年年度报告，于 2025 年 4 月 29 日发布公司 20 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - In Q1 2025, the company achieved a revenue of 761 million yuan, representing a year-on-year growth of 64.66%, and a net profit attributable to shareholders of 76 million yuan, up 81.36% year-on-year [1] - The company plans to issue convertible bonds to raise up to 1 billion yuan, aimed at upgrading high-frequency and high-speed connection systems and enhancing liquidity [3] - The company is expected to benefit from the growing markets in new energy smart vehicles and AI computing power, with significant growth potential anticipated [3] - The robotics and AEC product lines are projected to open up substantial market opportunities, with ongoing product development and testing [4] Financial Summary - Revenue projections for 2025-2027 are 3.03 billion, 3.68 billion, and 4.42 billion yuan, with year-on-year growth rates of 25.5%, 21.4%, and 20.2% respectively [5] - Net profit forecasts for the same period are 256 million, 320 million, and 385 million yuan, with growth rates of 46.3%, 24.6%, and 20.5% respectively [5] - The company’s P/E ratios are projected to be 30, 24, and 20 for 2025, 2026, and 2027 respectively [5]

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 持续督导保荐总结报告书 东吴证券股份有限公司（以下简称"东吴证券"或"保荐机构"）作为关于 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"）首次公开 发行股票并在科创板上市以及 2022 年度向特定对象发行 A 股股票的保荐机构， 持续督导期至 2024 年 12 月 31 日止。截至目前，持续督导期已满，现根据《证 券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》《上海 证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律法规和规 范性文件的要求，出具本持续督导保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担 法律责任。 2、保荐机构及保荐代表人自愿接受中国证监会对保荐总结报告书相关事项 进行的任何质询和调查。 3、保荐机构及保荐代表人自愿接受中国证监会按照《证券发行上市保荐业 务管理办法》的有关规定采取的监管措施。 | 名称 | 东吴证券股份有限公司 | | | --- ...

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 2024 年度持续督导跟踪报告 东吴证券股份有限公司（以下简称"东吴证券"或"保荐机构"）作为关于 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《证券发行上市保荐业务管理办法》《上海证券交易所科 创板股票上市规则》《上海证券交易所上市公司自律监管指引第 11 号——持续督 导》等相关规定，负责瑞可达上市后的持续督导工作，并出具本持续督导年度跟 踪报告。 | 序号 | 项目 | 持续督导工作情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针 | 保荐机构已建立健全并有效 | | | | 执行了持续督导制度，已根 | | | 对具体的持续督导工作制定相应的工作计划 | 据公司的具体情况制定了相 | | | | 应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开 协议，明确双方在持续督导期间的权利义务， | 荐协议，协议明确了双方在 | | | | 保荐机构已与公司签署了保 | | | 始前，与上市公司或相关当事人签署持续督导 | 持续督导 ...

Core Viewpoint - The company, Suzhou Ruikeda Connection Systems Co., Ltd., is planning to issue convertible bonds to unspecified investors, with a total fundraising amount not exceeding RMB 1 billion, to support its investment projects and enhance its financial position [12][53]. Financial Data - The financial report for the first quarter of 2025 is unaudited, and the company has not reported any significant non-recurring gains or losses [3][4]. - The company has confirmed that the financial information in the quarterly report is true, accurate, and complete [2]. Shareholder Information - The total number of shareholders and the shareholding structure, including the top ten shareholders, have been disclosed, with a specific mention of a repurchase account holding 905,000 shares, accounting for 0.57% of the total share capital [5]. Board Meeting - The fourth board meeting of the company was held on April 28, 2025, with all seven directors present, and the meeting complied with relevant laws and regulations [7][8]. - The board approved the proposal for issuing convertible bonds, confirming that the company meets the conditions for such issuance [8][9]. Convertible Bond Issuance Details - The convertible bonds will be issued at a face value of RMB 100 each, with a term of six years [14][16]. - The total amount to be raised through this issuance is capped at RMB 1 billion, with the specific issuance scale to be determined by the board [12][53]. - The bonds will have an annual interest payment structure, with interest calculated based on the face value and the applicable interest rate [20][21]. Use of Proceeds - The proceeds from the bond issuance will be used for investment projects, with the company planning to initially use its own funds for these projects until the bond proceeds are available [53]. Rights and Obligations of Bondholders - Bondholders will have rights to participate in meetings, receive interest payments, and convert their bonds into shares under specified conditions [47][49]. - The company will not provide guarantees for the bonds issued [54]. Future Plans - The company has outlined a three-year dividend return plan for shareholders, ensuring the protection of minority investors' rights [80]. - The company will also conduct a feasibility analysis for the use of funds raised through the bond issuance, ensuring alignment with national policies and industry trends [70][83].

苏州瑞可达连接系统股份有限公司 2024 年年度股东大会会议资料 苏州瑞可达连接系统股份有限公司 2024 年年度股东大会会议资料 证券代码：688800 证券简称：瑞可达 $$\underline{{{-\exists\exists}}}\underline{{{-\exists}}}\,\nexists\,\nexists\,\nexists\,\nexists\,\nexists$$ | 2024 年年度股东大会会议须知 2 | | | --- | --- | | 年年度股东大会会议议程 4 2024 | | | 2024 年年度股东大会会议议案 7 | | | 议案一： 关于公司 2024 | 年度董事会工作报告的议案 8 | | 议案二： 关于公司 2024 | 年度监事会工作报告的议案 9 | | 议案三： 关于公司 2024 | 年年度报告及摘要的议案 10 | | 议案四： 关于公司 2024 | 年度财务决算报告的议案 11 | | 议案五： 关于公司 2025 | 年度财务预算报告的议案 12 | | 议案六： 关于公司 2024 | 年年度利润分配及公积金转增股本方案的议案 13 | | ...

证券代码：688800 证券简称：瑞可达 公告编号：2025-029 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、 股东大会有关情况 1. 股东大会的类型和届次： 2024年年度股东大会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | 股 A | 688800 | 瑞可达 | 2025/5/6 | 苏州瑞可达连接系统股份有限公司 关于2024年年度股东大会增加临时提案暨补充通知 的公告 二、 增加临时提案的情况说明 1. 提案人：吴世均 2. 提案程序说明 公司已于2025 年 4 月 15 日公告了股东大会召开通知，单独或者合计持有 28.50%股份的股东吴世均，在2025 年 4 月 27 日提出临时提案并书面提交股东大 会召集人。股东大会召集人按照《上海证券交易所科创板上市公司自律监管指引 2. 股东大会召开日期：2025 年 5 月 12 日 3. 股东大会股权登记日： 第 1 号 — 规范运作》有关规定，现予以公告。 3. 临时提案的具体 ...