Group 1: Company Overview - Suzhou Ruikeda Connection System Co., Ltd. is a national "specialized and innovative" enterprise focused on the research, production, sales, and service of connectors [2] - The company has a complete product chain capability, including connectors, components, and modules, and is one of the few companies with R&D and production capabilities for optical, electrical, microwave, high-speed data, and fluid connectors [2] Group 2: Business Segments - In the new energy vehicle sector, the company has established supply qualifications with major domestic and international automotive manufacturers, including Changan Automobile, NIO, and SAIC Group [2][3] - The company also serves clients in the energy storage sector, focusing on commercial and residential energy storage, with partnerships including CATL and Trina Solar [3] - In the telecommunications sector, the company has developed new connectors for 5G systems and has secured partnerships with major telecom equipment manufacturers like Ericsson and Nokia [3] Group 3: Financial Performance - The company's revenue growth in the first half of 2024 was primarily driven by the increase in new energy connector business [4] - The U.S. factory achieved a profit of CNY 6.4781 million in the first half of 2024, while the Mexican factory incurred a loss of CNY 5.8674 million due to capacity constraints from a major client [4] - The overall overseas factory operations are becoming profitable, with expectations for continued revenue growth from international markets [4] Group 4: Market Position and Standards - The company holds a leading market share in the domestic battery swap connector market, with applications across various vehicle types [4][5] - The company is actively involved in the drafting and revision of national standards related to battery swap technology, with expectations for new standards to be released next year [5] Group 5: Material Costs and Profitability - The main raw materials for the company's products include non-ferrous metals and plastics, with recent fluctuations in copper prices impacting gross margins [5] - As copper prices have decreased, the company has experienced some relief in cost pressures, leading to a recovery in gross margins [5]

证券代码：688800 证券简称：瑞可达 公告编号：2024-040 苏州瑞可达连接系统股份有限公司 关于向不特定对象发行可转换公司债券决议及授权 有效期到期失效的公告 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。 苏州瑞可达连接系统股份有限公司（以下简称"公司"）于2023年8月11日召 开第四届董事会第六次会议和第四届监事会第六次会议，并于2023年8月28日召 开2023年第五次临时股东大会，审议通过了《关于公司向不特定对象发行可转换 公司债券方案的议案》与《关于提请股东大会授权公司董事会及其授权人士全权 办理本次向不特定对象发行可转换公司债券相关事宜的议案》等相关议案。具体 内容详见公司于2023年8月12日和2023年8月29日刊登在上海证券交易所网站 （www.sse.com.cn）的相关公告。 根据公司2023年第五次临时股东大会决议，公司本次向不特定对象发行可转 换公司债券的股东大会决议有效期和股东大会授权公司董事会及其授权人士全 权办理本次发行相关事宜的有效期为股东大会审议通过之日起十二个月，已于 20 ...

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 | | 处罚、上海证券交易所纪律处分或者被上海证 | 实际控制人、董事、监事、 | | --- | --- | --- | | | 券交易所出具监管关注函的情况，并督促其完 | 高级管理人员未出现该等事 | | | 善内部控制制度，采取措施予以纠正 | 项 | | | 关注上市公司及控股股东、实际控制人等履行 | 2024 年上半年度持续督导 | | | 承诺的情况，上市公司及控股股东、实际控制 | 期内，公司及控股股东、实 | | 12 | 人等未履行承诺事项的，保荐人应及时向上海 | 际控制人等不存在未履行承 | | | 证券交易所报告 | 诺的情况 | | | 关注社交媒体关于上市公司的报道和传闻，及 | | | | 时针对市场传闻进行核查。经核查后发现上市 | | | | 公司存在应当披露未披露的重大事项或与披露 | 2024 年上半年度持续督导 | | 13 | 的信息与事实不符的，保荐人应当及时督促上 | 期内，公司未出现该等事项 | | | 市公司如实披露或予以澄清；上市公司不予披 | | | | 露或澄清的，应及时向上海证券交易所报告 ...

买入（维持评级） 股票信息 行业 电子 2024 年 8 月 23 日收盘价（元） 21.47 总市值（百万元） 3,401.27 流通市值（百万元） 3,401.27 总股本（百万股） 158.42 流通股本（百万股） 158.42 近 3 月日均成交额（百万元） 50.28 股价走势 瑞可达（688800.SH） 新能源连接器带动 24H1 收入增长，持续完善产业布局助力公司长 期发展 | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1,625 | 1,555 | 2,208 | 2,606 | 2,996 | | 增长率 yoy （ % ） | 80.2 | -4.3 | 42.0 | 18.0 | 15.0 | | 归母净利润（百万元） | 253 | 137 | 147 | 206 | 264 | | 增长率 yoy （ ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 31.05 [1][4]. Core Views - The company's revenue has shown continuous improvement over four consecutive quarters, with a 55.2% year-on-year increase in Q2 2024, driven by improved demand in the automotive and photovoltaic sectors, as well as customer expansion in new energy connector products [1]. - Despite the revenue growth, the net profit for Q2 2024 decreased by 9.3% year-on-year to RMB 0.23 billion, resulting in a net profit margin of only 4.7%, primarily due to rising raw material costs and increased management and R&D expenses [1][2]. - The company is expected to continue expanding its overseas business and product structure in the second half of 2024, with a focus on new energy and communication sectors [3]. Summary by Sections Revenue and Profitability - In 1H24, the company achieved revenue of RMB 9.58 billion, a year-on-year increase of 47.8%, mainly due to improved demand for photovoltaic products and expansion in new energy vehicle connectors [2]. - The overall gross margin for 1H24 was 22.8%, down 3 percentage points year-on-year, attributed to terminal price reductions and factory construction costs [2]. Future Outlook - The company is optimistic about its overseas expansion, with production capacity in Mexico and the U.S. ramping up and contracts signed with well-known European and American companies [3]. - The product structure is continuously expanding, with new products being developed for emerging strategic fields such as AI, data centers, and 6G communication [3]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are RMB 19.89 billion, RMB 26.48 billion, and RMB 36.47 billion, respectively, with net profit estimates of RMB 2.07 billion, RMB 2.82 billion, and RMB 3.78 billion [1][5].

证券代码：688800 证券简称：瑞可达 公告编号：2024-039 苏州瑞可达连接系统股份有限公司 关于使用部分闲置募集资金及自有资金 进行现金管理的公告 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。 苏州瑞可达连接系统股份有限公司（以下简称"公司"）于2024年8月21日召 开第四届董事会第十五次会议和第四届监事会第十四次会议，审议通过了《关于 使用部分闲置募集资金及自有资金进行现金管理的议案》，同意公司在确保不影 响募集资金投资项目建设和募集资金使用以及公司正常业务开展的情况下，使用 最高额不超过人民币3.50亿元（含3.50亿元）的部分闲置募集资金以及最高额不 超过人民币2.00亿元（含2.00亿元）的闲置自有资金进行现金管理。 投资安全性高、流动性好的投资产品（包括但不限于协定性存款、结构性存 款、定期存款、通知存款、大额存单等）。在上述额度内，资金可以滚动使用， 使用期限为董事会审议通过之日起12个月内有效。 董事会授权公司管理层在授权额度和期限内行使现金管理投资决策权并签 署相关合同文件，具体事项由公司财务 ...

Financial Performance - The company reported a total revenue of RMB 500 million for the first half of 2024, representing a 20% increase compared to the same period last year[3]. - The company achieved operating revenue of CNY 958,103,482.68 for the first half of 2024, representing a year-on-year increase of 47.81%[13]. - Net profit attributable to shareholders decreased by 2.55% year-on-year to CNY 64,964,188.07, while net profit after deducting non-recurring gains and losses decreased by 0.40% to CNY 59,789,541.60[15]. - The net cash flow from operating activities was CNY 31,369,317.82, down 62.22% compared to the same period last year, primarily due to increased cash payments for goods and services[16]. - The decline in net profit was attributed to the increase in costs and expenses outpacing revenue growth[15]. - The company reported a total revenue of 329.29 million RMB for the first half of 2024, with a net profit of 70.82 million RMB, representing a significant increase compared to the previous year[54]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in the first half of 2024, representing a 20% year-over-year growth[109]. User Growth and Market Expansion - User data indicates a growth in active users by 15%, reaching a total of 1.2 million users as of June 30, 2024[3]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[3]. - The company plans to continue expanding in the new energy, communication, and industrial medical fields while promoting international operations[60]. - Market expansion plans include entering three new international markets by Q4 2024, aiming for a 10% market share in each[110]. Research and Development - The company has invested RMB 50 million in R&D for new technologies, focusing on microwave RF connectors[3]. - The company has increased its R&D investment to CNY 70.82 million, a year-on-year growth of 30.96%, with a total of 423 R&D personnel as of June 30, 2024[42]. - R&D expenses for the first half of 2024 amounted to 70,817,426.03 CNY, representing a 30.96% increase compared to the same period last year[45]. - The company is actively pursuing new product development and technological innovation, with a significant increase in R&D investment during the reporting period[46]. - The company has established several provincial R&D centers and holds national-level certifications, enhancing its product development capabilities[57]. Product Development and Innovation - New product development includes the launch of a high-speed data connector, which is anticipated to contribute an estimated RMB 100 million in revenue by the end of 2024[3]. - The company has developed a full range of high-voltage connectors and components for the new energy vehicle market, becoming a key supplier in this sector[36]. - The company is currently developing several projects, including a liquid-cooled charging gun with a total investment of 15,000,000 CNY, of which 3,973,448.82 CNY has been invested this period[47]. - The company is developing a high-capacity charging solution with a total power of 840KW, which aims to enhance efficiency and reduce lifecycle costs[53]. - The company has created unique battery swapping connection solutions for electric vehicles, enhancing the competitive capabilities of downstream EV manufacturers[41]. Financial Management and Compliance - The board of directors has confirmed that there are no non-operational fund usages by controlling shareholders[2]. - The report emphasizes the importance of adhering to regulatory compliance to mitigate future risks[2]. - The company has implemented measures to attract and retain core technical personnel, including career planning and stock incentive programs[63]. - The company will ensure compliance with legal regulations and improve governance structure to make informed decisions[105]. Strategic Acquisitions and Partnerships - A strategic acquisition of a local competitor is in progress, which is expected to enhance the company's production capacity by 30%[3]. - The company has established partnerships with major automotive manufacturers, including Changan Automobile and NIO, and has secured supply qualifications for international clients like Tesla and Daimler[36]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the tech sector[110]. Market Trends and Industry Insights - The global connector market size increased from $48.9 billion in 2011 to $84.1 billion in 2022, with expectations to exceed $114.7 billion by 2030[19]. - The penetration rate of new energy vehicles in China reached 35.2% in the first half of 2024, with a forecasted increase to over 50% by 2030[20]. - The demand for automotive connectors is increasing due to the rapid iteration of technology and growth in the automotive sector, particularly in electric and connected vehicles[20]. - The connector industry is supported by national policies, including "Made in China 2025" and the "14th Five-Year Plan" for the electronic components industry[19]. Environmental and Social Responsibility - The company has implemented pollution prevention facilities with a collection efficiency greater than 90% for both waste gas and waste water[94]. - The company’s noise reduction measures achieved a noise level reduction of 25 dB(A) at the factory boundary, complying with the industrial noise emission standards[94]. - The company has established an emergency response plan for environmental incidents, updated in May 2023, and filed with the local ecological environment bureau[95]. Shareholder and Governance Matters - The company completed its 2024 employee stock ownership plan by purchasing 1,483,967 shares, accounting for 0.94% of the total share capital, with a total expenditure of 45.2384 million yuan[61]. - The company commits to compensating investors for any losses caused by violations of commitments made by its controlling shareholders and management[108]. - The company will ensure that any share buyback does not affect normal operations and is approved by the board and shareholders[103].

证券代码：688800 证券简称：瑞可达 公告编号：2024-036 苏州瑞可达连接系统股份有限公司 第四届董事会第十五次会议决议公告 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。 一、董事会会议召开情况 苏州瑞可达连接系统股份有限公司（以下简称"公司"）第四届董事会第 十五次会议（以下简称"本次会议"）于 2024 年 8 月 21 日在公司会议室以现 场结合通讯表决方式召开。本次会议通知和材料于 2024 年 8 月 11 日以通讯方 式发出，会议由董事长吴世均先生召集并主持，应出席董事 7 名，实际出席董 事 7 名，公司监事和高级管理人员列席了本次会议。本次会议的召集、召开方 式符合《中华人民共和国公司法》（以下简称"《公司法》"）等法律法规及 《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过《关于公司2024年半年度报告及摘要的议案》 公司《2024年半年度报告及摘要》的编制符合相关法律法规及《公司章程》 的有关规定，报告真实、准确、完整地反映了公司的财务状况和经营情况，不 存在虚假记载、误导性 ...

证券代码：688800 证券简称：瑞可达 公告编号：2024-037 苏州瑞可达连接系统股份有限公司 第四届监事会第十四次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 苏州瑞可达连接系统股份有限公司（以下简称"公司"）第四届监事会第十四 次会议（以下简称"本次会议"）于 2024 年 8 月 21 日在公司会议室以现场表决 方式召开。本次会议通知和材料于 2024 年 8 月 11 日以通讯方式送达全体监事， 会议由监事会主席钱芳琴女士召集并主持，应出席监事3名，实际出席监事3名。 本次会议的召集、召开方式符合《中华人民共和国公司法》（以下简称"《公司 法》"）等法律法规及《公司章程》）的有关规定。 二、监事会会议审议情况 （一）审议通过《关于公司2024年半年度报告及摘要的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 （三）审议通过《关于使用部分闲置募集资金及自有资金进行现金管理的议 案》 监事会认为：公司本次使用最高额不超过人民币3.50亿元（含3.50亿元）的 部 ...

一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意苏州瑞可达连接系统股份有 限公司向特定对象发行股票注册的批复》（证监许可[2022]1703 号），本公司向 特定投资者发行人民币普通股股票（A 股）515.7052 万股，每股发行价为 132.44 元，募集资金总额人民币 68,300.00 万元，扣除承销及保荐费用、发行登记费以 及其他交易费用共计 1,255.06 万元（不含增值税金额）后，募集资金净额为 67,044.93 万元，上述资金已全部到位，经容诚会计师事务所（特殊普通合伙） 审验并于 2022 年 9 月 6 日出具了容诚验字[2022]230Z0244 号《验资报告》。募 集资金到账后，已全部存放于经公司董事会批准开设的募集资金专项账户内，公 司已与保荐机构、存放募集资金的银行签署了募集资金专户存储三方监管协议。 具体情况详见公司 2022 年 9 月 20 日 披 露 于 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的《苏州瑞可达连接系统股份有限公司 2022 年度向特定对 象发行 A 股股票上市公告书》。 二、募集资金使用情况 截至 2024 年 ...