Core Viewpoint - Ruikeda (688800.SH) has received approval from the CSRC to issue convertible bonds to raise up to 1 billion yuan, aimed at enhancing its core business in high-frequency and high-speed connectors, as well as smart energy connections, while also supplementing working capital [1][2]. Group 1: Company Overview - Established in 2006, Ruikeda specializes in the research, production, and sales of connectors, and is recognized as a national-level "little giant" enterprise [4]. - The company has developed capabilities in optical, electrical, microwave, and high-speed data connectors, and has been listed on the Sci-Tech Innovation Board since 2021 [4]. Group 2: Financial Performance - For the first three quarters of 2025, Ruikeda reported a revenue of 2.321 billion yuan, a year-on-year increase of 46.04%, and a net profit attributable to shareholders of 233 million yuan, up 119.89% [4][5]. - The company's revenue grew from 610 million yuan in 2020 to 2.415 billion yuan in 2024, marking a 295.9% increase, while net profit rose from 73.63 million yuan to 175 million yuan during the same period, a 137.67% increase [4]. Group 3: Investment and R&D - The company plans to invest 669 million yuan in the high-frequency and high-speed connection system upgrade project, with 500 million yuan sourced from the bond issuance, aiming to add a production capacity of 5.56 million sets [2]. - The smart energy connection system upgrade project will require a total investment of 279 million yuan, with 200 million yuan from the bond proceeds, adding a capacity of 6.7 million sets [2]. - Ruikeda's R&D expenses from 2020 to the first three quarters of 2025 totaled 533 million yuan, with a steady increase in investment translating into significant achievements, including 384 domestic and international patents [6].

Core Viewpoint - The company 瑞可达 (688800) has shown significant growth in both stock price and financial performance, indicating a positive trend in its market position and operational efficiency [1][3]. Shareholder Changes - As of September 30, 2025, the number of shareholders reached 17,300, an increase of 1,165 or 7.2% compared to June 30, 2025. The average number of shares held per shareholder decreased from 12,700 to 11,900, with an average holding value of 890,900 yuan [2][5]. Performance Disclosure Highlights - For the first three quarters of 2025, the company's main revenue was 2.321 billion yuan, a year-on-year increase of 46.04%. The net profit attributable to shareholders was 233 million yuan, up 119.89%, while the net profit excluding non-recurring items was 219 million yuan, also up 119.26%. In the third quarter alone, the main revenue was 796 million yuan, a 26.15% increase year-on-year, with a net profit of 76.016 million yuan, reflecting an 85.41% growth [3][5]. Company Announcements Summary - The 22nd meeting of the fourth Supervisory Board was held on October 29, 2025, where the third-quarter report was approved, confirming its authenticity and completeness. The board proposed to abolish the Supervisory Board, transferring its responsibilities to the Audit Committee of the Board, pending shareholder approval. Additionally, the company received approval from the China Securities Regulatory Commission for the registration of convertible bonds to be issued to unspecified investors, valid for 12 months from the date of approval [4][5].

Core Points - The company, 瑞可达 (688800), closed at 76.9 yuan on October 31, 2025, with a market capitalization of 15.816 billion yuan, reflecting a slight increase of 0.05% from the previous trading day [1] - The stock opened at 78.0 yuan, reached a high of 81.62 yuan, and a low of 75.36 yuan, with a trading volume of 9.71 billion yuan and a turnover rate of 5.98% [1] Company Announcement - The company announced that it has received approval from the China Securities Regulatory Commission (CSRC) for the registration of its convertible bonds issuance to unspecified investors [1] - The approval includes conditions such as strict adherence to the submitted documents and issuance plan, validity for 12 months from the date of approval, and the requirement to report any significant events to the Shanghai Stock Exchange before the issuance is completed [1] - The company's board will handle the issuance matters within the scope authorized by the shareholders' meeting and will fulfill information disclosure obligations in a timely manner [1]

Core Points - The company, Suzhou Ruikeda Connection System Co., Ltd., has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds to unspecified investors [2] - The approval is valid for 12 months from the date of consent and requires the company to strictly follow the submitted documents and issuance plan [2] - The company must report any significant events to the Shanghai Stock Exchange from the date of consent until the completion of the issuance [2]

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"）于近日收到中国证 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不特定 对象发行可转换公司债券注册的批复》（证监许可〔2025〕2410 号），现将批 复文件主要内容公告如下： 证券代码：688800 证券简称：瑞可达 公告编号：2025-056 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申请 获得中国证券监督管理委员会同意注册批复的公告 四、自同意注册之日起至本次发行结束前，公司如发生重大事项，应及时报 告上海证券交易所并按有关规定处理。 公司董事会将根据相关法律法规及上述批复文件的要求，在公司股东大会的 授权范围内办理本次向不特定对象发行可转换公司债券的相关事宜，公司将根据 该事项的进展情况，按照有关规定和要求及时履行信息披露义务。敬请广大投资 者注意投资风险。 特此公告。 苏州瑞可达连接系统股份有限公司董事会 2025 年 11 月 1 日 一、同意公司向不特定对象发行可转换公司 ...

Core Viewpoint - The company, Ruikeda (688800.SH), has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds to unspecified investors [2] Group 1 - The approval is documented in the official notice numbered 2410, indicating the regulatory endorsement for the company's bond issuance [2] - The company aims to raise funds through the issuance of convertible bonds, which may attract a diverse range of investors [2]

Core Viewpoint - The company, Ruikeda (688800.SH), has received approval from the China Securities Regulatory Commission (CSRC) for the registration of its convertible bond issuance to unspecified investors [1] Group 1 - The approval is documented in the CSRC's official notice, reference number 〔2025〕2410 [1] - The company plans to issue convertible bonds, which allows investors to convert their bonds into shares at a later date [1]

Core Viewpoint - The company reported strong growth in its electric vehicle (EV) business and is making progress in overseas markets, particularly in Europe, with a target price of 90.95 yuan and a "buy" rating maintained [1][4]. Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 796 million yuan, representing a year-over-year increase of 26.15% and a quarter-over-quarter increase of 4.32% [1][2]. - The net profit attributable to shareholders for Q3 2025 was 76 million yuan, showing a year-over-year increase of 85.41% but a quarter-over-quarter decrease of 6.58% [1][2]. - For the first three quarters of 2025, the company reported revenue of 2.321 billion yuan, a year-over-year increase of 46.04%, and a net profit of 233 million yuan, reflecting a year-over-year increase of 119.89% [1]. Group 2: Business Growth and Strategy - The company's EV business continues to grow, with increasing market share and successful entry into overseas markets, including securing orders from European automakers [1][3]. - The company is expanding its product lines in AI data center connectors and robotics connectors, aiming to attract both domestic and international clients [1][3]. - The company is focusing on becoming a platform enterprise for connectors, with stable and long-term overseas orders expected to drive revenue growth and improve profit margins [3]. Group 3: Future Outlook and Valuation - The company is expected to achieve significant scale orders in emerging fields, particularly in AI computing connectors, as it continues to enrich its product offerings and engage with downstream customers [4]. - Revenue forecasts for 2025-2027 are maintained at 3.39 billion, 4.49 billion, and 5.69 billion yuan, respectively, with net profit forecasts of 270 million, 340 million, and 460 million yuan [4]. - The company is assigned a 2025 PE valuation of 68.6X, with a target price of 90.95 yuan, reflecting an increase from the previous target of 88.93 yuan [4].

Core Insights - The stock of Suzhou Ruikeda Connector System Co., Ltd. increased by 5.11% to 80.79 CNY per share, with a trading volume of 353 million CNY and a turnover rate of 2.18%, resulting in a total market capitalization of 16.616 billion CNY [1] Company Overview - Suzhou Ruikeda Connector System Co., Ltd. was established on January 11, 2006, and went public on July 22, 2021. The company specializes in the research, development, production, sales, and service of connector products, classified as a high-tech enterprise [1] - The revenue composition of the company includes: 91.47% from new energy connectors, 3.96% from communication connectors, 3.01% from other connectors, and 1.57% from supplementary products [1] Fund Holdings - Hengyue Fund has a significant holding in Ruikeda, with its Hengyue Growth Selected Mixed A Fund (010622) reducing its position by 61,400 shares in the third quarter, now holding 339,700 shares, which represents 3.51% of the fund's net value, ranking as the ninth largest holding [2] - The fund has achieved a year-to-date return of 74.64%, ranking 305 out of 8,154 in its category, and a one-year return of 53.49%, ranking 886 out of 8,046 [2] Fund Manager Performance - The fund manager of Hengyue Growth Selected Mixed A Fund is Liao Mingbing, who has been in the position for 5 years and 112 days. The total asset size of the fund is 955 million CNY, with the best return during his tenure being 70.25% and the worst being -41.96% [3]

Investment Rating - The report maintains an investment rating of "Buy" for the company with a target price of RMB 90.95 [1][6]. Core Insights - The company is expected to enter a harvest phase for its new AI product layout, with significant growth in its electric vehicle (EV) business and successful penetration into overseas markets, particularly in Europe [6][8]. - The third quarter of 2025 saw a revenue of RMB 796 million, representing a year-over-year increase of 26.15% and a quarter-over-quarter increase of 4.32% [6][7]. - The company has strategically positioned itself in the AI data center connector and robotics connector markets, with a complete product lineup that is anticipated to attract both domestic and international clients [6][8]. Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of RMB 2.321 billion, a year-over-year increase of 46.04%, and a net profit attributable to the parent company of RMB 233 million, up 119.89% year-over-year [6][9]. - The company’s revenue projections for 2025-2027 are RMB 3.391 billion, RMB 4.486 billion, and RMB 5.689 billion, respectively, with corresponding net profits of RMB 272.82 million, RMB 343.09 million, and RMB 461.29 million [5][9]. - The report highlights a projected EPS of RMB 1.33 for 2025, with a PE ratio of 59.93 [5][9]. Market Position and Strategy - The company is focusing on becoming a platform enterprise for connectors, with a strong emphasis on the EV sector and emerging markets [8][9]. - The report notes that the company has secured orders for EV connectors from European automotive clients, indicating a stable and long-term revenue stream [8][9]. - The company’s new product lines in AI and data center communication are expected to enter a harvest phase, with existing orders from domestic cloud service providers and ongoing efforts to engage with international clients [8][9].