Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][3]. Core Insights - The company specializes in connector and solar mounting bracket businesses, with significant growth expected in both sectors due to rising demand from major clients like Huawei and the expansion of the solar energy market [2][3]. - The company plans to raise funds through a stock issuance to enhance production capabilities and support growth initiatives [2][3]. Summary by Sections Business Overview - The company focuses on traditional and high-speed communication connectors, consumer electronics connectors, automotive electronic connectors, and solar mounting brackets [2][10]. - The company has established a strong client base, particularly with Huawei, which is expected to drive significant revenue growth [2][37]. Financial Projections - Revenue is projected to grow significantly, with estimates of CNY 70.63 billion (+39.6%), CNY 88.89 billion (+25.9%), and CNY 107.65 billion (+21.1%) for 2024-2026 [3][55]. - Net profit is expected to reach CNY 3.83 billion (+213.1%), CNY 5.20 billion (+35.9%), and CNY 6.29 billion (+21.0%) during the same period [3][55]. Connector Business - The communication connector segment is anticipated to benefit from the increasing demand for AI servers, with projected revenues of CNY 12.77 billion (+30%), CNY 16.60 billion (+30%), and CNY 21.58 billion (+30%) from 2024 to 2026 [2][53]. - The company’s connectors are crucial for data centers and telecommunications, with a significant market share in China [21][24]. Solar Mounting Bracket Business - The solar mounting bracket business is expected to accelerate performance, with projected revenues of CNY 43.91 billion (+40%), CNY 56.21 billion (+28%), and CNY 67.45 billion (+20%) from 2024 to 2026 [2][53]. - The company has established multiple subsidiaries in the U.S. to cater to local demand, which is expected to mitigate potential tariff impacts [2][40]. Market Trends - The global connector market is projected to exceed USD 100 billion by 2024, with China being the largest market [17][21]. - The solar industry is experiencing rapid growth, with expectations of significant increases in installed capacity globally [29][30]. Competitive Position - The company has a competitive edge due to its established relationships with major clients and its ability to innovate in product development [2][37]. - The company’s focus on high-precision mold development enhances its production capabilities and product quality [45][46].

温州意华接插件股份有限公司（以下简称"公司"） 于 2024 年 4 月 25 日召 开的第四届董事会第二十次会议，审议通过了《关于变更注册资本暨修订〈公 司章程〉的议案》。具体内容详见公司披露于巨潮资讯网（http://www.cninfo.com.cn） 的《关于变更注册资本暨修订〈公司章程〉的公告》（公告编号：2024-034）。 近日，公司已完成上述变更登记手续，并取得浙江省市场监督管理局颁发的 营业执照，基本情况如下： 证券代码：002897 证券简称：意华股份 公告编号：2024-048 温州意华接插件股份有限公司 关于完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 8、经营范围:接插件、接插件端子、模具的研发、生产和销售；货物进出口、 技术进出口；电镀加工（另设分支机构经营场所：乐清市环保产业园区 C1 地块； 乐清市翁垟街道创新创业园区 A 地块）。（依法须经批准的项目，经相关部门批 准后方可开展经营活动）。 特此公告。 温州意华接插件股份有限公司 1、名称：温州意华接插件股份有限公司 2、统一社会信用代码：913303 ...

Investment Rating - Buy (Maintained) [10] Core Views - The company is expected to maintain strong growth driven by its dual business segments: photovoltaic (PV) brackets and high-speed connectors [12] - The PV bracket business benefits from robust global demand for solar installations, with overseas production capacity expansion enhancing profitability [4] - The high-speed connector business is recovering, supported by AI-driven demand for high-speed communication products [20] - The company is one of the few domestic players capable of mass-producing high-speed connectors, with a competitive edge in the market [20] Financial Performance and Forecast Revenue and Profit Growth - Revenue is projected to grow from RMB 5,059 million in 2023 to RMB 9,911 million in 2026, with a CAGR of 25% [1] - Net profit is expected to increase from RMB 122 million in 2023 to RMB 598 million in 2026, with a CAGR of 70% [1] - EPS is forecasted to rise from RMB 0.63 in 2023 to RMB 3.08 in 2026 [1] Profitability Metrics - ROE is expected to improve from 7% in 2023 to 19% in 2026 [1] - Net profit margin is projected to increase from 1.8% in 2023 to 6.1% in 2026 [17] Valuation Metrics - P/E ratio is expected to decline from 64.4 in 2023 to 13.2 in 2026, indicating improving valuation attractiveness [1] - P/B ratio is forecasted to decrease from 4.5 in 2023 to 2.5 in 2026 [1] Business Segments Photovoltaic (PV) Bracket Business - The company has established a strong presence in the global PV bracket market, with partnerships with leading North American and European manufacturers [4] - Overseas production facilities in Thailand and the US help mitigate tariff risks and enhance cost efficiency [4] - Global PV installations are expected to grow from 390GW in 2023 to 512-587GW by 2030, providing significant growth opportunities [4] High-Speed Connector Business - The company is a leading domestic player in high-speed connectors, with products like SFP, SFP+, and QSFP56/QSFP-DD 200G/400G connectors [20] - AI-driven demand for high-speed communication products is expected to boost growth, with the market moving towards 56G-112G-224G standards [20] - The company has established partnerships with major clients like Huawei and ZTE, and is well-positioned to benefit from the automotive connector market [20] Operational Highlights - The company's Q2 2024 performance showed strong growth, with non-GAAP net profit increasing by 74.48% YoY and 1.9% QoQ [13] - The US PV bracket factory is in the ramp-up phase, with orders gradually being fulfilled, contributing to improved profitability [13] - The company's gross margin improved slightly in Q1 2024, reaching 17.8%, with net profit margin increasing to 5.85% [13] Industry Outlook - The global PV market is expected to maintain strong growth, with US and European installations projected to increase significantly in the coming years [4] - The high-speed connector market is poised for growth, driven by AI and data center demand, with the company well-positioned to capitalize on this trend [20]

Financial Performance - The company expects a net profit attributable to shareholders of 160 million to 190 million yuan, representing a year-on-year growth of 141.67% to 186.98%[3] - The net profit after deducting non-recurring gains and losses is projected to be 150 million to 180 million yuan, indicating a year-on-year increase of 153.83% to 204.60%[3] - Basic earnings per share are estimated to be between 0.82 and 0.98 yuan, compared to 0.39 yuan in the same period last year[3] Business Development - The company's main business continues to develop steadily, with significant growth in the photovoltaic bracket and connector segments due to increased demand from the internet and big data industries[5]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保事项审批情况 温州意华接插件股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开 的第四届董事会第二十次会议及 2024 年 5 月 20 日召开的 2023 年年度股东大会 审议通过了《关于为子公司提供担保的议案》，同意公司为全资子公司及控股子 公司的融资提供担保，担保的总额度不超过 230,000 万元。详情可参考公司刊登 在巨潮资讯网 （http://www.cninfo.com.cn）的有关公告。 公司近日与平安银行股份有限公司温州分行签订了《最高额保证担保合同》 （合同编号：平银温业三额保字 20240619 第 007-1 号），公司为全资子公司乐清 意华新能源科技有限公司（以下简称"意华新能源"）向平安银行股份有限公司 温州分行申请的综合授信提供担保，担保金额为人民币 10,000 万元。 证券代码：002897 证券简称：意华股份 公告编号：2024-046 温州意华接插件股份有限公司 关于为子公司提供担保的公告 二、被担保方的基本情况 （一）被担保方基本情况 名称：乐清 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [3]. Core Insights - The company benefited from the recovery of orders from American clients and growth in European orders, leading to impressive performance in Q1 2024 [2][14]. - In 2023, the company achieved a revenue of 5.058 billion, a year-on-year increase of 0.96%, with a gross margin of 17.6%, up 0.12% year-on-year [2]. - The decline in net profit attributable to the parent company was 49.04%, amounting to 122 million, primarily due to delays in orders and ongoing construction of the U.S. base [2][6]. - The company has established long-term partnerships with major clients in the photovoltaic and connector sectors, including NEXTracker, Huawei, and Foxconn [5][6]. Financial Summary - Revenue projections for 2024-2026 are 7.388 billion, 8.908 billion, and 10.764 billion respectively, with growth rates of 46.06%, 20.57%, and 20.83% [7]. - The net profit attributable to the parent company is expected to reach 283 million, 379 million, and 496 million for the same period, with growth rates of 131.65%, 33.85%, and 30.90% respectively [7]. - The company’s EBITDA for 2024-2026 is projected at 627 million, 755 million, and 915 million respectively [7]. - The P/E ratio is forecasted to decrease from 51.61 in 2023 to 25.51 in 2024, and further down to 14.56 by 2026 [7].

Investment Rating - The report gives a rating of "Accumulate" for the company [6]. Core Views - The company has optimized its channel layout and upgraded its products in response to a complex market environment, achieving a revenue of 5.058 billion with a year-on-year increase of 0.96% in 2023. However, the net profit attributable to the parent company decreased by 49.04% to 122 million due to delays in orders from U.S. clients and ongoing construction of its U.S. base [1][19]. - In Q1 2024, the company reported a revenue of 1.528 billion, a significant year-on-year increase of 63%, and a net profit of 86 million, up 456% compared to the previous year. The growth was attributed to the recovery of U.S. customer orders and an increase in European customer orders [5][19]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 5.058 billion, with a gross margin of 17.6%, and a net profit of 122 million, down 49.04% year-on-year. The company’s contract liabilities increased to 257 million from 176 million in the previous year [1]. - For Q1 2024, the company reported a revenue of 1.528 billion, with a gross margin of 17.8%. The net cash flow from operations was 7 million, a recovery from a negative cash flow of 33 million in the same period last year [5]. Business Segments - The company’s photovoltaic bracket business saw a revenue increase of approximately 90%, while the connector business grew by about 20% in Q1 2024. Key clients in the photovoltaic sector include NEXTracker and Trina Solar, while major clients in the connector business include Huawei and ZTE [5][19]. - The company is a leader in the high-speed connector market, focusing on 5G and 6G communications, with products like 5GSFP and SFP+ series connectors already in mass production [15][19]. Future Projections - The company is expected to achieve revenues of 7.389 billion, 8.908 billion, and 10.764 billion for the years 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is projected to be 283 million, 379 million, and 496 million for the same years [9][19].

证券代码：002897 证券简称：意华股份 公告编号：2024-044 温州意华接插件股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 温州意华接插件股份有限公司（以下简称"公司"或"本公司"）（证券简称： 意华股份，证券代码：002897）连续两个交易日内（2024 年 05 月 23 日、05 月 24 日）收盘价格涨幅偏离值累计超过 20%，根据《深圳证券交易所交易规则》 的有关规定，属于股票交易异常波动情况。 （三）公司近期经营情况正常，内外部经营环境未发生重大变化； （四）公司及控股股东不存在关于本公司的应披露而未披露的重大事项，或 处于筹划阶段的重大事项； （五）股票异常波动期间，公司控股股东不存在买卖公司股票的行为。 三、是否存在应披露而未披露信息的说明 本公司董事会确认，本公司目前没有任何根据深交所《股票上市规则》规定 应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等；董事 会也未获悉本公司有根据深交所《股票上市规则》的规定应予以披露而未披露的、 对本公司股票及其 ...

温州意华接插件股份有限公司（以下简称"公司"）于近日收到公司保荐人 中信证券股份有限公司（以下简称"中信证券"）《关于更换保荐代表人的函》， 中信证券作为公司 2022 年度向特定对象发行 A 股股票项目的保荐人，原保荐 代表人为王建文先生和杨捷女士，鉴于杨捷女士工作变动，不再担任公司 2022 年度向特定对象发行 A 股股票项目的保荐代表人，为保证持续督导工作 有序进行，中信证券委派李天智先生（简历详见附件）接替杨捷女士担任公司 的持续督导保荐代表人，继续履行持续督导职责。 证券代码：002897 证券简称：意华股份 公告编号：2024-042 温州意华接插件股份有限公司 关于更换保荐代表人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本次变更后，公司持续督导的保荐代表人为王建文先生和李天智先生。本 次变更不影响中信证券对公司的持续督导工作，公司董事会对杨捷女士在担任 公司保荐代表人期间所做的工作表示衷心感谢。 特此公告。 温州意华接插件股份有限公司 李天智，男，硕士研究生学历，现任中信证券投资银行管理委员会副总裁， 保荐代表人、注册会计师、法律职 ...

1、名称：乐清意华新能源科技有限公司 温州意华接插件股份有限公司 关于子公司完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 温州意华接插件股份有限公司（以下简称"公司"） 于 2024 年 4 月 11 日召 开的第四届董事会第十九次会议，审议通过了《关于使用募集资金向全资子公 司增资实施募投项目的议案》。具体内容详见公司披露于巨潮资讯网的《关于使 用募集资金向全资子公司增资实施募投项目的公告》（公告编号：2024-020）。 近日，公司已完成上述变更登记手续，并取得乐清市市场监督管理局颁发的 营业执照，基本情况如下： 证券代码：002897 证券简称：意华股份 公告编号：2024-043 特此公告。 温州意华接插件股份有限公司 2、统一社会信用代码：91330382355397625B 3、类型：有限责任公司（非自然人投资或控股的法人独资） 4、住所：浙江省温州市乐清市城东街道旭阳路总部经济园（一期）1 幢 1601 室 5、法定代表人：蔡胜才 6、注册资本：伍亿伍仟玖佰叁拾陆万零玖佰元 7、成立日期：2015 年 9 月 14 日 ...