| 1、减持股份情况 | | --- | 证券代码：300679 证券简称：电连技术 公告编号：2025-075 电连技术股份有限公司 关于持股 5%以上股东减持计划完成的公告 持股 5%以上股东任俊江先生保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 电连技术股份有限公司（以下简称"公司"）于 2025 年 5 月 6 日在巨潮资讯网 （www.cninfo.com.cn）披露了《关于持股 5%以上股东减持股份预披露公告》（公告 编号：2025-039），公司持股 5%以上股东任俊江先生计划自上述公告披露之日起 15 个交易日后 3 个月内（2025 年 5 月 27 日至 2025 年 8 月 26 日）以集中竞价方式减持 公司股份不超过 4,189,336 股。若减持期间公司有送股、资本公积金转增股本等股份 变动事项，减持股份数量进行相应调整。 近日，公司收到持股 5%以上股东任俊江先生出具的《关于股份减持计划实施进 展的告知函》，任俊江先生上述股份减持计划已经实施完成。任俊江先生 2025 年 7 ...

证券代码：300679 证券简称：电连技术 公告编号：2025-073 电连技术股份有限公司 1、电连技术股份有限公司（以下简称"公司"）2025年第三次临时股东会以现 场会议与网络投票相结合的方式召开。其中，通过深圳证券交易所互联网投票系统 投票的具体时间为：2025年8月26日9:15-15:00。通过深圳证券交易所交易系统进行 网络投票的具体时间为：2025年8月26日9:15-9:25、9:30-11:30和13:00-15:00。 现场会议于2025年8月26日15:00在深圳市光明区玉塘街道长圳社区长凤路电连 技术产业园会议室召开。本次会议由公司第四届董事会召集，并由董事长陈育宣先 生主持，会议的召集、召开与表决程序符合有关法律、行政法规、部门规章、规范 性文件和《电连技术股份有限公司章程》的规定。 2025年第三次临时股东会决议公告 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。 特别提示： 1、本次股东会无增加、变更、否决提案的情况； 2、本次股东会不涉及变更前次股东会决议； 3、本次股东会以现场和网络投票相结合的方式召开。 一、会议召开和出席 ...

证券代码：300679 证券简称：电连技术 公告编号：2025-073 电连技术股份有限公司 关于选举第四届董事会职工代表董事的公告 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。 根据《中华人民共和国公司法》《深圳证券交易所创业板股票上市规则》《深 圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》等法律法 规、规范性文件及《公司章程》的有关规定，电连技术股份有限公司（以下简称"公 司"）于2025年8月26日召开了2025年第三次职工代表大会，经与会职工代表审议， 会议同意选举王国良先生为公司第四届董事会职工代表董事（简历详见附件）。王 国良先生由第四届董事会非独立董事变更为第四届董事会职工代表董事，任期至第 四届董事会任期届满之日止。 本次选举完成后，公司董事会中兼任公司高级管理人员以及由职工代表担任的 董事人数总计未超过公司董事总人数的二分之一，符合相关法律法规及《公司章程》 等的规定。 特此公告。 电连技术股份有限公司董事会 2025 年 8 月 26 日 附件：职工代表董事简历 王国良先生：1967年1月出生，中国国籍，无境外永久居 ...

北京市中伦律师事务所 关于电连技术股份有限公司 2025 年第三次临时股东会的 法律意见书 二〇二五年八月 | 四、结论意见 7 | | --- | 北京市朝阳区金和东路 20 号院正大中心 3 号南塔 22-31 层 邮编：100020 22-31/F, South Tower of CP Center, 20 Jin He East Avenue, Chaoyang District, Beijing l00020, P.R. China 电话/Tel : +86 10 5957 2288 传真/Fax : +86 10 6568 1022/1838 www.zhonglun.com 3. 公司于 2025 年 8 月 7 日刊登于巨潮资讯网（www.cninfo.com.cn）的公司 董事会关于召开本次股东会的会议通知； 4. 公司本次股东会股权登记日的股东名册、出席现场会议的股东的到会登 北京市中伦律师事务所 关于电连技术股份有限公司 2025 年第三次临时股东会的 法律意见书 致：电连技术股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》以及中国证券监督 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [5][11]. Core Insights - In the first half of 2025, the company achieved revenue of 2.524 billion yuan, a year-on-year increase of 17.71%, while the net profit attributable to shareholders decreased by 21.10% to 243 million yuan [1]. - The company is focusing on its core business areas, benefiting from the growth in the automotive electronics market and a slight recovery in the consumer electronics sector, which has led to increased revenue [1][2]. - The overall gross margin has declined to 29.42%, a decrease of 4.43 percentage points year-on-year, due to rising operational costs and changes in product structure [1]. Summary by Sections Business Performance - The company reported a revenue of 1.328 billion yuan in Q2 2025, reflecting a year-on-year growth of 20.26% and a quarter-on-quarter increase of 11.04% [1]. - The company has successfully entered the supply chains of major global smartphone brands, contributing to revenue growth [1][2]. Strategic Focus - The company aims to deepen its presence in automotive electronics and consumer electronics, leveraging its position as a leading supplier of micro RF connectors and interconnect systems [2]. - It has established an integrated operational model that enhances efficiency across production, sales, and procurement [2]. Competitive Advantages - The company holds 592 domestic and international patents, creating a strong intellectual property barrier in core technology areas [2]. - It has transitioned from a single product supplier to a comprehensive leader with multi-platform and multi-scenario solutions, enhancing its market position [2][3]. Financial Forecast - The projected net profit attributable to shareholders for 2025-2027 is 791 million, 1.058 billion, and 1.279 billion yuan, respectively, with corresponding PE ratios of 27, 20, and 17 [3][4]. - Revenue is expected to grow significantly, with estimates of 5.879 billion yuan in 2025, 7.386 billion yuan in 2026, and 8.932 billion yuan in 2027, reflecting growth rates of 26.1%, 25.6%, and 20.9% respectively [4][9].

Group 1 - The core point of the article is that the company, 电连技术 (300679.SZ), has successfully achieved mass delivery of automotive connectors used for LiDAR technology [1] Group 2 - The company has communicated this achievement through an investor interaction platform, indicating a proactive approach to investor relations [1]

Core Viewpoint - The company reported a mixed performance in H1 2025, with revenue growth but a decline in net profit, indicating challenges in certain segments while showing potential in automotive connectors [1][4]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 2.52 billion yuan, a year-on-year increase of 17.7%, but the net profit attributable to shareholders was 240 million yuan, down 21.1% year-on-year [1]. - Q2 2025 revenue reached 1.33 billion yuan, reflecting a year-on-year growth of 20.3% and a quarter-on-quarter increase of 11.0%, while net profit was 120 million yuan, down 18.1% year-on-year and 3.2% quarter-on-quarter [1]. Group 2: Automotive Sector - The company's automotive connector revenue in H1 2025 was 810 million yuan, up 35.8% year-on-year, driven by the increasing demand for L2+ vehicles, which saw cumulative sales of 2.383 million units in H1 2025, with a penetration rate of 22.5%, up 11.2 percentage points year-on-year [2]. - The gross margin for automotive connectors in H1 2025 was 37.5%, down 3.3 percentage points year-on-year, primarily due to customer structure adjustments and annual declines [2]. - The company anticipates further revenue growth in the automotive sector in H2 2025 as the industry enters a peak season and more intelligent driving models are launched [2]. Group 3: Consumer Electronics Sector - The consumer electronics segment remains the largest revenue contributor, with RF connectors and cable components generating 470 million and 450 million yuan, respectively, in H1 2025, reflecting year-on-year declines of 5.8% and 0.3% due to decreased industry demand [3]. - The domestic smartphone shipment volume in H1 2025 was 140 million units, showing a slight year-on-year decline, with Q2 shipments at 68.96 million units, down 4% year-on-year and quarter-on-quarter [3]. - The gross margins for RF connectors and cable components were 40.2% and 29.1%, down 4.9 and 4.3 percentage points year-on-year, attributed to product mix impacts [3]. Group 4: Operational Challenges and Future Outlook - The overall gross margin for H1 2025 was 29.4%, down 4.4 percentage points year-on-year, with Q2 gross margin at 28.2%, down 4.3 percentage points year-on-year and 2.5 percentage points quarter-on-quarter [4]. - The company’s expense ratio for H1 2025 was 19.0%, down 0.2 percentage points year-on-year, with management expenses increasing significantly due to business expansion and rising operational costs [4]. - The company is optimistic about Q3 2025 as a potential turning point for performance, anticipating improved demand and the gradual production of new capacities [4]. Group 5: Investment Outlook - Based on the company's operational performance in H1 2025, projected revenues for 2025-2027 are 5.6 billion, 7.2 billion, and 8.3 billion yuan, representing year-on-year growth rates of 21%, 28%, and 15% respectively [5]. - Expected net profits for the same period are 710 million, 1.04 billion, and 1.22 billion yuan, with year-on-year growth rates of 14%, 47%, and 18% respectively, indicating a strong CAGR of 25% [5]. - The company maintains a "buy" rating, driven by the anticipated continued growth in the automotive sector due to the acceleration of smart technology [5].

Core Viewpoint - The recent financial report of Dianzhi Technology (300679) indicates a mixed performance with a significant increase in revenue but a decline in net profit, highlighting potential concerns regarding accounts receivable and profitability metrics [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 reached 2.524 billion yuan, a year-on-year increase of 17.71% compared to 2.144 billion yuan in 2024 [1]. - Net profit attributable to shareholders was 243 million yuan, down 21.1% from 308 million yuan in the previous year [1]. - The gross profit margin decreased to 29.42%, a decline of 13.11% year-on-year, while the net profit margin fell to 10.15%, down 31.72% [1]. - The company reported a significant increase in accounts receivable, which reached 1.49 billion yuan, representing a 23.01% increase from the previous year [1]. Expense and Cash Flow Analysis - Total operating expenses, including sales, management, and financial costs, amounted to 269 million yuan, accounting for 10.66% of revenue, an increase of 17.97% year-on-year [1]. - The company experienced a 30.1% decrease in operating cash flow per share, which was 0.64 yuan compared to 0.92 yuan in the previous year [1][3]. - The increase in management expenses by 40.36% was attributed to business expansion and rising operational costs [2]. Investment and Financing Activities - The net cash flow from investment activities increased by 232.19%, primarily due to reduced investment expenditures [3]. - The net cash flow from financing activities rose by 30.62%, influenced by increased dividend payouts [4]. - The company’s cash and cash equivalents saw a significant increase of 120.67%, driven by higher cash receipts from sales and reduced investment spending [4]. Market Position and Analyst Expectations - The company's return on invested capital (ROIC) was reported at 11.91%, indicating average capital returns, with a historical median ROIC of 10.78% since its listing [4]. - Analysts project the company's performance for 2025 to reach 798 million yuan, with an average earnings per share estimate of 1.88 yuan [4]. Fund Holdings - The largest fund holding Dianzhi Technology is the Xingquan Huitai Mixed A fund, which has increased its position to 8.0504 million shares [5]. - Other funds have also adjusted their positions, with some increasing their holdings while others have reduced them [5].

Core Insights - The global automotive connector market is projected to reach $92 billion in 2024, with a compound annual growth rate (CAGR) of 7.8%, expected to exceed $135 billion by 2029, driven by the dual trends of electrification and intelligence in vehicles [1] - The company reported a revenue of 2.524 billion yuan in the first half of 2025, a year-on-year increase of 17.71%, with automotive connectors contributing 811 million yuan, reflecting a growth of 35.84% [1][2] - The automotive electronics connector business has shown significant growth, with a diverse product range including RF connectors and high-speed connectors, successfully integrated into major domestic automotive manufacturers [2][3] Market Trends - In the first half of 2025, domestic automotive production and sales reached 15.621 million and 15.653 million units, respectively, marking a year-on-year growth of 12.5% and 11.4%, with new energy vehicles (NEVs) showing a remarkable growth of 41.4% in production [3] - The market penetration rate of NEVs reached 44.3%, indicating a significant increase compared to the previous year, alongside a notable rise in the number and value of connectors used per vehicle [3] Competitive Position - The company has established itself as a leading supplier of micro RF connectors and interconnect systems in China, with a strong presence in the supply chains of major smartphone brands and domestic automotive manufacturers [3][4] - The company has a robust R&D capability, with 592 patents, including 51 invention patents, enhancing its competitive edge in the connector industry [4][5] Growth Drivers - The automotive connector business is benefiting from economies of scale, continuous process optimization, and strengthened cost control, maintaining stable profitability [2] - The dual growth of automotive electronics and consumer electronics is driving the company's revenue growth, positioning it as a key beneficiary of market trends in the connector industry [5]

Core Viewpoint - The report highlights the financial performance and operational status of Electric Connector Technology Co., Ltd. for the first half of 2025, indicating a significant increase in revenue but a decline in net profit due to various operational costs and market conditions [2][4]. Company Overview and Financial Indicators - The company reported a revenue of approximately 2.524 billion yuan, representing a year-on-year increase of 17.71% compared to 2.144 billion yuan in the same period last year [4][20]. - The net profit attributable to shareholders decreased by 19.07%, amounting to approximately 238.67 million yuan, down from 294.93 million yuan in the previous year [4][20]. - Basic earnings per share fell by 21.92% to 0.57 yuan from 0.73 yuan [4][20]. - Total assets increased slightly by 0.59% to approximately 7.458 billion yuan from 7.415 billion yuan at the end of the previous year [4][20]. Business Operations - The company specializes in micro electrical connectors and interconnection systems, with a focus on high-reliability and high-performance products, particularly in the smartphone and automotive sectors [8][10]. - The global smartphone market showed a weak recovery in the first half of 2025, with shipments reaching approximately 551.5 million units, a slight increase of 970,000 units year-on-year [6][8]. - The domestic automotive market experienced significant growth, with production and sales reaching 15.62 million and 15.65 million units, respectively, marking year-on-year increases of 12.5% and 11.4% [8][10]. Market Position and Competitive Advantage - The company is recognized as a leading supplier of micro RF connectors and interconnection systems in China, having established itself within the supply chains of major smartphone brands and automotive manufacturers [15][18]. - The automotive connector product line has seen substantial growth, particularly in the context of the increasing demand for electric vehicles and advanced driver-assistance systems [16][18]. - The company holds 592 domestic and international patents, showcasing its strong research and development capabilities [18][20]. Financial Performance Analysis - Operating costs increased by 25.61% to approximately 1.782 billion yuan, driven by business expansion and rising operational costs [20][21]. - Research and development expenses slightly decreased by 3.35% to approximately 209.28 million yuan, reflecting the company's focus on maintaining competitive product offerings [20][21]. - The company reported a net cash inflow from operating activities, indicating healthy cash flow management despite increased costs [20][21].