电连技术股份有限公司 证券代码：300679 证券简称：电连技术 公告编号：2024-019 关于回购公司股份的进展公告 1、公司未在下列期间内回购公司股票： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项发生 之日或者在决策过程中，至依法披露之日内； （2）中国证监会和深圳证券交易所规定的其他情形。 2、公司回购股份符合下列要求： 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。 电连技术股份有限公司（以下简称"公司"）于 2023 年 11 月 8 日召开第三届 董事会第二十四次会议及第三届监事会第二十一次会议，会议审议通过了《关于回 购公司股份方案的议案》。公司拟使用自有资金以集中竞价交易的方式回购公司发 行的人民币普通股股票（以下简称"本次回购"）用于股权激励或员工持股计划。 本次回购资金总额不低于人民币 5,000 万元（含），不超过人民币 10,000 万元（含）， 具体回购股份的价格、数量以回购结束时实际回购的股份数量为准。本次回购股份 的实施期限为自公司董事会审议通过本次回购方案之日起 12 个月内。具体情况详见 公 司 分 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported significant revenue and profit growth in Q1 2024, driven by strong performance in both the automotive and consumer electronics sectors, exceeding expectations [6][8]. - The automotive business continues to show high growth, while the consumer electronics segment benefits from improved industry conditions and new product launches [6][8]. - The company is expected to achieve high growth in the coming years, with projected net profits of 603 million, 798 million, and 1.01 billion yuan for 2024, 2025, and 2026 respectively [8]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 3.129 billion yuan and net profit of 356 million yuan. For Q1 2024, the operating revenue was 1.04 billion yuan, with a net profit of 162 million yuan, representing year-on-year growth of 68.77% and 244.43% respectively [6]. - The revenue breakdown for 2023 shows that automotive connectors generated 823 million yuan, accounting for 26.32% of total revenue, with a year-on-year growth of 60.06% [7]. Business Drivers - The growth in the automotive sector is attributed to the increasing demand for high-frequency and high-speed connectors due to the rise of smart vehicles and advanced driving technologies [8]. - The company has established strong relationships with major domestic automotive brands and is in the process of gaining certification from international clients, enhancing its market position [8]. Future Outlook - The company is expected to maintain high growth rates, particularly in the automotive sector, with significant contributions from traditional automotive manufacturers and new energy vehicle clients [13]. - The consumer electronics segment is anticipated to recover, with new business opportunities in BTB and electronic cigarette modules expected to enhance profitability [13].

Investment Rating - The report maintains a "Buy" rating for the company [16][25]. Core Views - The company's revenue and non-GAAP net profit reached historical highs in Q1 2024, driven by a recovery in the Android supply chain and rapid growth in the automotive connector business [2][13]. - The company increased its R&D expenses significantly, focusing on AI-related high-frequency and high-speed connectors, indicating a strategic shift towards emerging technologies [2]. - The competitive landscape remains stable, with the company benefiting from the increasing intelligence of new energy vehicles, which is expected to drive continued high growth in its automotive connector business [2]. - The traditional consumer electronics business is recovering due to the resurgence of demand in the Android ecosystem, with stable gross margins and increased market share among key clients [2]. Financial Performance Summary - In 2023, the company achieved revenue of 3.129 billion yuan (YoY +5.4%) and a net profit of 356 million yuan (YoY -19.6%), with a non-GAAP net profit of 348 million yuan (YoY +19.7%) [2]. - Q4 2023 revenue was 924 million yuan (YoY +22.4%, QoQ +10.1%), with a net profit of 109 million yuan (YoY +254.5%, QoQ -11.0%) [2]. - Q1 2024 revenue reached 1.04 billion yuan (YoY +68.8%, QoQ +12.5%), with a net profit of 162 million yuan (YoY +244.4%, QoQ +48.8%) [2]. Profit Forecast and Valuation - The forecast for net profit has been revised upwards for 2024-2026, with expected figures of 615 million yuan (+72.6%), 808 million yuan (+31.5%), and 1.114 billion yuan (+37.8%) respectively [2][14]. - The current market valuation corresponds to a PE ratio of 29x for 2024, 22x for 2025, and 16x for 2026 [2][14].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 20% within the next six months [13]. Core Views - The company has shown continuous performance exceeding expectations, benefiting from the recovery in the consumer electronics sector and the rapid penetration of smart automotive technology [2][3]. - The company achieved revenues of 3.13 billion yuan in 2023, a year-on-year increase of 5.37%, and a net profit of 356.15 million yuan, reflecting a decrease of 19.64% compared to the previous year [1][12]. - The first quarter of 2024 saw a significant revenue increase of 68.77% year-on-year, reaching 1.04 billion yuan, with a net profit of 162 million yuan [1]. Financial Performance - The company’s revenue is projected to grow significantly, with estimates of 4.52 billion yuan in 2024, 6.32 billion yuan in 2025, and 8.22 billion yuan in 2026, reflecting growth rates of 44.46%, 39.84%, and 30.00% respectively [12]. - The net profit attributable to the parent company is expected to rise from 705.73 million yuan in 2024 to 1.22 billion yuan in 2026, with growth rates of 98.15% and 29.67% [12]. - The company’s EBITDA is forecasted to increase from 877.57 million yuan in 2024 to 1.40 billion yuan in 2026 [12]. Market Expansion - The company is actively expanding into international markets, particularly in the consumer electronics and automotive sectors, which is expected to enhance overall revenue and market share [2]. - The global smartphone shipment volume increased by 7.8% year-on-year in the first quarter of 2024, benefiting the company as its main clients are primarily in the Android smartphone sector [2]. Product Development - The company is set to expand its product capacity in 2024, particularly in LCP connection lines and RF BTB-related products, driven by the anticipated rollout of 5G millimeter-wave spectrum resources [2]. - The automotive sector is expected to see significant growth as the company’s high-speed connectors are gradually adopted by major automotive manufacturers, capitalizing on the increasing acceptance of advanced driver-assistance systems [10][11].

Summary of Conference Call Notes Industry Overview - The conference call discusses the development trends in the **consumer electronics** and **automotive electronics** industries, highlighting the expected growth driven by the application of **foldable screens** and **5G millimeter-wave technology** in consumer electronics, and the robust orders from **Huawei** in automotive electronics [2][3][11]. Key Points Consumer Electronics - The consumer electronics sector is anticipated to maintain stable growth, with significant contributions from the **Huawei Mate series** and increased overseas sales from **Xiaomi** and **Chuan Yin** [11][13]. - The introduction of **AI** and high-frequency, high-speed applications is expected to create additional opportunities in the market [2][3]. Automotive Electronics - **Huawei's** automotive electronics orders are described as robust, with the application of **intelligent driving technology** further propelling market growth [2][3][11]. - Domestic suppliers are positioned to reduce cost pressures and increase market share, particularly as new energy vehicle manufacturers like **Li Auto** ramp up production [2][3][11]. - The automotive production capacity is reported to be in good condition, with expansion plans aligned with new vehicle releases, expected to peak around July and August [4][11]. Financial Performance - The company has experienced stable management expenses, while R&D expenses have increased due to a rise in orders, particularly in mold design costs [5][11][16]. - The automotive business revenue target for the year is uncertain but could perform well under favorable conditions, despite last year's lower-than-expected revenue due to slow customer deliveries [8][20]. Market Dynamics - The automotive market is described as relatively stable, with no significant changes expected among new energy vehicle manufacturers [2][11]. - The competitive landscape in the electromagnetic compatibility (EMC) components market is noted to be intense, with lower profit margins typically below 20% [19][23]. Supply Chain and Customer Dynamics - New energy vehicle manufacturers primarily rely on overseas suppliers, while domestic brands are increasingly turning to local suppliers, creating opportunities for domestic companies [14][15]. - The company has established compatible products to meet the demands of new energy vehicle manufacturers, anticipating accelerated revenue growth as customer shipments increase [3][11][15]. R&D and Future Outlook - The company is focusing on R&D projects related to high-speed connections for servers, with significant growth potential in the domestic server market despite competitive pressures [21][22]. - The overall outlook for the consumer electronics sector remains positive, with expectations of moderate growth driven by seasonal demand in the latter half of the year [11][24]. Additional Insights - The company’s ability to respond quickly and customize products is highlighted as a competitive advantage in securing new orders [15]. - The impact of raw material price fluctuations on the company’s operations is acknowledged, emphasizing the need to manage costs effectively to maintain stable profit margins [25]. This summary encapsulates the key insights and projections discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the consumer electronics and automotive electronics industries.

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 42.31 CNY [8]. Core Views - The company's Q1 2024 performance exceeded expectations, driven by significant growth in automotive and consumer electronics sectors. The revenue for Q1 2024 reached 1.04 billion CNY, a year-on-year increase of 68.77%, while net profit was 162 million CNY, up 244.43% [7]. - The company is positioned as a leader in automotive high-speed connectors, benefiting from the increasing demand for high-frequency and high-speed connectors due to the rise of electric and intelligent vehicles. The company has established a strong customer base, including major domestic brands [7]. - The consumer electronics segment remains stable, with ongoing expansion in the micro RF connector and board-to-board connector markets, contributing to future growth [7]. Financial Summary - In 2023, the company achieved a revenue of 3.129 billion CNY, a year-on-year increase of 5.37%, and a net profit of 356 million CNY, down 19.64% [7]. - Revenue projections for 2024 are estimated at 4.35 billion CNY, reflecting a growth rate of 39.0%, with net profit expected to rise to 630 million CNY, a growth rate of 76.9% [2][10]. - The company's earnings per share (EPS) is projected to increase from 0.84 CNY in 2023 to 1.49 CNY in 2024, with a price-to-earnings (PE) ratio decreasing from 50 to 28 over the same period [2][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][24]. Core Views - The company's Q1 2024 performance exceeded expectations, driven by significant growth in consumer and automotive electronics [15][24]. - The automotive connector revenue grew rapidly in 2023, with a year-on-year increase of 56.21%, supported by a diverse product range and successful integration with major domestic automotive clients [25]. - The company is focusing on stabilizing its position in the mobile consumer electronics market while expanding its reach to overseas clients in non-mobile sectors [7][16]. Financial Performance Summary - In 2023, the company reported total revenue of 3.129 billion yuan, a year-on-year increase of 5.37%, and a net profit attributable to shareholders of 356 million yuan, a decrease of 19.64% [15]. - For Q1 2024, the company achieved revenue of 1.04 billion yuan, representing a year-on-year growth of 68.77%, and a net profit of 162 million yuan, up 244.43% year-on-year [15]. - The gross margin for Q1 2024 was 35.31%, an increase of 3.52% compared to the previous year [15]. Future Projections - The company has revised its profit forecasts for 2024 and 2025 upwards, with expected net profits of 620 million yuan and 810 million yuan respectively, and has introduced a new forecast for 2026 at 1.03 billion yuan [15]. - The projected P/E ratios for 2024, 2025, and 2026 are 27.7, 21.0, and 16.5 respectively, indicating a favorable long-term outlook [15]. Product Strategy - The company is enhancing its R&D and manufacturing capabilities for high-frequency and high-speed automotive connectors, while also developing RF BTB products to meet the demands of the 5G millimeter-wave market [7][16]. - There is an active exploration of new products in the AI computing sector, aimed at strengthening market competitiveness [7].

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a strong potential for growth in the coming years [30]. Core Insights - The company is expected to achieve significant revenue growth driven by its automotive electronics and consumer electronics segments, with projected revenues of 42.51 billion, 54.28 billion, and 63.60 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 35.9%, 27.7%, and 17.2% [30]. - The company's net profit is forecasted to increase substantially, with estimates of 6.41 billion, 8.42 billion, and 10.38 billion yuan for the same years, representing growth rates of 80.0%, 31.4%, and 23.2% [30]. - The report highlights the company's strong market position in the connector industry, leveraging its technological advantages and established customer relationships to capture market share in both domestic and international markets [24][25]. Financial Data and Valuation Summary - The company reported a revenue of 31.29 billion yuan in 2023, a year-on-year increase of 5.37%, with a net profit of 3.56 billion yuan, down 19.64% from the previous year [23]. - In Q1 2024, the company achieved a revenue of 10.40 billion yuan, a significant increase of 68.77% year-on-year, and a net profit of 1.62 billion yuan, up 244.43% [22][23]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.52, 1.99, and 2.46 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 27.3, 20.8, and 16.9 [30]. Market Performance and Growth Drivers - The automotive connector segment is experiencing rapid growth, with a revenue increase of 60.06% in 2023, while the consumer electronics segment is recovering from a downturn [28]. - The company has successfully expanded its customer base to include major automotive manufacturers and leading consumer electronics brands, positioning itself well for future growth [25]. - The report emphasizes the importance of ongoing research and development, with a significant increase in R&D expenses, indicating a commitment to innovation and long-term growth [22].

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - The company's automotive connector revenue reached 820 million RMB in 2023, a year-on-year increase of 60%, with a gross margin of 40%, slightly down by 1.5 percentage points from the previous year. Despite price reductions in the automotive supply chain, profitability remains stable [1]. - The company has successfully integrated its automotive connector products into the supply chains of major domestic automakers such as Geely, Great Wall, BYD, Changan, Chery, and Li Auto [1]. - The new BTB products are gradually maturing, with RF BTB products being mass-produced for core customers [1]. - The company's gross margin and net profit margin for 2023 were 32.4% and 11.1%, respectively, showing improvements in 2024 Q1 to 35.3% and 15.6% due to the higher proportion of high-margin automotive business revenue and scale effects reducing expense ratios [1]. Financial Forecasts, Valuation, and Rating - The company is expected to achieve a net profit attributable to shareholders of 660 million RMB and 860 million RMB in 2024 and 2025, respectively, with a revised forecast for 2026 at 1.07 billion RMB [1]. - The current stock price corresponds to a PE valuation of 26, 20, and 16 times for 2024, 2025, and 2026, respectively [1].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [10][12]. Core Insights - The company has shown significant growth in Q1 2024, with revenue reaching 1.04 billion yuan, a year-on-year increase of 69%, and net profit of 162 million yuan, up 244% year-on-year [1][12]. - The automotive connector business is a key growth driver, achieving revenue of 823 million yuan in 2023, a 60% increase year-on-year, and is expected to continue this growth trajectory [11][12]. - The recovery in consumer electronics demand, particularly driven by the resurgence of smartphone shipments and the introduction of high-end smart driving models, is expected to contribute to the company's performance [2][12]. Summary by Sections Financial Performance - Total revenue for 2023 was 3.13 billion yuan, a 5% increase from the previous year, while net profit was 356 million yuan, a decrease of 20% [1]. - The company forecasts significant revenue growth, projecting 4.73 billion yuan in 2024, representing a 51.28% increase year-on-year [1][12]. Business Segments - The consumer electronics segment is benefiting from the rise of Huawei and industry recovery, with stable market share in key products like RF connectors [2]. - The automotive segment is expected to see high growth due to increased sales of high-end smart driving vehicles and the expansion of client base among major automotive manufacturers [11][12]. Valuation Metrics - The report adjusts the net profit forecasts for 2024-2026, raising the estimates to 700 million yuan for 2024 and 950 million yuan for 2025, with a new forecast for 2026 at 1.18 billion yuan [12]. - Corresponding P/E ratios for 2024-2026 are projected at 25, 18, and 15 times, respectively, indicating a favorable valuation outlook [12].