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].

[Table_Main] 证券研究报告 | 公司点评 电连技术(300679.SZ) 2024 年 04 月 23 日 | --- | --- | --- | |---------------------------|---------------------------|----------------------------------------| | 电连技术（ 买入（维持） | ）： 24Q1 | 300679.SZ 单季度利润创 | | | | 历史新高，车载高速连接器龙头持续超预期 | | 所属行业：电子 / 消费电子 | | | | 当前价格 ( 元 ) ： 41.45 | 2024 年 Q1 业绩点评 | 年年度报告及 | 投资要点 事件：4 月 22 日，公司发布 2023 年年度报告以及 2024 年第一季度报告。根据 公司披露报告，2024 年一季度公司实现营收 10.4 亿元，同比增长 68.77%；实现 归母净利润 1.62 亿元，同比增长 244.43%；扣非净利润为 1.51 亿元，同比增长 252.06%。 单季度利润创历史新高，车载高速连接器龙头持续超预期。2024 年 Q ...

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 50.05 CNY [8]. Core Views - The company reported strong Q1 2024 performance with a revenue of 10.40 billion CNY, a year-on-year increase of 68.77%, and a net profit of 1.62 billion CNY, up 244.43% year-on-year [2][3]. - The automotive connector segment achieved a revenue of 8.23 billion CNY in 2023, reflecting a growth of 60.06% year-on-year, with a gross margin of 40.01% [3]. - The recovery in consumer electronics demand since Q4 2023 has positively impacted the company's related product performance, with revenue growth in RF connectors and EMC components [4]. Financial Performance - In 2023, the company achieved total revenue of 31.29 billion CNY, a year-on-year increase of 5.37%, and a net profit of 3.56 billion CNY, a decrease of 19.64% [2]. - The company expects revenue growth rates of 35.23%, 27.08%, and 22.60% for 2024 to 2026, with net profit growth rates of 69.33%, 24.79%, and 22.45% respectively [13]. - The gross profit margin for Q1 2024 was reported at 35.31%, an increase of 4.05 percentage points from the previous quarter [2]. Market Position and Growth Potential - The company is positioned as a leading domestic player in the automotive high-speed connector market, benefiting from the trend of automotive intelligence and entering the supply chains of major domestic manufacturers [7][13]. - The company is also expanding into high-speed connection products for servers and robotics, aiming to capture new growth opportunities in the AI era [12].

| --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------|----------|----------|----------------------------------------------------| | 投资建议的评级标准 | | 评级 | 说明 | | 报告中投资建议所涉及的评级分为股票评级和行业评级 | | 买入 | 相对同期相关证券市场代表指数涨幅 20% 以上 | | （另有说明的除外）。评级标准为报告发布日后 6 到 12 个 月内的相对市场表现，也即：以报告发布日后的 6 到 12 | | 增持 | 相对同期相关证券市场代表指数涨幅介于 5%~20% 之间 | | 个月内的公司股价（或行业指数）相对同期相关证券市场 | 股票评级 | 持有 | 相对同期相关证券市场代表指数涨幅介于 -10%~5% 之间 | | 代表性指数的涨跌幅作为基准。其中： A 股市 ...

整个的竞争格局还有一个就是我们这块规模不断扩大整个的一个成本下降呢有有一定的关系基本上是符合我们之前的一个一个判断跟这个一直以来的我们对于对于毛利的一个预测这是分产品的一个情况可以看得出来呢就是毛利的情况相对基本稳定所以呢就是随着那个 整个消费电子包括汽车电子整个的一个发展的话呢我们觉得这个趋势呢还是有有望的就是在消费电子上的毛利的趋势还是有一定的维持度汽车电子呢由于竞争的情况呢也可以越来越激烈但是我们也争取在成本端有更多的一个就是改善所以说呢我们 大致的预测由于这个整个的汽车的竞争格局不会有特别大的变化未来这个汽车的毛利的情况相对来说可能还是会有就是说基本上会保持相对的一个稳定吧即使考虑说这个客户的一个年降的影响因素在的话也还是会有这种趋势 一季度的大幅增长已经收了其实跟我们印象中的季节增长的因素还是有一些相违背了这是我们主要的超越区的概率 电大的主要原因啊汽车这块的话呢就是华为系的这个汽车呢啊众所周知的原因呢是整个的订单的情况是比较饱满然后呢业务的增长量是非常的大这个体系内的那个相关的一个公司的话营收的业绩都是都存在这种大幅增长的这种这种趋势跟这个已经披露的也是有大幅增长的一个一个态势啊 所以一季度这块的 ...

电连技术股份有限公司 控股股东及其他关联方资金占用情况的 专项说明 控股股东及其他关联方资金占用情况的专项说明 大华核字[2024]0011000593 号 （截止 2023 年 12 月 31 日） 目 录 页 次 一、 控股股东及其他关联方资金占用情况的专项 说明 1-2 大华会计师事务所 ( 特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership） 电连技术股份有限公司 控 股 股 东 及 其 他 关 联 方 二、 电连技术股份有限公司 2023 年度非经营性资 金占用及其他关联资金往来情况汇总表 1 资 金 占 用 情 况 的 专 项 说 明 大华核字[2024]0011000593 号 电连技术股份有限公司全体股东： 我们接受委托，依据《中国注册会计师执业准则》审计了电连技 术股份有限公司（以下简称电连技术公司）2023 年度财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及 母公司利润表、合并及母公司现金流量表和合并及母公司股东权益变 动表以及财务报表附 ...

电连技术股份有限公司 （二）聘任会计师事务所履行的程序 公司于 2023 年 9 月 22 日召开第三届董事会审计委员会第十次会议，审议通 过了《关于续聘 2023 年度审计机构的议案》，经审计委员会对大华所资格审查 通过，将该议案提交董事会审议。2023 年 9 月 28 日召开了第三届董事会第二十 二次会议及第三届监事会第十九次会议，于 2023 年 10 月 17 日召开了 2023 年第 三次临时股东大会，会议分别审议通过了上述议案，公司独立董事对上述议案发 表了事前认可意见及同意的独立意见。上述会议同意续聘大华所为公司 2023 年 度审计机构，聘请费用根据 2023 年度审计的具体工作量及市场价格水平确定， 聘期为一年。 二、2023 年年审会计师事务所履职情况 按照《审计业务约定书》，遵循《中国注册会计师审计准则》和其他执业规 范，结合公司 2023 年年报工作安排，大华所对公司 2023 年度财务报告进行了审 计，同时对公司募集资金存放与实际使用情况、控股股东及其他关联方占用资金 情况等进行核查并出具了专项报告。 2023 年度会计师事务所履职情况评估报告 和审计委员会对会计师事务所履行监督职 ...