Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In 2024, the company achieved operating revenue of 534 million yuan, a year-on-year increase of 9.8%, while the net profit attributable to the parent company was 85 million yuan, a decline of 34.4% year-on-year. The net profit after deducting non-recurring gains and losses was 84 million yuan, down 19.6% year-on-year. In the first quarter of 2025, the company reported operating revenue of 145 million yuan, a year-on-year increase of 44.6%, and a net profit of 25 million yuan, up 40% year-on-year [2][6]. Summary by Sections Company Performance - In 2024, the revenue from industrial connectors was 258 million yuan, down 3.5% year-on-year, with a gross margin of 44.93%, an increase of 1.77 percentage points. The automotive connectors segment generated revenue of 139 million yuan, a year-on-year increase of 15.7%, with a gross margin of 44.67%, down 5.63 percentage points. The revenue from new energy connectors was 130 million yuan, up 39.7% year-on-year, with a gross margin of 28.53%, down 1.43 percentage points [12]. Growth Drivers - The company successfully expanded into new applications such as robotics and AI server power supplies, which are expected to enhance gross margins. In the first quarter of 2025, all segments (industrial, automotive, and new energy) achieved year-on-year growth, with the overall gross margin reaching 40.17%, an increase of over 3 percentage points [12]. Market Outlook - The robotics sector is injecting new vitality into the industrial automation market, supported by advancements in artificial intelligence. The company is well-positioned to benefit from the rapid development opportunities in the automotive and photovoltaic sectors, having completed the development and introduction of several products [12]. The projected net profits for the company from 2025 to 2027 are expected to be 126 million, 149 million, and 186 million yuan, respectively [12].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for the stock's performance relative to the benchmark index [1][7]. Core Insights - The company is expected to experience a significant performance turnaround in Q1 2025 as adverse factors dissipate, leading to rapid growth in revenue and net profit [1][3]. - In 2024, the company achieved a revenue of 534 million yuan, a year-on-year increase of 9.77%, but the net profit decreased by 34.44% to 85 million yuan. However, Q1 2025 showed a strong recovery with a revenue of 145 million yuan, up 44.61%, and a net profit of 25.5 million yuan, up 39.99% [3][4]. Financial Performance Summary - For 2024, the company reported a revenue of 534 million yuan, with a slight increase in sales but a significant drop in net profit due to various adverse factors. The revenue from industrial control connectors, automotive connectors, and new energy connectors was 258 million yuan, 139 million yuan, and 131 million yuan respectively, with year-on-year changes of -3.51%, +15.71%, and +39.67% [3][4]. - The gross profit margin and net profit margin for 2024 were 41.06% and 16.57%, respectively, both showing a decline compared to the previous year. In Q1 2025, these margins improved to 40.17% and 18.62% [4][5]. - The company is projected to achieve revenues of 653 million yuan, 797 million yuan, and 963 million yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 123 million yuan, 145 million yuan, and 178 million yuan [7][9]. Production and Capacity Expansion - The company is actively advancing its production base construction projects, including the completion of the "South China Headquarters Intelligent Manufacturing Center" and "South China Headquarters R&D Center." The production capacity for precision connectors is expected to expand significantly, enhancing the company's ability to respond to market demand [5][6].

Group 1: Company Performance - In 2024, the company achieved operating revenue of 534 million, a year-on-year increase of 9.77%, but net profit attributable to shareholders decreased by 34.44% to 85.47 million [1] - For Q1 2025, the company reported operating revenue of 145 million, a significant year-on-year growth of 44.61%, and net profit attributable to shareholders increased by 39.99% to 25.45 million [1] - The decline in net profit in 2024 was attributed to factors such as low downstream demand and intense industry competition, while Q1 2025 showed a recovery with over 40% growth in revenue and net profit [1][2] Group 2: Financial Ratios - In 2024, the company's gross profit margin and net profit margin were 41.06% and 16.57%, respectively, both showing declines compared to the previous year [2] - For Q1 2025, the gross profit margin improved to 40.17%, and the net profit margin slightly increased to 18.62% [2] - The significant drop in net profit margin in 2024 was mainly due to non-operating income from land sales in 2023 and increased depreciation from ongoing projects [2] Group 3: Production Capacity and Projects - The company is steadily advancing its production base construction projects, including the completion of the "South China Headquarters Intelligent Manufacturing Center" and "South China Headquarters R&D Center" [3] - Ongoing projects in Kunshan and Thailand are expected to enhance the production scale of precision connector products and improve the company's ability to respond to market demand [3] - The expansion of production capacity is anticipated to lay a solid foundation for the continuous optimization of the company's profitability [3] Group 4: Investment Outlook - The company is projected to achieve revenues of 653 million, 797 million, and 963 million from 2025 to 2027, with year-on-year growth rates of 22.2%, 22.0%, and 20.9% respectively [4] - Net profits are expected to reach 123 million, 145 million, and 178 million during the same period, with growth rates of 44.3%, 17.7%, and 22.6% [4] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 1.12, 1.32, and 1.62, with corresponding price-to-earnings (PE) ratios of 35.4X, 30.1X, and 24.6X [4]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][7]. Core Views - The report highlights that unfavorable factors are gradually dissipating, leading to a key inflection point in the company's performance in Q1 2025 [1][3]. - The company experienced a significant revenue growth of 44.61% year-on-year in Q1 2025, alongside a 39.99% increase in net profit [3][4]. - The report anticipates steady revenue growth for the company, projecting revenues of 6.53 billion, 7.97 billion, and 9.63 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 1.23 billion, 1.45 billion, and 1.78 billion yuan [7][9]. Financial Performance Summary - In 2024, the company achieved an operating revenue of 534 million yuan, a year-on-year increase of 9.77%, but a net profit decline of 34.44% to 85 million yuan [3][9]. - For Q1 2025, the company reported an operating revenue of 145 million yuan, with a basic earnings per share (EPS) of 0.23 yuan, reflecting a 35.29% year-on-year increase [3][4]. - The gross profit margin and net profit margin for 2024 were 41.06% and 16.57%, respectively, showing a decline compared to the previous year, while Q1 2025 saw improvements in both margins [4][9]. Production and Capacity Expansion - The company is actively advancing its production base construction projects, including the completion of the "South China Headquarters Intelligent Manufacturing Center" and "South China Headquarters R&D Center" [5]. - The ongoing construction of the Kunshan Weikang high-end precision connector production project and the Thailand production base is expected to enhance production capacity and product line diversity [5]. Future Projections - The company is projected to achieve revenue growth rates of 22.2%, 22.0%, and 20.9% for the years 2025, 2026, and 2027, respectively [7][9]. - The expected EPS for the years 2025, 2026, and 2027 are 1.12 yuan, 1.32 yuan, and 1.62 yuan, with corresponding price-to-earnings (P/E) ratios of 35.4X, 30.1X, and 24.6X [7][9].

维峰电子（广东）股份有限公司 证券代码： 301328 证券简称：维峰电子 投资者关系活动记录表 编号：2025-003 | |  特定对象调研  分析师会议 | | | --- | --- | --- | | 投资者关系 | 业绩说明会  媒体采访  | | | 活动类别 |  新闻发布会  路演活动 | | | | 电话会议  现场参观  | | | |  其他 （请文字说明其他活动内容） | | | 参与单位名 称及人员姓 | 线上参与公司 2024 年年度网上业绩说明会的投资者 | | | 名 | | | | 会议时间 | 2025 年 5 月 6 日 15:00-17:00 | | | 会议地点 | "互动易"网站（http://irm.cninfo.com.cn）"云访谈"栏目 | | | 上市公司接 待人员姓名 | 董事长、总经理：李文化先生、独立董事：刘斌先生、董事会秘书： | | | | 刘雨田女士、财务总监：戴喜燕女士 | | | | 交流的主要问题与回复： | | | | 提问 1: 请问贵公司本期财务报告中，盈利表现如何？谢谢。 | | | | 答: 尊敬的投资者，您 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown significant revenue and profit growth in Q1 2025, particularly in the automotive and new energy connector sectors, leading to a maintained "Buy" rating [1] - The company focuses on high-end precision connectors, with a diversified product matrix covering 17 product series and over 50,000 product SKUs [2] - The company is actively pursuing domestic substitution and customization trends in the connector market, expanding into emerging applications such as robotics and AI server power [3] Financial Summary - In 2024, the company achieved revenue of 534 million, a year-on-year increase of 9.77%, while the net profit attributable to the parent company was 85 million, a decrease of 34.44% [1] - For Q1 2025, the company reported revenue of 145 million, a year-on-year increase of 44.61%, and a net profit of 25 million, up 39.99% year-on-year [1] - The projected net profits for 2025, 2026, and 2027 are 139 million, 179 million, and 195 million respectively, with corresponding P/E ratios of 29.8, 23.1, and 21.2 [1][4] Business Segments - The revenue structure for 2024 shows that industrial control, automotive, and new energy connectors account for 48.2%, 26.1%, and 24.4% respectively, indicating a diversified business model [2] - The automotive and new energy sectors are experiencing high growth rates, contributing to the company's positive long-term outlook [1][2] Market Trends - The connector market is seeing a shift towards domestic alternatives and customization, driven by increasing demand for personalized solutions in various applications [3] - The company is well-positioned to capitalize on these trends by offering intelligent and efficient connector solutions [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant revenue and profit growth in Q1 2025, driven by rapid growth in automotive and new energy connectors, maintaining a "Buy" rating [1] - The company focuses on high-end precision connector markets, with a diversified product matrix covering 17 product series and over 50,000 product SKUs [2] - The company is actively expanding into emerging application scenarios such as robotics and AI server power, aligning with the trend of domestic substitution and customization in the connector market [3] Financial Summary - In 2024, the company achieved revenue of 534 million, a year-on-year increase of 9.77%, and a net profit of 85 million, a decrease of 34.44% [1] - For Q1 2025, the company reported revenue of 145 million, a year-on-year increase of 44.61%, and a net profit of 25 million, a year-on-year increase of 39.99% [1] - The projected net profits for 2025, 2026, and 2027 are 139 million, 179 million, and 195 million respectively, with corresponding P/E ratios of 29.8, 23.1, and 21.2 [1][4] Revenue Structure - In 2024, the revenue structure consisted of 48.2% from industrial control connectors, 26.1% from automotive connectors, and 24.4% from new energy connectors, indicating a diversified business model [2] Market Trends - The company is responding to the increasing demand for customized and intelligent connector solutions, particularly in the context of domestic substitution trends in the connector market [3]

Group 1: Company Insights - BGI Genomics faces challenges such as declining demand, operational complexity, and high prices in the genetic testing industry, but is enhancing efficiency through automation and AI, while expanding into reproductive health and cancer prevention [1] - Nanshan Zhishang reported a 12.84% year-on-year increase in net profit for Q1, driven by new materials business, particularly ultra-high molecular weight polyethylene fibers [2] - Jizhi Co. saw a 54.89% increase in revenue year-on-year in Q1, benefiting from stable growth in balancing machine sales and automation line revenue [3] - Huangma Technology's export sales grew over 30% in Q1 2025, with improved gross margins due to increased production and lower raw material costs [4] - Proya Cosmetics aims to become the first beauty company in China to exceed 10 billion in revenue by 2024, focusing on expanding its product matrix and enhancing online and offline channels [5] - Daotong Technology is advancing its "embrace AI" strategy, significantly enhancing its digital repair and energy products, with a 60% growth in its TPMS series [6] - Lianchuang Optoelectronics experienced significant revenue growth in Q1 2025, with a focus on optimizing asset quality in the backlight source industry [7] - Hengshuai Co. reported a 16.04% decline in revenue for Q1 2025, facing challenges in traditional cleaning and motor businesses, but is expanding its ADAS cleaning system business [8] - Weifeng Electronics achieved a 9.77% revenue growth in 2024, despite a decline in net profit due to reduced non-operating income and increased expenses [9] - Perfect World continues to enhance its gaming portfolio with successful updates and expansions, including the launch of new titles and esports initiatives [11] - Xiangsheng Medical invested 80 million in R&D in 2024, focusing on AI technology in ultrasound products and maintaining a strong dividend policy [12] - Jiuhua Tourism reported a 30.13% revenue increase in Q1 2025, driven by a rise in tourist visits and ongoing infrastructure projects [13] - Jingzhida's semiconductor business line saw a revenue share increase to over 70% in Q1 2025, with ongoing efforts to localize core components [14] - Teruid's management outlined plans for international expansion and the development of a virtual power plant platform to enhance service offerings [15] Group 2: Industry Trends - The genetic testing industry is experiencing increased competition and cost pressures, prompting companies to innovate and optimize operations [1] - The new materials sector is becoming a key growth driver, particularly in high-performance fibers used in various applications [2] - Automation and AI are reshaping traditional manufacturing and service sectors, enhancing efficiency and product offerings [3][6] - The beauty and cosmetics industry is focusing on market expansion and product diversification to capture a larger share of the global market [5] - The gaming industry is evolving with continuous updates and new releases, indicating a strong demand for innovative gaming experiences [11] - The tourism sector is recovering with increased visitor numbers, highlighting the importance of infrastructure development and service enhancement [13]

Group 1: Financial Performance - In 2024, the company achieved an operating revenue of 1.5 billion yuan, a year-on-year increase of 9.77% [3] - The net profit attributable to shareholders in 2024 was 85.47 million yuan [3] - In Q1 2025, the operating revenue reached 440 million yuan, a year-on-year growth of 44.61% [3] - The net profit attributable to shareholders in Q1 2025 was 25.45 million yuan, reflecting a year-on-year increase of 39.99% [3] Group 2: Reasons for Profit Fluctuations - The decline in net profit in 2024 was attributed to three main factors: 1. A significant non-operating income from land sales in 2023 [3] 2. Increased cash consumption due to ongoing project construction and reduced interest income from bank deposits [3] 3. Depreciation and amortization impacts from new projects launched in June 2024 [3] Group 3: Cost and Expense Analysis - The increase in management expenses in 2024 was due to: 1. Additional depreciation from new projects [4] 2. Salary system reforms leading to higher payroll costs [4] 3. Increased consulting fees [4] - Sales expenses rose primarily due to participation in overseas exhibitions [4] Group 4: Market and Competitive Position - The company’s direct exports to the U.S. account for less than 1%, minimizing the impact of tariff fluctuations [4] - Plans to accelerate the construction of a factory in Thailand to diversify overseas markets [4] - The industrial control business saw a reverse growth in gross margin due to a diverse customer base and emerging applications [4] - Competitive advantages in the high-frequency and high-speed connector market include: 1. Multiple invention patents providing cost competitiveness [4] 2. A broad customer base from nearly a decade of experience in the automotive sector [4] 3. Strong customization capabilities for small-batch production [4]

Core Viewpoint - The company reported its 2024 annual results and 2025 Q1 results, showing stable revenue growth but a significant decline in net profit due to industry cost fluctuations and non-recurring losses [1] Group 1: 2024 Annual Results - In 2024, the company achieved revenue of 534 million yuan, a year-on-year increase of 9.77% [1] - The net profit attributable to shareholders was 85 million yuan, a year-on-year decline of 34.4% [1] - The revenue from industrial control connectors was 258 million yuan, a year-on-year decrease of 3.5% [1] - The revenue from automotive connectors was 139 million yuan, a year-on-year increase of 15.7% [1] - The revenue from new energy connectors was 131 million yuan, a year-on-year increase of 39.7% [1] Group 2: 2025 Q1 Results - In Q1 2025, the company achieved revenue of 145 million yuan, a year-on-year increase of 44.6% [2] - The net profit attributable to shareholders was 25 million yuan, a year-on-year increase of 39.99% [2] - The revenue and net profit growth rates of approximately 40% indicate a significant recovery trend in overall business [2] Group 3: Market and Industry Outlook - The company’s product structure focuses on three main downstream applications: industrial control, automotive, and new energy, with the industrial automation industry facing cyclical adjustments and increased competition [1] - The emerging field of robotics presents strong growth potential, leveraging the company's long-term technology and customer base in the industrial control sector [2] - The company is expected to benefit from the "embodied intelligence" trend, with products applicable to industrial, service, and humanoid robots [2] Group 4: Profit Forecast and Valuation - The profit forecast for 2025 has been revised down to 128 million yuan, with new forecasts for 2026 and 2027 at 148 million yuan and 176 million yuan respectively [2] - The current stock price corresponds to a PE ratio of 32/28/23 for 2025-2027, while comparable companies have an average PE of 39.6 [2] - The target market value for the company is set at 5.1 billion yuan, indicating over 20% upside potential from the current market value [2]