民生证券：给予永鼎股份买入评级

Core Viewpoint - The report highlights the stable performance of Yongding Co., Ltd. in 2024, with significant growth in investment income contributing to the company's profits, leading to a "buy" rating for the stock [1][4]. Financial Performance Summary - In 2024, Yongding achieved a revenue of 4.111 billion yuan, a decrease of 5.4% year-on-year, while the net profit attributable to shareholders was 61 million yuan, an increase of 42% [2]. - The first quarter of 2025 saw a revenue of 878 million yuan, a year-on-year increase of 7.5%, and a net profit attributable to shareholders of 290 million yuan, a remarkable increase of 960.6% [2][3]. - The company's non-recurring net profit for Q1 2025 was 291 million yuan, reflecting a year-on-year growth of 1230.7% [2][3]. Business Segment Performance - The optical communication segment generated 1.116 billion yuan in revenue for 2024, up 35.6% year-on-year, with a gross margin of 16.60%, an increase of 3.26 percentage points [2]. - The automotive wiring harness segment reported a revenue of 1.206 billion yuan, down 13.7% year-on-year, with a gross margin of 13.18%, a decrease of 1.03 percentage points [2]. - The power engineering segment's revenue was 1.041 billion yuan, down 30.0% year-on-year, with a gross margin of 19.08%, a decrease of 1.02 percentage points [2]. - The big data application segment saw a revenue of 59 million yuan, down 38.1% year-on-year, but with a gross margin of 61.95%, an increase of 19.99 percentage points [2]. - The superconducting and copper conductor segment achieved a revenue of 586 million yuan, up 33.3% year-on-year, with a gross margin of 10.60%, a decrease of 4.66 percentage points [2]. Investment Income and Future Outlook - The significant increase in investment income for Q1 2025 was primarily due to equity method recognition of investment income from Dongchang Investment, amounting to 292 million yuan, an increase of 287 million yuan year-on-year [3]. - The company is expanding its presence in cutting-edge fields such as optical chips and superconductors, with ongoing collaborations with various clients and a focus on enhancing production capacity [3]. Investment Recommendations - The company is expected to maintain its market position in traditional sectors while strengthening its foothold in emerging fields, with projected net profits for 2025, 2026, and 2027 at 361 million yuan, 161 million yuan, and 203 million yuan, respectively [4].