研报掘金丨华鑫证券：维持怡合达“买入”评级，全链条优势打开长期成长空间

Core Viewpoint - The report from Huaxin Securities highlights that Yihua Da has established a comprehensive FA factory automation component system covering 199 major categories, 4,573 subcategories, and over 2.58 million SKUs, while also expanding its FB non-standard components and FX brand core component business, forming a "standard + non-standard + branded" product strategy [1] Group 1: Product and Business Strategy - The company continues to invest in R&D to enhance product iteration capabilities, utilizing digital tools and information systems to improve customer selection efficiency [1] - The supply chain model of "self-manufactured + OEM + centralized procurement" is tailored to meet long-tail demand, creating a dual competitive advantage of "technology + efficiency" that supports import substitution and customer stickiness [1] Group 2: Market and Customer Base - The downstream sectors covered include high-growth areas such as 3C, new energy lithium batteries, automotive, photovoltaic, and semiconductors, with diversified customer demand supporting revenue resilience [1] - The overseas business spans over 30 countries and regions globally, with the Vietnam base and overseas channel expansion reducing trade barriers and significantly increasing overseas growth [1] Group 3: Investment Outlook - Considering Yihua Da as a leading one-stop platform for FA components, the expansion of FB business and overseas markets opens up a second growth curve, maintaining a "buy" investment rating [1]