SPEED(SZ:300322) Ge Long Hui A P P·2026-01-06 06:05Core Viewpoint - The report from Zhongyou Securities highlights the strong performance growth and robust profit recovery momentum of Shuo Beid. The company focuses on its core business and deepens collaboration with clients, leading to positive developments in antennas, harnesses and connectors, thermal modules, and smart sensor modules [1] Group 1: Business Segments - Antenna business is experiencing growth across multiple tracks, with terminal antennas benefiting from the recovery in the consumer electronics market, resulting in increased shipment volume and net profit. Collaboration with key clients in laptop antennas has stabilized high-value order deliveries, maintaining high gross margins [1] - The automotive antenna segment has seen a significant increase in net profit year-on-year due to optimized customer structure, new project mass production, and the bulk shipment of 4D millimeter-wave radar waveguide antennas [1] - The thermal components and modules business is leveraging high-value SOC thermal projects for mass production and stable delivery, entering a rapid scaling phase that releases scale effects. The forward-looking layout of two-phase flow and liquid cooling products lays a foundation for long-term development [1] - The harnesses and connectors business is seizing opportunities in the electric vehicle industry, with enhanced internal management leading to increased customer recognition and rapid growth in new orders [1] - The smart sensor module business has completed the divestiture of the fingerprint module segment to focus on core areas, with mass production and delivery from the Vietnam factory significantly boosting overall business scale [1] Group 2: Investment Rating - The report initiates coverage with a "Buy" rating for the company, reflecting confidence in its growth trajectory and operational strategies [1]