研报掘金丨山西证券：维持鼎通科技“买入-B”评级，产能不断释放带动业绩增长

Core Viewpoint - DingTong Technology is expected to achieve a revenue of 1.59 billion yuan in 2025, representing a year-on-year growth of 54.4%, and a net profit attributable to the parent company of 240 million yuan, reflecting a year-on-year increase of 119.6% driven by strong demand in the AI-driven communication connector market [1] Group 1: Financial Projections - The company anticipates a revenue of 1.59 billion yuan in 2025, which is a 54.4% increase compared to the previous year [1] - The projected net profit attributable to the parent company is 240 million yuan, indicating a 119.6% year-on-year growth [1] Group 2: Market Demand and Product Growth - The demand for communication connectors is robust due to AI advancements, leading to significant growth in the company's high-speed communication products [1] - The 112G product line is expected to continue expanding, with monthly shipments projected to exceed 2 million units by 2026, while the 224G product line is anticipated to reach monthly shipments of 400,000 to 500,000 units [1] Group 3: Capacity Expansion - Following the convertible bond fundraising, the company will add an annual production capacity of 12 million communication connector CAGEs and 20 million precision structural components [1] - The automotive connector segment is progressing with major client BMS projects, which will further enhance production capacity post-fundraising [1] Group 4: Technological Advancements - The penetration rate of liquid cooling in optical modules is expected to rise rapidly in the 1.6T and 3.2T era, with the company already in mass production [1] Group 5: Investment Rating - The company maintains a "Buy-B" rating based on its growth prospects and market position [1]