ECT(SZ:300679) Minsheng Securities·2024-07-21 22:31Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 300 to 340 million yuan in the first half of 2024, representing a year-on-year growth of 139.7% to 167.7% [1]. - The second quarter of 2024 is projected to see a net profit of 138 to 173 million yuan, with a year-on-year increase of 99% [1]. - The company's revenue growth is driven by stable growth in its main business, particularly in automotive connectors and a recovery in the consumer electronics sector [1]. - The company is positioned as a leader in automotive high-speed connectors, benefiting from the increasing demand due to the electrification and intelligence of vehicles [1]. - The consumer electronics segment is expanding with a focus on RF signal transmission and detection, enhancing the product matrix [1]. - The company is expected to achieve net profits of 685 million, 891 million, and 1.132 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 23, 18, and 14 [2][4]. Financial Summary - The company forecasts total revenue of 4.55 billion yuan in 2024, with a growth rate of 45.4% [2]. - The gross profit margin is expected to improve to 36.04% in 2024 [4]. - The net profit margin is projected to be 15.06% in 2024 [4]. - The company's total assets are estimated to reach 7.022 billion yuan by 2024 [6]. - The return on equity (ROE) is expected to increase to 13.85% in 2024 [4].