鸿日达：深耕消费电子连接器，布局新能源&芯片散热打造全新增长曲线

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for future performance [28]. Core Insights - The company has a strong foothold in the consumer electronics connector market and is expanding into new growth areas such as semiconductor chip cooling and renewable energy [28]. - The demand for connectors is expected to grow due to the continuous innovation in smart terminal products, driven by advancements in AI and 5G technology [28]. - The MIM (Metal Injection Molding) technology is highlighted as a key competitive advantage, with the market for MIM products projected to reach 14.14 billion yuan by 2026 [28]. - The company is actively pursuing opportunities in the high-end automotive connector market and semiconductor cooling solutions, which are expected to contribute significantly to revenue growth [28]. Summary by Sections 1. Focus on Precision Connectors - The company is recognized as a "specialized and innovative" small giant in the precision connector sector, primarily serving mobile phones and other consumer electronics [35]. - The company has established a stable shareholding structure, with significant control held by its founders [38]. - Key performance indicators are showing signs of recovery, with revenue growth driven by increased orders [39]. 2. Strengthening the Consumer Electronics Foundation - The company is focusing on smart terminal connectors, leveraging patent innovations to expand its customer base [46]. - Connector products are being extended into the renewable energy sector, creating new growth opportunities [53]. - The MIM technology is emphasized as a core strength, enabling the company to capture high-value market segments [64]. 3. Keeping Up with Industry Innovation Trends - The company is enhancing its production capabilities to support new business developments [3]. - It is expanding its presence in the high-value photovoltaic sector, with plans for overseas production bases [3]. - AI technologies are being integrated to accelerate innovation in the connector business, particularly in semiconductor cooling [28]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve significant profit growth from 2024 to 2026, with projected net profits of 0.95 billion yuan, 1.71 billion yuan, and 2.63 billion yuan respectively [30]. - The report suggests that the company will benefit from the recovery in consumer electronics demand and the introduction of new products [28].