鸿日达：点评报告：行业复苏支撑主业增长，新业务稳步拓展

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [3] Core Views - The cyclical recovery in the consumer electronics industry is driving growth in the company's core connector business, with significant performance in institutional components [3] - The company has achieved a revenue of 389 million yuan in the first half of 2024, representing a year-on-year growth of 30.45%, and a net profit attributable to shareholders of 16.08 million yuan, up 283.05% year-on-year [2][3] - The company is expanding its new business lines, including semiconductor metal heat sinks and automotive connectors, which are expected to contribute to revenue in the second half of 2024 [3] Financial Performance Summary - In the first half of 2024, the company's main connector products generated revenue of 266 million yuan, a year-on-year increase of 10.17%, accounting for 66% of total revenue [3] - The gross margin for connector products improved by 7.19 percentage points to 23.23% due to enhanced production efficiency and cost reduction measures [3] - The company's R&D investment reached 36.67 million yuan, a year-on-year increase of 74.85% [2] Market Data - As of August 13, 2024, the company's stock price is 21.98 yuan, with a market capitalization of approximately 4.54 billion yuan [3] - The company is expected to achieve a net profit of 70 million yuan in 2024, with a projected P/E ratio of 64.7 times [3][5] Earnings Forecast - The company is projected to achieve revenues of 927 million yuan in 2024, with a growth rate of 28.69% [4] - The expected net profit for 2025 is 128 million yuan, with a P/E ratio of 35.6 times [4][5] - The company anticipates maintaining a gross margin of approximately 20.77% for the year [3]