ECT(SZ:300679) Shanxi Securities·2024-08-31 03:03Investment Rating - The report maintains a "Buy-A" rating for the company [6]. Core Insights - The company has shown significant revenue growth in the first half of 2024, with a total revenue of 2.144 billion yuan, representing a year-on-year increase of 57.11%. The net profit attributable to the parent company reached 308 million yuan, up 145.77% year-on-year [2][3]. - The automotive business is expanding, with revenue from automotive connectors reaching 597 million yuan, a year-on-year growth of 90.28%. The company has established relationships with major domestic and international automotive manufacturers [3]. - The consumer electronics segment is recovering, with revenue from micro electrical connectors and BTB connectors amounting to 496 million yuan, a year-on-year increase of 40.92% [3]. Financial Performance - The company is projected to achieve revenues of 4.251 billion yuan, 5.428 billion yuan, and 6.360 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 35.9%, 27.7%, and 17.2% [4]. - The net profit attributable to the parent company is expected to be 639 million yuan, 838 million yuan, and 1.032 billion yuan for the same years, with growth rates of 79.5%, 31.1%, and 23.2% [4]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.51 yuan, 1.98 yuan, and 2.44 yuan, respectively [4]. Market Position - The company has increased its market share in the automotive sector due to high growth in connector shipments and has begun mass production for several leading automotive manufacturers [3]. - The consumer electronics sector is expected to benefit from the recovery of the industry and the introduction of new products, such as the BTB connector, which is crucial for high-frequency applications [3].