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国防军工海外研究启示录2024：全球连接器龙头企业分析
INDUSTRIAL SECURITIES·2024-09-13 00:12

Investment Rating - The report maintains a recommendation for the defense and military industry [2]. Core Insights - The global connector market has shown steady growth, with a compound annual growth rate (CAGR) of 6.18% from 2018 to 2023, increasing from $66.7 billion to $90 billion. The market is expected to grow by 6% in 2024, reaching $95.4 billion [7][8]. - China has become the largest market for connectors, with its market size growing from 152.9 billion yuan to 205.7 billion yuan from 2018 to 2023, also reflecting a CAGR of 6.11% [8][9]. - The primary application areas for connectors are communication and automotive, accounting for 24% and 22% of the market share in 2023, respectively [10]. Summary by Sections 1. Connector Industry: Market Growth and Key Applications - The global connector market is projected to reach $95.4 billion in 2024, with China leading as the largest market [7][8]. - Communication and automotive sectors are the main application areas for connectors, with stable market shares [10]. 2. Major Global Connector Manufacturers: Military and Aerospace - Key players include Amphenol, TE Connectivity, and Japan Aviation Electronics, with significant revenue from military and aerospace sectors [11][12]. - In 2023, Amphenol's revenue was $12.555 billion, slightly down by 0.54%, while net profit increased by 1.37% [13][15]. 3. Military Connectors: Steady Growth and Market Opportunities - The military connector market in China grew from 9.125 billion yuan in 2017 to 17.138 billion yuan in 2023, with a projected CAGR of 11.33% from 2024 to 2026 [20]. - The demand for AI servers is driving growth in communication connectors, with global AI server shipments expected to reach 225,000 units by 2026, reflecting a CAGR of 15.38% [20]. 4. Automotive Connectors: Growth Driven by Electric Vehicles - The penetration rate of electric vehicles in China rose from 5% in 2020 to 36% in 2023, with projections of 41% in 2024 [20]. - The increase in smart driving levels is expected to drive demand for high-speed connectors due to the growing number of sensors in vehicles [20].