ECT(SZ:300679) Soochow Securities·2024-10-27 15:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a record high quarterly revenue of 1.19 billion yuan in Q3 2024, with a year-on-year growth of 42% and a quarter-on-quarter growth of 8% [2] - The significant revenue and profit growth in the first three quarters of 2024 is attributed to the increasing sales of high-margin automotive high-speed connectors and the recovery in demand for traditional RF connectors [2][3] - The company is positioned as a leading manufacturer of automotive high-speed connectors in China, benefiting from the rising penetration of advanced intelligent driving models and expanding its overseas customer base for long-term growth [2][3] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 3.33 billion yuan, a year-on-year increase of 51%, and a net profit attributable to shareholders of 460 million yuan, up 85% year-on-year [2] - The company's revenue forecast for 2024 is set at 4.524 billion yuan, reflecting a year-on-year growth of 44.57% [1][8] - The adjusted net profit forecasts for 2024, 2025, and 2026 are 620 million yuan, 837 million yuan, and 1.021 billion yuan, respectively, with corresponding P/E ratios of 31, 23, and 19 [3][8] Market Position and Growth Drivers - The automotive high-speed connector segment is expected to maintain high growth due to increased production rates driven by the demand for intelligent driving vehicles [2] - The consumer electronics segment is benefiting from the resurgence of Huawei and the overall industry recovery, with stable market share in RF connectors and potential growth from BTB connectors [3] - The company is actively expanding its overseas customer base, targeting leading TIER1 automotive enterprises to enhance long-term growth prospects [2][3]