ECT(300679) Minsheng Securities·2024-10-28 06:30Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company's Q3 2024 performance met expectations, with revenue of 11.89 billion yuan, a year-on-year increase of 41.50%, and a net profit of 1.51 billion yuan, up 23.53% year-on-year [1]. - The company is positioned as a leader in automotive high-speed connectors, benefiting from the increasing demand driven by the electrification and intelligence of vehicles [1]. - The consumer electronics segment is stable, while the automotive business is rapidly penetrating the market, with profits improving each quarter [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 33.33 billion yuan, a year-on-year increase of 51.16%, and a net profit of 4.59 billion yuan, up 85.36% year-on-year [1]. - The gross margin for Q3 2024 was 33.60%, a decrease of 1.48 percentage points year-on-year, while the net margin was 13.10%, an increase of 2.52 percentage points year-on-year [1]. - The company expects net profits for 2024-2026 to be 6.50 billion yuan, 8.01 billion yuan, and 10.03 billion yuan, respectively, corresponding to price-to-earnings ratios of 30, 24, and 19 times [1][4].