ECT(SZ:300679) KAIYUAN SECURITIES·2024-10-28 15:03Investment Rating - The investment rating for the company is "Buy" (maintained) [2]. Core Views - The company's performance continues to grow, driven by the recovery in the global consumer electronics industry in H2 2024 and the sustained demand for automotive high-frequency and high-speed connector products from new clients [1][3]. - The automotive connector business is experiencing high growth, with significant increases in shipment volumes, while the profitability of the consumer electronics segment is also recovering [3]. - The company is leveraging its precision manufacturing platform to enhance automation efficiency and is well-positioned in both the consumer electronics and automotive connector markets for long-term growth [4]. Financial Summary - The company achieved a revenue of 11.89 billion yuan in Q3 2024, representing a year-on-year increase of 41.50%, with a net profit of 4.44 billion yuan, up 87.83% year-on-year [1]. - The projected net profits for 2024, 2025, and 2026 are 6.2 billion yuan, 8.2 billion yuan, and 10.5 billion yuan, respectively, with corresponding P/E ratios of 30.2, 22.8, and 17.9 [1][5]. - The revenue forecast for the next few years shows a significant increase, with expected revenues of 42.04 billion yuan in 2024, 53.48 billion yuan in 2025, and 64.15 billion yuan in 2026, reflecting year-on-year growth rates of 34.3%, 27.2%, and 20.0% respectively [5][8]. Market Position - The company has successfully introduced a comprehensive range of automotive high-frequency and high-speed connector products to major domestic automotive clients, leading to a steady increase in market share [3]. - The consumer electronics segment is benefiting from a gradual recovery in demand from terminal manufacturers, alongside improved profitability in the flexible circuit board business [3].