新股覆盖研究：壹连科技

Investment Rating - The report assigns a positive investment rating to the company, indicating a potential for significant returns in the upcoming months [32]. Core Viewpoints - The company, Yilian Technology (301631.SZ), is a comprehensive provider of electric connection components, focusing on the new energy vehicle sector and has established strong ties with leading battery manufacturers like CATL [9][22]. - The company has shown impressive revenue growth over the past three years, with a projected revenue increase of 19.14% to 31.17% for 2024 [10][28]. - Yilian Technology's market share in the new energy electric connection components has consistently exceeded 10% from 2021 to the first half of 2023, benefiting from its relationship with major clients [22]. Summary by Sections Basic Financial Status - The company achieved revenues of 1.43 billion, 2.76 billion, and 3.08 billion CNY in 2021, 2022, and 2023 respectively, with year-over-year growth rates of 105.20%, 92.34%, and 11.48% [10][3]. - The net profit attributable to the parent company was 142.6 million, 235.8 million, and 259.9 million CNY for the same years, with growth rates of 117.38%, 65.33%, and 10.23% [10][3]. Industry Situation - The global connector market is projected to grow from 60.1 billion USD in 2017 to 96 billion USD in 2023, with a compound annual growth rate (CAGR) of 8% [17]. - The demand for electric connection components is driven by the electrification of transportation, industrial applications, and the growth of new energy vehicles [17][20]. Company Highlights - Yilian Technology is one of the earliest companies in China to achieve large-scale supply of electric cell connection components, with a focus on the new energy vehicle sector [22]. - The company has established subsidiaries to support its long-term cooperation with CATL, which accounted for over 70% of its revenue in 2023 [22][23]. Investment Projects - The company plans to invest in four projects, including the expansion of production capacity for electric connection components, with a total investment of approximately 119.33 million CNY [26][27]. - The projects are expected to significantly increase production capacity, enhancing the company's ability to meet growing market demand [25]. Comparison with Peers - In 2023, Yilian Technology's revenue was 3.08 billion CNY, with a net profit of 259.9 million CNY, while the average revenue of comparable companies was 2.89 billion CNY [28][30]. - The company's sales gross margin was 18.94%, which is below the industry average of 20.10% [28][30].