IPO专题：新股精要—国内新能源电连接组件领军企业壹连科技

Investment Rating - The investment rating for the company is "Increase" relative to the performance of the CSI 300 Index, with an expected increase of over 15% [32]. Core Viewpoints - The company, Yilian Technology (301631.SZ), is a leading domestic enterprise in the new energy electrical connection components sector, with a market share exceeding 10% in domestic new energy electrical connection components [2][3]. - The company achieved revenues and net profits of 3.075 billion and 260 million RMB respectively in 2023, with a compound annual growth rate (CAGR) of 46.43% and 35.00% for revenue and net profit from 2021 to 2023 [2][3]. - The company plans to raise a total of 1.193 billion RMB through its IPO, which will be used to alleviate capacity bottlenecks and enhance its operational capabilities [3][21]. Summary by Relevant Sections Company Overview - Yilian Technology is deeply integrated with CATL and focuses on the new energy vehicle sector, establishing production bases close to major clients to enhance supply chain efficiency [3][6]. - The company has developed key technologies in electrical connection components, including modular design and ultrasonic welding, and has established stable partnerships with major clients like CATL and Xpeng Motors [5][19]. Main Business Analysis - The company specializes in the research, production, and sales of electrical connection components, including cell connection components, power transmission components, and low-voltage signal transmission components [3][8]. - From 2021 to 2023, the company’s revenue and net profit showed significant growth, with the revenue from cell connection components increasing from 645.22 million RMB in 2021 to 1.810 billion RMB in 2023 [8][10]. - The gross margin has been declining due to rising raw material costs and increased competition in the new energy vehicle sector, with gross margins of 22.25%, 20.24%, 19.74%, and 16.86% from 2021 to 2024H1 [10][11]. Industry Development and Competitive Landscape - The global connector market is expected to exceed 100 billion USD in 2024, driven by strong demand from downstream industries such as new energy, industrial equipment, and consumer electronics [15][16]. - Domestic manufacturers are facing increasing competition as international firms have established a strong presence in the market, leading to a more competitive landscape [17][19]. - The company holds a market share of over 10% in the domestic new energy electrical connection components market, indicating its competitive position [19]. Comparable Company Valuation - The average PE ratio for comparable companies in the "C39 Computer, Communication and Other Electronic Equipment Manufacturing" industry is 39.09 times, with Yilian Technology's projected PE ratios for 2024 and 2025 being 26.84 and 19.19 times respectively [23][24].