ECT(300679) Guoxin Securities·2024-11-04 14:00Investment Rating - The investment rating for the company is "Outperform the Market" [3][9]. Core Views - The company achieved a record high revenue of 3.333 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 51.16%, with a net profit of 459 million yuan, up 85.36% year-on-year [1]. - The automotive connector segment is expected to see continued growth due to the rising penetration of smart driving technologies and the company's strong position as a core supplier for major domestic automotive manufacturers [1]. - The upcoming release of flagship Android smartphones is anticipated to boost the company's high-end product sales, particularly in the context of government subsidies and the early timing of the Double 11 shopping festival [1]. Financial Performance Summary - For Q3 2024, the company reported revenue of 1.189 billion yuan, a year-on-year increase of 41.50% and a quarter-on-quarter increase of 7.66% [1]. - The gross profit margin for Q3 2024 was 33.60%, showing a year-on-year decrease of 1.48 percentage points but a quarter-on-quarter increase of 1.11 percentage points [1]. - The net profit margin for Q3 2024 was 13.10%, reflecting a year-on-year decrease of 2.52 percentage points and a quarter-on-quarter decrease of 0.76 percentage points [1]. Earnings Forecast and Financial Indicators - The company is projected to achieve net profits of 620 million yuan, 815 million yuan, and 1.011 billion yuan for the years 2024, 2025, and 2026, respectively, indicating year-on-year growth rates of 74.0%, 31.5%, and 24.2% [2][3]. - The price-to-earnings (P/E) ratios for the years 2024, 2025, and 2026 are expected to be 30x, 23x, and 18x, respectively [1][2].