鸿日达：夯实连接器及机构件基本盘业务，前瞻布局半导体散热，推动公司业绩稳步发展

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [16]. Core Insights - The company has solidified its core business in connectors and MIM components while strategically positioning itself in the semiconductor cooling sector, which is expected to drive steady performance growth [1][3]. - For the first three quarters of 2024, the company achieved revenue of 644 million, a year-on-year increase of 27.57%, and a net profit attributable to shareholders of 29.57 million, up 21.01% year-on-year [2][3]. - The company is increasing its R&D investment, focusing on product innovation in semiconductor heat sinks, photovoltaic fields, and 3D printing, which is expected to support the development of its second growth curve [3]. Financial Performance Summary - Revenue (in million): - 2022A: 594 - 2023A: 721 - 2024E: 877 - 2025E: 1,239 - 2026E: 1,721 - Year-on-year growth rates: -3.9% (2022), 21.3% (2023), 21.7% (2024E), 41.2% (2025E), 38.9% (2026E) [1][10]. - Net profit (in million): - 2022A: 49 - 2023A: 31 - 2024E: 55 - 2025E: 132 - 2026E: 211 - Year-on-year growth rates: -21.4% (2022), -37.0% (2023), 76.3% (2024E), 141.3% (2025E), 59.9% (2026E) [1][10]. - R&D expenses for the first three quarters of 2024 amounted to 56.08 million, a 67.90% increase year-on-year, with an R&D expense ratio of 8.70% [3]. Market Position and Strategy - The company is deepening its traditional business in consumer electronics connectors and MIM components while optimizing its customer structure, which is contributing to steady performance improvements [2]. - The company is expanding into new business areas, including automotive connectors and semiconductor cooling materials, which are expected to drive long-term stable growth [3].