ECT(300679) Soochow Securities·2025-01-23 14:45Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 586-686 million yuan in 2024, representing a year-on-year growth of 65%-93% [2] - The penetration of intelligent driving into lower-priced vehicle segments is accelerating, which is expected to drive significant growth for the company as a leading domestic high-frequency and high-speed connector manufacturer [2] - The company is well-positioned to benefit from the increasing demand for automotive high-frequency and high-speed connectors, particularly as domestic automakers expand their offerings in the intelligent driving sector [7] Financial Performance Summary - Total revenue for 2024 is projected to be 4,615 million yuan, a year-on-year increase of 47.5% [1][8] - The net profit attributable to shareholders for 2024 is forecasted at 624.81 million yuan, reflecting a growth of 75.43% compared to the previous year [1][8] - Earnings per share (EPS) for 2024 is estimated to be 1.47 yuan, with a price-to-earnings (P/E) ratio of 39.90 [1][8] Market Position and Growth Potential - The company is a core supplier of RF connectors and components for major Android terminal manufacturers, which positions it to benefit from the recovery in consumer electronics demand [7] - The company has a stable market share and is expected to see robust growth in its consumer electronics segment due to the recovery in downstream demand [7] - The company is expanding its overseas presence and increasing its share of tier 1 orders, which is anticipated to enhance its long-term growth prospects [2][7]