Recodeal(688800) 中邮证券·2025-02-06 02:15Investment Rating - The investment rating for the company is "Buy" [2][9] Core Views - The company is actively positioning itself in the AEC (Active Electrical Cable) market, driven by the increasing demand for copper cables due to advancements in AI technology, particularly from leading companies like Nvidia. The global demand for copper cables is expected to reach 20 million units by 2027, with a projected compound annual growth rate (CAGR) of 45% for AECs from 2024 to 2028 [5] - In the new energy sector, the company has successfully established supply qualifications with major domestic and international automotive manufacturers, providing comprehensive connection solutions for electric and intelligent vehicles. Key clients include Changan Automobile, NIO, and Tesla [6] - The company is also expanding into robotics and medical fields, developing connectors for various applications including low-altitude aircraft, 6G communication, and medical devices. This diversification is aimed at capturing growth in emerging technologies [7] Financial Summary - The company is projected to achieve revenues of 22.84 billion, 30.32 billion, and 37.09 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 1.6 billion, 2.4 billion, and 3.4 billion yuan. The price-to-earnings (P/E) ratios for these years are expected to be 67, 44, and 31 respectively [8] - Revenue growth rates are forecasted at -4.32% for 2023, followed by 46.85%, 32.78%, and 22.33% for the subsequent years [11] - The company's EBITDA is expected to grow from 183.38 million yuan in 2023 to 507.41 million yuan by 2026, indicating strong operational performance [11]