Recodeal(688800) 华泰证券·2025-04-17 02:59Investment Rating - The report maintains a "Buy" rating for the company with a target price of 55.91 CNY [4][7][8] Core Insights - The company is expected to achieve a revenue of 2.415 billion CNY in 2024, representing a year-over-year increase of 55.29%, exceeding previous expectations of 1.99 billion CNY [1] - The gross margin for 2024 is projected at 22.12%, a decrease of 3.0 percentage points year-over-year, while the net profit attributable to shareholders is expected to be 175 million CNY, up 28.11% year-over-year but below the forecast of 210 million CNY due to increased expenses [1][2] - The company is actively expanding its product offerings in high-performance data centers and robotics, which are anticipated to drive future growth [1][3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.415 billion CNY, with a significant increase in the fourth quarter, where revenue reached 825 million CNY, up 60.42% year-over-year and 30.71% quarter-over-quarter [1][2] - The revenue from new energy connectors was 2.180 billion CNY, reflecting a year-over-year growth of 59.46%, while communication connectors generated 111 million CNY, a 4.84% increase [2][6] Future Outlook - For 2025, the company aims to continue its international expansion, particularly in North America, where production capacity is expected to increase, mitigating tariff impacts [3] - The company has formed a joint venture to develop high-speed copper cable products for the AI sector and has completed the development of connectors for humanoid robots, leveraging long-term partnerships with major automotive clients [3][4] Valuation and Projections - The projected revenues for 2025-2027 are 3.173 billion CNY, 3.875 billion CNY, and 4.687 billion CNY, with year-over-year growth rates of 31.4%, 22.1%, and 21.0% respectively [4][6] - The estimated net profits for the same period are 250 million CNY, 300 million CNY, and 390 million CNY, with adjustments made due to higher expenses from new product developments [4][6]