Dingtong(688668)2025-04-20 02:23Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company has shown continuous performance exceeding expectations, with significant growth in communication products. In 2024, the company achieved a revenue of 1.032 billion yuan, a year-on-year increase of 51.12%, and a net profit attributable to shareholders of 110 million yuan, up 65.74% [1] - The demand for high-speed products is significantly benefiting from the development of AI, with the company’s high-speed communication connector products being upgraded to meet increasing market needs [1][2] - The company is optimizing its product matrix in the new energy vehicle sector and deepening cooperation with major clients, which is expected to enhance revenue and profitability [2] Summary by Sections Financial Performance - In 2024, the company’s communication connector business generated revenue of 597 million yuan, a year-on-year increase of 71.63%, with a gross margin of 31.71% [1] - The first quarter of 2025 saw revenue of 379 million yuan, a year-on-year increase of 95.25%, and a net profit of approximately 52.9 million yuan, up 190.12% [1] Business Segments - The new energy vehicle connector segment achieved revenue of 266 million yuan in 2024, a year-on-year increase of 25.21%, with a gross margin of 23.50% [1] - The precision mold segment generated revenue of 56.31 million yuan, up 41.75% year-on-year, while mold parts revenue reached 16.99 million yuan, an increase of 31.75% [1] Future Projections - The company is expected to achieve revenues of 1.471 billion yuan, 1.962 billion yuan, and 2.482 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 223 million yuan, 297 million yuan, and 369 million yuan [2][3] - The projected PE ratios for 2025, 2026, and 2027 are 26, 19, and 16, respectively, indicating a favorable growth outlook [2][3]