Recodeal(688800) 东北证券·2025-04-24 09:16Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of stock price appreciation exceeding 15% over the next six months [5]. Core Insights - The company achieved a record high revenue of 2.415 billion yuan in 2024, representing a year-over-year increase of 55.29%. The net profit attributable to shareholders was 175 million yuan, up 28.11% year-over-year, with a non-recurring net profit of 163 million yuan, increasing by 32.21% year-over-year [1][2]. - In Q4 2024, the company reported a revenue of 825 million yuan, marking a 60.42% increase year-over-year and a 30.71% increase quarter-over-quarter. The net profit for the quarter was 69 million yuan, reflecting a year-over-year growth of 69.05% [2]. - The company is making significant progress in the AEC and robotics sectors, with ongoing development of connectors and harnesses for various industrial and humanoid robot clients. The international expansion is showing promising results, particularly with the establishment of a factory in Mexico to support U.S. clients [3]. Financial Summary - For 2024, the company reported total revenue of 2.415 billion yuan, with a gross margin of 22.12%, which is a decrease of 2.95 percentage points year-over-year. The domestic revenue was 1.993 billion yuan, up 46.79% year-over-year, while international revenue reached 386 million yuan, a significant increase of 113.23% [1][2]. - The company forecasts revenues of 3.09 billion yuan, 3.795 billion yuan, and 4.454 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 242 million yuan, 306 million yuan, and 367 million yuan [4][3]. - The report highlights a decrease in gross margins across various product lines, with the communication connector business experiencing a gross margin of 13.26%, down 5.56 percentage points year-over-year [2].