Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Views - The company, Weimao Electronics, is an integrated manufacturer of industrial intelligent connection control solutions, actively expanding into emerging fields such as low-altitude economy [5][9]. - The company focuses on "small batch, multiple varieties" in electronic product manufacturing, with a projected revenue of 260 million yuan in 2024, representing a year-on-year growth of 13.69% [6][8]. - The growth in the new energy vehicle market is expected to significantly boost the demand for wiring harnesses, with the global vehicle wiring harness market projected to reach 793 billion yuan by 2029 [6][9]. Financial Performance Summary - The company achieved a revenue of 73 million yuan in Q1 2025, reflecting a year-on-year increase of 19.02%, and a net profit of 11.01 million yuan, up 18.02% year-on-year [6]. - The forecast for 2024 includes a revenue of 260 million yuan and a net profit of 45 million yuan, with respective year-on-year growth rates of 13.69% and 14.28% [8]. - The earnings per share (EPS) is projected to be 0.55 yuan in 2024, increasing to 0.87 yuan by 2027 [8]. Market Expansion and Product Development - The company is actively pursuing new markets, including low-altitude economy projects, with significant contracts already secured for components in flying cars [9]. - The company has a diverse product range across automotive, smart home appliances, and industrial automation, with a strong focus on R&D, which is expected to reach 14.03 million yuan in 2024 [6][9]. - The company is also expanding its production capacity for automotive wiring harnesses and components for new energy vehicles, which are expected to drive future revenue growth [6][9].
威贸电子（833346）：工业智能连接控制方案集成制造商，积极拓展低空经济等新兴领域