Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant revenue and profit growth in Q1 2025, driven by rapid growth in automotive and new energy connectors, maintaining a "Buy" rating [1] - The company focuses on high-end precision connector markets, with a diversified product matrix covering 17 product series and over 50,000 product SKUs [2] - The company is actively expanding into emerging application scenarios such as robotics and AI server power, aligning with the trend of domestic substitution and customization in the connector market [3] Financial Summary - In 2024, the company achieved revenue of 534 million, a year-on-year increase of 9.77%, and a net profit of 85 million, a decrease of 34.44% [1] - For Q1 2025, the company reported revenue of 145 million, a year-on-year increase of 44.61%, and a net profit of 25 million, a year-on-year increase of 39.99% [1] - The projected net profits for 2025, 2026, and 2027 are 139 million, 179 million, and 195 million respectively, with corresponding P/E ratios of 29.8, 23.1, and 21.2 [1][4] Revenue Structure - In 2024, the revenue structure consisted of 48.2% from industrial control connectors, 26.1% from automotive connectors, and 24.4% from new energy connectors, indicating a diversified business model [2] Market Trends - The company is responding to the increasing demand for customized and intelligent connector solutions, particularly in the context of domestic substitution trends in the connector market [3]
维峰电子（301328）：公司信息更新报告：2025Q1业绩高速增长，深耕高端精密连接器市场