Recodeal(688800) GOLDEN SUN SECURITIES·2025-05-11 07:30Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has experienced rapid revenue growth, with a reported revenue of 2.4 billion yuan in 2024, representing a year-on-year increase of 55%. The net profit attributable to shareholders reached 180 million yuan, up 28% year-on-year. For Q1 2025, revenue was 800 million yuan, reflecting a 65% year-on-year growth, and net profit was 80 million yuan, up 81% year-on-year [1][3] - The company is actively expanding its overseas production capabilities, with operational factories in the United States and Mexico. The U.S. factory has achieved rapid revenue growth and profitability, while the Mexican factory is in the ramp-up phase but is currently operating at a loss. In 2024, overseas revenue is expected to reach 220 million yuan, with new quality customers and multiple project approvals [2] - The company focuses on connector products and is continuously developing solutions for various sectors, including telecommunications, new energy vehicles, rail transportation, and medical devices. It has established partnerships with major clients in the 5.5G sector and has developed connectors for humanoid robots and liquid cooling servers [2] Financial Summary - The company forecasts net profits of 260 million yuan, 320 million yuan, and 370 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 32, 26, and 22 times [3] - Financial indicators show a significant increase in revenue from 1.555 billion yuan in 2023 to an expected 2.994 billion yuan in 2025, with a year-on-year growth rate of 24% [4] - The latest diluted EPS is projected to be 1.65 yuan in 2025, with a net asset return rate of 11.2% [4]