富士达（835640）：国内射频连接器行业领军者，聚焦5G-A、6G、商业卫星前沿领域布局

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company is a leader in the domestic RF connector industry, focusing on advanced fields such as 5G-A, 6G, and commercial satellites [5]. - The company has accelerated its product layout in commercial satellites and 6G, with its HTCC production line already capable of small-batch production [6]. - The company aims to enhance its market presence in the satellite sector, which is expected to grow rapidly due to the scarcity of low-orbit resources [6]. - In the civil communications sector, the company is extending its support to major clients, particularly in the 5G and 5G+ areas, while also focusing on emerging industries [6]. - The company has achieved significant milestones in the development and production of copper cable components, laying the groundwork for future mass production [8]. Financial Summary - The company achieved a revenue of 763 million yuan in 2024, with a year-on-year decrease of 6.42%, and a net profit of 51.13 million yuan, down 65.02% year-on-year [7]. - The projected revenues for 2025 are estimated at 886 million yuan, with a growth rate of 16.16%, and a net profit of 100 million yuan, reflecting a significant recovery [10]. - The company’s earnings per share (EPS) for 2025 is projected to be 0.53 yuan, with a price-to-earnings (P/E) ratio of 53.68 [10]. - The company has a high customer concentration, with the top five clients accounting for 78% of total revenue in 2024 [7]. Market Position and Growth Potential - The global connector market is expected to grow from 51.18 billion USD in 2013 to 85.1 billion USD in 2024, while the Chinese connector market is projected to increase from 178 billion yuan in 2023 to 185.1 billion yuan in 2024 [7]. - The company is well-positioned to benefit from the ongoing transformation in the downstream industry, particularly in high-tech fields such as AI, IoT, and 5G/6G communications [7]. - The company has led the formulation of 14 IEC international standards, enhancing its competitive edge and market position [7].