Dingtong(SH:688668) Great Wall Securities·2025-08-04 03:12Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Viewpoints - The company has experienced significant revenue and profit growth in the first half of 2025, driven by strong demand for its AI-driven communication connectors and the gradual ramp-up of its 112G products [2][3]. - The automotive segment is stabilizing, with successful trials of the BMW BMS Gen6 project and ongoing expansion into high-voltage connector markets [2][3]. - The company is increasing its R&D investment, with a 36.47% year-on-year increase in R&D expenses in the first half of 2025, reflecting a commitment to innovation and global industrialization [3]. Financial Summary - Revenue is projected to grow from 683 million yuan in 2023 to 2,688 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 26.6% [1]. - Net profit is expected to rise from 67 million yuan in 2023 to 405 million yuan in 2027, with a CAGR of about 27.5% [1]. - The company achieved a gross margin of 28.26% and a net margin of 14.71% in the first half of 2025, indicating improved profitability [2].