ECT(SZ:300679) Huajin Securities·2025-10-27 12:10Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 4.039 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 21.20%. The net profit attributable to the parent company was 373 million yuan, a decrease of 18.71% year-on-year. In Q3 alone, revenue reached 1.515 billion yuan, up 27.48% year-on-year and 14.13% quarter-on-quarter. The net profit for Q3 was 130 million yuan, down 13.84% year-on-year but up 8.99% quarter-on-quarter [5] - The revenue growth was primarily driven by the peak sales season in consumer electronics and automotive electronics. The company, as a leader in RF connectors, benefited from the dual drivers of consumer electronics and automotive sectors [5] - The company is expanding its production capacity in response to downstream demand, which has led to increased operational costs. Factors such as product price adjustments, structural changes, and relocation costs have impacted overall profitability [5] - The gross margin for the first three quarters of 2025 was 29.58%, down 4.18 percentage points year-on-year, while the net profit margin was 9.23%, down 4.53 percentage points year-on-year. In Q3, the gross margin was 29.85%, down 3.75 percentage points year-on-year but up 1.62 percentage points quarter-on-quarter [5] - The company has a complete range of automotive connector products and has established strong partnerships with major domestic and international clients, leading to stable growth in this business segment [5] - The company is also focusing on the AI and robotics sectors, collaborating with leading robotics companies to develop high-frequency, high-speed connectors for humanoid robots and expanding into data center server applications [5] Financial Data and Projections - The company expects revenues of 5.856 billion yuan, 7.280 billion yuan, and 8.870 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 25.6%, 24.3%, and 21.8% [6] - The projected net profits for the same years are 601 million yuan, 889 million yuan, and 1.110 billion yuan, with year-on-year changes of -3.4%, +48.0%, and +24.8% respectively [6] - The earnings per share (EPS) are expected to be 1.41 yuan, 2.09 yuan, and 2.61 yuan for 2025, 2026, and 2027 respectively [6]