Etron(SH:603380) Guolian Minsheng Securities·2026-01-23 10:35Investment Rating - The report gives a "Buy" rating for the company, Yidelong (603380.SH) [3] Core Views - Yidelong is positioned as a leading flexible EMS company globally, entering a new value cycle driven by R&D. The company has over 20 years of experience in the EMS industry, focusing on high-quality, small-batch, and multi-variety production. Key downstream industries include industrial control, communication equipment, medical devices, automotive electronics, and consumer electronics. The company is expanding its R&D efforts and exploring new products like PCB axial flux motors [8][10]. Financial Forecast and Key Metrics - Revenue projections for Yidelong are as follows: - 2024: 2,161 million CNY, growth rate of 12.7% - 2025: 2,498 million CNY, growth rate of 15.6% - 2026: 3,003 million CNY, growth rate of 20.2% - 2027: 3,546 million CNY, growth rate of 18.1% - Net profit attributable to shareholders is projected to be: - 2024: 184 million CNY, growth rate of 38.2% - 2025: 241 million CNY, growth rate of 30.9% - 2026: 291 million CNY, growth rate of 20.6% - 2027: 350 million CNY, growth rate of 20.3% - Earnings per share (EPS) is expected to be: - 2024: 1.15 CNY - 2025: 1.50 CNY - 2026: 1.81 CNY - 2027: 2.18 CNY - Price-to-earnings (PE) ratios are projected as follows: - 2024: 35x - 2025: 27x - 2026: 22x - 2027: 19x - Price-to-book (PB) ratios are projected as follows: - 2024: 4.3x - 2025: 4.1x - 2026: 3.6x - 2027: 3.1x [2] Company Overview - Yidelong has a stable shareholding structure, with the actual controllers holding 43.59% of the shares. The management team has extensive experience, with key executives having worked in the company for over ten years [20][22]. - The company has established a global production base, including facilities in Mexico, Vietnam, and Romania, allowing for localized supply and reduced costs [51][54]. Industry Insights - The EMS industry is transitioning to a multi-center regional manufacturing model, with significant growth expected in the coming years. The global EMS market is projected to grow from 638.2 billion USD in 2023 to 799 billion USD by 2028, with a CAGR of 4.6% [41][42]. - There are two major trends in the EMS industry: the restructuring of supply chains by international brands seeking partners with R&D capabilities, and the shift from a primarily Asia-Pacific manufacturing model to a more diversified regional approach [42][43].