国产优质连接器供应商，垂直整合铸就公司竞争力（勘误版）

Investment Rating - The report provides a positive investment rating for the company, highlighting its potential for growth in the connector industry. Core Viewpoints - The company is recognized as a leading domestic connector supplier, leveraging vertical integration to enhance competitiveness and grow alongside major clients [2][7]. - The connector industry is experiencing steady growth, driven by increasing demand in various applications such as consumer electronics, automotive, and wearable devices [73][130]. - The company has shown resilience, with a projected recovery in revenue and profitability starting from Q2 2023, following a downturn in 2022 due to declining demand in consumer electronics [7][67]. Summary by Relevant Sections Financial Forecast and Valuation - Total revenue is expected to grow from 593.91 million in 2022 to 1,228.50 million by 2025, reflecting a compound annual growth rate (CAGR) of 43.84% [1]. - Net profit is projected to recover from 49.32 million in 2022 to 108.45 million by 2025, with a significant increase of 115.67% in 2024 [1]. - The latest diluted EPS is forecasted to rise from 0.24 in 2022 to 0.52 in 2025, indicating improved earnings potential [1]. Industry Overview - The connector industry is supported by favorable policies and is expected to grow steadily, with China becoming the largest market globally [130][149]. - The global connector market size is projected to increase from 841 billion in 2022 to 963 billion in 2023, with a year-on-year growth of 14.5% [130]. - The automotive and communication sectors are identified as the most significant application areas for connectors, accounting for 23.8% and 21.9% of the market share, respectively [130]. Company Competitive Advantage - The company offers a comprehensive range of services, including mold development, stamping, electroplating, injection molding, and assembly, which enhances cost control and efficiency [2]. - Strong relationships with major clients such as Xiaomi and TCL contribute to the company's stability and growth prospects [2]. - The company has established a solid reputation for product quality and rapid customer response, which are critical in the fast-evolving consumer electronics market [2]. Market Trends - The demand for connectors is driven by technological advancements in mobile devices, with the smartphone market expected to recover in 2023 after a decline [134][155]. - The wearable device market is also growing, with a projected increase in shipments, further boosting connector demand [140]. - The automotive sector is transitioning towards electrification and smart technologies, increasing the need for high-quality connectors [141].