Investment Rating - The report maintains an "Add-B" investment rating for Shaanxi Huada (301517.SZ) [1][2] Core Views - Shaanxi Huada's revenue for 2023 reached 851 million yuan, a year-on-year increase of 6.14%, with a net profit attributable to shareholders of 79 million yuan, up 22% year-on-year [1] - The company focuses on the research, production, and sales of electrical connectors and interconnect products, with significant growth in RF coaxial cable assembly revenue, which increased by over 70% [1] - The company is positioned to benefit from the domestic satellite internet constellation construction and military modernization, with a strong emphasis on low-cost, high-reliability connectors [1][2] Summary by Sections Financial Performance - In 2023, Shaanxi Huada achieved operating revenue of 851 million yuan, with a net profit of 79 million yuan, and earnings per share (EPS) of 0.73 yuan [1][6] - The revenue growth was primarily driven by increased market development efforts and optimization of product business structure [1] - The company expects revenues of 981 million yuan, 1.157 billion yuan, and 1.369 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 15.2%, 18.0%, and 18.3% [2][6] Product Segments - The main business segments include RF coaxial connectors, low-frequency connectors, and RF coaxial cable assemblies, with applications in aerospace, military equipment, and communications [1] - The RF coaxial connector segment saw a revenue decrease of 10.28%, while the RF coaxial cable assembly segment experienced a significant revenue increase of 70.96% [1] Market Position and Outlook - As a key supplier of electrical connectors for major telecommunications companies like Huawei and ZTE, Shaanxi Huada is well-positioned to benefit from the expansion of 5G networks and military modernization efforts [1][2] - The company is expected to continue its growth trajectory, supported by the increasing demand for high-reliability connectors in both commercial and military applications [1][2]
设备商连接器合格供方，商业卫星放量及军工反弹可期