Investment Rating - The report initiates coverage with a "Buy" rating for the company, with a current price target of 49.45 CNY [17]. Core Insights - The company has shown steady growth in revenue and net profit, with a revenue increase from 500 million CNY in 2018 to 850 million CNY in 2023, representing a CAGR of 11.1% [4]. - The net profit has grown from 39 million CNY in 2018 to 79 million CNY in 2023, with a CAGR of 14.9% [4]. - The company benefits from the rapid development of satellite internet and the informationization of equipment, which is expected to drive demand for connectors [28][41]. Summary by Sections Company Overview - The company, originally established as a state-owned enterprise in 1966, has over 50 years of experience in the connector industry and aims to become a "domestically first-class, internationally renowned" connector enterprise [20]. Financial Performance - Revenue and net profit have steadily increased, with 2023 revenue reaching 850 million CNY, a year-on-year growth of 6.1% despite industry adjustments [4]. - The gross profit margin has remained stable between 39.1% and 41.5% from 2018 to 2023, indicating a strong profitability level [5]. Market Position and Trends - The communication sector is the primary application area for connectors, with China being the largest market globally, accounting for 31.5% of the global connector market in 2022 [31]. - The defense market is experiencing rapid growth, with the top five defense connector manufacturers increasing their market share from 59% in 2013 to 76% in 2020 [57]. Product Segmentation - The company's main products include RF coaxial connectors, low-frequency connectors, and RF coaxial cable assemblies, with RF coaxial connectors contributing 42% to revenue in 2023 [22][47]. - The company is focusing on high-reliability connectors used in various aerospace and defense applications, which are expected to see increased demand due to advancements in satellite internet technology [64]. Future Outlook - The report highlights the expected growth in the satellite internet market, with significant investments and developments anticipated in the coming years, which will likely benefit the company [44][45]. - The company is well-positioned to leverage opportunities in the satellite internet sector, given its involvement in key national aerospace projects [64].
首次覆盖报告：电连接器先行者；卫星“黄金时代”打开成长空间