业绩持续超预期，消费电子与汽车共振

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 20% within the next six months [13]. Core Views - The company has shown continuous performance exceeding expectations, benefiting from the recovery in the consumer electronics sector and the rapid penetration of smart automotive technology [2][3]. - The company achieved revenues of 3.13 billion yuan in 2023, a year-on-year increase of 5.37%, and a net profit of 356.15 million yuan, reflecting a decrease of 19.64% compared to the previous year [1][12]. - The first quarter of 2024 saw a significant revenue increase of 68.77% year-on-year, reaching 1.04 billion yuan, with a net profit of 162 million yuan [1]. Financial Performance - The company’s revenue is projected to grow significantly, with estimates of 4.52 billion yuan in 2024, 6.32 billion yuan in 2025, and 8.22 billion yuan in 2026, reflecting growth rates of 44.46%, 39.84%, and 30.00% respectively [12]. - The net profit attributable to the parent company is expected to rise from 705.73 million yuan in 2024 to 1.22 billion yuan in 2026, with growth rates of 98.15% and 29.67% [12]. - The company’s EBITDA is forecasted to increase from 877.57 million yuan in 2024 to 1.40 billion yuan in 2026 [12]. Market Expansion - The company is actively expanding into international markets, particularly in the consumer electronics and automotive sectors, which is expected to enhance overall revenue and market share [2]. - The global smartphone shipment volume increased by 7.8% year-on-year in the first quarter of 2024, benefiting the company as its main clients are primarily in the Android smartphone sector [2]. Product Development - The company is set to expand its product capacity in 2024, particularly in LCP connection lines and RF BTB-related products, driven by the anticipated rollout of 5G millimeter-wave spectrum resources [2]. - The automotive sector is expected to see significant growth as the company’s high-speed connectors are gradually adopted by major automotive manufacturers, capitalizing on the increasing acceptance of advanced driver-assistance systems [10][11].