Recodeal(688800) 长城证券·2024-04-26 10:32Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [2][27]. Core Views - The company has shown continuous improvement in its performance, with Q1 2024 revenue reaching 462 million yuan, a year-on-year increase of 40.66%, driven by growth in new energy connectors and photovoltaic connectors [3]. - The company is actively expanding its production capacity both domestically and internationally, with projects in the U.S. and Mexico already delivering products since Q4 2023 [3]. - Increased R&D investment of 29 million yuan in Q1 2024, up 27.27% year-on-year, supports the company's expansion into various application fields, including new energy vehicles and communication technologies [4]. Financial Summary - Revenue is projected to grow from 1,555 million yuan in 2023 to 2,410 million yuan in 2024, reflecting a growth rate of 55% [2]. - The net profit attributable to the parent company is expected to increase from 137 million yuan in 2023 to 171 million yuan in 2024, representing a growth rate of 24.9% [2]. - The company's return on equity (ROE) is forecasted to improve from 6.9% in 2023 to 8.0% in 2024 [2].