复合母排老牌企业，电池连接系统驱动新增长

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 39.00 CNY based on a 25x PE ratio for 2024, indicating a reasonable valuation with a PEG ratio of less than 1 [40]. Core Insights - The company is positioned as a leading player in the battery connection system market, benefiting from the growing demand in the electric vehicle sector and the increasing size of battery systems due to technological advancements [40][30]. - The revenue from the battery connection system is expected to grow significantly, with a projected CAGR of 21.3% from 2024 to 2026, while maintaining a gross margin of around 18% [38]. - The company has established strong relationships with major clients in the battery manufacturing sector, which is expected to drive sales growth and improve profitability [26][25]. Financial Performance - The company's revenue for 2023 is projected at 1,835.34 million CNY, with a growth rate of 15.24% compared to the previous year [2]. - Net profit attributable to the parent company is expected to reach 198.12 million CNY in 2023, reflecting a growth rate of 28.23% [2]. - The earnings per share (EPS) is forecasted to be 1.23 CNY for 2023, with a return on equity (ROE) of 30.85% [2]. Business Segments - The company operates in three main segments: industrial electrical busbars, electric vehicle control busbars, and battery connection systems (CCS), with a diverse customer base across various industries including rail transportation and renewable energy [8][12]. - The battery connection system segment is expected to account for 79.2% of total revenue, with a gross margin of 14.8%, showing an improvement from the previous year [25]. - The electric control busbar segment is projected to maintain stable growth, contributing 11.2% to total revenue with a gross margin of 25.1% [28]. Market Trends - The trend towards larger battery systems in electric vehicles is driving demand for advanced battery connection technologies, with the company adapting its products to meet these needs [30]. - The company is leveraging its technological advantages in heat-pressing processes to enhance product efficiency and reduce costs, positioning itself favorably in a competitive market [31][40].