高频连接器龙头，军民双赛道共振

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1] Core Views - The company operates in both military and civilian sectors, benefiting from strong demand in the RF coaxial connector market due to advancements in low Earth orbit satellite technology and increased 5G investments by telecom operators [2][4] - The company's revenue and profit forecasts indicate a positive growth trajectory, with expected revenues of 9.22 billion, 11.28 billion, and 13.81 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 13.1%, 22.3%, and 22.4% [4] Summary by Sections 1. Company Overview - The company is a leading supplier of RF coaxial connectors within the China Aviation Industry Group, focusing on niche markets and maintaining a stable performance despite short-term pressures [4][28] - The company has a strong background in research and development, having established itself as a high-tech enterprise with numerous certifications and patents [29][40] 2. Market Dynamics - The RF connector products have extensive applications in both military and civilian sectors, with significant growth driven by satellite launches and the booming 5G industry [2][84] - The military sector is expected to see robust demand due to various satellite constellation plans initiated by major aerospace groups [86] 3. Financial Performance - The company reported a revenue of 815.14 million yuan in 2023, a slight increase of 0.82% year-on-year, with a net profit of 146.17 million yuan, up 2.34% [49] - Forecasts for 2024 indicate a revenue of 921.86 million yuan, with a projected net profit of 149.29 million yuan, reflecting a recovery in profitability after a temporary decline in Q1 2024 [4][49] 4. Investment Valuation - The company's projected P/E ratios for 2024, 2025, and 2026 are 18.60, 14.47, and 12.18 respectively, which are significantly lower than the industry average, suggesting potential for valuation uplift [4] - The report emphasizes the company's strong market position and growth potential in the RF coaxial connector sector, warranting an "Accumulate" rating [4]