Investment Rating - The report indicates a positive outlook for the company, highlighting steady performance and successful business expansion, particularly in the automotive connector sector [1][3]. Core Insights - The company, Zhu Cheng Technology, has shown steady revenue growth, with a reported revenue of 1.22 billion yuan in 2023, representing a year-on-year increase of 16.6%. The net profit attributable to shareholders reached 140 million yuan, up 34% year-on-year, exceeding revenue growth [7][8]. - The company has successfully entered the supply chain of UBTECH Robotics and is expanding its automotive connector business, supplying to major clients such as BYD and other new energy vehicle manufacturers [3][10]. - The implementation of the "old-for-new" policy in the home appliance sector is expected to benefit the company, alongside promotional activities like the "6.18" sales event [11]. Summary by Relevant Sections Business Performance - Zhu Cheng Technology's revenue for the first quarter of 2023 was 360 million yuan, a 31% increase year-on-year, with a net profit of 47 million yuan, up 36% [7][8]. - The company has diversified its product applications from home appliances to automotive electronics, photovoltaics, and energy storage [3][10]. Client Base - Major clients include Midea Group, Hisense Group, and Haier Group, with Midea being the largest customer, contributing 35.37% of total sales in 2022 [5][6]. - The company has established relationships with various manufacturers in the photovoltaic and energy storage sectors, indicating a broadening client base [7][10]. Market Behavior - Institutional investors have increased their holdings in Zhu Cheng Technology, with public funds holding 267 million shares by the end of the first quarter of 2024, up from 162 million shares at the end of the previous quarter [11][13]. - The company's financing activities have shown a strong correlation with stock price movements, indicating investor confidence [17][20].
珠城科技：业绩稳步增长，新业务拓展顺利，短期有望受益于以旧换新政策落地