Dingtong(688668) 华鑫证券·2024-06-02 23:00Investment Rating - The report gives a "Buy" investment rating for the company, indicating a positive outlook for its stock performance in the coming year [12][14]. Core Insights - The company specializes in high-speed communication connectors and automotive connectors, with significant revenue contributions from both sectors. In 2023, the revenue from communication connectors and automotive connectors accounted for 50.97% and 31.16% of total revenue, respectively [12][14]. - The company is expected to benefit from the recovery in downstream demand, particularly in the communication sector, which has shown signs of improvement since Q3 2023. The first quarter of 2024 saw a revenue increase of 19.73% year-on-year [12][14]. - The company is actively developing new products, including the QSFP112G and QSFP-DD series, to meet the growing demands of the AI industry and high-speed interconnects [3][12]. Financial Summary - The company's revenue forecast for 2024 is projected at 941 million, with a growth rate of 37.8%. By 2025 and 2026, revenues are expected to reach 1,438 million and 1,809 million, respectively, with growth rates of 52.9% and 25.8% [27]. - The net profit for 2024 is estimated at 144 million, reflecting a significant recovery with a growth rate of 116.4%. The net profit is expected to continue growing to 195 million in 2025 and 215 million in 2026 [27]. - The diluted earnings per share (EPS) are projected to be 1.04, 1.41, and 1.55 for the years 2024, 2025, and 2026, respectively [27]. Market Position and Customer Base - The company has established strong partnerships with key clients such as Amphenol and Molex in the communication sector, and with Harbinger and Tyco Electronics in the automotive sector [12][14]. - The company is positioned to benefit from the supply chain of Nvidia's GB200 architecture, which is expected to ramp up production in the latter half of 2024 [37].