Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 2.524 billion yuan for the first half of 2025, representing a year-on-year growth of 17.71%. However, the net profit attributable to shareholders decreased by 21.1% to 243 million yuan, and the net profit after deducting non-recurring gains and losses fell by 19.07% to 239 million yuan [3][10]. - The company is deeply integrated with leading clients in the consumer electronics and automotive connector sectors. It aims to enhance its technology research and market expansion, potentially achieving performance growth driven by both automotive connectors and consumer electronics [10][11]. Summary by Sections Financial Performance - In the first half of 2025, the automotive connector business generated revenue of 811 million yuan, a year-on-year increase of 35.84%, with a gross margin of 37.49%, down 3.29% year-on-year. The RF connector and cable assembly business saw revenue of 467 million yuan, a decrease of 5.78%, with a gross margin of 40.15%, down 4.89% year-on-year. The electromagnetic compatibility components business reported revenue of 448 million yuan, a slight decrease of 0.32%, with a gross margin of 29.14%, down 4.26% year-on-year. The soft board business achieved revenue of 411 million yuan, an increase of 58.11%, with a gross margin of 12.42%, down 5.08% year-on-year. Other businesses generated revenue of 387 million yuan, a year-on-year increase of 14.07%, with a gross margin of 17.89%, down 0.67% year-on-year [10][11]. - The company experienced revenue growth but lower-than-expected net profit due to increased operational costs from capacity expansion, product structure adjustment costs, and price fluctuations leading to a decline in gross margin [10][11]. Market Position and Future Outlook - The company has established a comprehensive R&D system, achieving industry-leading levels in product development and manufacturing. It has entered the supply chains of major global smartphone brands and domestic automotive manufacturers, enhancing its market competitiveness [10][11]. - The company is expected to continue strengthening its technology research and market expansion, with projections for net profit attributable to shareholders of 754 million yuan, 906 million yuan, and 1.1 billion yuan for 2025, 2026, and 2027, respectively [10][11].

Group 1 - The stock price of Hongrida is reported at 49.36 yuan, down by 1.56 yuan or 3.06% from the previous trading day, with a trading volume of 73,552 hands and a transaction amount of 362 million yuan [1] - Hongrida operates in the electronic components industry, primarily engaged in the research, development, production, and sales of precision electronic connectors and metal structural components [1] - In the first half of 2025, Hongrida expanded its business to include the manufacturing and sales of optical cables, optical fibers, optical communication equipment, and optoelectronic devices [1] Group 2 - The company's semi-annual report for 2025 shows a revenue of 438 million yuan, representing a year-on-year growth of 12.41%, while the net profit attributable to shareholders was a loss of 7.14 million yuan compared to a profit of 16.08 million yuan in the same period last year [1] - The net cash flow from operating activities during the reporting period was -102 million yuan [1] - Hongrida achieved breakthroughs in automotive connector products and began bulk supply during the reporting period [1] Group 3 - On August 26, Hongrida experienced a net outflow of main funds amounting to 3.34 million yuan, accounting for 0.09% of the circulating market value [1] - Over the past five days, the cumulative net inflow of main funds was 8.61 million yuan, representing 0.22% of the circulating market value [1]