电连技术（300679.SZ）2025 年半年报点评 25H1 核心业务稳步增长，多维度布局巩固未来 2025 年 08 月 25 日 ➢ 事件：8 月 21 日，电连技术发布 2025 年半年度报告，公司 25H1 实现收 入 25.24 亿元，同比增长 17.71%；实现归母净利润 2.43 亿元，同比减少 21.10%； 实现扣非归母净利润 2.39 亿元，同比减少 19.07%。 其中，公司 2Q25 实现收入 13.28 亿元，同比增长 20.26%，环比增长 11.04%； 实现归母净利润 1.19 亿元，同比减少 18.11%，环比减少 3.25%。 ➢ 聚焦核心业务，营业收入稳步向好。2025 年上半年，公司凭借在微型电连 接器、互连系统及 POGOPIN 等领域的长期战略布局优势，受益于汽车电子市场 的发展以及消费电子行业的弱复苏态势，同时成功进入全球主流智能手机品牌供 应链，25H1 营收实现增长。但受运营成本增加、产品结构变化等因素影响，整 体毛利率下降至 29.42%，同比减少 4.43pcts。 展望后续，公司将继续深耕汽车电子和消费电子等各应用领域，作为国内领先的 微型射频连接器及 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company experienced significant growth in Q1 2025, with revenue reaching 52 billion RMB, a year-on-year increase of 32%, and a net profit of 2.1 billion RMB, reflecting a 287% increase [1] - The company is positioned as a leading global IoT module manufacturer, expected to benefit from a recovery in industry demand and long-term opportunities from edge/endpoint AI development [1][5] - The revenue from the module and antenna business in 2024 was 184 billion RMB, up 34% year-on-year, with both domestic and international markets showing strong performance [2] Summary by Sections Financial Performance - In 2024, the company's revenue was 186 billion RMB, a 34% increase year-on-year, and the net profit was 5.9 billion RMB, up 548% [1] - The comprehensive gross margin for 2024 was 17.6%, a slight decline of 1.3 percentage points, primarily due to increased orders from overseas strategic clients [3] - The company effectively controlled expenses, with sales, management, and R&D expense ratios decreasing year-on-year [3] Market Outlook - The IoT module market is expected to stabilize and improve as downstream demand recovers, with high-speed products like 5G cellular modules poised for growth in the AI era [4] - Long-term, the transition of AI computing capabilities to the edge is anticipated to enhance the value of IoT modules, shifting their role from "transmission" to "transmission + computation" [4] Valuation and Forecast - The earnings forecast for 2025-2027 has been revised upward, with projected net profits of 8.01 billion RMB, 9.59 billion RMB, and 11.28 billion RMB respectively [5] - The target price for the company is set at 91.79 RMB, based on a 30x PE ratio for 2025, reflecting the company's leading position in the IoT module market [5]