Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown significant revenue and profit growth in Q1 2025, particularly in the automotive and new energy connector sectors, leading to a maintained "Buy" rating [1] - The company focuses on high-end precision connectors, with a diversified product matrix covering 17 product series and over 50,000 product SKUs [2] - The company is actively pursuing domestic substitution and customization trends in the connector market, expanding into emerging applications such as robotics and AI server power [3] Financial Summary - In 2024, the company achieved revenue of 534 million, a year-on-year increase of 9.77%, while the net profit attributable to the parent company was 85 million, a decrease of 34.44% [1] - For Q1 2025, the company reported revenue of 145 million, a year-on-year increase of 44.61%, and a net profit of 25 million, up 39.99% year-on-year [1] - The projected net profits for 2025, 2026, and 2027 are 139 million, 179 million, and 195 million respectively, with corresponding P/E ratios of 29.8, 23.1, and 21.2 [1][4] Business Segments - The revenue structure for 2024 shows that industrial control, automotive, and new energy connectors account for 48.2%, 26.1%, and 24.4% respectively, indicating a diversified business model [2] - The automotive and new energy sectors are experiencing high growth rates, contributing to the company's positive long-term outlook [1][2] Market Trends - The connector market is seeing a shift towards domestic alternatives and customization, driven by increasing demand for personalized solutions in various applications [3] - The company is well-positioned to capitalize on these trends by offering intelligent and efficient connector solutions [3]