Investment Rating - The investment rating for the company is "Buy" [4]. Core Insights - The company is a leading provider of connectors in China, benefiting from trends in high-speed interconnectivity and liquid cooling [2][9]. - The demand for connectors is expected to grow significantly due to the booming data center construction and the increasing penetration of domestic products [9]. - The company has a strong position in the defense sector and is expanding its presence in the high-end manufacturing fields, including new energy vehicles and 5G communications [9]. Financial Forecast - Revenue is projected to grow from RMB 20,074 million in 2023 to RMB 35,076 million by 2027, with a compound annual growth rate (CAGR) of 24.2% [3]. - The net profit attributable to shareholders is expected to increase from RMB 3,339 million in 2023 to RMB 4,344 million in 2027, with a peak growth rate of 28.8% in 2027 [3]. - The earnings per share (EPS) is forecasted to rise from RMB 1.58 in 2023 to RMB 2.05 in 2027 [3]. Company Overview - The company specializes in high-end connectors for aviation, defense, and advanced manufacturing, with over 300 series and 250,000 varieties of products [9][17]. - It has a robust product portfolio that includes electrical connectors, optical devices, cable assemblies, and integrated products, widely used in various high-end manufacturing sectors [9][17]. - The company has been in operation for over 50 years and aims to become a "global first-class interconnection solution provider" [17]. Industry Insights - The connector market is experiencing steady growth, driven by increasing demand in both military and civilian applications, particularly in new energy vehicles and 5G communications [9][62]. - The trend towards high-speed, high-capacity, and low-latency connections is pushing the demand for advanced connectors, with a significant shift from air cooling to liquid cooling solutions anticipated [9][62]. - The Asian connector market, represented by China, is emerging as a key player, with substantial opportunities for domestic replacements in various sectors [9].

公司主要财务指标 公司主营业务为专注于高压大电流连接系统接触件(又名"连接器端子")的研发、生产与销售。 财务数据显示，2022年—2024年公司实现营业收入分别为4.20亿元、4.83亿元、5.97亿元，实现净利润 分别为1.12亿元、1.34亿元、1.37亿元。增幅方面，2024年公司营业收入增长23.81%，净利润同比增长 1.84%。（数据宝） 根据深交所发行上市审核信息，深圳尼索科连接技术股份有限公司（尼索科）创业板IPO已获受理。 | 财务指标/时间 | 2024年 | 2023年 | 2022年 | | --- | --- | --- | --- | | 营业收入（万元） | 59745.05 | 48256.06 | 41954.25 | | 归属母公司股东的净利润（万元） | 13671.71 | 13424.45 | 11164.10 | | 扣除非经常损益后归属母公司所有者净利润（万元） | 13575.11 | 13303.03 | 11063.05 | | 基本每股收益（元） | | | | | 稀释每股收益（元） | | | | | 加权平均净资产收益率（%） | 27.07 | ...

证券日报网讯 12月18日，维峰电子在互动平台回答投资者提问时表示，公司已开发FAKRA、MINI FAKRA、HSD及车载以太网、TYPE C等高频高速连接器，适配智能座舱、自动驾驶系统及车联网数据 传输信号需求，同时具备汽车雷达、摄像头等定制化配套产品。依托工业控制连接器技术积累，公司加 速切入汽车智能化领域，逐步替代国际厂商同类产品。未来公司将持续聚焦产能扩张与技术迭代，深化 与头部车企及Tier1供应商合作，同时拓展海外市场，把握全球智能驾驶连接器国产化机遇。 （编辑 楚丽君） ...

Core Viewpoint - The company emphasizes its commitment to the development of commercial aerospace and its active participation in national aerospace projects, showcasing its advanced core technologies and expanding product offerings in the industry [1] Group 1: Company Developments - The company has developed and mastered core technologies suitable for extreme environments, including radiation-resistant and high-power technologies [1] - The product range has been expanded to include micro-rectangular connectors, high-speed connectors, bundled wire harnesses, and optical fiber components, in addition to existing RF connectors and components [1] - The company aims to enhance its production capacity and market share by improving its assurance capabilities and increasing the value of individual satellite components [1] Group 2: Industry Trends - The company is leveraging its long-term technical accumulation in the connector field to research RF transmission systems and components suitable for quantum computers, indicating a forward-looking approach in technology development [1]

Core Viewpoint - The company emphasizes its commitment to the development of commercial aerospace and quantum technology, highlighting its advanced core technologies and expanding product offerings in these fields [2]. Group 1: Commercial Aerospace - The company has long been involved in major national aerospace projects and has developed core technologies suitable for extreme environments, such as radiation-resistant and high-power technologies [2]. - The product range has expanded beyond RF connectors and components to include micro-rectangular connectors, high-speed connectors, bundled wire harnesses, and fiber optic components, increasing the value per satellite [2]. - The company plans to enhance its production capacity and improve its market share in the commercial aerospace sector [2]. Group 2: Quantum Technology - Leveraging its long-term technical expertise in the connector field, the company has conducted preliminary research on RF transmission systems and components suitable for quantum computers [2]. - The company is actively pursuing advancements in quantum technology applications [2].

Core Viewpoint - The company is currently in the early investment and market expansion phase of its commercial aerospace-related business, which has a low revenue contribution and does not significantly impact overall performance [1] Group 1: Business Development - The company is actively laying out its strategy in specialized connectors for commercial satellites and deep space exploration based on its technological accumulation [1] - Future substantial progress will be disclosed in accordance with regulatory obligations [1]

Core Viewpoint - The company is actively expanding its presence in the commercial aerospace sector and has achieved certain results in its market development [1] Group 1 - The company developed military-grade 112G high-speed connectors and 56G high-speed cable connection components for satellites in the first half of this year [1] - The company took the lead in formulating two industry group standards for high-speed connectors in the commercial aerospace sector [1]

Core Viewpoint - Yihua Co., Ltd. is strategically positioning itself to capitalize on the global energy transition and power system transformation, particularly in the electric balance system (EBOS) sector, as indicated by its recent developments and partnerships with U.S. clients [1][4]. Group 1: Company Developments - Yihua Co., Ltd. has established a dedicated supply chain for components related to the electric balance system (EBOS) in response to its U.S. clients' strategic development plans [1]. - The company reported a revenue of 3.045 billion yuan in the first half of 2025, with connector business revenue reaching 1.214 billion yuan, marking a year-on-year growth of 9.06% [2]. - The revenue from communication connector products significantly increased to 601 million yuan, reflecting a substantial growth of 28.14% [2]. Group 2: Market Opportunities - The implementation of the "Special Action Plan for Optimizing Power System Regulation Capacity (2025-2027)" by the National Development and Reform Commission and the National Energy Administration aims to enhance the power system's regulation capabilities, creating vast market opportunities for power equipment industry chain enterprises [1]. - The recent policies emphasize the importance of energy equipment in constructing a new energy system, indicating a favorable environment for companies like Yihua Co., Ltd. [1]. Group 3: Competitive Advantages - Yihua Co., Ltd. possesses strong independent mold development capabilities, with precision machining reaching up to 0.002mm, which supports product quality and delivery speed [3]. - The company has developed automated assembly and testing equipment for high-speed connectors and optical modules, effectively controlling manufacturing costs and improving production efficiency [3]. - Yihua Co., Ltd. has established a global supply network with production bases in the U.S. and Thailand, enhancing its market competitiveness and ability to respond to regional customer demands [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The target price of Rui Convertible Bond on the first day of listing is expected to be in the range of 129 - 134 yuan, and investors are advised to actively subscribe. The expected conversion premium rate on the first day of listing is in the range of 32% - 37% [3][20]. - The expected first - day lottery winning rate of the convertible bond subscription is around 0.0063% - 0.0075% [21]. 3. Summary According to Relevant Catalogs 3.1. Rui Convertible Bond New Issue Analysis and Investment Recommendations 3.1.1. Analysis of Convertible Bond Basic Terms - The issuance method of Rui Convertible Bond is priority placement and online issuance, with both the bond and the issuer rated AA-. The issuance scale is 1 billion yuan, the initial conversion price is 73.85 yuan, the convertible bond parity on November 14, 2025, is 97.49 yuan, the pure bond value is 92.79 yuan, and the game terms are normal. Overall, the bond issuance scale is average, the liquidity is average, the rating is acceptable, and the bond floor protection is good [2][16]. 3.1.2. Analysis of New Bond Initial Listing Price - The company's main business is the R & D, production, sales, and service of connection system products. The funds raised will be used for the renovation and upgrade projects of high - frequency high - speed connection systems and intelligent energy connection systems, with the rest for working capital. This will help the company maintain its leading position and enhance its competitiveness [19]. - Based on market environment and parity level, the first - day conversion premium rate of Rui Convertible Bond is expected to be in the range of 32% - 37%, corresponding to a first - day target price of 129 - 134 yuan [3][20]. 3.1.3. Analysis of Convertible Bond New Issue Lottery Winning Rate - Assuming the old shareholders' placement ratio is 35% - 45%, the scale of Rui Convertible Bond available to the market is 550 million - 651 million yuan. With an assumed online effective subscription of 8.67 million households, the lottery winning rate is around 0.0063% - 0.0075% [21]. 3.2. Underlying Stock Fundamental Analysis 3.2.1. Company's Main Business and Industry Up - and Downstream Situation - The company is engaged in the R & D, production, sales, and service of connection system products, with a complete product chain and R & D and production capabilities for various connection systems. It has established long - term partnerships with well - known customers [22]. - The upstream suppliers are basic raw material and accessory industries with sufficient supply, which helps stabilize and reduce manufacturing costs. The downstream application fields of connectors are extensive, and the development of downstream industries such as new energy vehicles will drive the connector manufacturing industry [22][23]. 3.2.2. Company's Operating Conditions - The company's revenue has shown a fluctuating upward trend from 2022 to H1 2025, with the new energy sector's revenue accounting for an increasing proportion. The comprehensive gross margin has slightly decreased, and the net profit margin has fluctuated. The company's R & D and other expenses have generally increased, and the accounts receivable situation is relatively good, but the net profit attributable to the parent company has fluctuated greatly [26][29][31]. 3.2.3. Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the company's equity structure is relatively dispersed. Wu Shijun is the largest shareholder, and Huang Bo is the second - largest shareholder. Wu Shijun is the controlling shareholder and actual controller [45]. 3.2.4. Company's Business Characteristics and Advantages - The company has a complete product chain and offers comprehensive connection system solutions. It has advantages in technology R & D, continuous process innovation, and customer resources [49][52]. 3.2.5. Allocation of This Fund - Raising - The company plans to issue convertible bonds to raise up to 1 billion yuan. After deducting issuance fees, 500 million yuan will be used for the renovation and upgrade project of high - frequency high - speed connection systems, 200 million yuan for the renovation and upgrade project of intelligent energy connection systems, and the remaining 300 million yuan for working capital [14][53]. - The high - frequency high - speed connection system project will add a production capacity of 5.56 million sets, with expected post - tax internal rate of return of 15.94% and a payback period of 7.47 years. The intelligent energy connection system project will add a production capacity of 6.7 million sets, with an expected post - tax internal rate of return of 13.84% and a payback period of 7.69 years [53][54].

Core Viewpoint - Chuangyitong (300991.SZ) identifies SanDisk as a core customer, indicating a strong relationship that may influence future sales and product development [1] Group 1: Customer Relationship - SanDisk is highlighted as a key customer for the company, emphasizing the importance of this partnership in driving sales and market presence [1] Group 2: Product Pricing Dynamics - The pricing of storage products is primarily affected by fluctuations in storage chip prices, suggesting that the company may face challenges in maintaining margins if chip prices are volatile [1] - The sales price of the company's storage connectors remains relatively stable, indicating a potential buffer against the volatility seen in storage chip pricing [1]