12月9日上午，南京海关所属常州海关召开新闻发布会，系统介绍了"十四五"时期常州市外贸进出口发展情况，以及海关在守护国门安全、服务高质量发 展方面取得的显著成效。 新闻发布会现场 五年来，常州市积极建设国际化智造名城，坚持科技创新驱动，推动外贸高质量发展迈上新台阶。据统计，截至2025年10月，"十四五"期间常州市外贸进 出口总值累计达15737.6亿元，年均复合增长7.9%。其中，一般贸易进出口13150.1亿元，年均增长8.2%；民营企业进出口表现尤为活跃，总值9047.9亿 元，年均增速达10.1%，成为外贸稳增长的重要力量。 关员在AEO企业了解出口情况 为支持高新技术企业畅通"出海"通道，常州海关推出一系列便利化举措：依托"关长送政策上门""关企联络员"等机制，主动对接企业需求，"面对面"解读 RCEP关税减让、技贸措施等政策；通过智慧化通关、智能化监管，创新优化高新技术产品查验流程，显著提升通关效率，为企业节省时间和物流成本。 常州海关关员在武进综保区验放车辆 走进安费诺汽车连接系统(常州)有限公司的生产车间，自动化产线有序运转，机械臂精准作业，一批新能源汽车高压连接器正快速完成组装。作为新能源 ...

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company has shown significant growth in its Q2 performance, particularly in the high-speed cable module segment, which is experiencing a rapid increase in demand from major clients [6][7] - The company is expected to continue expanding its high-speed cable module business and improve its profitability due to an optimized revenue structure [6][10] Financial Summary - Target price is set at RMB 88.35, with the closing price as of August 25 at RMB 78.50, indicating potential upside [2] - Market capitalization is RMB 36,188 million, with a 6-month average daily trading volume of RMB 784.44 million [2] - Revenue projections for the upcoming years are as follows: - 2024: RMB 1,092 million (up 20.83%) - 2025: RMB 2,470 million (up 126.24%) - 2026: RMB 4,442 million (up 79.83%) - 2027: RMB 5,870 million (up 32.14%) [5][21] - Net profit attributable to the parent company is projected to turn positive in 2025, reaching RMB 377.90 million, and further increasing to RMB 1,032 million by 2027 [5][21] Business Segments - The company’s revenue growth is driven by two main strategic businesses: 1. High-speed cable modules, which have secured bulk orders from major clients such as Huawei and Alibaba, leading to a significant market presence [7] 2. High-voltage connectors for new energy vehicles, which have successfully entered the supply chains of several mainstream automakers [7] - The company’s gross margin improved significantly to 32.86% in 1H25, driven by the introduction of high-margin products [8] Profitability and Valuation - The company’s profitability is expected to improve due to a favorable revenue mix and operational efficiencies [10] - The estimated price-to-earnings (PE) ratio for 2026 is projected at 60x for the communications segment, reflecting strong growth potential [10][23] - The overall target market valuation for the company is set at RMB 407.29 billion, corresponding to the target price of RMB 88.35 per share [23]