Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In 2024, the company achieved operating revenue of 534 million yuan, a year-on-year increase of 9.8%, while the net profit attributable to the parent company was 85 million yuan, a decline of 34.4% year-on-year. The net profit after deducting non-recurring gains and losses was 84 million yuan, down 19.6% year-on-year. In the first quarter of 2025, the company reported operating revenue of 145 million yuan, a year-on-year increase of 44.6%, and a net profit of 25 million yuan, up 40% year-on-year [2][6]. Summary by Sections Company Performance - In 2024, the revenue from industrial connectors was 258 million yuan, down 3.5% year-on-year, with a gross margin of 44.93%, an increase of 1.77 percentage points. The automotive connectors segment generated revenue of 139 million yuan, a year-on-year increase of 15.7%, with a gross margin of 44.67%, down 5.63 percentage points. The revenue from new energy connectors was 130 million yuan, up 39.7% year-on-year, with a gross margin of 28.53%, down 1.43 percentage points [12]. Growth Drivers - The company successfully expanded into new applications such as robotics and AI server power supplies, which are expected to enhance gross margins. In the first quarter of 2025, all segments (industrial, automotive, and new energy) achieved year-on-year growth, with the overall gross margin reaching 40.17%, an increase of over 3 percentage points [12]. Market Outlook - The robotics sector is injecting new vitality into the industrial automation market, supported by advancements in artificial intelligence. The company is well-positioned to benefit from the rapid development opportunities in the automotive and photovoltaic sectors, having completed the development and introduction of several products [12]. The projected net profits for the company from 2025 to 2027 are expected to be 126 million, 149 million, and 186 million yuan, respectively [12].

李召麒 执业登记编码：S0760521050001 电话：010-83496307 研究早观点 2025 年 5 月 13 日 星期二 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,369.24 | 0.82 | | 深证成指 | | 10,301.16 | 1.72 | | 沪深 | 300 | 3,890.61 | 1.16 | | 中小板指 | | 6,388.09 | 1.48 | | 创业板指 | | 2,064.71 | 2.63 | | 科创 50 | | 1,011.23 | 0.49 | 资料来源：最闻 分析师： 邮箱：lizhaoqi@sxzq.com 市场走势 【今日要点】 【山证煤炭】行业周报（20250505-20250511）：-外需预期主导波动， 关注迎峰度夏需求改善 【行业评论】机械：人形机器人行业动态点评-2025 年有望成为人形机 器人量产元年，积极关注相关投资机会 【公司评论】麦加芯彩(603062.SH)：麦加新彩 2024 年年报及 2025Q1 季报点评-集装箱涂料和风电涂料 ...

其他电子零组件Ⅲ 维峰电子（301328.SZ） 买入-A(维持) 不利因素预期逐渐消散，2025Q1 公司业绩迎来关键拐点 2025 年 5 月 12 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 市场数据：2025 年 5 月 9 日 | | | --- | --- | | 收盘价（元）： | 39.74 | | 年内最高/最低（元）： | 51.10/29.19 | | 流通 A 股/总股本（亿股）： | 0.34/1.10 | | 流通 股市值（亿元）： A | 13.56 | | 总市值（亿元）： | 43.67 | | 基础数据：2025 年 | 3 月 | 31 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.23 | | 摊薄每股收益(元)： | | | 0.23 | | 每股净资产(元)： | | | 17.76 | | 净资产收益率(%)： | | | 1.39 | 请务必阅读最后股票评级说明和免责声明 1 公司研究/公司快报 叶中正 执业登记编码：S0760522010001 电话： 邮箱：yezhongzheng@s ...

其他电子零组件Ⅲ 维峰电子（301328.SZ） 买入-A(维持) 不利因素预期逐渐消散，2025Q1 公司业绩迎来关键拐点 2025 年 5 月 12 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.23 | | 摊薄每股收益(元)： | | | 0.23 | | 每股净资产(元)： | | | 17.76 | | 净资产收益率(%)： | | | 1.39 | 叶中正 执业登记编码：S0760522010001 电话： 邮箱：yezhongzheng@sxzq.com 冯瑞 执业登记编码：S0760524070001 邮箱：fengrui@sxzq.com 公司发布 2024 年报及 2025 年一季报，2024 年公司实现营业收入 5.34 亿元，同比增长 9.77%；实现归母净利润 8546.64 万元，同比下降 34.44%； 实现扣非归母净利润 8438.37 万元，同比下降 19.60%；实现基本每股收益 0.78 元，同比下降34.4 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company is a leading connector system manufacturer in China, focusing on electric vehicle electrification, intelligence, and battery-related fields, showcasing innovative technologies and products at the Shanghai International Auto Show [2]. - Revenue from new energy connectors has significantly increased, accounting for 90.28% of total revenue in 2024, up from 87.92% in 2023, with a year-on-year growth of 59.46% [3]. - The company has established a strong customer base, including major global clients such as BYD, Tesla, and NIO, positioning itself for continued growth as the penetration of new energy vehicles increases [3]. - The company is expanding into emerging fields such as AI servers, humanoid robots, and medical applications, supported by five production bases in China and abroad, which is expected to drive long-term growth [3]. Summary by Sections Revenue and Profit Forecast - The company is projected to achieve total revenue of 2.415 billion RMB in 2024, a year-on-year increase of 55.29%, with a net profit of 175 million RMB, reflecting a growth of 28.11% [4][9]. - Forecasted net profits for 2025, 2026, and 2027 are 211 million RMB, 340 million RMB, and 396 million RMB, respectively, with corresponding P/E ratios of 35, 22, and 19 [4][9]. Financial Metrics - The company’s diluted earnings per share (EPS) is expected to rise from 1.106 RMB in 2024 to 2.501 RMB in 2027 [9]. - Return on equity (ROE) is projected to improve from 8.36% in 2024 to 14.29% in 2027, indicating enhanced profitability [9].

Core Viewpoint - The company is a high-tech enterprise specializing in the research, production, and sales of precision connectors, with a focus on innovation and quality to meet market demands [3][4]. Company Overview - The company has established long-term partnerships with well-known domestic and international enterprises such as Wistron, Transsion Holdings, Xiaomi, and TCL, leveraging its strong quality and service [3]. - The company is expanding its product offerings into industrial connectors, automotive connectors, and new energy connectors, in addition to its core connector products [3]. Business and Product Introduction - The main products include consumer electronic connectors, precision components, and semiconductor packaging thermal management solutions [6][9][10]. - The consumer electronic connectors encompass card connectors, I/O connectors, headphone connectors, and board-to-board (BTB) connectors, widely used in mobile phones and other electronic devices [6][7][8]. - The precision components are produced using Metal Injection Molding (MIM) and 3D printing technologies, providing a one-stop service from product printing to post-processing [9][5]. - The semiconductor packaging thermal management solutions are increasingly important due to the rising heat density in modern electronic products, especially in AI applications [10][11]. Research and Development - The company emphasizes R&D investment and has developed its own 3D printing equipment, entering the mass production phase [4][5]. - The R&D model combines proactive innovation with customer-driven development, ensuring a balance between technological advancement and meeting diverse customer needs [13]. Financial Performance - The company has experienced stable growth in its overall business, but net profit has been under pressure due to increased management and R&D expenses, as well as rising raw material costs [5]. - The company has adjusted its IPO fundraising project to focus on the semiconductor thermal management project, indicating a strategic shift towards high-growth areas [5]. Procurement and Production Model - The procurement process is managed by the materials department, which evaluates suppliers based on price, quality, and delivery time, ensuring a reliable supply chain [14][15]. - The production model is based on a "sales-driven production" approach, allowing for customization according to customer orders, which enhances responsiveness to market demands [16][17].