Core Viewpoint - The company is experiencing significant growth driven by the demand for high-speed communication connectors, particularly in the context of AI development, with a strong focus on new product advancements such as liquid cooling solutions and 224G connectors [1][3]. Group 1: Financial Performance - In 2024, the company reported a revenue of 1.032 billion yuan, representing a year-on-year increase of 51.12%, and a net profit of 110 million yuan, up 65.74% [1]. - For Q1 2025, the company achieved a revenue of 379 million yuan, marking a year-on-year growth of 95.25% and a quarter-on-quarter increase of 15.24%, with a net profit of approximately 52.9 million yuan, up 190.12% year-on-year and 65.32% quarter-on-quarter [1][2]. Group 2: Product Development and Market Demand - The company is focusing on liquid cooling solutions and 224G connectors, which have received customer certification and are in small-batch trial production, with mass production expected in Q2 and Q3 of this year [1]. - The main growth driver for the company is the demand for high-speed communication products, particularly in AI applications across various sectors such as internet, rail transportation, healthcare, autonomous driving, data storage, and data transmission [3]. - The company’s high-speed communication product series includes Cage, backplane connectors, and copper cable connectors, with speed upgrades from 112G to 224G [3]. Group 3: Customer Base and Partnerships - The company supplies liquid cooling products primarily to renowned connector companies such as Amphenol, Molex, TE Connectivity, and Luxshare [1]. - In the automotive sector, BYD is a major customer, with the company providing various types of automotive connectors, including control system connectors and high-voltage interlock connectors [3][4]. Group 4: Production Capacity and Order Status - The company maintains a busy production line with saturated orders and strong product demand, indicating a robust operational capacity [2]. - The production of automotive connectors emphasizes high precision and stability, with a focus on quality control and effective collaboration across design and manufacturing processes [4].

Group 1: Company Performance Highlights - The company achieved a revenue of ¥4,661,219,937.52 in 2024, representing a growth of 48.97% compared to the previous year [3] - Net profit attributable to shareholders reached ¥622,308,886.15, marking a 74.73% increase year-on-year [3] - The net cash flow from operating activities was ¥511,044,075.67, up by 57.99% from the previous year [3] Group 2: Product Performance and Market Demand - RF connectors and interconnect systems have a high and stable market share in the mobile terminal sector [2] - The electromagnetic compatibility components have made significant progress in non-mobile consumer electronics, achieving large-scale production and delivery to key clients [2] - Automotive connector revenue has seen rapid growth, with a market share continuously increasing [2] Group 3: Strategic Plans and Future Outlook - The company plans to focus on the 5G technology and AI mobile sectors while expanding its overseas customer base in non-mobile consumer electronics [2] - Future product development will include enhancing Ethernet products related to automotive intelligence and expanding into fields like humanoid robots and AI data centers [2] - The company aims to strengthen its domestic production capabilities to meet the growing demand for automotive connectors as China increases its automotive production capacity [5] Group 4: Challenges and Improvement Measures - The company acknowledges that its overseas business has room for profit margin improvement compared to domestic operations [4] - Management will be optimized to enhance efficiency and address challenges in overseas operations [4] - The company has no current plans for mergers or acquisitions but will seek opportunities for collaboration and capital operations to enhance synergy [5] Group 5: Financial Health and Shareholder Returns - The company maintains a low debt ratio, with a consolidated debt ratio of 30.49% and a parent company debt ratio of 27.48% [12] - The company has consistently returned profits to investors and aims to balance development with shareholder returns through reasonable profit distribution plans [6] Group 6: Market Position and Competitive Edge - The company is a leading supplier in the domestic RF connector industry and has entered the supply chains of major global smartphone brands [9] - It has been recognized as one of the top 100 electronic component enterprises in China for nine consecutive years [9] - The company is committed to quality and service, which has been a key strategy for increasing market share [11]