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].

Core Insights - A total of 214 listed companies in the Shanghai and Shenzhen markets have undergone institutional research this week, with the machinery, automotive, and electronics sectors receiving the highest frequency of attention [1] Industry Summary - **Top Industries by Institutional Research**: - Machinery Equipment: 32 companies - Automotive: 25 companies - Electronics: 19 companies - Basic Chemicals: 18 companies - Pharmaceutical Biology: 15 companies - Non-ferrous Metals: 13 companies - Textile and Apparel: 12 companies [2] - **Subsector Focus**: - The top three subsectors attracting institutional interest are automotive parts, specialized equipment, and general equipment. Additionally, interest in industrial metals and home textiles has increased [2] Company Summary - **Most Frequently Researched Companies**: - Both Boying Special Welding and Oke Yi have been researched 4 times each - The top three companies by institutional visit reception are Zhongke Shuguang and Haiguang Information, each receiving 341 visits, followed by Weichuang Electric with 112 visits [3][5] - **Market Performance**: - Companies in the commercial aerospace sector have shown active market performance, with Chaojie Co. reporting significant business developments in commercial rocket manufacturing and expected revenue growth in 2026 [5][6] - Huazhong Cable has secured a market share of 70%-80% in supporting major rocket series and has also reported strong market performance [8] - Sry New Materials has achieved over 17% increase in stock price following successful tests related to reusable rocket engines [10] - Hualaiwo has seen a 20% increase in stock price due to a surge in orders for satellite testing systems [12]

证券日报网讯12月8日，永贵电器（300351）在互动平台回答投资者提问时表示，公司主营业务为电连 接器、连接器组件及精密智能产品的研发、制造、销售和技术支持，公司目前已形成轨道交通与工业、 车载与能源信息、特种装备三大业务板块，连接器作为设备间及模块间的关键接口，应用场景广泛。公 司在人形机器人、液冷服务器、飞行汽车等领域已布局了相关的连接器产品。 ...

格隆汇12月8日丨永贵电器(300351.SZ)在互动平台表示，公司主营业务为电连接器、连接器组件及精密 智能产品的研发、制造、销售和技术支持，公司目前已形成轨道交通与工业、车载与能源信息、特种装 备三大业务板块，连接器作为作为设备间及模块间的关键接口，应用场景广泛。公司在人形机器人、液 冷服务器、飞行汽车等领域已布局了相关的连接器产品。 ...

Core Insights - Yonggui Electric has entered into a strategic partnership with Zhiyuan Robotics to explore the application of connectors and harnesses in humanoid robots, aiming for mutual development and innovation in both fields [1][2]. Group 1: Strategic Partnership - The framework agreement between Yonggui Electric and Zhiyuan Robotics focuses on leveraging each company's core strengths for resource sharing and complementary advantages [1]. - The partnership aims to accelerate the commercial application of humanoid robots in connector intelligent manufacturing and industry applications [1][2]. Group 2: Financial Performance - In the first three quarters of this year, Yonggui Electric achieved a revenue of 1.586 billion yuan, representing a year-on-year growth of 15.68% [2]. - The company has secured an intention order of 1.944 billion yuan for a project involving the production of 9.12 million sets of vehicle-mounted connectors, indicating strong demand in the automotive sector [2]. Group 3: Future Developments - The strategic cooperation agreement is a framework and does not involve specific transaction amounts; further details will depend on subsequent agreements and negotiations [3]. - The specific cooperation content and related agreements will be determined in future formal agreements, highlighting the uncertainty in the project's progression [3].

Core Viewpoint - Shaanxi Huada held a targeted research activity on October 30, 2025, discussing strategic opportunities under the "14th Five-Year Plan," performance fluctuations in the third quarter, industry chain integration, and talent strategy with 11 participating institutions [1] Group 1: Strategic Development Paths - The company identified three development paths focusing on technological innovation and industrial collaboration, increasing R&D investment in optical modules, exploring new tracks in active and passive microwave industries, and deepening layouts in commercial aerospace, 6G, and data centers [1][2] Group 2: Key Projects and Domestic Substitution - Shaanxi Huada is involved in major national aerospace projects like StarNet and Qianfan Constellation, conducting research on miniaturization and high integration to meet the high reliability demands of commercial aerospace, aiming to expand the range of commercial satellite supporting products and enhance the value of individual satellites [2] Group 3: Third Quarter Profit Decline - The company reported that while third-quarter revenue achieved year-on-year and quarter-on-quarter growth, profits for the first three quarters were significantly impacted by impairment provisions and rising prices of raw materials like gold and copper, which pressured gross margins [3] Group 4: Talent Strategy - The company plans to optimize its talent development strategy by broadening recruitment channels and enhancing salary competitiveness, actively attracting high-level talent through school-enterprise cooperation, and establishing a long-term incentive mechanism to stimulate innovation and support high-quality development [4]

Group 1: Company Development Strategies - The company aims to strengthen technological innovation and industry collaboration by increasing R&D investment in optical modules and exploring new pathways in active and passive microwave industries, particularly in commercial aerospace, 6G, and data centers [3] - The company is focused on deepening participation in key projects and domestic substitution, leveraging its full-link key technologies in electrical connectors to engage in major national aerospace projects [3] - The company plans to diversify its product offerings and enhance production capacity, transitioning from a single component supplier to a provider of interconnected system solutions [3] Group 2: Financial Performance Insights - The company reported revenue growth in the third quarter compared to the previous year and quarter, despite a decline in profits primarily due to impairment provisions and rising prices of gold and copper affecting gross margins [3] - The company is committed to expanding market reach and collaborating closely with key customers to explore cooperation potential while maintaining cost reduction and efficiency improvement measures [3] Group 3: Market Value Management - The company has established a market value management system and is working on acquiring Huajing Microelectronics, with plans to carefully consider national policies and industry dynamics in future strategic decisions [4] Group 4: Talent Acquisition and Development - The company is enhancing its talent acquisition strategy by optimizing development plans, broadening recruitment channels, and improving salary competitiveness to attract high-level talent [4] - The company emphasizes talent development and capability enhancement through a structured training system and plans to establish a long-term incentive mechanism to stimulate innovation and creativity among employees [4]

Core Insights - The company reported significant revenue growth in H1 2025, achieving 1.703 billion with a year-on-year increase of 481.2% and a net profit of 116 million, up 256.6% year-on-year [1] - Q2 2025 saw even more impressive results, with revenue of 1.351 billion, a year-on-year increase of 530.2% and a quarter-on-quarter increase of 284.1%, alongside a net profit of 133 million, which is up 643.7% year-on-year and 893.5% quarter-on-quarter [1] Operational Analysis - The company leveraged its systematic and intelligent equipment supply advantages to accelerate performance, particularly in guiding, detecting, environmental control, communication, and electrical connector products, with Q2 net profit increasing by 894% quarter-on-quarter [2] - Profitability improved with a decrease in expense ratios; H1 2025 gross margin was 22.3%, down 17.8 percentage points year-on-year, while net profit margin was 6.8%, up 32.2 percentage points year-on-year. Q2 2025 gross margin was 20.9%, down 14.4% year-on-year and 7.0% quarter-on-quarter, with a net profit margin of 9.8%, up 21.3% year-on-year and 14.6% quarter-on-quarter [2] - The company’s expense ratio for H1 2025 was 16.2%, down 63.0 percentage points year-on-year, and for Q2 2025, it was 10.8%, down 45.1% year-on-year and 26.4% quarter-on-quarter [2] Subsidiary Performance - Subsidiary Hengyang Optoelectronics completed its annual equipment delivery tasks, achieving H1 2025 revenue of 70 million, down 6.2% year-on-year, but net profit increased by 30.0% to 27 million, solidifying its high-quality development foundation [3] - The company faced intensified industry competition and product cycle challenges, increasing market development and technological innovation efforts, resulting in H1 2025 revenue of 72 million, down 16.9% year-on-year, with a net loss of 37 million, but a 14.6% year-on-year increase in net profit [3] - Subsidiary Zhongbing Hanglian responded to a surge in orders and tight delivery schedules, achieving H1 2025 revenue of 122 million, up 1.8% year-on-year, with net profit of 20 million, up 25.7% year-on-year [3] Financial Health - As of the end of Q2 2025, the company had contract liabilities of 109 million, an increase of 0.94% from Q1 2025, and advance payments of 53 million, up 23.99% from Q1 2025, indicating a healthy order backlog [3] - Operating cash flow for Q2 2025 was -300 million, an increase of 81 million from Q1 2025, primarily due to increased sales collections and reduced procurement and labor expenses [3] Profit Forecast and Valuation - The company is positioned as a leader in domestic guidance control platforms, with projected net profits of 310 million, 450 million, and 590 million for 2025-2027, reflecting year-on-year growth rates of 419.3%, 46.3%, and 32.4% respectively, corresponding to PE ratios of 81, 55, and 42 [4]

Group 1 - The company, Yonggui Electric (300351.SZ), specializes in the research, development, manufacturing, sales, and technical support of electrical connectors, connector components, and precision smart products [1] - Connectors serve as critical interfaces between devices and modules, with a wide range of application scenarios [1] - The company positions itself as a provider of high-voltage interconnection solutions [1]

Group 1 - The core idea is that the Guizhou Zunyi High-tech Zone is leveraging the dual empowerment of industry and talent to promote the deep integration of industrial and talent chains [1][3] - The high-tech zone is recognized as an important base for industrial economy and talent aggregation, with a focus on attracting and nurturing talent to support specialized and innovative enterprises [1] - Feiyu Electronics Co., Ltd. is highlighted as a representative enterprise in the Zunyi High-tech Zone, producing various electrical connectors used in aerospace and electronic information sectors [1] Group 2 - The development philosophy of "industry gathering, talent first" is attracting young talent, as exemplified by the experience of a recent graduate who found opportunities in the Zunyi High-tech Zone [1][4] - The interaction between industry concentration and talent aggregation is creating a virtuous cycle that drives industrial upgrades and enhances talent development [3]