Group 1 - The company Shenglan Co., Ltd. (300843) responded to investor inquiries on July 30, indicating that its main customers for I/O connectors and backplane connectors include Luxshare Precision (002475), Lenovo, and Huaqin [1]

每经AI快讯，有投资者在投资者互动平台提问：公司的I/O连接器和背板连接器主要有哪些客户？ 胜蓝股份（300843.SZ）7月30日在投资者互动平台表示，主要客户有立讯精密、联想、华勤等。 （文章来源：每日经济新闻） ...

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **connector industry**, focusing on **communication connectors** and **automotive connectors**. Key players mentioned include **顶峰科技 (Top Peak Technology)**, **华峰科技 (HuaFeng Technology)**, **瑞克达 (Rikda)**, **微风电子 (Weifeng Electronics)**, and **安非诺 (Amphenol)** [1][2][8]. Key Points and Arguments 1. **Performance Improvement**: The performance of the connector industry is attributed to the enhancement of top-tier capabilities across multiple sectors, particularly in communication connectors driven by AI data center demand [1]. 2. **Automotive Connector Demand**: The demand for automotive high-voltage connectors remains strong, with new customers and models contributing to market share growth. Profit margins are expected to recover post-Q4 [1]. 3. **Revenue Growth**: In Q1 2025, the automotive connector segment achieved revenue of **27.54 billion** yuan, a **23.2%** year-on-year increase, although profits declined by **10.3%** due to a high base in Q1 2024 [5]. 4. **Cost Control**: Major manufacturers are focusing on cost control, with the ratio of sales, management, and R&D expenses decreasing from **20%** in Q4 2023 to **15.8%** in Q1 2024, enhancing profitability [3]. 5. **Product Development**: The introduction of new products, such as the **112G** and **224G** connectors, is expected to drive revenue growth, with **112G** products already in mass production [4][11]. 6. **Market Dynamics**: The automotive sector faced intense competition in the first half of the previous year, leading to price declines that affected component manufacturers [2]. 7. **International Expansion**: Companies like 瑞克达 and 鼎通科技 are expanding their overseas operations, with a focus on the U.S. and Mexico, which are less affected by tariffs [9]. 8. **Future Outlook**: The connector industry is expected to continue its growth trajectory, driven by both growth and value factors, particularly in the communication connector segment related to AI data centers [7]. Additional Important Insights - **Profitability Trends**: The profitability of domestic high-voltage connector manufacturers has shown improvement over the past three quarters, attributed to easing raw material prices and reduced pricing pressure from vehicle manufacturers [5]. - **Revenue Projections**: Companies are projected to achieve significant revenue growth, with 瑞克达 expecting a **65%** year-on-year increase in Q1 2025, driven by market share gains and stable revenue from U.S. operations [8]. - **Investment Recommendations**: Analysts recommend focusing on leading companies in niche markets, particularly 瑞克达 and 鼎通科技, due to their strong performance and growth potential [8]. This summary encapsulates the key discussions and insights from the conference call, highlighting the performance, challenges, and future outlook of the connector industry.

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].