Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [5][11]. Core Insights - In the first half of 2025, the company achieved revenue of 2.524 billion yuan, a year-on-year increase of 17.71%, while the net profit attributable to shareholders decreased by 21.10% to 243 million yuan [1]. - The company is focusing on its core business areas, benefiting from the growth in the automotive electronics market and a slight recovery in the consumer electronics sector, which has led to increased revenue [1][2]. - The overall gross margin has declined to 29.42%, a decrease of 4.43 percentage points year-on-year, due to rising operational costs and changes in product structure [1]. Summary by Sections Business Performance - The company reported a revenue of 1.328 billion yuan in Q2 2025, reflecting a year-on-year growth of 20.26% and a quarter-on-quarter increase of 11.04% [1]. - The company has successfully entered the supply chains of major global smartphone brands, contributing to revenue growth [1][2]. Strategic Focus - The company aims to deepen its presence in automotive electronics and consumer electronics, leveraging its position as a leading supplier of micro RF connectors and interconnect systems [2]. - It has established an integrated operational model that enhances efficiency across production, sales, and procurement [2]. Competitive Advantages - The company holds 592 domestic and international patents, creating a strong intellectual property barrier in core technology areas [2]. - It has transitioned from a single product supplier to a comprehensive leader with multi-platform and multi-scenario solutions, enhancing its market position [2][3]. Financial Forecast - The projected net profit attributable to shareholders for 2025-2027 is 791 million, 1.058 billion, and 1.279 billion yuan, respectively, with corresponding PE ratios of 27, 20, and 17 [3][4]. - Revenue is expected to grow significantly, with estimates of 5.879 billion yuan in 2025, 7.386 billion yuan in 2026, and 8.932 billion yuan in 2027, reflecting growth rates of 26.1%, 25.6%, and 20.9% respectively [4][9].

股权激励及员工持股计划增强员工凝聚力。2025 年4 月3 日，公司公布2025 年限制性股票激励计划及 2025 年员工持股计划，主要激励对象为公司（含子公司）董事、高级管理人员以及核心技术/业务人 员，合计激励人数不超过328 人，公司已于2025 年5 月30 日向限制性股票激励计划对象首次授予限制性 股票。 收入稳定增长，产能扩张产生折旧等费用拖累短期利润。2025Q1，公司实现营业收入12.0 亿元， YoY+15%，实现归母净利润1.2 亿元，YoY-24%。 2024 年公司实现营业收入46.6 亿元，YoY+49%，实现归母净利润6.2 亿元，YoY+75%。2024 年，公司 5G 产业园及合肥厂房两个募投项目资产由在建工程转固，新增固定资产9 亿元至17 亿元。下游需求驱 动公司产能扩张，短期由于新增固定资产产生的折旧摊销等费用增加影响公司利润增速。当前智驾加速 渗透是确定性趋势，坚定看好公司在国内车载高频高速连接器市场的技术及领先卡位优势，公司有望充 分受益智驾产业链需求增量及下游客户国产化替代诉求，迎来业绩高增期。 盈利预测与投资评级：预计公司2025-2027 年收入分别为61.2/ ...