10月20日江苏省工业和信息化厅公示第七批国家专精特新"小巨人"企业名单，盐南高新区新河街道安波 福连接器系统(盐城)有限公司上榜。这是该区首个国家级工业实体专精特新"小巨人"企业。 下一步，该街道强化"一企一策"精准服务，不断优化创新发展环境，推动企业向高端化、智能化、绿色 化方向升级，支持其成长为细分领域领军企业和重要产业链核心节点，为盐南经济高质量发展注入新动 能。 通讯员夏恒亮李建霞 校对盛媛媛 安波福连接器系统(盐城)有限公司，主导产品包含车用连接器、车用密封件及各类高、低压线束。公司 依托集团强大的研发中心，专注研发车用连接器及热智能管理配套线束，已成为国内新能源热智能管理 模块配套线束的头部企业。公司深耕国内市场，持续发力线束及高能连接器技术研发，服务覆盖动力电 池系统(BDU/PDU)内置互锁线束、大功率充电模组内置互锁线束、车载高速通信模块连接器及线束等 核心领域。研发团队累计申请近百项发明和实用新型专利，专利内容涵盖连接器、屏蔽装置、连接端 子、压装装置、组装方法、测试系统、防过切装置与方法等，实现了"材料—结构—工艺—测试"全链条 协同创新，掌握了相关产品的核心技术。公司从产品设计源头入 ...

| 投资要点 | | --- | 公告要点： 公司公布2024年年报及2025年一季报，业绩符合我们预期。2024年实现营业收入79.14 亿元， 同比+97.70%，归母净利润6.70亿元，同比+1,139.15%，扣非归母净利润6.58亿元，同比 +1,546.71%。2025年一季度营业收入为15.43亿元，同环比+0.64%/-35.22%，归母净利润0.93亿 元，同环比-7.63%/-59.86%，扣非归母净利润0.90亿元，同比-5.34%，环比-61.63%。 营收与净利润大幅增长，客户结构多元化： 公司2024年收入实现接近翻倍增长主要受益于核心客户赛力斯放量所致，2024年赛力斯占公司 收入比重53%。此外美国T公司等建立了紧密合作关系，与大众汽车、戴姆勒奔驰、奥迪汽车 等国际知名汽车整车制造商保持长期合作关系，客户结构的多元化为公司提供了稳定的订单来 源，增强了市场抗风险能力。 规模效应不断显现，归母净利大幅提升： 公司2024年毛利率实现17.49%，同比+4.6pct，主要为规模提升产能利用率提高所致。公司2024 期间费 率为 比 实 归 利率 比 主 系 模 应 未经许可，不得转 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 7.914 billion yuan, a year-on-year increase of 97.70%. The net profit attributable to shareholders was 670.34 million yuan, up 1,139.15% year-on-year [8] - The revenue growth was primarily driven by the core customer, Seres, which accounted for 53% of the company's revenue in 2024. The company has diversified its customer base, establishing strong partnerships with international automotive manufacturers such as Volkswagen, Daimler, and Audi, enhancing its order stability and market resilience [8] - The company is accelerating domestic substitution and has significant growth potential as a leading harness supplier. The new model M8 from Seres has received strong orders, which is expected to significantly boost performance once mass production begins [8] Financial Summary - The company forecasts revenue of 10 billion yuan in 2025 and 12.1 billion yuan in 2026, with expected year-on-year growth rates of 26% and 21%, respectively. The net profit attributable to shareholders is projected to be 872 million yuan in 2025 and 1.091 billion yuan in 2026, with corresponding growth rates of 30% and 25% [8] - The gross profit margin for 2024 was 17.49%, an increase of 4.6 percentage points year-on-year, attributed to improved capacity utilization due to scale effects. The net profit margin was 8.47%, up 7.12 percentage points year-on-year [8] - The company's earnings per share (EPS) for 2024 is projected at 1.53 yuan, with a price-to-earnings (P/E) ratio of 19.63 based on the current price [1][9]