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].

Core Viewpoint - The company reported a revenue of 524 million yuan in 2024, a year-over-year decrease of 5.08%, and a net profit of -438 million yuan, a year-over-year decrease of 7.32%, which aligns with previous forecasts [1] - In Q1 2025, the company achieved a revenue of 137 million yuan, a year-over-year increase of 30.63%, and a net profit of 4 million yuan, a year-over-year increase of 104.40% [1][2] - The company is optimistic about future growth driven by product iterations and market penetration, maintaining a "buy" rating [1][3] Group 1: Financial Performance - The company’s revenue in Q1 2025 showed significant year-over-year growth, benefiting from the iteration of 4G products and 5G LPAMiF, with a gross margin improvement to 12.85%, up 4.88 percentage points year-over-year [1][2] - The total expenses (sales, management, and R&D) in Q1 2025 were 71 million yuan, a decrease of 19.69% year-over-year, contributing to the first quarterly profit turnaround [2] Group 2: Market Outlook - For 2025, the company is expected to benefit from the anticipated 5.64% year-over-year growth in the Chinese Android smartphone market, with successful product validation and gradual mass production [3] - The company’s Phase8L product is expected to achieve significant scale in 2025, alongside the new generation of 4G products gaining traction in the smartphone and IoT sectors [3] - The company has set a target price of 13.2 yuan, maintaining a "buy" rating, with revenue forecasts of 730 million yuan for 2025 and 1.39 billion yuan for 2027 [3]