Core Insights - The company achieved a revenue of 814 million yuan in 2024, representing a year-on-year growth of 44.93% [1] - The net profit attributable to shareholders reached 74.63 million yuan, up 26.99% year-on-year [1] - The non-MIM precision components business saw a revenue increase of 101.89%, surpassing the MIM components revenue for the first time [1] Financial Performance - The comprehensive gross margin for 2024 was 38.34%, a decrease of 1.57 percentage points year-on-year [2] - The gross margin for MIM products improved to 42.06%, an increase of 2.04 percentage points due to optimized processes [2] - The gross margin for non-MIM precision components was 37.96%, down 2.57 percentage points as new businesses are still in the penetration phase [2] Production and Capacity Expansion - The company is steadily advancing its domestic and international capacity expansion, with factories in Changsha and Vietnam entering phased production [2] - Some target customers have completed site audits, indicating progress in capacity deployment [2] Research and Development - R&D investment for 2024 was 97.55 million yuan, reflecting an 18.04% increase [2] - The company is focusing on new lightweight materials and 3D printing technologies to enhance its technological reserves and capacity layout [2] Strategic Direction - The company aims to leverage new materials and processes as entry points, utilizing differentiated technical solutions to seize opportunities in AI-driven industrial transformation [2] - The goal is to extend products into high value-added segments, ensuring sustainable and stable development while maintaining profitability [2]

Investment Rating - The report does not explicitly state an investment rating for the electronic components industry or the specific company being analyzed [1]. Core Insights - The company specializes in high-precision, high-density, and complex-shaped precision components, aiming to become a leading manufacturer of MIM products and a comprehensive solution provider for precision parts [18]. - In 2024, the company achieved total revenue of approximately 814 million yuan, a year-on-year increase of 44.90%, with non-MIM precision component revenue rising by 101.94% [19]. - The company has established production bases in Shenzhen, Huizhou, Changsha, and Vietnam, with the latter primarily serving overseas clients [20][21]. - The MIM industry is expected to grow due to the increasing demand for new applications, such as foldable screens [23]. Summary by Sections 1. Company Overview - The company focuses on the research, design, production, and sales of precision components, with a strong emphasis on metal materials and advanced manufacturing processes [18]. 2. Financial Performance - In 2024, the net profit attributable to the parent company was approximately 74 million yuan, a year-on-year increase of 26.17% [20]. - The company’s non-MIM business has seen rapid growth due to diverse customer demands for precision components [21]. 3. Production Capacity - The company operates four production bases, with high capacity utilization in peak seasons at the Shenzhen and Huizhou factories [20]. 4. Market Outlook - The MIM industry is anticipated to expand significantly, driven by new product developments and applications, particularly in consumer electronics [23]. 5. Strategic Initiatives - The company has proactively prepared for opportunities in the foldable smartphone market, having already engaged in related business since 2023 [24].

Investment Rating - The report does not explicitly state an investment rating for the electronic components industry or the specific company being analyzed [1]. Core Insights - The company specializes in high-precision, high-density, and complex-shaped precision components, aiming to become a leading manufacturer of MIM products and a comprehensive solution provider for precision components [18]. - The company has established a strong reputation in precision manufacturing processes such as MIM, CNC, laser processing, and wire cutting, recognized by top domestic and international clients [18]. - The primary applications of the company's products include new consumer electronics such as tablets, laptops, desktop computers, smart touch pens, foldable smartphones, smart wearable devices, drones, and action cameras, serving well-known brands like Apple, Honor, Amazon, and Anker [18]. - The company is also expanding into non-consumer electronics sectors, including medical devices and automotive electronics [18]. Summary by Sections 1. Basic Research Information - The company being researched is Tonglian Precision, operating in the electronic components industry, with the meeting held on February 28, 2025 [13]. 2. Detailed Research Institutions - The research was conducted by Hai Futong and other institutions, with representatives from the company including securities affairs representatives [16]. 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved [11]. 4. Main Content Information - The company expects its 2024 revenue to be approximately 813.91 million yuan, a year-on-year increase of 44.90%, with MIM precision component revenue expected to be around 318.57 million yuan, remaining stable compared to the previous year [18]. - The company is actively pursuing opportunities in the foldable smartphone market, leveraging its existing technology and production experience in MIM precision components [18]. - The company has been preparing for 3D printing technology, primarily using externally purchased equipment with some customized modifications [19]. - The production capacity in the company's factories in Huizhou and Pingshan is operating at high levels during peak seasons, with new capacities being developed in Changsha and Vietnam [19]. - The company’s non-MIM business includes CNC, laser processing, and wire cutting, with plans to adjust strategies based on actual business conditions in Vietnam [19]. - The company’s major clients still include iPad, with stable revenue contributions from large customers, although efforts are ongoing to diversify the customer base [21]. - The company has faced challenges in profit margins due to increased R&D investments, stock-based compensation, and currency fluctuations affecting revenue [23].