Recodeal(SH:688800)2024-08-01 08:26Group 1: Company Overview - Suzhou Ruikeda Connection System Co., Ltd. is a national "specialized and innovative" small giant enterprise focused on the R&D, production, sales, and service of connectors [2]. - The company has a complete product supply chain capability, including connectors, components, and modules, and is a leader in the R&D and production of optical, electrical, microwave, high-speed data, and fluid connectors [2]. Group 2: Market Presence - In the new energy vehicle sector, Ruikeda has successfully supplied major domestic and international automotive manufacturers, including Changan Automobile, NIO, and SAIC Group [2]. - The company also serves overseas clients such as T Company, Daimler, and Jabil in the energy storage connector field, focusing on commercial and residential energy storage [3]. Group 3: Product Development - Ruikeda has developed new connectors for 5G systems, including board-to-board RF blind-mate connectors and optical module integrated connectors, gaining a competitive edge in the 5G network construction [3]. - The company’s self-developed SMP connectors meet various requirements for 5.5G base stations and have established deep cooperation with major telecom equipment manufacturers [3]. Group 4: Financial Performance - In Q1 2024, overseas revenue contribution was approximately 50 million yuan, primarily from the U.S. factory's photovoltaic product business [4]. - The company’s overseas factories in the U.S. and Mexico began production in Q4 2023, contributing to overall revenue growth, although still in the capacity ramp-up phase [4]. Group 5: Future Outlook - The company is actively expanding its product offerings in the low-altitude economy, including high and low-pressure connectors and harness components for low-altitude vehicles [5]. - Ruikeda is facing pressure on gross margins due to rising raw material costs but is implementing measures such as product upgrades and supply chain cost reductions to maintain a reasonable gross margin level [5].