Recodeal(SH:688800)2024-09-04 07:41Group 1: Company Overview - Suzhou Ruikeda Connection System Co., Ltd. is a national "specialized and innovative" enterprise focused on the research, production, sales, and service of connectors [2] - The company has a complete product chain capability, including connectors, components, and modules, and is one of the few companies with R&D and production capabilities for optical, electrical, microwave, high-speed data, and fluid connectors [2] Group 2: Business Segments - In the new energy vehicle sector, the company has established supply qualifications with major domestic and international automotive manufacturers, including Changan Automobile, NIO, and SAIC Group [2][3] - The company also serves clients in the energy storage sector, focusing on commercial and residential energy storage, with partnerships including CATL and Trina Solar [3] - In the telecommunications sector, the company has developed new connectors for 5G systems and has secured partnerships with major telecom equipment manufacturers like Ericsson and Nokia [3] Group 3: Financial Performance - The company's revenue growth in the first half of 2024 was primarily driven by the increase in new energy connector business [4] - The U.S. factory achieved a profit of CNY 6.4781 million in the first half of 2024, while the Mexican factory incurred a loss of CNY 5.8674 million due to capacity constraints from a major client [4] - The overall overseas factory operations are becoming profitable, with expectations for continued revenue growth from international markets [4] Group 4: Market Position and Standards - The company holds a leading market share in the domestic battery swap connector market, with applications across various vehicle types [4][5] - The company is actively involved in the drafting and revision of national standards related to battery swap technology, with expectations for new standards to be released next year [5] Group 5: Material Costs and Profitability - The main raw materials for the company's products include non-ferrous metals and plastics, with recent fluctuations in copper prices impacting gross margins [5] - As copper prices have decreased, the company has experienced some relief in cost pressures, leading to a recovery in gross margins [5]