Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of RMB 64.35 [2][4]. Core Insights - The company reported a revenue of RMB 1.589 billion for the first three quarters of 2024, representing a year-on-year increase of 52.75%. The net profit attributable to shareholders was RMB 106 million, up 10.60% year-on-year, with a gross profit margin of 22.01% [2][16]. - In Q3 2024, the company achieved a revenue of RMB 631 million, a 60.90% increase year-on-year and a 27.36% increase quarter-on-quarter. The net profit attributable to shareholders for the same quarter was RMB 41 million, up 40.67% year-on-year [2][16]. - The company focuses on the design, development, and manufacturing of connection system products, which are widely used in various sectors including data communication, new energy vehicles, and industrial control [3][18]. Financial Performance - The company’s R&D expenses for the first three quarters of 2024 were RMB 111 million, a 29.91% increase year-on-year, with an R&D expense ratio of 7.00% [3][17]. - The forecast for net profit attributable to shareholders for 2024-2026 is RMB 185 million, RMB 241 million, and RMB 291 million, with corresponding EPS of RMB 1.17, RMB 1.52, and RMB 1.84 [4][19]. - The company is expected to benefit from the growing demand in the AI sector, particularly in high-speed cable solutions, which positions it favorably in the market [4][19]. Business Segmentation - The company’s product offerings include connectors, cable assemblies, and system modules, which are essential for various applications such as AI data centers and high-speed transmission solutions [3][18]. - The revenue forecast for the company's segments shows significant growth potential, particularly in the new energy vehicle sector, which is expected to grow at a rate of 50% in 2024 [9].

Industry Overview - The copper cable connection concept saw a significant surge in the market, with companies like **Bochuang Technology** hitting a 20% increase limit, **Ruikeda** and **Zhaolong Interconnect** rising over 17%, and others like **Xinke Materials**, **Wolke Materials**, and **Luxiao Technology** also hitting the increase limit [1] - The market's attention to active copper cables has increased due to the performance disclosures of **Credo** and **Marvell**, as well as the release of Amazon's **Trn2** server [1] - Traditional high-speed copper cables, such as **DAC** passive copper cables, face issues like excessive loss and limited transmission distance as transmission rates increase, leading to the gradual adoption of **ACC** and **AEC** active copper cables [1] - **ACC** active copper cables incorporate a linear Redriver chip at the RX end to extend transmission distance, while **AEC** active cables use **CDR** chips at both ends to re-time and re-drive signals, offering better loss compensation and longer connection support compared to **ACC** [1] Market Growth and Projections - The application of active copper cables is expected to grow driven by **AI/ML** workloads, with the market size for active copper cable chips projected to grow from **$100 million** in 2023 to over **$1 billion** by 2027, at a compound annual growth rate (**CAGR**) of over 70% [2] - The corresponding copper cable market size is also expected to grow at a similar CAGR, reaching over **$3 billion** by 2027 [2] Key Suppliers and Players - Major **ACC** suppliers include **MACOM**, **Semtech**, and **Spectra7**, while **AEC** suppliers include **Asteralabs**, **Broadcom**, **Credo**, **Marvell**, **Maxliner**, and **Point2** [2] - In China, **Xinsheng** has made strides in high-speed **AEC** cable modules, **Ruikeda** is advancing related projects for its **AEC** series products, and **Zhaolong Interconnect** offers both passive and active copper cable solutions [2] Industry Impact - The rapid growth of active copper cables is expected to benefit related companies in the supply chain, with close attention recommended on marginal changes in the industry chain [2]

证券代码：688800 证券简称：瑞可达 公告编号：2024-044 苏州瑞可达连接系统股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2024 年 11 月 13 日（星期三）下午 14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 06 日（星期三）至 11 月 12 日（星期二）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@recodeal.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 苏州瑞可达连接系统股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三 ...

Investment Rating - Buy (Maintained) [4] Core Views - The company's Q3 2024 revenue reached 630 million yuan, a year-on-year increase of 61% and a quarter-on-quarter increase of 27% [1] - Net profit attributable to the parent company in Q3 2024 was 40 million yuan, a year-on-year increase of 41% and a quarter-on-quarter increase of 76% [1] - The company's performance is in line with expectations, driven by the recovery of downstream demand, particularly in the new energy vehicle sector [1] - The company benefits from domestic substitution, with strong technical reserves, excellent product performance, and fast customer response times [1] - The company is expanding its product matrix, focusing on connectors for communication, new energy vehicles, rail transit, and medical devices, with several projects already secured [2] Financial Performance - Revenue for the first three quarters of 2024 was 1.6 billion yuan, a year-on-year increase of 53% [1] - Net profit attributable to the parent company for the first three quarters of 2024 was 110 million yuan, a year-on-year increase of 11% [1] - Gross profit margin for Q3 2024 was 20.8%, a quarter-on-quarter decrease of 1 percentage point, while net profit margin was 6.4%, a quarter-on-quarter increase of 1.7 percentage points [1] - The company's sales, management, R&D, and financial expense ratios for Q3 2024 were 1.7%, 4.1%, 6.3%, and 0.3%, respectively, showing a quarter-on-quarter decrease [1] Product and Market Strategy - The company's high-voltage, battery-swapping, vehicle-mounted intelligent networking, and 5G board-to-board RF connectors are at internationally or domestically leading levels [2] - The company is actively participating in R&D for AI and data centers, autonomous driving, humanoid robots, 6G communication, low-altitude aircraft, liquid cooling systems, and commercial satellites [2] - The company has established strong partnerships with major clients such as North American T customers, Daimler, Changan, NIO, CATL, and others [1] Valuation and Forecast - The company's net profit for 2024-2026 is forecasted to be 160 million, 240 million, and 320 million yuan, respectively, with corresponding P/E ratios of 42x, 29x, and 22x [2] - Revenue growth for 2024-2026 is expected to be 50.7%, 25.6%, and 23.1%, respectively [3] - Net profit growth for 2024-2026 is expected to be 19.5%, 44.3%, and 33.8%, respectively [3]

苏州瑞可达连接系统股份有限公司 第四届董事会第十六次会议决议公告 证券代码：688800 证券简称：瑞可达 公告编号：2024-042 根据《上海证券交易所科创板股票上市规则》、《上海证券交易所科创板上 市公司自律监管指引第1号—规范运作》等相关规定，公司组织编制了2024年第 三季度报告。 本议案已经董事会审计委员会审议通过。具体内容详见公司同日在上海证 券交易所网站（www.sse.com.cn）披露的《2024 年第三季度报告》。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 （二）审议通过《关于制定<舆情管理制度>的议案》 为进一步完善公司治理结构，更好地促进公司规范运作，根据《上海证券 交易所科创板股票上市规则》等法律法规、规范性文件以及《公司章程》的规 定，公司制定了《舆情管理制度》。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 苏州瑞可达连接系统股份有限公司（以下简称"公司"）第四届董事会第 十 ...

苏州瑞可达连接系统股份有限公司 舆情管理制度 （一）报刊、电视、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成公司证券及其衍生品交易 价格异常波动的信息； （四）其他涉及公司信息披露且可能对公司证券及其衍生品交易价格产生较大影响 的事件信息。 第二章 舆情管理的组织体系及其工作职责 第三条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应对。 第一章 总则 第一条 为提高苏州瑞可达连接系统股份有限公司（以下简称"公司"）应对各 类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公司证券及 其衍生品交易价格、公司商业信誉及正常生产经营活动造成的影响，切实保护投资者合 法权益，根据《上海证券交易所科创板股票上市规则》等相关法律法规规定和《苏州瑞 可达连接系统股份有限公司章程》（以下简称"《公司章程》"），制定本制度。 第二条 本制度所称舆情包括： 第四条 公司成立应对舆情处理工作领导小组（以下简称"舆情工作组"），由 公司董事长任组长，董事会秘书任副组长，成员由公司其他高级管理人员及相关职能部 ...

证券代码：688800 证券简称：瑞可达 公告编号：2024-043 苏州瑞可达连接系统股份有限公司 第四届监事会第十五次会议决议公告 本公司监事会及全体监事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 苏州瑞可达连接系统股份有限公司监事会 一、监事会会议召开情况 2024 年 10 月 25 日 苏州瑞可达连接系统股份有限公司（以下简称"公司"）第四届监事会第十 五次会议（以下简称"本次会议"）于 2024 年 10 月 24 日在公司会议室以现场 表决方式召开。本次会议通知和材料于 2024 年 10 月 17 日以通讯方式送达全体 监事，会议由监事会主席钱芳琴女士召集并主持，应出席监事 3 名，实际出席监 事 3 名。本次会议的召集、召开方式符合《中华人民共和国公司法》（以下简称 "《公司法》"）等法律法规及《公司章程》）的有关规定。 二、监事会会议审议情况 （一）审议通过《关于公司2024年第三季度报告的议案》 监事会认为：公司2024年第三季度报告的编制和审议程序符合法 ...

重要内容提示： 会议召开时间：2024 年 09 月 18 日（星期三）下午 14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 苏州瑞可达连接系统股份有限公司 关于召开 2024 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 会议召开方式：上证路演中心网络互动 证券代码：688800 证券简称：瑞可达 公告编号：2024-041 投资者可于 2024 年 09 月 09 日（星期一）至 09 月 13 日（星期五）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@recodeal.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 苏州瑞可达连接系统股份有限公司（以下简称"公司"）已于 2024 年 8 月 22 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营 ...

编号：2024-014 证券代码：688800 证券简称：瑞可达 苏州瑞可达连接系统股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------|-------------------------------------------------------------------|---------------------------------------------------------------------------| | 投资者关系 \n活动类别 | ■特定对象调研 \n 媒体采访 \n 新闻发布会 \n 现场参观 \n 其他 | 分析师会议 \n 业绩说明会 \n 路演活动 \n__________________________________ | | 参与单位名称 | Grand Alliance Yuki You | ；大和证券 Louis Luo ；松盈投资 | | 及人员姓名 | 张光荣；中金公司 孔杨。 | | | 时间 | 2024 年 08 月 | | | 地点 | 公司会议室（及电话会议系统接入） | | | 接 ...