ECT(300679) 新浪财经·2025-04-24 00:37Core Viewpoint - The company reported strong financial performance for 2024, with significant revenue and profit growth, driven by the automotive and consumer electronics sectors [1][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 4.66 billion yuan, a year-on-year increase of 50%, and a net profit attributable to shareholders of 620 million yuan, up 75% year-on-year [1]. - For Q4 2024, revenue reached 1.3 billion yuan, reflecting a year-on-year growth of 44% and a quarter-on-quarter increase of 12%, with a net profit of 160 million yuan, up 51% year-on-year and 8% quarter-on-quarter [1]. - In Q1 2025, the company reported revenue of 1.2 billion yuan, a year-on-year increase of 15%, but a quarter-on-quarter decline of 10%, with a net profit of 120 million yuan, down 24% year-on-year and 25% quarter-on-quarter [1][3]. Group 2: Business Segments - The automotive business showed high growth, with revenue from automotive connectors reaching 1.46 billion yuan, a year-on-year increase of 77%, contributing to 31.3% of total revenue, up 5 percentage points year-on-year [1]. - Revenue from consumer electronics connectors was 1.04 billion yuan, a year-on-year increase of 30%, while electromagnetic compatibility components and soft boards generated 910 million yuan and 540 million yuan, up 15% and 73% year-on-year, respectively [1]. Group 3: Profitability and Costs - The company's gross margin for 2024 was 33.6%, an increase of 1.3 percentage points year-on-year, with automotive connectors and consumer electronics connectors having gross margins of 39.4% and 43.2%, respectively [1]. - The period expense ratio for 2024 was 19.3%, a decrease of 1.6 percentage points year-on-year, with management and R&D expense ratios at 7.6% and 8.5%, down 1.2 percentage points and 0.9 percentage points year-on-year, respectively [2]. Group 4: Future Outlook - Revenue projections for 2025-2027 are 5.89 billion yuan, 7.52 billion yuan, and 8.89 billion yuan, representing year-on-year growth rates of 26%, 28%, and 18% [4]. - Net profit forecasts for the same period are 820 million yuan, 1.13 billion yuan, and 1.37 billion yuan, with year-on-year growth rates of 31%, 38%, and 22% [4].