Recodeal(688800) 国金证券·2025-04-24 02:24Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company is a leading connector system manufacturer in China, focusing on electric vehicle electrification, intelligence, and battery-related fields, showcasing innovative technologies and products at the Shanghai International Auto Show [2]. - Revenue from new energy connectors has significantly increased, accounting for 90.28% of total revenue in 2024, up from 87.92% in 2023, with a year-on-year growth of 59.46% [3]. - The company has established a strong customer base, including major global clients such as BYD, Tesla, and NIO, positioning itself for continued growth as the penetration of new energy vehicles increases [3]. - The company is expanding into emerging fields such as AI servers, humanoid robots, and medical applications, supported by five production bases in China and abroad, which is expected to drive long-term growth [3]. Summary by Sections Revenue and Profit Forecast - The company is projected to achieve total revenue of 2.415 billion RMB in 2024, a year-on-year increase of 55.29%, with a net profit of 175 million RMB, reflecting a growth of 28.11% [4][9]. - Forecasted net profits for 2025, 2026, and 2027 are 211 million RMB, 340 million RMB, and 396 million RMB, respectively, with corresponding P/E ratios of 35, 22, and 19 [4][9]. Financial Metrics - The company’s diluted earnings per share (EPS) is expected to rise from 1.106 RMB in 2024 to 2.501 RMB in 2027 [9]. - Return on equity (ROE) is projected to improve from 8.36% in 2024 to 14.29% in 2027, indicating enhanced profitability [9].