ECT(300679) 华创证券·2025-04-24 09:32Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [6][21]. Core Views - The company achieved record high performance in Q4 2024, while Q1 2025 is expected to face short-term pressure without altering the overall growth trend [1]. - The company is a leading domestic connector manufacturer, focusing on consumer electronics connectors and strategically positioning itself in the automotive connector market, which is anticipated to open up new growth opportunities [6]. Financial Performance Summary - For 2024, the company reported total revenue of 46.61 billion yuan, a year-on-year increase of 49.0%, and a net profit attributable to shareholders of 6.22 billion yuan, up 74.7% year-on-year [6][2]. - In Q4 2024, the company achieved revenue of 13.28 billion yuan, a year-on-year increase of 43.72%, and a net profit of 1.64 billion yuan, up 50.54% year-on-year [6]. - For Q1 2025, the company reported revenue of 11.96 billion yuan, a year-on-year increase of 15.02%, but a quarter-on-quarter decrease of 9.94%, with a net profit of 1.23 billion yuan, down 23.80% year-on-year [6]. Business Segment Performance - The company's RF connectors and cable assemblies generated revenue of 10.40 billion yuan in 2024, reflecting a year-on-year growth of 30.12% with a gross margin of 43.16% [6]. - The automotive connector business saw significant growth, achieving revenue of 14.61 billion yuan in 2024, a year-on-year increase of 77.42%, with a gross margin of 39.35% [6]. - The flexible circuit board business reported revenue of 5.38 billion yuan in 2024, up 73.06% year-on-year, with a gross margin of 12.61% [6]. Future Projections - The company is projected to achieve net profits of 8.07 billion yuan, 10.31 billion yuan, and 12.24 billion yuan for the years 2025, 2026, and 2027, respectively [6]. - The target price for the company's stock is set at 57.14 yuan, with the current price at 50.30 yuan, indicating potential upside [2].