ECT(300679) 开源证券·2025-04-24 11:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue and profit growth in 2024, with revenue reaching 4.661 billion yuan, a year-on-year increase of 48.97%, and a net profit of 622 million yuan, up 74.73% year-on-year [4] - The company is expected to benefit from the trend of intelligent driving equality, which will drive long-term growth in the high-frequency and high-speed connector sector [4][5] - The first quarter of 2025 saw a revenue of 1.196 billion yuan, a 15.02% increase year-on-year, but net profit decreased by 23.80% due to increased depreciation from new facilities [4] - The automotive connector business grew by 77.42% in 2024, with a gross margin of 39.35%, indicating strong demand and capacity expansion [5] Financial Summary - In 2024, the company reported a gross margin of 33.64% and a net margin of 13.58%, both showing improvements from the previous year [4] - The projected net profits for 2025, 2026, and 2027 are 814 million yuan, 1.120 billion yuan, and 1.338 billion yuan respectively, with corresponding P/E ratios of 26, 19, and 16 [4] - The company maintained a strong focus on R&D, with R&D expense ratios of 8.53% in 2024 and 8.98% in Q1 2025, reflecting ongoing investment in innovation [6] - The financial metrics indicate a robust growth trajectory, with expected revenues of 5.960 billion yuan in 2025, a 27.9% increase from 2024 [7]