ECT(300679) 申万宏源证券·2025-04-24 12:45Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a revenue of 4.661 billion yuan for 2024, representing a year-on-year growth of 48.97%, and a net profit of 622 million yuan, with a year-on-year increase of 74.73% [6] - In Q1 2025, the company achieved a revenue of 1.196 billion yuan, reflecting a year-on-year growth of 15.02%, while the net profit was 123 million yuan, showing a year-on-year decline of 23.8% [6] - The automotive connector segment has shown significant growth, with revenue reaching 1.46 billion yuan, a year-on-year increase of 77.4%, driven by the rising demand for complex products due to the acceleration of automotive intelligence [6] - The consumer electronics sector is recovering, benefiting from a 7% growth in the global smartphone market in 2024, which ended a two-year decline [6] - The report indicates that the fluctuations in Q1 profit are primarily due to short-term factors and do not pose a long-term negative impact on future quarters [6] - The company is expected to maintain its growth trajectory in the automotive connector business, which is seen as a second growth curve, with potential for continued market share expansion [6] - The profit forecasts for 2025-2027 are maintained, with expected net profits of 811 million yuan, 1.021 billion yuan, and 1.267 billion yuan respectively, corresponding to PE ratios of 25, 20, and 16 [6] Financial Data and Earnings Forecast - Total revenue projections for 2025 are set at 5.681 billion yuan, with a year-on-year growth rate of 21.9% [5] - The gross profit margin is expected to improve from 30.7% in Q1 2025 to 35.3% by 2027 [5] - The return on equity (ROE) is projected to increase from 2.4% in Q1 2025 to 16.8% by 2027 [5]