ECT(300679) 长江证券·2025-04-25 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The report highlights that short-term performance fluctuations do not alter the long-term growth trajectory of the company [5][11]. - The company experienced significant improvement in Q4 2024 performance, primarily due to the increased contribution from the automotive business [5][11]. - For Q1 2025, the company reported a decline in net profit, attributed to several factors including a decrease in gross margin and reduced investment income [11]. Financial Performance Summary - In Q4 2024, the company achieved revenue of 1.328 billion yuan, representing a year-on-year growth of 43.72% and a quarter-on-quarter growth of 11.78%. The net profit attributable to the parent company was 164 million yuan, up 50.54% year-on-year and 8.40% quarter-on-quarter [5][11]. - The gross margin for Q4 2024 was 33.34%, an increase of over 2 percentage points year-on-year [5][11]. - In Q1 2025, the company reported revenue of 1.196 billion yuan, a year-on-year increase of 15.02%, but the net profit decreased by 23.80% year-on-year [5][11]. Business Segment Performance - In 2024, the automotive connector segment generated revenue of 1.461 billion yuan, a year-on-year increase of 77.42%, with a gross margin of 39.35% [11]. - The RF connector segment reported revenue of 1.04 billion yuan, up 30.12% year-on-year, with a gross margin of 43.16% [11]. - The EMC components segment achieved revenue of 913 million yuan, a year-on-year increase of 14.75%, with a gross margin of 30.78% [11]. - The soft board segment saw revenue of 538 million yuan, a year-on-year increase of 73.06%, with a gross margin of 12.61% [11]. Future Outlook - The company is expected to benefit from the trend of automotive intelligence, which will drive demand for high-frequency and high-speed connectors [11]. - The report projects that the net profit attributable to the parent company will reach 812 million yuan, 1.023 billion yuan, and 1.245 billion yuan for the years 2025, 2026, and 2027, respectively [11].