Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase exceeding the benchmark index by more than 15% [1][27]. Core Views - The company is expected to benefit from its integrated focus on "Industrial + Automotive + New Energy" sectors, despite facing short-term performance pressures [1][27]. - The company reported a revenue of 487 million yuan in 2023, a year-on-year increase of 1.32%, and a net profit of 130 million yuan, up 16.35% year-on-year [15][27]. - The automotive connector segment is a key growth driver, with revenue reaching 120 million yuan in 2023, a 39.9% increase year-on-year [11][27]. Financial Performance Summary - The company’s revenue projections for 2024-2026 are 555 million yuan, 673 million yuan, and 858 million yuan, representing year-on-year growth rates of 14.0%, 21.2%, and 27.6% respectively [27]. - The net profit forecasts for the same period are 107 million yuan, 137 million yuan, and 185 million yuan, with a projected decline of 18.3% in 2024, followed by increases of 28.8% and 34.6% in 2025 and 2026 respectively [27]. - The earnings per share (EPS) are expected to be 0.97 yuan, 1.25 yuan, and 1.68 yuan for 2024, 2025, and 2026 respectively [27]. Market and Product Insights - The company is actively expanding its product offerings in the new energy sector, with a revenue of 93 million yuan in 2023, reflecting a 22.99% year-on-year growth [11][27]. - The industrial control connector segment faced challenges in 2023, with a revenue decline of 14.19% due to economic slowdowns and increased competition [16][27]. - The company is focusing on new application scenarios, including robotics and smart home medical devices, to enhance its industrial control connector profitability [16][27].
业绩仍承压，长期持续受益于“工业+汽车+新能源”三位一体布局 公司研究/公司快报