公司客户结构优质并积极向多领域拓展，新应用场景逐步发力工控领域：公司已布局工业机器人及人形机器人所需的完整连接方案，在工业机器人方面已有WAFER 系列连接器、WD 系列线对板连接器等相关产品量产；汽车领域：公司与比亚迪深度合作十余年，以三电系统连接器为主要产品，同时重点部署高频高速连接器，已完成汽车智能座舱系统、自动驾驶系统等高速连接器开发。新能源领域：公司拓展家用、商用储能以及充电应用所需的连接器，主要应用在光伏、风电、储能领域的逆变器中，客户已覆盖国内外主流逆变器供应商，包括阳光电源、艾罗能源、上能电气等知名企业。2024Q3's performance is in line with expectations. Automotive and new energy connectors are growing, maintaining the 2024Q3 financial report released by “buy” rating companies. From 2024Q1 to Q3, revenue was 0.384 billion yuan, YoY +4.58%; net profit to mother was 0.068 billion yuan, YoY -32.84%; gross profit margin was 40.64%, down 1.51 pcts year on year. Among them, Q3 2024 achieved revenue of 0.144 billion yuan, YoY +14.91%, +2.31% month-on-month; net profit to mother 0.021 billion yuan, YoY -22.01%; and gross profit margin of 39.40%, a year-on-year decrease of 2.54 pcts. Considering that demand for industrial connectors is under pressure but revenue in the new energy sector continues to grow, we maintain our 2024/2025/2026 performance forecast. We expect net profit to be 0.114/0.139/0.179 billion yuan in 2024/2025/2026. The current stock price corresponds to PE of 37.8/30.9/24.0 times, maintaining a “buy” rating.
With rich product line breadth, depth and high-quality customer resources, the three major business segments continue to develop. The company's main business is industrial connectors, while actively expanding into the fields of automotive connectors and new energy connectors.
In the long run, the industrial control connector business is expected to benefit from the acceleration of industrial automation and domestic substitution of local brands, and revenue will continue to grow; the automotive connector business closely follows the rapid development of intelligent driving and new energy vehicles, and future revenue is expected to continue to expand; in terms of new energy, the company covers a full range of optical, storage and charging connectors, which is expected to drive demand for new energy connectors as global PV installations continue to expand. We believe that the company has a comprehensive layout in the field of connectors. With high-quality products and services, the three major sectors of business are expected to be further developed.
The company has a high-quality customer structure and is actively expanding into various fields, and new application scenarios are gradually gaining strength in the field of industrial control: the company has laid out the complete connection solutions required for industrial robots and humanoid robots, and has mass-produced related products such as WAFER series connectors and WD series wire-to-board connectors in industrial robots; in the automotive sector: the company has cooperated deeply with BYD for more than ten years, using three-electric system connectors as the main product, while focusing on high-frequency high-speed connectors. New energy sector: The connectors needed by the company to expand household and commercial energy storage and charging applications are mainly used in inverters in the fields of photovoltaics, wind power, and energy storage. Customers have covered mainstream inverter suppliers at home and abroad, including well-known companies such as Sunshine Power, Aero Energy, and Shangneng Electric.
Risk warning: risk of demand fluctuations in downstream markets; risk of increased industry competition; risk of declining gross margin
