受益于优质稳定客户资源和下游应用旺盛需求，公司业绩向好公司凭借优质客户（立讯精密、比亚迪等），以及消费类电子连接器、新能源汽车连接器快速放量，营收从2017 年的4.6 亿快速增长至2019 年的7.2 亿，CAGR 达25.5%。2020 年前三季实现营收5.8 亿元（同比+17.3%），实现归母6822 万元（+22.4%），扣非归母6665 万（+24.1%）。Q3 单季，公司实现营收2.6 亿元（同比+33.5%，环比+34.0%），归母2946 万元（同比+13.6%，环比+33.3%）。营收、利润维持双高增速。产品持续迭代下毛利率稳中有升，2020 年前三季度毛利率为28.12%，同比+2.29pct。
新能源汽车连接器打开增量空间，2025 年国内300 亿市场中国已超欧美成为全球最大的连接器市场（2017 年规模占比为32%），其中汽车类应用占比24%。而新能源汽车连接器为从0-1 的新增量市场，其作为安全件搭载在高压构架（大于700V），用于稳定传输动力电池与各高压零部件间的电力与信号，单车价值量由传统车650 元均价提升至新能源汽车的1300 元，带动2025 年国内达到300 亿、全球800 亿规模市场。前三厂商（泰科、矢崎及德尔福）占据7 成份额，国内厂商有望在电动化趋势中撕开原本封闭的供应体系，目前包括公司在内的厂商逐步向电动车领域扩展，处国产化进行时。
“核心技术+品牌客户”构建竞争力，募投项目提升盈利能力公司以消费类电子连接器及组件、新能源汽车连接器及组件为拳头产品。一方面，持续拓展汽车业务，目前为比亚迪供应软硬连接产品（电池套环、电池连接片等）、以及BMS 采样线束连接器产品（K8/K9 大巴车电池线束、E5 乘用车电池线束等），2019 年比亚迪营收占比5.8%（2018 年为7.5%），后续将持续向长城汽车、上汽五菱等车企开拓品类。另一方面，募投新项目缓释产能压力，新增电池精密结构件项目（投资6629 万元，年产能0.47 亿件，达产后年均净利润1627 万元，税前内部收益率17%），盈利能力有望上行。
风险提示：
下游市场需求波动风险，新项目建设不及预期风险。
投资建议：预计20/21/22 年EPS 分别为0.73/0.94/1.19 元，对应PE 分别42.4/32.9/26.0 倍，首次覆盖，给予增持评级。
Benefiting from high-quality and stable customer resources and strong demand for downstream applications, the company's performance is good. With the rapid expansion of high-quality customers (Lixun Precision, BYD, etc.), as well as consumer electronic connectors and new energy vehicle connectors, revenue has increased rapidly from 460 million in 2017 to 720 million in 2019, with CAGR reaching 25.5%. In the first three quarters of 2020, revenue was 580 million yuan (+ 17.3% compared with the same period last year), 68.22 million yuan (+ 22.4%) was returned to the mother, and 66.65 million (+ 24.1%) was deducted from non-return to the mother. Q3 in a single quarter, the company achieved revenue of 260 million yuan (year-on-year + 33.5%, month-on-month + 34.0%) and returned to its mother of 29.46 million yuan (year-on-year + 13.6%, month-on-month + 33.3%). Revenue and profit maintain double high growth rate. Under the continuous iteration of the product, the gross profit margin increased steadily, with a gross profit margin of 28.12% in the first three quarters of 2020, which was + 2.29pct compared with the same period last year.
New energy vehicle connectors open up incremental space. China's domestic 30 billion market in 2025 has overtaken Europe and the United States to become the world's largest connector market (32% in 2017), of which automotive applications account for 24%. The new energy vehicle connector is a new incremental market from 0-1, which is carried in a high-voltage frame (greater than 700V) as a safety component, which is used to stably transmit power and signals between power batteries and high-voltage parts. the average price of a single car has risen from 650 yuan of traditional cars to 1300 yuan of new energy vehicles, driving the domestic market to reach 30 billion and the global market of 80 billion in 2025. The first three manufacturers (Tyco, Yazaki and Delphi) account for 70% of the share. Domestic manufacturers are expected to tear up the originally closed supply system in the trend of electrification. At present, manufacturers, including companies, are gradually expanding into the field of electric vehicles.
"Core technology + brand customers" to build competitiveness, fund-raising projects to enhance profitability the company takes consumer electronic connectors and components, new energy vehicle connectors and components as leading products. On the one hand, BYD continues to expand its automotive business, currently supplying BYD with soft and hard connection products (battery rings, battery connectors, etc.) and BMS sampling harness connector products (K8/K9 bus battery harness, E5 passenger car battery harness, etc.). BYD accounted for 5.8% of revenue in 2019 (7.5% in 2018), and will continue to develop products to auto companies such as Great Wall Motor and SAIC Wuling. On the other hand, the fund-raising and investment of new projects will slow down the production pressure and add new battery precision structure projects (an investment of 66.29 million yuan, an annual production capacity of 47 million pieces, an average annual net profit of 16.27 million yuan after reaching production, and an internal rate of return of 17% before tax), and profitability is expected to rise.
Risk Tips:
The risk of demand fluctuation in the downstream market, the new project construction is less than the expected risk.
Investment suggestion: in 20-21-22, the annual EPS is estimated to be 0.73, 0.94, respectively, 1.19 yuan, corresponding to PE, respectively, 42.4, 32.9, and 26.0 times, covering for the first time and giving an overweight rating.
