Event description April 22150freespinsnodepositThe company released its annual report of 2023 and quarterly report of 2024150freespinsnodepositThe company realized operating income and net profit of 31% respectively in 2023150freespinsnodeposit. 29 、 3150freespinsnodeposit.5.6 billion yuan, 2024Q1 realized operating income and net profit of 10.40 yuan and 162 million yuan respectively, an increase of 68.77% and 244.43% respectively over the same period last year, and an increase of 12.54% and 48.77% respectively over the previous quarter. Event reviews look at revenue growth drivers in terms of business break-up. The higher-than-expected growth of the company in the first quarter is mainly due to the continued high growth of the automobile business, the improvement of the traditional main business of the consumer electronics business and the stock of new machines for major customers. The volume of new products of BTB and electronic cigarette modules was obvious in the first quarter. With the recovery of downstream demand, the company's soft board business achieved high revenue growth in the first quarter. The two-wheel drive business of consumer electronics and automobiles led to a substantial increase in overall revenue and profits in the first quarter. Business structure of the company in 2023: the business income of radio frequency connectors and cable assemblies is 799 million yuan, accounting for 25.55%, 25.55%, 8.48%, 796 million yuan, 25.43%, 1.04%, 311 million yuan, 9.93%, 23.72%, respectively. The income of car connectors is 823 million yuan, accounting for 26.32%, 60.06%, 400 million yuan, and 12.77%, 7.96% respectively. Looking forward to 2024, we judge that the company as a whole is expected to achieve high growth. In the automotive business, the company has achieved multiple breakthroughs and occupied a high share in traditional automobile enterprises, new forces and H customers, ensuring the improvement of the profit contribution of the automobile business in recent years. In the traditional consumer electronics and new products business is expected to achieve high growth, the profitability of the new BTB and electronic cigarette module business is expected, in addition, the flexible board business throughout the year is expected to return to growth with the recovery of the IOT industry. Benefit from automobile intelligence, create the company's second growth curve. With the popularity of automobile intelligence and the upgrading of intelligent driving level from L2/L3 to L4/L5, the number of lidar, camera, screen and other equipment increases greatly, and the amount of data transmitted inside the vehicle increases sharply, which stimulates the demand for high-frequency and high-speed connectors. At present, the company's customers are mainly domestic brands such as Great Wall, Changan, Geely, BYD, etc. in the certification of overseas major customers, the company and H customers are deeply bound in terms of intelligent driving platform connectors and participate in the pre-development of their lidar connectors. therefore, there is a certain endorsement effect for the certification of other domestic lidar factories. Compared with international manufacturers such as Rosenberg and Tyco Electronics, the main advantage of Dianlian technology is that it brings faster product iteration speed due to customer response and high investment, which can maintain or even exceed the iterative speed of international manufacturers. In the future, the improvement of the company's automation rate and scale effect are expected to further control costs and enhance the profitability of the automotive connector business. We estimate that the company's parent net profit from 2024 to 2026 will be 6.03,7.98 and 1.01 billion yuan respectively, maintaining the company's "buy" rating. Risk tips 1, consumer electronics demand is lower than expected; 2, car connector demand is lower than expected. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
