Fangzheng Securities: Chuangyitong's precision interconnection builds a solid foundation for business, diversifying layout awaits turning point in performance.

Fangzheng Securities recently pointed out in its research report that Chuangyitong Precision Interconnection has built a solid foundation for its business, with diversified layout awaiting the turning point in performance. The company's operating revenue is expected to increase from 462 million yuan in 2020 to 707 million yuan in 2025, with a CAGR of approximately 8.88%; it reached 136 million yuan in Q1 2026. With the expansion of new business and cost optimization, profitability is expected to steadily recover. The company's products cover areas such as new energy, consumer electronics, data storage, high-speed communication, and medical technology, forming a differentiated competitive advantage. As new energy and high-speed communication products gradually increase in volume, the company's customer coverage is expanding, with the sales concentration of the top five customers decreasing from 51.27% in 2020 to 42.66% in 2025. First-time coverage, no rating currently.