Investment Rating - The investment rating for the company is "Accumulate" [5] Core Viewpoints - The company is expanding its flat electromagnetic wire production capacity to meet the growing demand from domestic transformer and new energy vehicle sectors, with a total production capacity of 95,000 tons by the end of 2023 [1] - The company achieved overseas sales of 413 million yuan in 2023, a year-on-year increase of 25.68%, primarily through direct exports of flat electromagnetic wire [2] - The establishment of a wholly-owned subsidiary aims to enhance the competitiveness of flat electromagnetic wire products in the international market [4] - The company is expected to see rapid growth in its electromagnetic wire business due to strong downstream demand and capacity expansion, with projected net profits of 619 million yuan, 731 million yuan, and 860 million yuan for 2024-2026, representing growth rates of 18.38%, 18.08%, and 17.66% respectively [18] Summary by Sections Production Capacity Expansion - The company has initiated a capacity expansion project for transformer wire products, adding 10,000 tons per year, which has already commenced production [1] - Additional capacity of approximately 5,000 tons per year will be released throughout the year from ongoing technical upgrades at the Wuxi and Xiangtan bases [1] - The company is progressing with a comprehensive capacity expansion project in the new energy vehicle motor sector, aiming for a total capacity of 50,000 tons by the second half of 2025 [1] Overseas Market Development - The company is actively exploring opportunities in the overseas power market, with a focus on Europe, South America, Southeast Asia, and Japan [2] - A market assessment was conducted in May to understand local economic conditions, labor, taxation, and customer needs, which is part of the feasibility study for overseas expansion [2] Financial Projections - The company forecasts revenue growth from 15.83% in 2023 to 12.52% by 2026, with projected revenues of 15.293 billion yuan in 2023 and 22.282 billion yuan in 2026 [19] - The expected earnings per share (EPS) are projected to increase from 0.71 yuan in 2023 to 1.17 yuan in 2026 [19]

1、公司名称：无锡统力国际贸易有限公司 2、统一社会信用代码：91320205MADNG4TQ7R 3、类型：有限责任公司（非自然人投资或控股的法人独资） 4、注册地址：无锡市锡山区东港镇朝阳村勤工路 22 号办公楼 2F 北-3/4 室 5、法定代表人：陈海兵 6、注册资本：1,000 万元人民币 7、成立日期：2024 年 6 月 3 日 8、经营范围：一般项目；货物进出口；技术进出口；进出口代理；电工器 金 杯 电 工 股 份 有 限 公 司 Gold cup Electric Apparatus Co.,Ltd. 证券代码：002533 证券简称：金杯电工 公告编号：2024-035 金杯电工股份有限公司 关于控股公司成立全资子公司并取得营业执照的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 在当前全球能源结构转型及电力设备更新升级等因素叠加推动下，国内外变 压器需求旺盛，从而也带动变压器关键配套材料扁电磁线产品需求的快速增长。 金杯电工股份有限公司（以下简称"公司"）深耕变压器用扁电磁线行业几十年， 在满足国内需求的同时，已实现海外直接出口。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company is a leading player in the flat electromagnetic wire sector, benefiting from accelerated investment in the electric power sector. It has maintained a strong market position in the central and southwestern regions of China, achieving a sales revenue of over 10 billion yuan in 2023, with a year-on-year growth of 17% [2][19]. - The company has a stable shareholding structure, with significant support from multiple subsidiaries, ensuring operational efficiency [11][29]. - The company is expected to achieve revenues of 17.51 billion yuan, 19.88 billion yuan, and 22.62 billion yuan from 2024 to 2026, with net profits of 590 million yuan, 694 million yuan, and 790 million yuan respectively, corresponding to PE ratios of 12.07, 10.26, and 9.01 [3][19]. Summary by Sections Company Overview - The company is a veteran in the wire and cable industry, having established a comprehensive layout through mergers and acquisitions. It has been a leader in the industry for over 70 years and has developed a strong brand presence [11][28]. Financial Situation - The company reported a total revenue of 15.29 billion yuan in 2023, with a year-on-year increase of 15.83%. The net profit attributable to shareholders reached 523 million yuan, reflecting a growth of 41.12% [31][19]. Research and Development - The company has a leading position in R&D investment within the industry, with a total R&D expenditure of 498 million yuan in 2023, representing a 3% R&D expense ratio. The number of R&D personnel reached 852, indicating a strong commitment to innovation [16][60]. Dividends - The company has a high dividend payout strategy, with a total dividend of 300 million yuan in 2023, marking a 16.73% increase year-on-year. The dividend rate reached 50.68%, with a dividend yield of 4.95% [19][64]. Industry Analysis - The electric wire and cable industry has a broad market space, with significant growth potential driven by increasing demand in the power sector. The market concentration is low, with a CR5 of 8.5%, indicating opportunities for consolidation and growth [2][73]. Competitive Advantages - The company has established a strong brand presence and competitive advantages through differentiated products and capacity expansion. It has successfully penetrated both domestic and international markets, enhancing its market position [19][20].

金 杯 电 工 股 份 有 限 公 司 Gold cup Electric Apparatus Co.,Ltd. 证券代码：002533 证券简称：金杯电工 公告编号：2024-034 金杯电工股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 金杯电工股份有限公司（以下简称"公司"）于2023年11月8日召开第六届 董事会第二十六次会议，审议通过了《关于回购公司股份方案的议案》，同意公 司使用自有资金以集中竞价交易方式回购公司发行的A股社会公众股份，回购的 股份将全部用于员工持股计划或者股权激励。回购资金总额不低于人民币4,000 万元（含），不超过人民币8,000万元（含），回购价格不超过11.3元/股（含）， 具体回购股份的数量、金额以回购期满时实际回购的股份数量、金额为准。回购 期限为自公司董事会审议通过本次回购方案之日起12个月内。具体内容详见公司 分别于2023年11月9日和2023年11月14日披露的《关于回购公司股份方案的公告》 （公告编号：2023-046）和《回购报告书》（公告编号：2023-048）。 ...

截至2024年4月30日，公司通过股份回购专用证券账户以集中竞价方式累计 回购公司股份6,447,000股，占公司总股本的0.8784%，其中，最高成交价为8.30 元/股，最低成交价为6.79元/股，成交金额50,082,382.30元（不含交易费用）。本 次回购股份符合公司既定的回购股份方案及相关法律法规的要求。 二、其他说明 金 杯 电 工 股 份 有 限 公 司 Gold cup Electric Apparatus Co.,Ltd. 证券代码：002533 证券简称：金杯电工 公告编号：2024-032 金杯电工股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 金杯电工股份有限公司（以下简称"公司"）于2023年11月8日召开第六届 董事会第二十六次会议，审议通过了《关于回购公司股份方案的议案》，同意公 司使用自有资金以集中竞价交易方式回购公司发行的A股社会公众股份，回购的 股份将全部用于员工持股计划或者股权激励。回购资金总额不低于人民币4,000 万元（含），不超过人民币8,000万元（含），回购价格不超过1 ...

Revenue and Profit - Revenue for Q1 2024 reached ¥3,521,897,664.14, an increase of 19.01% compared to ¥2,959,331,924.98 in the same period last year[4] - Net profit attributable to shareholders was ¥133,951,868.57, up 16.58% from ¥114,898,262.24 year-on-year[4] - Net profit after deducting non-recurring gains and losses was ¥124,369,056.60, reflecting a 19.10% increase from ¥104,421,466.64 in the previous year[4] - Basic earnings per share rose to ¥0.183, a 16.56% increase from ¥0.157 in the same period last year[4] - Operating profit for Q1 2024 was ¥169,049,657.25, up from ¥151,300,735.49 in Q1 2023, reflecting a growth of approximately 12%[19] - Net profit attributable to the parent company for Q1 2024 was ¥133,951,868.57, compared to ¥114,898,262.24 in Q1 2023, representing an increase of about 16.6%[19] - Other comprehensive income after tax for Q1 2024 was ¥22,183,139.42, significantly higher than ¥7,365,809.04 in Q1 2023[19] Assets and Liabilities - Total assets decreased by 7.17% to ¥8,291,773,875.69 from ¥8,932,047,615.99 at the end of the previous year[4] - Total liabilities decreased to ¥3,882,998,999.99 in Q1 2024 from ¥4,647,066,215.55 in Q1 2023, a reduction of about 16.4%[17] - The company’s equity attributable to shareholders increased by 2.98% to ¥3,987,780,569.88 from ¥3,872,488,359.08 at the end of the previous year[4] - Accounts receivable amounted to 2,259,298,628.64 CNY, up from 2,035,071,240.02 CNY in the previous period[15] Cash Flow - Cash flow from operating activities showed a net outflow of ¥1,041,484,278.12, worsening by 32.16% compared to a net outflow of ¥788,043,654.82 in the previous year[4] - The net cash flow from operating activities decreased by 32.16% to -1,041,484,278.12 CNY compared to the previous period, primarily due to increased cash payments for notes payable and employee compensation[12] - Total cash inflow from operating activities was 3,362,714,876.25 CNY, up from 2,966,495,050.96 CNY, representing an increase of about 13.3%[21] - Cash outflow from operating activities increased to 4,404,199,154.37 CNY from 3,754,538,705.78 CNY, reflecting a rise of approximately 17.3%[21] - Cash flow from investment activities was -123,578,182.26 CNY, an improvement from -187,175,563.93 CNY in the previous period, showing a reduction in losses by about 34%[21] - The net cash flow from financing activities decreased by 114.02% to -56,605,471.71 CNY, attributed to increased cash payments for debt repayment and share repurchases, along with decreased cash received from borrowings[12] Inventory and Other Income - Inventory increased by 36.30% to ¥1,585,761,910.78, driven by higher stock levels of finished goods and work in progress[10] - Other income surged by 170.32% to ¥20,933,254.01, primarily due to increased tax credit benefits[11] - The company reported a significant increase in trading financial assets, which rose by 424.60% to ¥107,929,853.64, attributed to investments in bank wealth management products[9] - The company reported a total operating cost of ¥3,385,634,120.14 in Q1 2024, which is an increase from ¥2,818,762,077.81 in Q1 2023, representing a rise of approximately 20%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period was 33,562, with the largest shareholder holding 15.69% of shares[13] - The top ten shareholders collectively hold significant stakes, with the largest shareholder, Shenzhen Nengxiang Investment Development Co., Ltd., holding 115,188,480 shares[13] Research and Development - Research and development expenses increased to ¥107,082,019.78 in Q1 2024, up from ¥92,162,337.16 in Q1 2023, marking a rise of approximately 16.2%[18]

湖南启元律师事务所 关于金杯电工股份有限公司 2023年度股东大会的 法律意见书 2024年4月 致：金杯电工股份有限公司 湖南启元律师事务所（以下简称"本所"）接受金杯电工股份有限公司（以下 简称"公司"）的委托，指派本所律师出席了公司 2023 年度股东大会（以下简称"本 次股东大会"），对本次股东大会的召集和召开程序、出席会议人员及召集人的资 格、表决程序和表决结果的合法有效性进行现场律师见证，并发表本法律意见。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下 简称"《股东大会规则》"）、《深圳证券交易所上市公司股东大会网络投票实施细 则》（以下简称"《网络投票实施细则》"）等我国现行法律、法规、规范性文件 以及《金杯电工股份有限公司章程》（以下简称"《公司章程》"）等有关规定出 具本法律意见书。 本所及本所律师声明如下： （一）本所律师根据本法律意见书出具日以前已经发生或者存在的事实，严 格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证， 保证本法律意见书所认定的事实真实、准确、完 ...

2023 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 金 杯 电 工 股 份 有 限 公 司 Gold cup Electric Apparatus Co.,Ltd. 证券代码：002533 证券简称：金杯电工 公告编号：2024-030 金杯电工股份有限公司 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 3、现场会议召开地点：公司技术信息综合大楼501会议室（湖南长沙市高新 技术产业开发区东方红中路580号）。 4、会议投票方式：本次会议采取现场投票、网络投票相结合的方式。 5、会议主持人：公司董事长吴学愚先生。 6、会议出席情况： 出席本次会议的股东及股东代表共计 23 名，代表有表决权的股份 305,834,034 股，占公司股份总数的 41.6701%。 1、会议召集人：公司董事会。 2、会议召开时间： （1）现场会议召开时间：2024年4月22日14:00； （2）网络投票时间： ①通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 ...

[Table_Title] 金杯电工（002533）2023年报点评 [Table_Report 相关研究 ] 《盈利增长符合预期，电磁线下游需 求高景气》 金杯电工 沪深300 【投资建议】 【风险提示】 [Table_yemei] 金杯电工（002533）2023 年报点评 东方财富证券股份有限公司（以下简称"本公司"）具有中国证监会核准的证券投资咨询业务资格 分析师申明： 作者具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，保证报告所采用的数据均来 自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确地反映了作者的研究观点，力求独立、客观和 公正，结论不受任何第三方的授意或影响，特此声明。 投资建议的评级标准： 报告中投资建议所涉及的评级分为股票评级和行业评级（另有说明的除外）。评级标准为报告发布日后3到12 个月内的相对市场表现，也即：以报告发布日后的3到12个月内的公司股价（或行业指数）相对同期相关证 券市场代表性指数的涨跌幅作为基准。其中：A股市场以沪深300指数为基准；新三板市场以三板成指（针对 协议转让标的）或三板做市指数（针对做市转让标的）为基准；香港市场以恒生指数为基准 ...

公 司 研 究 / 电 气 设 备/ 证 券 研 究 报 告 [Table_Title] 金杯电工（002533）2023年报点评 [【投资要点】 Table_Summary] | --- | --- | |-------------------------------|-------------| | | | | [Table_ 基本数据 Basedata ] | | | 总市值（百万元 ) | 7588.95 | | 流通市值（百万元 ) | 6488.35 | | 52 周最高/最低（元） | 10.80/6.67 | | 52 周最高/最低（ PE） | 15.57/11.12 | | 52 周最高/最低（PB） | 2.04/1.34 | | 52 周涨幅（ %） | 45.39 | | 52 周换手率（%） | 585.93 | [Table_Rank] 增持（维持） [Table_ 东方财富证券研究所 Author] 《Q3 业绩略有下滑，扁电磁线业务发 展迅猛》 金杯电工 沪深300 2022.11.03 公司战略清晰，致力于巩固和提升扁电磁线全球龙头地位，并积极布局超 导等前瞻业务。受益于下 ...