输变电设备 金杯电工（002533.SZ） 增持-A(首次) 核心业务保持增长，持续推进产能扩张与全球化布局 2025 年 5 月 23 日 公司研究/公司快报 公司近一年市场表现 事件描述 近日，金杯电工发布 2024 年度报告。2024 年全年，公司实现营业收 入 176.69 亿元，同比增长 15.54%；实现归母净利润 5.69 亿元，同比增长 8.78%。2025 年 Q1，公司实现营业收入 40.97 亿元，同比增长 16.32%。 归母净利润为 1.36 亿元，同比增长 1.84%。 事件点评 市场数据：2025 年 5 月 22 日 收盘价（元）： 9.57 核心业务持续增长，市场份额不断扩张。分业务来看，2024 年电磁线业 务出货量约 8.5 万吨，同比增长约 20%，营收突破 66 亿元，同比增长约 31%， 营收占公司总营收比重接近 40%，利润占比突破 40%。在特高压输变电领域， 公司获得多项特高压项目订单，配套台数同比增长超 20%。在新能源汽车领 域，深化与主流企业合作，拓宽产品应用范围。电线电缆业务 2024 年实现 营收 109.71 亿元，同比增长 8.63%。公司加大直 ...

Investment Rating - The report assigns an "Accumulate-A" rating to the company, indicating a positive outlook for its stock performance in the near term [1]. Core Insights - The company has demonstrated consistent revenue growth, achieving a total revenue of 17.669 billion yuan in 2024, a year-on-year increase of 15.54%. The net profit attributable to shareholders reached 569 million yuan, up 8.78% from the previous year [2][10]. - In Q1 2025, the company reported a revenue of 4.097 billion yuan, reflecting a 16.32% year-on-year growth, with a net profit of 136 million yuan, a 1.84% increase [2]. - The company is actively expanding its production capacity and global presence, with significant investments in new production lines and international facilities [6][10]. Business Performance - The core business segments are showing robust growth, particularly in the electromagnetic wire sector, which saw a shipment volume of approximately 85,000 tons in 2024, a 20% increase, and revenue exceeding 6.6 billion yuan, a 31% rise [4]. - The high-voltage transmission sector has secured multiple project orders, with a year-on-year increase of over 20% in supporting units [4]. - The electric wire and cable business generated 10.971 billion yuan in revenue in 2024, marking an 8.63% growth [4]. Financial Metrics - The company reported a diluted earnings per share (EPS) of 0.19 yuan and a return on equity (ROE) of 3.28% for 2024 [5]. - The gross margin for 2024 was 10.37%, a decrease of 0.92 percentage points year-on-year, while the net margin was 3.61%, down 0.26 percentage points [5]. - Projections for 2025-2027 indicate revenues of 20.283 billion yuan, 23.277 billion yuan, and 26.691 billion yuan, respectively, with net profits expected to reach 673 million yuan, 783 million yuan, and 964 million yuan [10][12]. Strategic Initiatives - The company is focusing on emerging sectors such as new energy, robotics, and artificial intelligence, which are expected to drive future growth [9]. - It is enhancing its product offerings in the electric vehicle market and expanding its applications in wind power, solar energy, and energy storage [9]. - The company plans to invest approximately 700 million yuan in establishing a production base in the Czech Republic, aiming to increase its international competitiveness [6].

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - Domestic and international cloud service providers have significantly increased capital expenditures in Q1, indicating a rising investment sentiment in the domestic power grid [4] - The power equipment capacity can reach 3-5 times that of computing chips, with the supply and distribution market expected to reach 73 billion yuan by 2026 [4] - The AIDC power equipment sector has seen a general increase in stock prices, with lead-acid batteries, HVDC, and UPS showing the highest gains [4] - The industry is characterized by a long power transmission chain, with global giants like Eaton and Schneider having established strong product lines and solution capabilities, while domestic companies are gaining competitive advantages [4] - The year 2025 is anticipated to be a pivotal year for AIDC construction, with significant capital expenditures expected from major cloud providers [4] Summary by Sections AIDC Power Equipment - Major cloud companies like Tencent and Alibaba have ramped up their AI computing infrastructure investments, with Tencent's capital expenditure reaching 27.48 billion yuan, up 91% year-on-year, and Alibaba's at 24.612 billion yuan, up 121% [4][16] - The global data center's IT load is projected to grow significantly, with a compound annual growth rate (CAGR) of 48% from 2024 to 2026 [4] - The AIDC power equipment sector is expected to benefit from the increasing demand for power supply equipment, including transformers and UPS systems [4] Grid Industry - In March 2025, the national power engineering investment reached 56.9 billion yuan, a decrease of 5.7% year-on-year, while the grid engineering investment was 52 billion yuan, an increase of 18.4% year-on-year [30] - The National Grid's investment in ultra-high voltage equipment is expected to see significant growth in 2025, with a projected annual investment exceeding 650 billion yuan [4] - The bidding results for the National Grid's transmission and transformation equipment show a total bid amount of 17.636 billion yuan, an increase of 12.7% year-on-year [60]

金 杯 电 工 股 份 有 限 公 司 一、股东会审议通过的权益分派方案 利润分配方案》为：以实施 2024 年度利润分配方案时股权登记日的总股本扣除 回购股份后为基数，向全体股东每 10 股派发现金股利 2.50 元（含税），不送红 股，也不以资本公积金转增股本。若在本次利润分配方案实施前公司总股本由于 可转债转股、股份回购、股权激励行权等原因而发生变化的，则按照分配比例不 金 杯 电 工 股 份 有 限 公 司 Gold Cup Electric Apparatus Co.,Ltd. 变的原则对分配总额进行调整。 Gold Cup Electric Apparatus Co.,Ltd. 证券代码：002533 证券简称：金杯电工 公告编号：2025-024 金杯电工股份有限公司 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。 特别提示： 份》等相关规定，金杯电工股份有限公司（以下简称"公司"或"本公司"）通 过回购专用证券账户持有的公司股份不享有参与利润分配的权利。 公司 2024 年度权益分派方案：以公司现有总股本剔除已回购股份 6,447,000 股后 ...

1、公司于 2025 年 4 月 23 日召开的 2024 年度股东会审议通过《2024 年度 利润分配方案》为：以实施 2024 年度利润分配方案时股权登记日的总股本扣除 回购股份后为基数，向全体股东每 10 股派发现金股利 2.50 元（含税），不送红 股，也不以资本公积金转增股本。若在本次利润分配方案实施前公司总股本由于 可转债转股、股份回购、股权激励行权等原因而发生变化的，则按照分配比例不 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：2025-024 金杯电工股份有限公司 2024 年度权益分派实施公告 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。 特别提示： 1、根据《公司法》《深圳证券交易所上市公司自律监管指引第 9 号-回购股 份》等相关规定，金杯电工股份有限公司（以下简称"公司"或"本公司"）通 过回购专用证券账户持有的公司股份不享有参与利润分配的权利。 公司 2024 年度权益分派方案：以公司现有总股本剔除已回购股份 ...

Group 1 - The article provides a comprehensive overview of the wire and cable industry, highlighting key listed companies and their business layouts [1][2][3] - Major listed companies in the wire and cable sector include Baosheng Co., Far East Co., Qifan Cable, and others, with a focus on their business operations and financial performance [2][3][6] - The industry is characterized by a significant presence in Jiangsu and Zhejiang provinces, with Baosheng Co. being a representative enterprise [3] Group 2 - Baosheng Co. leads the industry with a revenue of 354.44 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 5.36% [6][9] - Other companies like Far East Co. and Qifan Cable reported revenues ranging from 106 billion to 185 billion yuan, with Jingda Co. showing a notable growth rate of 22.38% [6][9] - The profitability of these companies varies, with Baosheng Co. having a relatively low net profit of 0.25 billion yuan despite its large revenue [6][9] Group 3 - The article discusses the business performance of various companies, indicating that Baosheng Co. has a dominant market position with 96.22% of its revenue coming from wire and cable operations [9][10] - Companies like Jingda Co. and Dongfang Cable have shown strong revenue growth rates of 27.35% and 24.27%, respectively, indicating robust development [9][10] - The article also notes that some companies, such as Qifan Cable and Sun Cable, experienced revenue declines of -3.55% and -14.38%, respectively, suggesting operational challenges [10] Group 4 - The article outlines the business plans of major companies in the wire and cable industry for 2024, emphasizing innovation and market expansion [14][16] - Baosheng Co. focuses on technological and business model innovation to enhance competitiveness, while Far East Co. is investing in smart manufacturing and digital production systems [14][16] - Other companies like Qifan Cable and Jingda Co. are also adapting their strategies to address market changes and explore new opportunities in clean energy and other sectors [14][16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a continuous optimization of its revenue structure, with the cable business accelerating the cultivation of new growth curves [1] - In 2024, the company achieved a revenue of 17.669 billion yuan, a year-on-year increase of 15.54%, and a net profit attributable to shareholders of 569 million yuan, up 8.78% year-on-year [4] - The electromagnetic wire business has seen a revenue increase of 30.69% year-on-year, contributing significantly to the overall revenue growth [5] - The company is expected to achieve revenues of 20.033 billion yuan, 22.598 billion yuan, and 25.444 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 706 million yuan, 786 million yuan, and 877 million yuan [6] Financial Performance - In Q1 2025, the company reported a revenue of 4.097 billion yuan, a year-on-year increase of 16.32%, and a net profit of 136 million yuan, up 1.85% year-on-year [4] - The gross profit margin for 2024 was 10.37%, a decrease of 0.92 percentage points year-on-year, while the gross profit margin for Q1 2025 was 10.00%, down 0.46 percentage points year-on-year [4] - The revenue from the electromagnetic wire segment reached 6.561 billion yuan in 2024, with a shipment of approximately 85,000 tons, a year-on-year increase of about 20% [5] - The wire and cable business generated a revenue of 10.971 billion yuan in 2024, reflecting an 8.63% year-on-year growth [5] Future Projections - The company anticipates a revenue growth rate of 13.4% in 2025, 12.8% in 2026, and 12.6% in 2027 [8] - The projected net profit growth rates are 24.2% for 2025, 11.3% for 2026, and 11.6% for 2027 [8] - The expected earnings per share (EPS) are 0.96 yuan in 2025, 1.07 yuan in 2026, and 1.20 yuan in 2027 [8]

Industry Overview - The domestic wire and cable industry chain is mature, with a wide range of downstream applications including engineering machinery, telecommunications, power, and construction [1] - The upstream materials for wire and cable production include copper, aluminum, and their alloys, as well as rubber and chemical industries for insulation materials [1][2] Key Companies - Major upstream suppliers include Tongling Nonferrous Metals Group, Chuanjiang New Materials, and Hailiang Co., Ltd. [2] - Key midstream manufacturers of power cables include TBEA and Qingdao Hancable, while major manufacturers of communication cables include Zhongtian Technology and Hengtong Group [2] Regional Distribution - The wire and cable companies are primarily located in economically developed eastern coastal regions, with Hebei, Guangdong, Zhejiang, and Shandong being the main provinces [5] - As of March 31, 2025, Hebei has 3,944 related wire and cable companies, while Guangdong and Zhejiang have 3,507 and 2,464 respectively [5] Market Dynamics - The industry has formed a coastal wire and cable equipment industrial circle, particularly in Jiangsu and Zhejiang, reflecting strong manufacturing capabilities and developed capital markets in these regions [8] - A total of 38 publicly listed companies in the wire and cable sector are distributed across 14 provinces, with Jiangsu having the highest number at 9 [7]

Summary of Jinbei Electric's Conference Call Company Overview - **Company**: Jinbei Electric - **Industry**: Electric Wire and Cable Manufacturing Key Financial Performance - In Q1 2025, Jinbei Electric reported revenue of **4.097 billion** yuan, a year-on-year increase of **16.32%** [2][3] - Net profit attributable to shareholders was **136 million** yuan, up **1.84%** year-on-year [2][3] - Cash flow increased by **8.37%** year-on-year, indicating stable operational performance despite market challenges [2][3] Business Segment Performance - The business structure is becoming more balanced, with battery wires and electric wires/cables contributing approximately **40%** and **60%** to revenue, respectively [2][4] - Battery wire profits grew over **50%** due to investments in the power grid and demand from new energy vehicles [2][4] - Sales of flat wires for new energy vehicles and industrial motors increased by **38%** and **31%**, respectively [2][6] - Clean energy cable shipments (wind and solar) surged over **300%**, while industrial cable shipments for charging stations grew over **500%** [2][6] Market and Export Developments - Direct export shipments increased by over **10%** year-on-year, with significant sales to Europe, the Middle East, Central Asia, East Asia, and Southeast Asia [2][6] - The company released its first ESG report, emphasizing its commitment to sustainable development [2][6] Impact of Copper Price Fluctuations - Copper prices rose by **10%** year-on-year in Q1 2025, impacting profit margins [9][10] - The electronic wire segment, using a direct sales model and copper price hedging, experienced minimal profit impact from copper price fluctuations [8][10] - The power cable segment, which operates on a distribution model, faces exposure risks; however, overall profit impact from copper price changes remains limited [7][8] Future Outlook - The company anticipates continued revenue and profit growth in Q2 2025, contingent on stable copper prices [22] - Despite challenges in the real estate market affecting cable demand, strategic investments in power grid projects are expected to improve performance [15][22] - The company has over **3 billion** yuan in orders, with delivery cycles ranging from six months to one and a half years [21] Emerging Business and Market Trends - Demand for industrial applications, including industrial robot cables and charging station cables, is driving business growth [24] - The company is expanding its presence in the European market, with a factory expected to be operational by the end of the year [23] Conclusion - Jinbei Electric is navigating a challenging market environment with a balanced business structure and strategic investments, positioning itself for future growth despite external pressures from copper prices and real estate market fluctuations [2][3][7][15]

Core Viewpoint - The company has released its first quarter report for 2025, highlighting significant changes in financial metrics and operational performance, with a focus on transparency and compliance with regulatory standards [2][14]. Financial Data Summary Major Accounting Data and Financial Indicators - The company reported a 51.39% decrease in cash and cash equivalents compared to the end of the previous year, primarily due to investments in bank wealth management products and increased operational expenditures [5]. - Trading financial assets increased by 823.11%, attributed to the purchase of bank wealth management products and increased floating income from hedging tools [5]. - Prepayments rose by 92.25%, reflecting higher raw material procurement costs [5]. - Other receivables increased by 51.13%, mainly due to higher guarantee deposits [5]. - Inventory grew by 39.50%, driven by an increase in finished goods and work-in-progress [5]. - Construction in progress increased by 30.14%, linked to expansion projects in subsidiaries [5]. - Short-term borrowings rose by 91.06%, reflecting increased business volume and short-term funding needs [5]. - Other comprehensive income surged by 1098.66%, mainly due to changes in cash flow hedging [5]. Profit and Loss Statement - Financial expenses increased by 98.29%, due to reduced interest income and increased discount expenses [6]. - Other income grew by 51.62%, attributed to tax deductions for advanced manufacturing enterprises [6]. - Investment income rose by 54.11%, linked to increased ineffective hedging gains [6]. - Fair value changes in income increased by 303.13%, primarily from foreign exchange hedging gains [6]. - Credit impairment losses increased by 105.83%, due to a decrease in bad debt recoveries [6]. - Asset disposal income decreased by 149.14%, reflecting lower gains from the sale of idle equipment [6]. Cash Flow Statement - Net cash flow from investing activities decreased by 46.4%, primarily due to increased investments in bank wealth management products and long-term assets [7]. - Net cash flow from financing activities increased by 286.40%, mainly due to an increase in bill discounts [7]. Shareholder Information - The company confirmed that there were no changes in the top ten shareholders or significant shareholders participating in the securities lending business [8]. Board Meeting and Governance - The company held its 11th temporary board meeting on April 27, 2025, with all nine directors present, ensuring compliance with legal and regulatory requirements [12]. - The board approved the first quarter report with unanimous support [13]. Other Important Matters - The company also approved the 2024 Environmental, Social, and Governance (ESG) report during the same board meeting [15].