新能源汽车用扁电磁线猛增 金杯电工业绩逆势双增长

Core Viewpoint - Jinbei Electric (002533.SZ) reported a revenue of 17.669 billion yuan for 2024, marking a year-on-year growth of 15.54%, and a net profit attributable to shareholders of 569 million yuan, up 8.78% year-on-year. The company also announced a dividend of 4.5 yuan per 10 shares, with a dividend payout ratio of 57.57% [1] Group 1: Business Performance - The company’s revenue from the flat electromagnetic wire segment, particularly for new energy vehicles, saw a significant increase, with a shipment volume growth rate exceeding 60%, making it one of the most promising business units [1] - The flat electromagnetic wire segment achieved a shipment volume of over 84,000 tons (+19.74%) and revenue of 6.609 billion yuan (+31.65%), with the shipment volume for new energy vehicle flat wire surging by 60% [1] - Traditional wire and cable business remains a pillar for the company, generating revenue of 10.971 billion yuan in 2024, reflecting an 8.63% year-on-year growth, accounting for 62.09% of total revenue [2] Group 2: Strategic Developments - Jinbei Electric is accelerating its expansion into other growth areas, including industrial cables, with new products such as ultra-flexible drag chain cables and aluminum alloy core soft cables for photovoltaic systems [2] - The company is actively increasing production capacity, with a new 10,000-ton transformer flat wire capacity set to be operational in Q2 2024, and ongoing construction of a 30,000-ton capacity for vehicle flat wire in Xiangtan [2] - The company is pursuing a dual-engine strategy, balancing traditional and emerging business growth, to navigate industry cycles effectively [2]