特高压＋新能源双轮驱动，电磁线领域 “单项冠军”，宏远股份明日上市会如何表现？

Company Overview - Hongyuan Co., Ltd. specializes in the research, production, and sales of electromagnetic wires, having established itself as a national "Manufacturing Single Champion" and a "Specialized, Refined, Characteristic, and Innovative" small and medium-sized enterprise in Liaoning Province [1][2] - The company was founded by the Yang brothers, who initially relied on family technology and resources to start the business, overcoming significant challenges in the early stages [1] Industry Position - Hongyuan is one of the earliest companies in China to engage in the research and production of high-voltage transformer electromagnetic wires, holding a significant leading position in the ultra and extra-high voltage transformer wire sector [2] - The company has achieved major milestones in applying its products to ultra and extra-high voltage projects, with a market share of 24.43% and 29.63% in recent national grid projects [2] Market Demand - The electromagnetic wire industry is experiencing continuous growth due to the recovery of the global economy and the rise of emerging markets, with China being the largest producer and exporter of electromagnetic wires, accounting for approximately 50% of global production [3] - The demand for high-voltage transformers is expected to increase, supported by significant investments in renewable energy, with installed capacities for wind and solar power projected to grow by 18.00% and 45.20% respectively in 2024 [3] Financial Performance - The company is projected to achieve revenues of CNY 1.311 billion, CNY 1.461 billion, and CNY 2.072 billion from 2022 to 2024, with year-on-year growth rates of 31.10%, 11.47%, and 41.84% respectively [4] - Net profits are expected to grow from CNY 50 million in 2022 to CNY 101 million in 2024, with growth rates of 6.25%, 28.94%, and 57.14% [4] IPO and Investment Plans - Hongyuan's IPO will issue 35.28 million new shares, raising CNY 323.6 million, which will be allocated to four projects and working capital [4] - Key investment projects include the digital upgrade of production lines and the establishment of a production base for special electromagnetic wires for new energy vehicles [4] Valuation and Market Sentiment - The company has a notable valuation advantage with an issuance price-to-earnings ratio of 11.44, compared to an average of 23.57 for comparable companies [6][7] - Recent trends indicate strong performance for new stocks in the market, with average first-day gains for new listings on the North Exchange reaching 345.32% [6][7]