军工核电仅此一家，特高压严重低估大龙头，主力重仓杀入

Core Insights - The company reported a net profit of 85.01 million, a year-on-year decline of 10.77%, while cash inflow reached 9.129 billion, indicating a strong operational cash generation capability despite profit decline [5][22][31] Group 1: Financial Performance - The significant cash inflow of 9.129 billion exceeds the operating revenue, suggesting robust sales and rapid cash collection [6][23] - The company received customer orders totaling 190 million, reflecting a year-on-year growth of 12.34%, indicating potential future revenue growth [8][25] Group 2: Industry Positioning - The company is not just a typical cable manufacturer but is deeply embedded in national strategic security as a "specialized supporting expert" [9][26] - It is a designated supplier of military-grade cables for aircraft, tanks, missiles, and submarines, holding a unique position in the market with high entry barriers [9][26] - The company also possesses nuclear power cable production capabilities, which are critical for the stringent supply chain requirements of clean base-load energy [9][27] Group 3: Business Model - The business model operates on a dual engine: one focuses on low-margin, high-volume civil products that generate substantial cash flow, while the other emphasizes high-barrier, high-margin specialized products [11][28] - Current profit decline may be attributed to increased investment in specialized products, which require longer development cycles but promise higher returns [11][32] Group 4: Valuation Considerations - The company has a dynamic price-to-earnings ratio of 59.4 and a price-to-book ratio of 3.56, indicating that the market is pricing in future growth rather than current profit levels [12][29] - The high valuation reflects the company's unique qualifications and strategic positioning in military and nuclear sectors, as well as its advanced technology capabilities in high-voltage and subsea cables [12][29] Group 5: Strategic Outlook - The market appears to be betting on the future delivery of specialized orders, which could significantly enhance profit margins as they enter the delivery phase [13][30] - The financial report illustrates a company in an "investment phase" or at the "bottom of a cycle," suggesting that short-term profit fluctuations may be necessary for long-term strategic gains [14][32]