万马股份：线缆高分子龙头，多业务协同加速发展

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.53 CNY based on a 13x price-to-earnings ratio for 2025 [2][5]. Core Insights - The company's cable business is expected to benefit from accelerated investment in the power grid, with a projected 24% year-on-year growth in power grid investment for the first half of 2024, the highest growth rate in two years [1]. - The high polymer material business is showing clear growth potential, driven by reduced import reliance for ultra-high voltage products, expansion in international markets, and cost optimization through upstream and downstream integration [1]. - The charging station business is entering a positive development phase, with a 33% year-on-year increase in external sales of charging equipment in 2023, supported by the growing demand for electric vehicle charging infrastructure [1]. Financial Summary - The company's revenue is projected to grow from 15,121 million CNY in 2023 to 22,621 million CNY by 2026, reflecting a compound annual growth rate of approximately 14.8% [4]. - Operating profit is expected to increase from 608 million CNY in 2023 to 1,247 million CNY in 2026, with a significant growth rate of 33.3% in 2024 [4]. - Net profit attributable to the parent company is forecasted to rise from 555 million CNY in 2023 to 1,001 million CNY in 2026, indicating a robust growth trajectory [4].