金杯电工：2024年半年报业绩点评：受益特高压景气销量高增，拟收购德力布局工业电缆赋能海外

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company achieved a total revenue of 7.945 billion yuan in the first half of 2024, representing a year-on-year growth of 16.74%, with a net profit attributable to shareholders of 276 million yuan, also up by 16.52% [1][2] - The company plans to acquire 100% of Delixi Conductor Technology Co., Ltd. for 55 million yuan to expand its industrial cable sector and enhance its overseas business capabilities [2] - The company is a global leader in flat electromagnetic wire and is expected to maintain steady growth due to high demand in various downstream sectors [2] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 7.945 billion yuan, a 16.74% increase year-on-year, and a net profit of 276 million yuan, up 16.52% [1] - The second quarter of 2024 saw revenues of 4.423 billion yuan, a 14.99% increase, and a net profit of 142 million yuan, reflecting a 16.46% growth [1] Product Performance - Revenue from electromagnetic wire reached 2.889 billion yuan, a 32.40% increase, with sales volume of 4.11 thousand tons, up 24.56% [1] - The company has seen a 199.38% increase in sales of electromagnetic wire for electric vehicles, with over 10 new designated customers added in the first half of 2024 [1] Market Development - The company is actively expanding its overseas market presence, participating in major international exhibitions and establishing a wholly-owned subsidiary for international trade [2] - The company has successfully developed multiple large-scale clients in the energy market and has achieved significant sales with major power generation groups [1][2] Profit Forecast and Valuation - The profit forecast for the company remains unchanged, with expected net profits of 601 million yuan, 741 million yuan, and 911 million yuan for 2024, 2025, and 2026 respectively [2] - The current price-to-earnings ratio (P/E) is projected to be 11, 9, and 7 times for the years 2024, 2025, and 2026 respectively [2]