金杯电工：受益于电网、电动车技术升级的线缆龙头

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of 10.36, indicating an 18% upside potential from the current price of 8.79 [2][16]. Core Views - The company is expected to benefit from the increasing demand for power distribution transformers and the rising penetration of flat wire in electric vehicle motors, leading to significant growth in its electromagnetic wire business [3][14]. - The company is recognized as a leading player in the wire and cable industry in China, with a strong brand portfolio and multiple production bases [3][18]. - The report highlights the robust growth prospects driven by domestic and international investments in power infrastructure and the transition to new energy systems [3][29]. Summary by Sections Investment Recommendations and Valuation - The report forecasts net profits for the company to be 611 million, 698 million, and 813 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.83, 0.95, and 1.11 yuan [3][14]. - The revenue growth rates for the cable and electromagnetic wire segments are projected at 14% to 15% and 26% to 22% for the next three years, respectively [14][15]. Company Overview - The company has expanded its cable and electromagnetic wire layout through multiple acquisitions, establishing itself as a leader in the industry with applications in power distribution, new energy vehicles, and nuclear power [18][19]. - The founder has extensive experience in the wire and cable industry, ensuring stable control over the company [26][27]. Market Dynamics - The report notes that the demand for power distribution transformers is increasing due to the acceleration of new power system construction in China, driven by renewable energy integration [29]. - The company is well-positioned to capitalize on the growing demand for flat electromagnetic wire in electric vehicle motors, which offers advantages in power and size [3][20]. Financial Performance - The company’s financial metrics indicate a strong performance, with a projected revenue increase from 15.29 billion yuan in 2023 to 25.12 billion yuan by 2026 [7][15]. - The report emphasizes the company's effective cost management, with low inventory and accounts receivable turnover days, contributing to high profit quality [24][25].