云路股份首次覆盖报告：云开路长，拾阶而上

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of 78.30 CNY [2][3][13] Core Insights - The company is a global leader in amorphous materials and is actively expanding into nanocrystalline and magnetic powder businesses, benefiting from strong downstream demand driven by global grid upgrades and emerging application scenarios [2][15] - The forecasted EPS for 2024-2026 is 3.17, 3.64, and 4.21 CNY respectively, with a corresponding PE of 24.7x for 2024 [2][10][13] - The company aims to become a comprehensive solution provider in the soft magnetic materials sector, leveraging its technological advantages and expanding its product offerings [2][15] Summary by Sections 1. Investment Recommendations - The company is positioned as a soft magnetic platform enterprise, driving high-quality development [9][15] 2. Business Overview - The company is the largest producer of amorphous strip materials globally, with a capacity of 90,000 tons, and is expanding into nanocrystalline and magnetic powder sectors [2][15] - The company has established a strong R&D foundation, with significant advancements in product development and production capabilities [15][17] 3. Industry Position and Demand - The demand for amorphous materials is expected to grow due to grid upgrades and new applications in regions like India, the US, and Europe [2][10] - The company is well-positioned to benefit from the increasing demand in the domestic market for distribution transformers and photovoltaic power stations [2][10] 4. Financial Performance - Revenue projections for 2024-2026 are 19.43 billion, 21.94 billion, and 24.93 billion CNY, with corresponding net profits of 3.80 billion, 4.37 billion, and 5.05 billion CNY [10][12] - The company has shown a strong growth trajectory, with a significant increase in revenue and net profit over the past years [12][10] 5. Valuation - The report utilizes both PE and PB valuation methods, concluding with a target price of 78.30 CNY per share based on a conservative approach [13][2]