金杯电工：2024年三季报点评：电网业务稳步提升，海外拓展可期

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company achieved a cumulative operating revenue of 12.74 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 16% [1]. - The net profit attributable to shareholders reached 430 million yuan, up 18.9% year-on-year, while the net profit excluding non-recurring items was 380 million yuan, reflecting an 11.8% increase [1]. - The company has successfully expanded its overseas business, with exports of electromagnetic wire increasing by over 30% year-on-year in Q3 2024 [2]. - The transformer production capacity has been enhanced, with a new capacity of 10,000 tons for flat electromagnetic wire, leading to a 20% increase in overall shipment volume [2]. Summary by Sections Financial Performance - In Q3 2024, the company reported operating revenue of 4.8 billion yuan, a 14.8% increase year-on-year, and a net profit of 150 million yuan, up 23.5% year-on-year [1]. - The gross margin and net margin for the first three quarters of 2024 were 10.5% and 3.8%, respectively, with slight changes compared to the previous year [1]. - The company’s financial metrics indicate a strong control over expenses, with sales, management, and financial expense ratios showing minor fluctuations [1]. Shareholder Returns - The company announced a cash dividend distribution plan, proposing to distribute 2 yuan per 10 shares, totaling 150 million yuan, reflecting a strong dividend payout ratio [2]. Growth Prospects - Revenue forecasts for 2024-2026 are projected at 17.86 billion yuan, 20.33 billion yuan, and 23.23 billion yuan, with expected net profit growth rates of 20.6%, 14.8%, and 17.5% respectively [3]. - The company is positioned as a leader in the flat electromagnetic wire sector, benefiting from high demand in both domestic and international transformer markets [3].