球冠电缆：电网需求拉动三季度业绩高增长

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company experienced significant revenue growth in Q3, achieving a revenue of 974 million yuan, which represents a year-on-year increase of 58.38%. This growth was primarily driven by increased orders from major markets such as the State Grid and Southern Grid [2] - The company's gross margin for Q3 was 7.33%, reflecting a decrease of 4.17 percentage points year-on-year and a decline of 5.27 percentage points quarter-on-quarter. This decline was attributed to falling cable product prices and significant fluctuations in copper prices, which increased costs and squeezed margins [2] - The net profit attributable to the parent company after deducting non-recurring gains and losses for Q3 was 26.57 million yuan, up 51.10% year-on-year [2] Financial Data - As of December 24, 2024, the company's closing price was 7.98 yuan, with a total market capitalization of 2.158 billion yuan and a total share capital of 270 million shares [3] - For the first three quarters of 2024, the company reported total operating revenue of 2.607 billion yuan, a year-on-year increase of 27.39%, and a net profit attributable to shareholders of 86.38 million yuan, up 13.47% year-on-year [6] - The company’s operating expenses increased significantly, with sales expenses rising by 31.2% year-on-year to 59.98 million yuan, driven by increased service fees and market development costs [7] Industry Outlook - The company is expected to benefit from a large-scale equipment update initiative announced by the State Council, which aims to promote equipment upgrades in key industries, including power and machinery. This initiative is projected to generate additional demand for cable products [8] - The Southern Grid is expected to invest approximately 195.3 billion yuan in large-scale equipment updates from 2024 to 2027, representing a 52% increase compared to 2023 [8]