ROSHOW(002617) 民生证券·2025-03-12 10:49Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company is strategically expanding into high-growth sectors such as copper connections and AI, while maintaining steady development in its traditional businesses [4][3]. - The demand for AI is driving significant capital expenditures (CAPEX) from major players, which is expected to boost the market for active electrical cables (AEC) [2][24]. - The company has invested in Wande Technology, a leader in the copper connection field, to enhance its capabilities in high-speed interconnect solutions [3][40]. Summary by Sections 1. Traditional Focus and Expansion - The company, founded in 1989, has a strong foundation in the enameled wire business and has actively pursued mergers and acquisitions to expand into new high-growth areas such as new energy vehicle components and photovoltaic power generation [1][11]. - The company has diversified into four main areas: enameled wire, photovoltaic power, silicon carbide, and aerial work platforms [14][15]. 2. Investment in Wande Technology - The company invested 60 million yuan to acquire a 16.67% stake in Wande Technology, which specializes in high-speed copper cables and has a strong technological foundation [3][40]. - Wande Technology's products include various types of copper cables with transmission rates from 25G to 800G, positioning the company well in the growing AI market [41][42]. 3. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 3.685 billion yuan in 2024, 4.850 billion yuan in 2025, and 5.628 billion yuan in 2026, with corresponding net profits of 335 million yuan, 516 million yuan, and 586 million yuan [4][49]. - The report anticipates a compound annual growth rate (CAGR) of 32.9% for 2024 and 31.6% for 2025, driven by growth in both traditional and new business segments [4][49].