ROSHOW(002617) 民生证券·2025-03-12 12:23Investment Rating - The report gives a "Buy" rating for the company, with a target price of 8.69 CNY [6]. Core Views - The company is actively expanding into high-growth sectors such as copper connections and AI, while maintaining steady development in its traditional wire business and photovoltaic power generation [4][14]. - The demand for AI is driving significant capital expenditures (CAPEX) from major domestic and international 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, which is anticipated to accelerate revenue growth [3][40]. Summary by Sections 1. Traditional Focus on Enamelled Wire and Expansion into Emerging Fields - The company, founded in 1989, has a strong background in enamelled wire production and has actively pursued mergers and acquisitions to expand into high-growth areas such as photovoltaic power, silicon carbide, and new energy vehicle components since its listing in 2011 [1][11]. - The company has made significant investments in various projects, including a 2 billion CNY joint venture in sapphire production and acquisitions in the new energy vehicle sector [12][13]. 2. Investment in Wande Technology and Focus on High-Growth Copper Connection Sector - The company announced a 60 million CNY investment in Wande Technology, acquiring a 16.67% stake, which will enhance its capabilities in the copper connection market [3][40]. - Wande Technology is recognized for its innovative products in the copper connection field, including AEC and DAC, and is expected to benefit from the growing demand for high-speed data transmission [41][42]. 3. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 3.685 billion CNY in 2024, 4.850 billion CNY in 2025, and 5.628 billion CNY in 2026, with corresponding net profits of 335 million CNY, 516 million CNY, and 586 million CNY [4][49]. - The report anticipates a compound annual growth rate (CAGR) of 32.9% for 2024 and 31.6% for 2025, driven by the expansion of its high-altitude work equipment and silicon carbide businesses [4][49].