QRUNNINGCABLE(BJ:834682) KAIYUAN SECURITIES·2025-03-13 08:01Investment Rating - The investment rating for the company is "Outperform" (maintained) [4] Core Views - The company is expected to achieve a net profit attributable to shareholders of 134 million yuan in 2024, representing a year-on-year growth of 9.22%. The revenue is projected to reach 3.581 billion yuan, reflecting a year-on-year increase of 20.06% [4] - The company continues to make progress in expanding its domestic power grid market, particularly in the Zhejiang region, which has shown recovery growth [4] - The profit forecast for 2024-2026 has been adjusted downwards due to increased competition in the cable market and fluctuations in copper prices. The expected net profits are 134 million yuan, 148 million yuan, and 184 million yuan for the respective years [4] Financial Summary and Valuation Indicators - The total market capitalization of the company is 2.718 billion yuan, with a circulating market capitalization of 1.577 billion yuan [2] - The company's revenue for 2024 is expected to be 3.581 billion yuan, with a year-on-year growth of 20.06% [8] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.50 yuan, 0.55 yuan, and 0.68 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19.8, 17.8, and 14.4 [4][8] - The company's return on equity (ROE) is expected to increase from 12.0% in 2024 to 14.5% in 2026 [8][12] Market Expansion and Development - The company is actively expanding its market presence among large state-owned enterprises and has made significant progress in foreign trade markets. A procurement framework contract has been signed with Wanhua Chemical for cable purchases [5] - The company is also advancing its research and development of 500kV ultra-high voltage cables, which is expected to provide sustained business momentum due to large-scale updates and renovations in the power grid [6]