Investment Rating - The report maintains an "Accumulate" rating for the company [2][12]. Core Views - The company plans to acquire a controlling stake in Xingxin Aerospace Materials to expand its upstream high-value thermal protection materials business [3][12]. - The acquisition is expected to leverage Xingxin Aerospace's technology and channel advantages, enhancing the company's product offerings in aerospace applications [12]. - The target price has been raised to 14.07 yuan from the previous 11.36 yuan, based on a price-to-book ratio (PB) of 2.6 times for 2025 [12]. Financial Summary - Revenue is projected to grow from 3,015 million yuan in 2022 to 5,295 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 14.6% [5]. - Net profit attributable to the parent company is expected to recover from 87 million yuan in 2023 to 203 million yuan in 2026, with a notable increase of 39.7% in 2025 [5]. - Earnings per share (EPS) are forecasted to rise from 0.16 yuan in 2023 to 0.38 yuan in 2026 [5]. Market Position and Growth Potential - The company is nearing capacity saturation, with ongoing projects in aerospace, mining, and rail transportation cable production entering a ramp-up phase, which is anticipated to boost sales [12]. - The acquisition of Xingxin Aerospace is expected to create synergies in the aerospace and integrated equipment sectors, enhancing the company's competitive position [12]. - The company has a strong order pipeline, with several products already entering national key models, indicating robust future demand [12].
华菱线缆（001208）：收购星鑫航天，拓展上游航天新材料布局