TJSMW(600577) 浙商证券·2025-03-27 15:19Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company achieved a total revenue of 22.323 billion yuan in 2024, representing a year-on-year increase of 24.67%. The net profit attributable to the parent company was 562 million yuan, up 31.72% year-on-year [1] - The enameled wire business saw revenue of 16.1 billion yuan in 2024, with a sales volume of 280,000 tons, marking a 27% increase in revenue and a 17.9% increase in sales volume [2] - The subsidiary Hengfeng Special Conductor is expanding its production capacity for high-speed silver-plated wires, with an expected annual capacity release of 5,000 tons after expansion [3] - The company holds an 18.29% stake in Shanghai Superconductor, which focuses on high-temperature superconducting materials and is expected to benefit from the commercialization of controlled nuclear fusion [4] - Revenue forecasts for 2025-2027 are 24.729 billion, 27.567 billion, and 30.749 billion yuan, respectively, with net profits projected at 709 million, 884 million, and 1.095 billion yuan [5] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 22.323 billion yuan and a net profit of 562 million yuan, with respective year-on-year growth rates of 24.67% and 31.72% [1] - The company forecasts revenues of 24.729 billion yuan in 2025, 27.567 billion yuan in 2026, and 30.749 billion yuan in 2027, with net profits expected to reach 709 million yuan, 884 million yuan, and 1.095 billion yuan during the same period [5][7] Business Development - The enameled wire segment is performing well, with a revenue of 16.1 billion yuan and a sales volume of 280,000 tons in 2024, indicating strong demand in various sectors including automotive and robotics [2] - Hengfeng Special Conductor is expanding its production capacity for high-speed silver-plated wires, which are in high demand due to the growth in AI servers and data centers [3] - Shanghai Superconductor, in which the company is the largest shareholder, is expanding its production capacity for high-temperature superconducting materials, positioning itself as a key supplier in the nuclear fusion sector [4]