球冠电缆（834682）：北交所信息更新：华东地区销售快速增长，2024实现营收35.85亿元+20.19%

Investment Rating - The investment rating for Qiu Guan Cable is maintained at "Outperform" [2] Core Views - Qiu Guan Cable reported a total revenue of 3.585 billion yuan for 2024, representing a year-on-year growth of 20.19%, and a net profit attributable to shareholders of 132.92 million yuan, up 8.43% year-on-year [2] - The company is expected to achieve net profits of 148 million yuan, 184 million yuan, and 210 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.55 yuan, 0.68 yuan, and 0.78 yuan [2] - The current stock price corresponds to a PE ratio of 25.4, 20.4, and 17.9 for the years 2025, 2026, and 2027 respectively [2] Revenue and Market Performance - In 2024, the revenue from power cables reached 3.295 billion yuan, a year-on-year increase of 22.16%, with the East China region contributing 2.695 billion yuan, accounting for 75.18% of total revenue and growing by 36.32% year-on-year [3] - The top five customers, including State Grid Corporation and China Southern Power Grid, contributed 74.32% of total sales revenue [3] - Qiu Guan Cable is actively developing high-end products such as 500kV cables through collaboration with research institutions to enhance product technology and market competitiveness [3] Market Expansion and Contracts - The company has made progress in expanding its market among large state-owned enterprises and is also increasing efforts in foreign trade, including establishing an independent foreign trade team [4] - A procurement framework contract was signed with Wanhua Chemical Group for the supply of power cables [4] Financial Summary and Projections - The financial summary indicates a projected revenue increase to 4.077 billion yuan in 2025, 4.696 billion yuan in 2026, and 5.279 billion yuan in 2027, with respective year-on-year growth rates of 13.7%, 15.2%, and 12.4% [6] - The gross profit margin is expected to be 12.2% in 2025, with net profit margins of 3.6% for 2025 and 4.0% for 2027 [9]