金杯电工：营收结构持续优化，电缆业务加快培育新增长曲线-20250504

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a continuous optimization of its revenue structure, with the cable business accelerating the cultivation of new growth curves [1] - In 2024, the company achieved a revenue of 17.669 billion yuan, a year-on-year increase of 15.54%, and a net profit attributable to shareholders of 569 million yuan, up 8.78% year-on-year [4] - The electromagnetic wire business has seen a revenue increase of 30.69% year-on-year, contributing significantly to the overall revenue growth [5] - The company is expected to achieve revenues of 20.033 billion yuan, 22.598 billion yuan, and 25.444 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 706 million yuan, 786 million yuan, and 877 million yuan [6] Financial Performance - In Q1 2025, the company reported a revenue of 4.097 billion yuan, a year-on-year increase of 16.32%, and a net profit of 136 million yuan, up 1.85% year-on-year [4] - The gross profit margin for 2024 was 10.37%, a decrease of 0.92 percentage points year-on-year, while the gross profit margin for Q1 2025 was 10.00%, down 0.46 percentage points year-on-year [4] - The revenue from the electromagnetic wire segment reached 6.561 billion yuan in 2024, with a shipment of approximately 85,000 tons, a year-on-year increase of about 20% [5] - The wire and cable business generated a revenue of 10.971 billion yuan in 2024, reflecting an 8.63% year-on-year growth [5] Future Projections - The company anticipates a revenue growth rate of 13.4% in 2025, 12.8% in 2026, and 12.6% in 2027 [8] - The projected net profit growth rates are 24.2% for 2025, 11.3% for 2026, and 11.6% for 2027 [8] - The expected earnings per share (EPS) are 0.96 yuan in 2025, 1.07 yuan in 2026, and 1.20 yuan in 2027 [8]