金杯电工：核心业务保持增长，持续推进产能扩张与全球化布局-20250523

Investment Rating - The report assigns an "Accumulate-A" rating to the company, indicating a positive outlook for its stock performance in the near term [1]. Core Insights - The company has demonstrated consistent revenue growth, achieving a total revenue of 17.669 billion yuan in 2024, a year-on-year increase of 15.54%. The net profit attributable to shareholders reached 569 million yuan, up 8.78% from the previous year [2][10]. - In Q1 2025, the company reported a revenue of 4.097 billion yuan, reflecting a 16.32% year-on-year growth, with a net profit of 136 million yuan, a 1.84% increase [2]. - The company is actively expanding its production capacity and global presence, with significant investments in new production lines and international facilities [6][10]. Business Performance - The core business segments are showing robust growth, particularly in the electromagnetic wire sector, which saw a shipment volume of approximately 85,000 tons in 2024, a 20% increase, and revenue exceeding 6.6 billion yuan, a 31% rise [4]. - The high-voltage transmission sector has secured multiple project orders, with a year-on-year increase of over 20% in supporting units [4]. - The electric wire and cable business generated 10.971 billion yuan in revenue in 2024, marking an 8.63% growth [4]. Financial Metrics - The company reported a diluted earnings per share (EPS) of 0.19 yuan and a return on equity (ROE) of 3.28% for 2024 [5]. - The gross margin for 2024 was 10.37%, a decrease of 0.92 percentage points year-on-year, while the net margin was 3.61%, down 0.26 percentage points [5]. - Projections for 2025-2027 indicate revenues of 20.283 billion yuan, 23.277 billion yuan, and 26.691 billion yuan, respectively, with net profits expected to reach 673 million yuan, 783 million yuan, and 964 million yuan [10][12]. Strategic Initiatives - The company is focusing on emerging sectors such as new energy, robotics, and artificial intelligence, which are expected to drive future growth [9]. - It is enhancing its product offerings in the electric vehicle market and expanding its applications in wind power, solar energy, and energy storage [9]. - The company plans to invest approximately 700 million yuan in establishing a production base in the Czech Republic, aiming to increase its international competitiveness [6].