Wanma Co., Ltd.(002276) China Post Securities·2025-05-30 06:43Investment Rating - The report maintains a "Buy" rating for the company, predicting a relative increase in stock price compared to the benchmark index [7][9]. Core Insights - The company reported a revenue of 17.76 billion yuan in 2024, representing a year-on-year growth of 17.5%, while the net profit attributable to shareholders decreased by 38.6% to 341 million yuan [4][10]. - The revenue for Q1 2025 was 3.97 billion yuan, showing a year-on-year increase of 4.4%, with a net profit of 80 million yuan, up 23% year-on-year [4][10]. - The company’s three main segments—power products, cable materials, and communication products—generated revenues of 11.75 billion, 5.19 billion, and 500 million yuan respectively in 2024, with growth rates of 32.3%, 6.4%, and a decline of 42.4% [5][10]. Segment Analysis - The cable and polymer materials segments continue to grow, with sales volumes of 144,000 and 529,000 tons respectively, reflecting increases of 25.9% and 9.3% year-on-year [5]. - The gross margins for the three segments were 9.9%, 13.2%, and 12.3%, showing declines of 2.4, 3.5, and 5.9 percentage points year-on-year [5]. Profitability and Financial Metrics - The company’s gross margin and net margin for Q1 2025 were 12.0% and 2.0%, respectively, with a slight decrease in gross margin but an increase in net margin compared to the previous year [5]. - The report forecasts revenues of 20.10 billion, 22.77 billion, and 25.81 billion yuan for 2025, 2026, and 2027, with corresponding net profits of 471 million, 641 million, and 813 million yuan [7][10]. Future Outlook - The company is expected to benefit from the gradual production of its third phase of ultra-high voltage insulation materials, which will enhance profitability in the polymer materials segment [5]. - The expansion into the international market, particularly in the robotics cable sector, is anticipated to drive sales growth [6].