金杯电工（002533）：业务结构韧劲多元，新应用领域合计份额过半

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated resilience and diversification in its business structure, with new application fields accounting for over half of its revenue [3] - In the first half of 2025, the company achieved operating revenue of 9.335 billion yuan, a year-on-year increase of 17.50%, and a net profit attributable to shareholders of 296 million yuan, up 7.46% year-on-year [3] - The company’s revenue from clean energy, smart grid, and smart equipment applications collectively accounted for over half of total revenue, with the electromagnetic wire business showing significant growth [3] - The company has successfully participated in several ultra-high voltage projects, with sales of ultra-high voltage transformers increasing by 241.18% year-on-year [3] Financial Performance - For the first half of 2025, the gross profit margin was 10.32%, a decrease of 0.67 percentage points year-on-year [3] - The company expects 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, 788 million yuan, and 879 million yuan [4][6] - The projected P/E ratios for 2025, 2026, and 2027 are 11.5, 10.3, and 9.2 respectively [4] Revenue Breakdown - Revenue from clean energy applications was 1.196 billion yuan, accounting for 12.81% of total revenue [3] - Revenue from smart grid applications was 2.600 billion yuan, making up 27.85% of total revenue [3] - Revenue from smart equipment applications was 878 million yuan, representing 9.41% of total revenue [3] - The electromagnetic wire business generated revenue of 3.746 billion yuan, a year-on-year increase of 29.67%, accounting for 40.13% of total revenue in the first half of 2025 [3]