华通线缆（605196）：股权激励完成授予登记，非洲电解铝项目有望超预期

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The completion of the stock incentive plan aligns the interests of middle management and major shareholders with the capital market [1] - The company's overseas business revenue accounts for 67% of total revenue, with a gross profit margin of 73%, making it the highest among domestic cable manufacturers [1] - The first phase of the Angola aluminum project is expected to commence production in October 2025, with significant contracts already signed with commodity traders [2][15] - Angola's hydroelectric power provides a cost advantage for aluminum production, with estimated profits per ton of aluminum significantly higher than domestic levels [3][24] - The company is projected to achieve a compound annual growth rate (CAGR) of 53% in net profit from 2025 to 2027, with net profits expected to reach 3.3 billion, 8.6 billion, and 11.5 billion yuan respectively [3][9] Summary by Sections Company Overview - The company has been exporting cables since 2005 and has established production facilities in Africa, Asia, and the Americas [1] - It has maintained stable partnerships with major oil service companies like Halliburton and Schlumberger [1] Financial Projections - Revenue is expected to grow from 6.35 billion yuan in 2024 to 11.62 billion yuan in 2027, with a year-on-year growth rate of 18.32%, 16.24%, 36.67%, and 15.23% respectively [9] - The projected net profit for 2025 is 330 million yuan, with significant growth anticipated in subsequent years [9] Market Position - The company is positioned as a leader in the "cable + oil service materials" sector, with a strong international presence [1] - The aluminum project in Angola is expected to significantly enhance the company's profitability and market position [3][24]