Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company is a pioneer in insulation fiber materials and molded products, with capacity expansion supporting the acceleration of domestic and foreign business growth in ultra/high voltage applications [5]. - The company possesses production capabilities for insulation fiber materials above 750kV, which is significant for the development of national strategic emerging industries [6]. - The company has a market share of 7.91% in the insulation fiber materials segment, with sales prices expected to rise in 2025 compared to 2024 [6][7]. - The company is expected to achieve a net profit of 1.1617 billion yuan in 2024, representing a year-on-year growth of 135% [7]. Summary by Sections 1. Industry Overview - The insulation materials market in China is projected to reach approximately 130.5 billion yuan in 2024, with a year-on-year growth of 8.2% [18][20]. - The investment in China's power sector is expected to reach 1.777 trillion yuan in 2024, marking an 18.86% increase year-on-year, the highest in a decade [24][27]. 2. Company Business Focus - The company specializes in insulation fiber materials and molded products, with a projected revenue of 5.78 billion yuan in 2024, reflecting a 37.49% year-on-year increase [7][9]. - The company has a gross margin expected to rise above 30% in 2024 [9]. 3. Competitive Advantages - The company is one of the few in China capable of producing insulation fiber materials for ultra/high voltage applications, having broken the foreign monopoly in this field [12][43]. - The company has developed several core technologies and has been involved in setting national standards, enhancing its competitive position [12][43]. 4. Profitability Forecast and Valuation - The company is projected to achieve net profits of 225 million yuan, 309 million yuan, and 428 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 34.0, 24.7, and 17.8 [10][11]. - The revenue from insulation fiber materials is expected to grow rapidly, with projections of 4.72 billion yuan, 5.81 billion yuan, and 7.14 billion yuan for 2025 to 2027 [11].
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