宏远股份（920018）：电磁线行业国家级“制造业单项冠军企业”，特高压领域优势显著

Investment Rating - The report assigns a positive investment rating to Hongyuan Co., indicating it as a leading supplier in the electromagnetic wire industry and a national-level "manufacturing single champion enterprise" [3][27]. Core Insights - Hongyuan Co. specializes in the research, production, and sales of electromagnetic wires, with applications in high-voltage, large-capacity power transformers, converter transformers, and reactors. The company has achieved significant growth, with a revenue of 2.072 billion yuan in 2024 and a net profit of 101.30 million yuan, reflecting a compound annual growth rate (CAGR) of 27.50% and 29.12% over the past three years, respectively [3][6][44]. Summary by Sections Market Data - The total share capital is 0.92 billion shares, with no available data on circulating shares or market capitalization [1]. Financial Data - As of June 30, 2025, the net asset value per share is 6.58 yuan, with a capital reserve of 1.55 yuan and undistributed profits of 3.56 yuan per share [2]. Industry Overview - The electromagnetic wire industry is a foundational sector supporting various industries, including power, electromechanical, transportation, and communications. China is the world's largest producer and exporter of electromagnetic wires, with a production capacity exceeding one million tons, accounting for about 50% of the global total. The demand for high-voltage transformers is expected to grow due to increased power investments and the rapid development of renewable energy sources [4][5]. Competitive Advantages - Hongyuan Co. possesses significant competitive advantages, including customized research and production capabilities, a diverse product range, and established long-term partnerships with major manufacturers like TBEA and China XD Electric. The company leads the market share in high-voltage transformer electromagnetic wires, with application rates in state grid projects increasing from 24.43% in 2019 to 29.63% in 2023 [5][6][27]. Financial Performance - The company has shown consistent revenue growth from 1.311 billion yuan in 2022 to 2.072 billion yuan in 2024, with year-on-year growth rates of 31.10%, 11.47%, and 41.84%, respectively. Net profits also increased from 49.99 million yuan in 2022 to 101.30 million yuan in 2024, with growth rates of 6.25%, 28.94%, and 57.14% [6][44]. Valuation Analysis - The report compares Hongyuan Co. with peers such as Jingda Co., Great Wall Technology, and Jinbei Electric, noting that its 2024 price-to-earnings (PE) ratio of 11.53 is relatively discounted compared to peers, which have PE ratios of 29.65, 21.66, and 14.61, respectively [6][24][25]. Product and Customer Base - The company’s product offerings include various types of electromagnetic wires, with a focus on high-voltage applications. The primary revenue source is the sales of these products, particularly the switch wire, which accounted for 78.84% of revenue in 2024. The customer base includes major domestic manufacturers and international clients in regions such as North America and Turkey [41][32][37].