Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Insights - The company, Hongyuan Co., specializes in the research and production of electromagnetic wires, achieving a compound annual growth rate (CAGR) of 25.7% in revenue over the past three years. It is recognized as a national "Manufacturing Single Champion" in the field of electromagnetic wires for ultra/high voltage transformers [3][14]. - The company has a strong market position, with a significant share in the ultra/high voltage transformer market, and is actively expanding into the new energy vehicle sector, particularly in high-power drive motors [5][19]. - Revenue projections for 2025-2027 indicate a steady increase in net profit, with expected figures of 114 million, 148 million, and 196 million yuan, respectively, alongside corresponding earnings per share (EPS) of 0.89, 1.16, and 1.54 yuan [3][6]. Company Overview - Hongyuan Co. has established itself as a leading manufacturer of electromagnetic wires for high voltage transformers, with a diverse product range including paper-wrapped wires, enameled wires, and combination wires [14][19]. - The company has been awarded 80 patents, including 16 invention patents, and has made significant technological advancements in the field, particularly in the application of electromagnetic wires in ultra/high voltage projects [5][24]. Industry Analysis - The electromagnetic cable industry in China is experiencing robust growth, with a market revenue of $45.18 billion in 2022 and an expected CAGR of 7.43%, reaching $96.66 billion by 2032 [4]. - Investment in electrical resources in China has surged from 328.3 billion yuan in 2019 to an anticipated 1,168.7 billion yuan in 2024, reflecting a CAGR of 28.91% [4]. - The global market for electrical cables is projected to reach $267.8 billion in 2024, with a CAGR of 7.3% from 2025 to 2034 [4].
宏远股份：北交所首次覆盖报告：特高压变压器电磁线单项冠军，高功率驱动电机开辟新增长-20260209