永鼎股份（600105）：全产业链布局稳固，“光通信”与“超导材料”双轮驱动打开增长新空间

Investment Rating - The report assigns an "Accumulate" rating for Yongding Co., Ltd. (600105.SH) [2][5] Core Views - Yongding Co., Ltd. demonstrates a solid development trend with a robust full industry chain foundation and dual-driven growth model through its subsidiaries focusing on optical chips and high-temperature superconducting materials [3][5] - The company is expected to benefit significantly from the increasing demand for optical communication products driven by AI development and the application of superconducting materials in cutting-edge fields like nuclear fusion [3][5] Financial Summary - The company’s projected revenue for 2023A is 4,345 million yuan, with a growth rate of 3% year-on-year. Revenue is expected to increase to 4,690 million yuan in 2025E and 5,650 million yuan in 2026E, reflecting growth rates of 14% and 20% respectively [2][5] - The net profit attributable to the parent company is forecasted to be 43 million yuan in 2023A, with a significant increase to 331 million yuan in 2025E, followed by a decrease to 169 million yuan in 2026E, and a recovery to 278 million yuan in 2027E [2][5] - Earnings per share (EPS) is projected to be 0.03 yuan in 2023A, increasing to 0.23 yuan in 2025E, then decreasing to 0.12 yuan in 2026E, and recovering to 0.19 yuan in 2027E [2][5] Business Segments - Optical Communication: The company plans to increase its production capacity significantly, with an annual production capacity of 950 tons of optical fiber preform and 36 million optical fibers, driven by the anticipated demand surge in the optical module market [3][6] - Superconducting Materials: The company’s subsidiary, Eastern Superconducting, is expected to see a substantial increase in demand for second-generation high-temperature superconducting materials, particularly in nuclear fusion projects, with revenue growth projected at 15% in 2025, 35% in 2026, and 65% in 2027 [6][5] - Automotive Wiring Harness: This segment is expected to stabilize after experiencing a downturn, with projected revenue growth of 4.5% in 2025, 4.0% in 2026, and 4.5% in 2027 [6] - Power Engineering: Revenue from this segment is expected to grow steadily, with increases of 5.0% in 2025, 4.5% in 2026, and 5.0% in 2027 [6] Valuation Metrics - The report indicates a P/E ratio of 1000.6 for 2023A, decreasing to 130.8 in 2025E, and further to 256.4 in 2026E, reflecting the company's evolving earnings profile [2][5] - The P/B ratio is projected to be 15.4 in 2023A, slightly decreasing to 13.8 in 2025E and stabilizing at 14.4 in 2026E [2][5]