宏远股份（920018）深度研究：特高压电磁线单项冠军，北美AI缺电助推海内外“两开花”

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is a leader in the production of high-voltage transformer electromagnetic wires, benefiting from its technological and customer advantages, as well as an increasing focus on overseas business expansion, which positions it well to capitalize on the global power investment cycle [5][13] - The company has achieved steady revenue growth, with a projected CAGR of 29% for revenue and 39% for net profit from 2022 to 2024, driven by increasing downstream demand [4][18] - The company is expected to achieve revenues of 2.703 billion, 3.936 billion, and 4.785 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 108 million, 151 million, and 202 million yuan [5][6] Summary by Sections Company Overview - The company, established in 2000, specializes in the research, production, and sales of electromagnetic wires, with a focus on high-voltage applications [13] - It has a leading market position in the high-voltage transformer electromagnetic wire sector, recognized as a national "manufacturing single champion enterprise" [13][34] Domestic Business - The domestic demand for electricity is expected to continue growing, with projections indicating that total electricity consumption will exceed 10 trillion kilowatt-hours by 2025 [24] - The company benefits from the acceleration of investment in high-voltage and ultra-high-voltage power transmission projects, with the State Grid's fixed asset investment expected to reach 4 trillion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan [29][31] International Business - The company has been expanding its overseas business for over a decade, with international revenue expected to reach 31.8% by 2024 [4][5] - The North American market presents significant growth opportunities due to increasing electricity demand driven by AI applications and aging transformer infrastructure [5][17] - In Saudi Arabia, the company is establishing a subsidiary and plans to build a factory to support its expansion in line with the country's Vision 2030 [5][20] New Energy Business - The company has been developing its new energy business since 2021, leveraging its existing technology to produce high-performance products for the electric vehicle market, including becoming a qualified supplier for VinFast in Vietnam [5][24]