变压器扁电磁线龙头，拥抱全球电网需求景气共振

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the initial coverage [1][13]. Core Views - The company is a leading manufacturer of flat electromagnetic wire, poised to benefit from the global demand for power grid infrastructure [2][16]. - The company has significant production capacity and market share in the transformer sector, with applications in high voltage, renewable energy, and electric vehicles [3][4]. - The company has a strong focus on shareholder returns, maintaining a high dividend payout ratio since its listing [10][15]. Summary by Sections Company Overview - Founded in 1952, the company has evolved into a major player in the cable industry, focusing on mergers and acquisitions to expand its market presence [5][18]. - The company operates two main production bases in Xiangtan and Wuxi, with a total capacity of approximately 95,000 tons [3][32]. Product and Market Position - The company specializes in flat electromagnetic wire, which has advantages in power density and efficiency, particularly in the electric vehicle sector [4][24]. - The company has established long-term partnerships with major clients, including ABB and Siemens, and is exploring international market expansion [3][56]. Financial Performance - Revenue projections for 2023-2025 are estimated at 145.1 billion, 176.7 billion, and 197.7 billion yuan, with corresponding net profits of 4.61 billion, 5.82 billion, and 7.27 billion yuan [17]. - The company has shown robust growth, with a compound annual growth rate (CAGR) of 39% in revenue from 2018 to 2021 [58]. Strategic Initiatives - The company is actively pursuing digital transformation through partnerships, such as the collaboration with Huawei to enhance operational efficiency [34]. - The company is expanding its production capacity to meet the growing demand for flat electromagnetic wire in transformers and electric vehicles [32][66]. Industry Context - The demand for flat electromagnetic wire is expected to rise due to the increasing investments in power grid infrastructure and renewable energy projects [16][66]. - The company is well-positioned to capitalize on the trend towards higher efficiency and reliability in electrical components, particularly in high-end applications [66][70].