2023年年报点评：经营利润超预期，扁电磁线龙头扬帆再启航

Investment Rating - The report upgrades the investment rating to "Buy" with a target price of 12.90 CNY for the next six months [7][18]. Core Insights - The company achieved a revenue of 15.29 billion CNY in 2023, representing a year-on-year growth of 15.8%, and a net profit attributable to shareholders of 520 million CNY, up 41.1% year-on-year [1]. - The company has a strong focus on shareholder returns, with a dividend yield of 4.95% as of the end of 2023, and a cash dividend of 2.9 billion CNY, marking a 13.23% increase year-on-year [1]. - The company is positioned as a leader in the flat wire electromagnetic line sector, benefiting from high demand in the transformer industry, with a significant increase in orders for ultra-high voltage flat wires [1][17]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 4.31 billion CNY, a 19.7% increase year-on-year, and a net profit of 160 million CNY, up 54.1% year-on-year [1]. - The gross profit margin for 2023 was 11.3%, with a net profit margin of 3.9%, showing a slight improvement in net profit margin compared to the previous year [1]. Business Segments - The flat wire revenue reached 5 billion CNY in 2023, growing by 27% year-on-year, with a net profit increase of 27.5% [1]. - The cable segment generated revenue of 10.1 billion CNY, a 13% increase year-on-year, with a net profit growth of 41.6% [1]. Market Position and Strategy - The company is expected to benefit from the increasing concentration in the cable industry, with over 4,000 participants currently, indicating significant room for consolidation [1]. - The company has established strong relationships with major clients, enhancing its competitive position in the market [1]. Future Outlook - Revenue projections for 2024-2026 are estimated at 17.34 billion CNY, 19.68 billion CNY, and 22.25 billion CNY, respectively, with net profit growth rates of 20.6%, 13.6%, and 14.1% [1][8].