业绩增长超预期，下游需求多点开花

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [32]. Core Insights - The company achieved a revenue of 15.29 billion yuan in 2023, representing a year-on-year increase of 15.83%, and a net profit of 522.8 million yuan, up 41.06% year-on-year [17][48]. - The net profit margin improved to 3.87%, an increase of 0.7 percentage points compared to the previous year, supported by tax deductions that enhanced profitability [2][48]. - The company is expanding its production capacity, with significant investments in new projects, including a 20,000-ton capacity for specialized electromagnetic wire for electric vehicles [6]. Financial Performance - The company's main revenue sources include cable products, which generated 10.1 billion yuan (up 13% year-on-year), and electromagnetic wire products, which brought in 5.02 billion yuan (up 27% year-on-year) [38]. - The forecast for future revenue is optimistic, with expected figures of 17.18 billion yuan, 19.29 billion yuan, and 21.31 billion yuan for 2024, 2025, and 2026 respectively [38]. - The earnings per share (EPS) are projected to be 0.85 yuan, 0.99 yuan, and 1.15 yuan for the same years, reflecting strong growth potential [38]. Market Position and Strategy - The company has established a robust market presence with significant breakthroughs in various regions, including Heilongjiang and the Guangdong-Hong Kong-Macao Greater Bay Area [6]. - The company has a high contract liability of 693 million yuan, indicating strong future revenue from pre-sold products, particularly in the high-voltage transformer sector [7]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and expand its product offerings [6].