取向硅钢高端产线投产+收购云变电气，公司综合竞争力有望提升

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [3]. Core Views - The new production line is expected to further enhance the profitability of the oriented silicon steel business [1]. - The company reported a revenue of 2.72 billion yuan in 2023, a year-on-year increase of 7.57%, while the net profit attributable to the parent company was 234.59 million yuan, a decrease of 21.31% [6]. - The company aims to improve its competitive edge through the acquisition of Yunbian Electric, which will enhance its transformer production capabilities [6]. Financial Data and Valuation - Revenue (million yuan): - 2022: 2,526.48 - 2023: 2,717.79 - 2024E: 3,318.11 - 2025E: 3,724.94 - 2026E: 4,168.60 - Growth Rate (%): - 2022: 30.68 - 2023: 7.57 - 2024E: 22.09 - 2025E: 12.26 - 2026E: 11.91 [2][10] - EBITDA (million yuan): - 2022: 434.55 - 2023: 384.21 - 2024E: 464.61 - 2025E: 537.80 - 2026E: 641.90 [2] - Net Profit Attributable to Parent Company (million yuan): - 2022: 298.11 - 2023: 234.59 - 2024E: 287.12 - 2025E: 356.67 - 2026E: 456.77 [2][10] - Earnings Per Share (EPS): - 2022: 0.89 - 2023: 0.70 - 2024E: 0.86 - 2025E: 1.07 - 2026E: 1.37 [2][10] - Price-to-Earnings Ratio (P/E): - 2022: 19.22 - 2023: 24.43 - 2024E: 19.96 - 2025E: 16.07 - 2026E: 12.55 [2][10] Production and Sales Performance - In 2023, the company produced 125,900 tons of oriented silicon steel, ranking third nationally and first among private enterprises [7]. - The revenue from the oriented silicon steel business in 2023 was 1.293 billion yuan, with a gross margin of 19.6%, a decrease of 4.45 percentage points year-on-year [7]. - The company expanded its export markets to 15 countries and regions in 2023, achieving export revenue of 274 million yuan, accounting for 21.18% of the total revenue from oriented silicon steel [7]. Acquisition and Business Expansion - The company announced the acquisition of 79.97% of Yunbian Electric in March 2024, which is expected to enhance its research and development capabilities for transformers and expand its product scale [6][7].