深度报告：高端硅钢+变压器双轮驱动，业绩修复可期

Investment Rating - The report maintains a "Buy-A" rating for the company [17] Core Viewpoints - The transformer market remains robust, with the company achieving a record production of 1,133.25 million kVA, a year-on-year increase of 32.90%. The acquisition of Yunbian Electric enhances competitive strength, particularly in high-voltage applications [20][21] - The company is the only domestic manufacturer that integrates upstream raw materials with downstream services, benefiting from the energy transition and the new cycle of global grid construction [21][27] - The company’s revenue from the transformer business has shown stable growth, with a production increase of 46.98% in 2023 compared to 2019, although it still lags behind the top tier in the domestic market [15][21] Summary by Sections Company Overview - The company has been deeply involved in the power distribution and control equipment sector for over 30 years, focusing on high-end magnetic materials and smart grid solutions. It has a solid technological foundation and a broad customer base [24][36] Financial Performance - The company’s revenue has grown steadily from 571 million to 2.718 billion, with a compound annual growth rate of 34.64% from 2017 to 2023. However, net profit in 2023 decreased by 21.31% due to falling prices of oriented silicon steel [59][62] Product and Market Dynamics - The company’s oriented silicon steel production reached 125,900 tons in 2023, a year-on-year increase of 13.25%. The revenue from the power distribution business was 1.353 billion, up 38.52% year-on-year [27][59] - The company’s product line includes energy-efficient transformers and high-magnetic silicon steel, which are essential for various applications, including renewable energy and smart grids [55][71] Future Outlook - The company is expected to benefit from rising demand for high-grade silicon steel and the ongoing energy transition, with projected net profits of 309 million, 459 million, and 612 million for 2024-2026 [21][27]