望变电气(603191)深度报告：高端硅钢+变压器双轮驱动，业绩修复可期240513

Investment Rating - The report maintains a "Buy-A" rating for the company [2] Core Viewpoints - The company is a leading private oriented silicon steel manufacturer in China, ranking third in national production and first among private enterprises, with a production of 125,900 tons in 2023, a year-on-year increase of 13.25% [4] - The transformer business remains robust, with a production of 11,332,500 kVA in 2023, a year-on-year increase of 32.90%, marking a historical high [4] - The company benefits from the rising prices of high-grade silicon steel and increasing demand, with a significant project for high-end magnetic materials entering the commissioning phase [4] - The company’s revenue from the transformer business reached 1.353 billion yuan in 2023, up 88.52% year-on-year, with a gross margin of 15.32% [4] Summary by Sections Company Overview - The company has been deeply engaged in the power distribution and control equipment sector for 30 years, with a rich product line and a strong technological foundation [10] - It is the only company in China that integrates upstream raw materials with downstream services in the transformer manufacturing sector [10] Business Segments - The main products include power transformers and oriented silicon steel, with the latter's contribution to revenue steadily increasing, reaching 53% in 2021 before dropping to 47.57% in 2023 due to price declines [26] - The company’s revenue has grown from 571 million yuan in 2017 to 2.718 billion yuan in 2023, with a compound annual growth rate of 34.64% [26] Financial Performance - The company’s net profit for 2023 was 235 million yuan, a decrease of 21.31% year-on-year due to falling silicon steel prices [26] - The gross margin for the company was 17.36% in 2023, down 2.94 percentage points from the previous year [30] Market Trends - The global demand for transformers is expected to grow significantly due to the aging infrastructure and the need for upgrades in developed economies [49][62] - The company is well-positioned to benefit from the increasing investments in power grid infrastructure, particularly in the context of energy transition and the new power system development in China [87][88]