金杯电工：扁电磁线领军龙头，受益于电网投资加速

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Viewpoints - The company is a global leader in flat electromagnetic wire, benefiting from accelerated investment in the power grid [5]. - In 2023, the company achieved record-high dividends, with a total payout of 300 million yuan, a year-on-year increase of 16.73%, and a dividend rate of 50.68% [5]. - The company has a strong market position in the central and southwestern regions of China, with a sales revenue exceeding 10 billion yuan in 2023, reflecting a year-on-year growth of 17% [5]. - The demand for flat wire is expected to grow at a CAGR of over 30% from 2023 to 2026, driven by increased investment in the power grid and the rise of electric vehicles [6]. - The company is projected to achieve revenues of 17.96 billion yuan, 20.27 billion yuan, and 22.94 billion yuan from 2024 to 2026, with corresponding net profits of 544 million yuan, 641 million yuan, and 720 million yuan [6]. Summary by Sections Company Overview - The company is a veteran in the wire and cable industry, having established itself as a global leader in flat electromagnetic wire through strategic acquisitions and integrated operations [32][36]. Financial Situation - The company reported a total revenue of 15.293 billion yuan in 2023, with a net profit of 523 million yuan, reflecting a year-on-year growth of 41.06% [8][40]. - The gross profit margin for 2023 was 11.29%, indicating strong profitability compared to industry peers [44]. Research and Development - The company invests heavily in R&D, with 498 million yuan allocated in 2023, representing a 3% R&D expense ratio, which is among the highest in the industry [50][53]. Procurement - The company employs centralized procurement strategies to manage raw material costs effectively, particularly for copper and aluminum, which constitute about 80% of production costs [55][57]. Dividends - The company has maintained a high dividend payout strategy, with a consistent increase in cash dividends since its listing, reaching a historical high in 2023 [58][61].