金杯电工：扁电磁线领军龙头，受益于电网投资加速

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company is a leading player in the flat electromagnetic wire sector, benefiting from accelerated investment in the electric power sector. It has maintained a strong market position in the central and southwestern regions of China, achieving a sales revenue of over 10 billion yuan in 2023, with a year-on-year growth of 17% [2][19]. - The company has a stable shareholding structure, with significant support from multiple subsidiaries, ensuring operational efficiency [11][29]. - The company is expected to achieve revenues of 17.51 billion yuan, 19.88 billion yuan, and 22.62 billion yuan from 2024 to 2026, with net profits of 590 million yuan, 694 million yuan, and 790 million yuan respectively, corresponding to PE ratios of 12.07, 10.26, and 9.01 [3][19]. Summary by Sections Company Overview - The company is a veteran in the wire and cable industry, having established a comprehensive layout through mergers and acquisitions. It has been a leader in the industry for over 70 years and has developed a strong brand presence [11][28]. Financial Situation - The company reported a total revenue of 15.29 billion yuan in 2023, with a year-on-year increase of 15.83%. The net profit attributable to shareholders reached 523 million yuan, reflecting a growth of 41.12% [31][19]. Research and Development - The company has a leading position in R&D investment within the industry, with a total R&D expenditure of 498 million yuan in 2023, representing a 3% R&D expense ratio. The number of R&D personnel reached 852, indicating a strong commitment to innovation [16][60]. Dividends - The company has a high dividend payout strategy, with a total dividend of 300 million yuan in 2023, marking a 16.73% increase year-on-year. The dividend rate reached 50.68%, with a dividend yield of 4.95% [19][64]. Industry Analysis - The electric wire and cable industry has a broad market space, with significant growth potential driven by increasing demand in the power sector. The market concentration is low, with a CR5 of 8.5%, indicating opportunities for consolidation and growth [2][73]. Competitive Advantages - The company has established a strong brand presence and competitive advantages through differentiated products and capacity expansion. It has successfully penetrated both domestic and international markets, enhancing its market position [19][20].