通达股份：2023年报&2024一季报点评：聚焦主业电缆业务稳健增长，航空零部件加工需求有望回升

Investment Rating - The report assigns a "Buy" rating for the company for the first time [2]. Core Insights - The company focuses on the stable growth of its core cable business, while the demand for aerospace components is expected to recover [2][6]. - In 2023, the company achieved total operating revenue of 5.573 billion yuan, a year-on-year increase of 1.26%, but the net profit attributable to shareholders decreased by 32.37% to 82.637 million yuan [2][14]. - The first quarter of 2024 saw a decline in revenue to 1.057 billion yuan, down 12.07% year-on-year, with net profit dropping 58.06% to 14.5332 million yuan [6][14]. Summary by Sections Business Performance - The cable business generated revenue of 2.811 billion yuan in 2023, up 7.55% year-on-year, accounting for 50.43% of total revenue [2][27]. - Aerospace component processing revenue was 155 million yuan, down 11.72% year-on-year, representing 2.78% of total revenue [2][27]. - The aluminum plate and strip business reported revenue of 2.571 billion yuan, a decrease of 4.55% year-on-year, making up 46.14% of total revenue [2][27]. Profitability - The overall gross margin for the company in 2023 was 9.2%, an increase of 1.21 percentage points year-on-year, while the net margin was 1.62%, down 0.13 percentage points [5][6]. - The gross margin for the cable business improved to 14.54%, up 2.03 percentage points year-on-year, while the aerospace component processing margin significantly decreased to 32.39%, down 14.55 percentage points [5][6]. Market Outlook - The cable industry is expected to see steady growth, supported by significant investments in the power grid, with the State Grid planning to invest 2.4 trillion yuan during the 14th Five-Year Plan [7][9]. - The aerospace component business is anticipated to benefit from the release of military demand and the ramp-up of the C919 aircraft production, with the market for civil aircraft components projected to reach 1.2 trillion yuan [13][14]. Financial Projections - Revenue forecasts for 2024 to 2026 are 6.421 billion yuan, 7.365 billion yuan, and 8.267 billion yuan, respectively, with net profits expected to be 194 million yuan, 241 million yuan, and 296 million yuan [14][15].