Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][7]. Core Insights - The company has shown continuous growth in sales, with a revenue of 177.61 billion yuan in 2024, representing a year-on-year increase of 17.46%. The revenue breakdown includes 117.5 billion yuan from power products, 51.9 billion yuan from polymer materials, and 5.0 billion yuan from communication products [4]. - The company is expanding its market share in the polymer materials sector, with a current domestic market share of approximately 20%, up from about 15% in 2021. The production capacity for high-pressure insulation materials is expected to reach 60,000 tons after the completion of ongoing projects [5]. - The company has strategically positioned itself in the robotics cable market, becoming the largest supplier of robotics cables for KUKA in China and successfully entering new fields such as humanoid robots and robotic dogs [6]. - Revenue forecasts for 2025-2027 are projected at 206.29 billion yuan, 240.68 billion yuan, and 281.33 billion yuan, respectively, with corresponding EPS of 0.53 yuan, 0.65 yuan, and 0.81 yuan, indicating a positive growth trajectory [7][9]. Summary by Sections Sales Performance - In 2024, the company achieved a revenue of 177.61 billion yuan, a 17.46% increase year-on-year. The revenue from power products, polymer materials, and communication products was 117.5 billion yuan, 51.9 billion yuan, and 5.0 billion yuan, respectively [4]. Market Position and Expansion - The company has increased its market share in high-pressure insulation materials to about 20%. The production capacity is set to expand significantly with ongoing projects [5]. - The company has established a strong foothold in the robotics cable market, collaborating with major players and achieving significant sales milestones [6]. Financial Projections - The company forecasts revenues of 206.29 billion yuan, 240.68 billion yuan, and 281.33 billion yuan for 2025, 2026, and 2027, respectively. EPS is expected to grow from 0.53 yuan in 2025 to 0.81 yuan in 2027 [7][9].

Group 1: Company Overview and Operations - The company has established a production base in Mexico, which is currently in the capacity ramp-up stage and is progressing as planned [2] - The company’s main products include data cables, new energy cables, and ordinary cables, primarily used in the automotive, energy storage, and data center industries [3] - The company has entered into partnerships with major automotive manufacturers such as BYD, Tesla, and General Motors [2] Group 2: Financial Performance and Projections - The company plans to hold the 2024 annual shareholder meeting on May 12, 2025, to review the profit distribution proposal [3] - The first quarter net profit increased due to improved product structure, reduced financial costs, and enhanced customer payment efficiency [7] - The company expects steady production and sales growth throughout 2025, with specific performance details to be announced in future disclosures [7] Group 3: Market Demand and Product Applications - The company’s products are increasingly being used in various models from BYD, including those with advanced driving capabilities [8] - The demand for new energy cables is rising as the penetration rate of new energy vehicles continues to increase [11] - The company is also exploring applications for its products in humanoid robots and low-altitude flying vehicles [11] Group 4: Competitive Advantages and Strategic Plans - The company’s competitive advantages include brand strength, scale, management efficiency, cost competitiveness, technological leadership, and quality superiority [10] - Future strategies involve strengthening core business operations, increasing R&D investment, and enhancing product quality and performance [7] - The company aims to maintain and expand relationships with existing customers while exploring new market opportunities [7]