同行昙花一现，它五年连涨200%！全球扁电磁线“隐形冠军”，百亿规模，第一梯队-

Financial Data and Key Metrics Changes - In 2023, the revenue from the electromagnetic wire business of Jinbei Electric reached 5.02 billion, showing a compound annual growth rate (CAGR) of 50.48% from 2019's 979 million [4][8] - The overall revenue of Jinbei Electric increased from 3.18 billion in 2014 to 15.29 billion in 2023, with a CAGR of 19.08% [35] Business Line Data and Key Metrics Changes - The electromagnetic wire segment achieved a net profit of 223 million in 2023, significantly higher than competitors like Jingda and Changcheng Technology [13] - The sales volume of transformer electromagnetic wire increased by approximately 25% year-on-year in 2023, with order volume more than doubling compared to the previous year [22] Market Data and Key Metrics Changes - Jinbei Electric holds about 40% market share in the high-voltage market, with projections indicating it could reach 50% in peak years [19] - The market for high-voltage transformer electromagnetic wire is expected to exceed 30 billion by 2026, driven by accelerated construction in China's high-voltage sector [19] Company Strategy and Development Direction - Jinbei Electric focuses on high-margin flat electromagnetic wire, targeting high-end applications in new energy vehicles and ultra-high voltage sectors, differentiating itself from competitors who focus on lower-end markets [11][12] - The company has positioned itself as a "hidden champion" in the global flat electromagnetic wire industry, emphasizing its unique product layout and market leadership in high-voltage applications [15] Management's Comments on Operating Environment and Future Outlook - Management highlighted the robust demand for flat electromagnetic wire in the context of China's ongoing high-voltage construction and the growth of the new energy vehicle market [17] - The company expressed confidence in its ability to maintain growth and profitability, supported by its strategic focus on high-end applications and continuous capacity expansion [15][22] Other Important Information - Jinbei Electric's cable business generated stable revenue growth, with a CAGR of nearly 18% over the past decade, contributing 66.04% to total revenue in 2023 [25][27] - The company has a solid cash flow position, with operating cash flow exceeding net profit over the past decade, indicating strong financial health [37][39] Q&A Session Summary Question: What drives Jinbei Electric's growth in the electromagnetic wire sector? - The growth is primarily driven by the increasing demand for high-end applications in new energy vehicles and ultra-high voltage projects, where Jinbei Electric has established a strong market presence [15][22] Question: How does Jinbei Electric differentiate itself from competitors? - Jinbei Electric focuses exclusively on high-margin flat electromagnetic wire, while many competitors spread their resources across lower-margin products, allowing Jinbei to achieve higher profitability [11][12] Question: What is the outlook for the high-voltage market? - The high-voltage market is expected to grow significantly, with Jinbei Electric projected to capture a larger market share as demand for high-voltage infrastructure increases [19]