金杯电工：上半年业绩稳健增长，积极扩品类扩产能

Investment Rating - The investment rating for the company is "Buy" [1][19]. Core Views - The company reported a revenue increase of 16.74% year-on-year, achieving a total revenue of 7.945 billion yuan in the first half of 2024, with a net profit of 276 million yuan, reflecting a growth of 16.52% year-on-year [4][7]. - The company is experiencing strong sales growth in its cable and electromagnetic products, particularly in the ultra-high voltage and electric vehicle sectors, with significant increases in sales volume and revenue [4][6]. - The company is optimizing production efficiency and expanding capacity, with capital expenditures of 109 million yuan in the first half of 2024, a 84% increase compared to the same period last year [4][6]. - The company is expanding its overseas business and product categories, with a focus on meeting the growing demand for transformers and related products in international markets [6][4]. Summary by Sections Financial Performance - The company achieved a total revenue of 7.945 billion yuan in the first half of 2024, up 16.74% year-on-year, and a net profit of 276 million yuan, up 16.52% year-on-year [4][7]. - The gross margin for the first half of 2024 was 11.0%, a decrease of 0.5 percentage points year-on-year, while the net margin was 3.87%, a decrease of 0.07 percentage points year-on-year [4][7]. Product Segments - Revenue from cable products increased by 9.54%, while revenue from electromagnetic products surged by 32.40%, with a sales volume increase of approximately 24.56% [4][6]. - The company has successfully developed new clients in the electric vehicle sector, with sales of flat electromagnetic wires for new energy vehicles increasing by 199% [4][6]. Capacity Expansion - The company is investing in capacity expansion, with a focus on new projects for electric vehicle motor-specific flat electromagnetic wires and smart workshop projects [4][6]. - The company has increased its production capacity for transformer electromagnetic wires by 10,000 tons through leasing and technical upgrades [4][6]. Market Position - The company is actively participating in international exhibitions to enhance its brand presence and has reported overseas sales revenue of 189 million yuan, a 4.3% increase [4][6]. - The company has established a wholly-owned subsidiary to enhance its international trade capabilities and has acquired a 100% stake in a foreign company to complement its product line [6][4].