金杯电工：电磁线出海如火如荼，中期分红回馈股东

Investment Rating - The investment rating for the company is "Buy" [2][10]. Core Views - The company has shown strong revenue growth of 15.99% year-on-year in the first three quarters, with a net profit increase of 18.89% [4]. - The electromagnetic wire business is experiencing significant growth, with a revenue increase of 34.66% in the same period, while the cable business is under slight pressure [5]. - The company is expanding its production capacity and has made strategic acquisitions to enhance its competitive edge [6][9]. Financial Performance Summary - Revenue Forecast: The company is projected to achieve revenues of 132.03 billion, 152.93 billion, 171.76 billion, 192.91 billion, and 211.47 billion yuan from 2022A to 2026E [3]. - Net Profit Forecast: Expected net profits are 3.71 billion, 5.23 billion, 6.06 billion, 6.73 billion, and 7.93 billion yuan for the same period [3]. - Earnings Per Share (EPS): EPS is forecasted to be 0.505, 0.712, 0.825, 0.917, and 1.080 yuan from 2022A to 2026E [3]. - Price-to-Earnings (P/E) Ratio: The P/E ratio is expected to decrease from 19.23 in 2022A to 8.99 in 2026E, indicating improving valuation [3]. - Price-to-Book (P/B) Ratio: The P/B ratio is projected to decline from 1.97 in 2022A to 1.48 in 2026E [3]. Business Segment Performance - Electromagnetic Wire: The electromagnetic wire segment has seen a revenue increase of 34.66% year-on-year, with significant progress in the new energy vehicle sector and exports [5]. - Cable Business: The cable segment's revenue growth has slowed to 7.48%, attributed to ongoing pressures in the real estate sector [5]. - International Expansion: The company has successfully secured overseas orders, including a significant contract in Saudi Arabia worth 1.05 billion yuan [9]. Capacity Expansion and Acquisitions - The company has invested 1.35 billion yuan in construction projects, with a focus on expanding its electromagnetic wire production capacity [6]. - The acquisition of Delite Conductor Technology for 55 million yuan is expected to enhance the company's product offerings and operational management [9].