线缆+高分子料龙头，一体化铸就中长期成本优势

Investment Rating - The report assigns a "Buy" rating to the company, with a target price corresponding to a 20% or more relative return [67]. Core Insights - The company has a leading market share of 30% in the domestic market for insulation materials below 35kV, benefiting from the trend of demand concentration towards top-tier enterprises due to the high degree of domestic production and lower technical barriers in the medium and low voltage cable sector [3][4]. - The high voltage and ultra-high voltage cable insulation materials still rely heavily on imports, with over 80% of the domestic high-end market monopolized by foreign companies. The company is positioned as a leader in domestic substitution for high-end products [4][9]. - The market for cable materials is expected to exceed 800 billion by 2025, with significant growth driven by the expansion of high voltage polymer materials [11][60]. - The company has made substantial advancements in high polymer materials, achieving breakthroughs in technology and expanding its product range, which includes various insulation and shielding materials for cables [12][30]. Summary by Sections Industry Overview - The domestic high polymer materials market is projected to grow significantly, with the demand for high voltage polymer materials expected to rise from 1.5 billion USD in 2022 to 2.3 billion USD by 2029, with domestic demand accounting for about 50% [11][60]. - The cable industry is experiencing a shift towards high voltage and direct current technologies, which will increase performance requirements for insulation and shielding materials [6]. Company Performance - The company reported a stable revenue growth in its cable segment, with power cable revenue reaching 8.879 billion, accounting for 59% of total revenue in 2023 [21]. - The company has successfully transitioned its product structure, focusing on security data cables, with sales exceeding 418 million in 2022 [22]. Market Position and Strategy - The company has established a strong brand presence and a nationwide direct sales network, which enhances its competitive edge and customer loyalty [10]. - The company is actively expanding its international market presence, with overseas sales growing by 35% in 2023, reaching nearly 100,000 tons [17]. Future Outlook - The company plans to raise up to 1.7 billion through a private placement to fund various projects, including the construction of high-end cable production facilities and a new materials research institute [15][35]. - The company is expected to maintain a high gross margin in its high-end product segments, despite fluctuations in raw material prices [9].