下游需求向好，取向硅钢价格回暖

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook based on expected performance improvements in the coming years [3]. Core Insights - The company is expected to benefit from a recovery in oriented silicon steel prices and strong demand for power transmission and transformation equipment, leading to improved profitability [2][3]. - The company's revenue for 2023 is projected to be 27.18 billion yuan, with a year-on-year growth of 7.57%, while the net profit attributable to shareholders is expected to be 2.35 billion yuan, reflecting a decline of 21.31% [10]. - The report highlights the company's strategic acquisition of Yunbian, which is anticipated to enhance synergies and product offerings in the oriented silicon steel segment [3][11]. Financial Summary - Revenue projections for the company are as follows: 2023 at 27.18 billion yuan, 2024 at 37.94 billion yuan (39.6% growth), 2025 at 46.75 billion yuan (23.2% growth), and 2026 at 56.81 billion yuan (21.5% growth) [1]. - The net profit attributable to shareholders is forecasted to be 2.35 billion yuan in 2023, increasing to 2.92 billion yuan in 2024 (24.5% growth), 3.95 billion yuan in 2025 (35.4% growth), and 5.42 billion yuan in 2026 (37.1% growth) [1]. - The company's gross margin is expected to slightly decline to 16.9% in 2024 but is projected to recover to 18.5% by 2026 [1]. - Return on equity (ROE) is anticipated to improve from 9.8% in 2023 to 15.6% in 2026 [1]. Market Data - As of May 8, 2024, the closing price of the company's stock is 17.67 yuan, with a total share capital of 333 million shares and a net asset value of 2.417 billion yuan [9].