Gelonghui, May 12 丨 Guoxin Securities's May 11 research report indicates that Wanma Co., Ltd. (002276.SZ)'s first-quarter performance exceeded expectations, and the volume profits of major products increased sharply. Among them, sales of polymer materials have increased dramatically, and the gross profit per ton of cables and polymer materials has increased markedly; high-voltage cable products lead the industry, and 220kV products have passed national certification; driven by downstream demand, the company's rapid export of charging piles will expand, and revenue is expected to double in 2023. Based on the company's integrated production capacity progress, the bank slightly lowered its 23-year profit forecast. It expects the company to achieve net profit of 5.52/772/1,030 million yuan in 23-25 (the original forecast value for 23-24 was 588/731 million yuan), the year-on-year growth rate was 34.5/39.7/ 33.4% respectively, and the diluted EPS was 0.53/0.75/0.99 yuan respectively. The current stock price corresponding to PE is 22.7/16.2/12.2 times, maintaining the “buy” rating.