Investment Rating - The investment rating for the company is "Outperform" (maintained) [4] Core Views - The company is expected to achieve a net profit attributable to shareholders of 134 million yuan in 2024, representing a year-on-year growth of 9.22%. The revenue is projected to reach 3.581 billion yuan, reflecting a year-on-year increase of 20.06% [4] - The company continues to make progress in expanding its domestic power grid market, particularly in the Zhejiang region, which has shown recovery growth [4] - Due to increased competition in the overall cable market and fluctuations in copper prices, the profit forecast for 2024-2026 has been adjusted downwards [4] Financial Summary and Valuation Indicators - Revenue for 2024 is estimated at 3.581 billion yuan, with a year-on-year growth of 20.1% [8] - The net profit attributable to shareholders for 2024 is projected at 134 million yuan, with a year-on-year growth of 9.3% [8] - The company's gross margin is expected to be 12.5% in 2024, with a net margin of 3.7% [12] - The earnings per share (EPS) for 2024 is forecasted to be 0.50 yuan, with a price-to-earnings (P/E) ratio of 19.8 times [8] - The return on equity (ROE) is projected to be 12.0% in 2024, increasing to 14.5% by 2026 [12] Market Expansion and Development - The company is actively expanding its market presence among large state-owned enterprises and has made significant progress in foreign trade [5] - A procurement framework contract has been signed with Wanhua Chemical Group for the supply of power cables, further solidifying its position in the market [5] - The company is also advancing its research and development efforts in 500kV ultra-high voltage cables, which is expected to provide ongoing business momentum due to large-scale updates in the power grid [6]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [4] Core Views - The company is expected to achieve a net profit attributable to shareholders of 134 million yuan in 2024, representing a year-on-year growth of 9.22%. The revenue is projected to reach 3.581 billion yuan, reflecting a year-on-year increase of 20.06% [4] - The company continues to make progress in expanding its domestic power grid market, particularly in the Zhejiang region, which has shown recovery growth [4] - The profit forecast for 2024-2026 has been adjusted downwards due to increased competition in the cable market and fluctuations in copper prices. The expected net profits are 134 million yuan, 148 million yuan, and 184 million yuan for the respective years [4] Financial Summary and Valuation Indicators - The total market capitalization of the company is 2.718 billion yuan, with a circulating market capitalization of 1.577 billion yuan [2] - The company's revenue for 2024 is expected to be 3.581 billion yuan, with a year-on-year growth of 20.06% [8] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.50 yuan, 0.55 yuan, and 0.68 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19.8, 17.8, and 14.4 [4][8] - The company's return on equity (ROE) is expected to increase from 12.0% in 2024 to 14.5% in 2026 [8][12] Market Expansion and Development - The company is actively expanding its market presence among large state-owned enterprises and has made significant progress in foreign trade markets. A procurement framework contract has been signed with Wanhua Chemical for cable purchases [5] - The company is also advancing its research and development of 500kV ultra-high voltage cables, which is expected to provide sustained business momentum due to large-scale updates and renovations in the power grid [6]

Financial Performance - The company achieved total operating revenue of ¥3,580,952,196.26, representing a year-on-year increase of 20.06%[4] - Net profit attributable to shareholders reached ¥133,882,747.28, up 9.22% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥129,839,820.78, reflecting a growth of 9.54%[4] - Basic earnings per share increased to ¥0.50, marking an 11.11% rise year-on-year[4] Assets and Equity - Total assets at the end of the reporting period were ¥2,439,454,298.44, a 5.21% increase from the beginning of the period[4] - Shareholders' equity attributable to the company was ¥1,116,742,149.06, up 4.75% year-on-year[4] - The company’s share capital increased by 30.00% to ¥270,400,000.00 during the reporting period[3] Market and Growth Factors - The growth in operating revenue was primarily driven by successful expansion in the domestic power grid market and recovery in the Zhejiang regional market[5] Cautionary Notes - The preliminary financial data has not been audited and should be treated with caution regarding investment decisions[6] Return on Equity - The weighted average return on net assets (ROE) before deduction was 12.42%[3]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [8]. Core Views - The company, QiuGuan Cable, is a regional leader in the power cable market, focusing on the research, production, and sales of high and low voltage power cables and special cables. It has shown steady revenue growth and profitability [8][11]. - The demand for ultra-high voltage and special cables is increasing, supported by national policies and market expansion. The domestic cable market is expected to grow significantly, with projections indicating a market size of 1.6 trillion yuan by 2027 [8][34]. - The company emphasizes R&D investment, which has led to technological advancements and a strong customer base, including major state-owned enterprises [8][19]. Summary by Sections 1. Company Overview - QiuGuan Cable was established in 2006 and is recognized as a high-tech enterprise in China, focusing on power and special cables. The company has a stable shareholding structure and has been listed on the Beijing Stock Exchange since 2021 [11][12]. - The company has received multiple certifications and has established long-term partnerships with international clients, enhancing its market reputation [11]. 2. Market Growth - The cable market is foundational to the national economy, with a wide range of applications across various sectors. The market is rapidly expanding, driven by infrastructure investments and the transition to renewable energy [30][34]. - The domestic cable market's sales revenue reached 1.2 trillion yuan in 2023, with a projected growth rate of 2.56%. The power cable segment holds the largest market share [30][34]. 3. R&D and Innovation - The company has significantly increased its R&D investment, with expenses rising from 61.35 million yuan in 2018 to 82.93 million yuan in 2023, reflecting a compound annual growth rate (CAGR) of 9.96% [8][19]. - QiuGuan Cable has obtained 58 patents, including 14 invention patents, which support its competitive edge in high-performance cable products [11][19]. 4. Financial Performance - The company reported a revenue of 2.983 billion yuan in 2023, a year-on-year increase of 12.28%. The net profit attributable to shareholders was 122.58 million yuan, up 13.39% from the previous year [8][19]. - The forecast for net profit from 2024 to 2026 is 1.28 billion yuan, 1.48 billion yuan, and 1.70 billion yuan, respectively, indicating a steady growth trajectory [8][19]. 5. Competitive Landscape - The domestic cable market is characterized by low concentration and intense competition, with over 10,000 manufacturers. QiuGuan Cable is positioned in the second tier of the industry, focusing on mid to high voltage cables [42][44]. - The overall market gross margin is high, but competition in the low-end product segment is fierce, leading to a challenging environment for smaller players [44].

证券研究报告·公司深度研究·电网设备 球冠电缆（834682） 电线电缆小巨人，市场+产品结构优化助力公 司新成长 增持（首次） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2656 | 2983 | 3573 | 4103 | 4713 | | 同比（%） | (1.18) | 12.28 | 19.80 | 14.84 | 14.86 | | 归母净利润（百万元） | 108.10 | 122.58 | 127.65 | 148.04 | 170.04 | | 同比（%） | 31.82 | 13.39 | 4.13 | 15.98 | 14.86 | | EPS-最新摊薄（元/股） | 0.40 | 0.45 | 0.47 | 0.55 | 0.63 | | P/E（现价&最新摊薄） | 21.96 | 19.37 | 18.60 | 16.04 | 13.96 | [Table_Tag] [Table_Summar ...

证券代码：834682 证券简称：球冠电缆 公告编号：2024-060 宁波球冠电缆股份有限公司 2024 年第三次临时股东大会决议公告 （一）会议召开情况 1.会议召开时间：2024 年 12 月 27 日 2.会议召开地点：宁波球冠电缆股份有限公司行政楼一楼会议室 3.会议召开方式：现场投票和网络投票相结合方式召开 4.会议召集人：公司董事会 5.会议主持人：董事长陈永明先生 6.召开情况合法、合规、合章程性说明： 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 召开本次股东大会的议案已经第五届董事会第十次会议审议通过，本次股东 大会的召集、召开程序符合《公司法》等相关法律、法规及《公司章程》的规定。 （二）会议出席情况 出席和授权出席本次股东大会的股东共 9 人，持有表决权的股份总数 169,128,166 股，占公司有表决权股份总数的 62.5474%。 其中通过网络投票参与本次股东大会的股东共 0 人，持有表决权的股份总数 0 股，占公司有表决权股份总数的 0%。 （三 ...

股东大会律师见证法律意见书 北京炜衡（宁波）律师事务所 关于 法律意见书 地址:浙江省宁波市高新区新材料创新中心西区 B1 幢 12A 楼 电话: 0574-89216932 传真: 0574-87066991 网址： http://www.nbwhlaw.com/ 股东大会律师见证法律意见书 目 录 | 目 录……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 1 | | --- | | 一、本次股东大会的召集和召开程序 . | | (一) 本次股东大会的召集程序 . | | (二) 本次股东大会的召开程序 ……………………………………………………… 3 | | 二、出席本次股东大会会议人员和召集人的资格 | | (一) 出席本次股东大会的股东及委托代理人 . | | (三) 本次股东大会召集人资格…………………………………………………………………………………… 5 | | 三、本次股东大会的表决程序和表决结果…………………………… ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 证券代码：834682 证券简称：球冠电缆 公告编号：2024-060 宁波球冠电缆股份有限公司 2024 年第三次临时股东大会决议公告 1.会议召开时间：2024 年 12 月 27 日 2.会议召开地点：宁波球冠电缆股份有限公司行政楼一楼会议室 3.会议召开方式：现场投票和网络投票相结合方式召开 4.会议召集人：公司董事会 5.会议主持人：董事长陈永明先生 6.召开情况合法、合规、合章程性说明： 召开本次股东大会的议案已经第五届董事会第十次会议审议通过，本次股东 大会的召集、召开程序符合《公司法》等相关法律、法规及《公司章程》的规定。 （二）会议出席情况 出席和授权出席本次股东大会的股东共 9 人，持有表决权的股份总数 169,128,166 股，占公司有表决权股份总数的 62.5474%。 4.公司高级管理人员列席会议。 二、议案审议情况 审议通过《关于 2025 年度授信额度的议案》 1.议案内容： 本议 ...

宁波球冠电缆股份有限公司 2024 年第三次临时股东大会的 法律意见书 地址:浙江省宁波市高新区新材料创新中心西区 B1 幢 12A 楼 股东大会律师见证法律意见书 电话: 0574-89216932 传真: 0574-87066991 北京炜衡（宁波）律师事务所 关于 | 目 求………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 1 | | --- | | 一、本次股东大会的召集和召开程序 …………………………………………………………………………………………………………………………………………………………………………………………………… 3 | | (一) 本次股东大会的召集程序 . | | (二) 本次股东大会的召开程序 . | | 二、出席本次股东大会会议人员和召集人的资格 | | (一) 出席本次股东大会的股东及委托代理人 . | | (三) 本次股东大会召集人资格 . | | 三、本次股东大会的表决程序和表决结果 . | | ( ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company experienced significant revenue growth in Q3, achieving a revenue of 974 million yuan, which represents a year-on-year increase of 58.38%. This growth was primarily driven by increased orders from major markets such as the State Grid and Southern Grid [2] - The company's gross margin for Q3 was 7.33%, reflecting a decrease of 4.17 percentage points year-on-year and a decline of 5.27 percentage points quarter-on-quarter. This decline was attributed to falling cable product prices and significant fluctuations in copper prices, which increased costs and squeezed margins [2] - The net profit attributable to the parent company after deducting non-recurring gains and losses for Q3 was 26.57 million yuan, up 51.10% year-on-year [2] Financial Data - As of December 24, 2024, the company's closing price was 7.98 yuan, with a total market capitalization of 2.158 billion yuan and a total share capital of 270 million shares [3] - For the first three quarters of 2024, the company reported total operating revenue of 2.607 billion yuan, a year-on-year increase of 27.39%, and a net profit attributable to shareholders of 86.38 million yuan, up 13.47% year-on-year [6] - The company’s operating expenses increased significantly, with sales expenses rising by 31.2% year-on-year to 59.98 million yuan, driven by increased service fees and market development costs [7] Industry Outlook - The company is expected to benefit from a large-scale equipment update initiative announced by the State Council, which aims to promote equipment upgrades in key industries, including power and machinery. This initiative is projected to generate additional demand for cable products [8] - The Southern Grid is expected to invest approximately 195.3 billion yuan in large-scale equipment updates from 2024 to 2027, representing a 52% increase compared to 2023 [8]