国联民生证券承销保荐有限公司关于 沈阳宏远电磁线股份有限公司部分募投项目结项并将节余 募集资金永久补充流动资金的核查意见 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"或"保荐 机构"）作为沈阳宏远电磁线股份有限公司（以下简称"宏远股份"或"公司"） 向不特定合格投资者公开发行股票并在北京证券交易所上市的保荐机构，根据 《证券发行上市保荐业务管理办法》《北京证券交易所上市公司持续监管办法（试 行）》《北京证券交易所证券发行上市保荐业务管理细则》《北京证券交易所股 票上市规则》《北京证券交易所上市公司持续监管指引第 9 号——募集资金管理》 等相关法律、法规和规范性文件的规定，对宏远股份部分募投项目结项并将节余 募集资金永久补充流动资金的事项进行了审慎核查，核查情况及意见如下： 一、募集资金基本情况 2025 年 5 月 20 日，中国证券监督管理委员会出具了《关于同意沈阳宏远电 磁线股份有限公司向不特定合格投资者公开发行股票注册的批复》(证监许可 [2025]1416 号)，同意公司向不特定合格投资者公开发行股票的注册申请。公司 股票于 2025 年 8 月 20 日成功在北京证券交易所上市。 2 ...

证券代码：920018 证券简称：宏远股份 公告编号：2026-003 沈阳宏远电磁线股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 √特定对象调研 二、 投资者关系活动情况 活动时间：2026 年 3 月 3 日 活动地点：沈阳宏远电磁线股份有限公司 参会单位及人员：东方财富、成就资本、量利资本、申万菱信基金、中邮基 金、兆顺私募基金、华燕资本、翊安投资、嘉亿资产、尚善资产 上市公司接待人员：董事长杨绪清、董事会秘书何润、副总经理 Zhengxi Zhuang（庄政曦）、证券事务代表于波 回答：根据公司此前披露的 2025 年年度业绩快报显示，2025 年度公司预 计实现营业收入 270,273.03 万元，同比增长 30.41%；归属于上市公司股东的 净利润 10,819.60 万元，同比增长 6.81%；归属于上市公司股东的扣除非经常 性损益的净利润 9,505.84 元，同比增长 4.21%； 公司营业收入较上年同比增长 30.41% ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Insights - The company is recognized as a national-level "single champion" in the electromagnetic wire sector, benefiting from high barriers in ultra/high voltage products, expansion into the new energy vehicle market, and overseas growth initiatives [5]. - The company has completed the application of ±1100kV ultra/high voltage products and plans to expand its electromagnetic wire production capacity by 5,000 tons to meet downstream demand [6]. - The company has achieved significant revenue growth, with a reported revenue of 1.952 billion yuan for Q1-Q3 2025, reflecting a year-on-year increase of 31% [7]. - The company is also entering the 800V high-voltage flat wire market for new energy vehicles and plans to establish a factory in Saudi Arabia for international expansion [8]. Financial Summary - The company’s revenue is projected to grow from 2.072 billion yuan in 2024 to 3.925 billion yuan in 2027, with a compound annual growth rate (CAGR) of 20.67% [9]. - The net profit attributable to the parent company is expected to increase from 108 million yuan in 2025 to 165 million yuan in 2027, with a CAGR of 22.76% [9]. - The company’s earnings per share (EPS) is forecasted to rise from 0.85 yuan in 2025 to 1.29 yuan in 2027 [9]. - The company maintains a strong return on equity (ROE), projected at 12.96% by 2027 [10].

Group 1 - The report highlights that the demand for gas turbines and power grid equipment is driven by the AI computing wave, presenting high growth opportunities for the power sector on the Beijing Stock Exchange [2][12] - Siemens Energy reported a significant increase in orders and revenue, with a 34% rise in order value to €17.609 billion, primarily due to strong demand in the gas turbine and power grid sectors [12][14] - The U.S. currently leads the world in natural gas power generation capacity under construction, with over one-third of this capacity planned to directly supply data centers [13] Group 2 - The report indicates that the chemical new materials sector experienced an average increase of 2.60% in stock prices over the week, with a median P/E ratio rising to 40.7X [3][29] - The technology new industries saw a median P/E ratio increase from 42.3X to 49.5X, with 95 out of 159 companies experiencing stock price increases [4][50] - The report emphasizes the performance of specific companies, such as Guangxin Technology, which achieved a 41.35% increase in revenue and a 91.95% increase in net profit for the first three quarters of 2025 [19][72] Group 3 - The report identifies key companies in the power sector, including Minshida, Guangxin Technology, and Hongyuan Co., with respective market capitalizations of ¥8.108 billion, ¥7.710 billion, and ¥4.323 billion [15][16] - Minshida specializes in the production of aramid paper and related products, while Guangxin Technology is one of the few domestic manufacturers capable of producing insulation materials for ultra/high voltage applications [20][21] - Hongyuan Co. focuses on electromagnetic wires used in high-voltage transformers and has established a leading position in the ultra/high voltage transformer wire market [24][27]

Group 1 - The core viewpoint of the article is that Hongyuan Co., Ltd. reported significant growth in its 2025 annual performance, with a notable increase in both revenue and net profit [2] Group 2 - In 2025, the company achieved an operating income of 2,702,730,278.14 yuan, representing a year-on-year growth of 30.41% [2] - The net profit attributable to shareholders of the listed company was 108,195,996.03 yuan, reflecting a year-on-year increase of 6.81% [2]

Financial Performance - The company achieved operating revenue of ¥2,702,730,278.14, representing a year-on-year increase of 30.41%[4] - Net profit attributable to shareholders reached ¥108,195,996.03, up 6.81% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥95,058,377.53, reflecting a growth of 4.21%[4] - Basic earnings per share decreased by 4.55% to ¥1.05 due to an increase in share capital from public issuance[6] Assets and Equity - Total assets at the end of the reporting period were ¥2,245,883,864.70, a 66.51% increase year-on-year[5] - Shareholders' equity attributable to the company increased by 78.16% to ¥962,106,127.23[5] - The company's share capital grew by 38.33% to ¥127,329,564.00[5] - The net asset value per share attributable to shareholders rose by 28.79% to ¥7.56[5] Market and Operational Insights - The increase in operating revenue was primarily driven by higher market demand and increased product sales, despite rising raw material costs[6] Cautionary Notes - The company cautions that the financial data is preliminary and subject to audit, urging investors to be aware of investment risks[7]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [9]. Core Views - The company is positioned to benefit significantly from the global power investment cycle, particularly in the high-voltage transformer sector, with a strong emphasis on its technological advantages and international expansion plans [9][7]. - The company has established itself as a leader in the electromagnetic wire market, breaking foreign monopolies in high-voltage applications and achieving recognition as a national "manufacturing single champion" [7][9]. - The establishment of a subsidiary in Saudi Arabia is expected to accelerate the company's overseas business expansion, alleviating domestic production capacity constraints [8][9]. Summary by Sections Company Overview - The company specializes in the research and manufacturing of electromagnetic wires for transformers, achieving a significant market position in high-voltage applications [7]. - It has a stable customer base in the U.S. and has successfully entered the supply chains of major global power equipment manufacturers [7][9]. Financial Performance - The company is projected to achieve revenues of 29.01 billion yuan, 42.11 billion yuan, and 49.82 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 40.00%, 45.15%, and 18.30% [9][10]. - Expected net profits for the same years are forecasted at 1.11 billion yuan, 1.63 billion yuan, and 2.07 billion yuan, with growth rates of 9.71%, 46.98%, and 26.61% [9][10]. Market Trends - Global investment in power infrastructure is accelerating, with significant increases in both domestic and international markets, particularly in the U.S. and Saudi Arabia [7]. - The demand for transformers is anticipated to rise sharply due to increased electricity consumption and infrastructure investments [7].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [9]. Core Views - The company is positioned to benefit significantly from the global power investment cycle, particularly in the high-voltage transformer sector, with a strong technical barrier and plans for international expansion [9][7]. - The company achieved a record high in transformer exports in 2025, with a total export value of USD 9.036 billion, reflecting a year-on-year growth of 34.9% [1]. - The company has established a wholly-owned subsidiary in Saudi Arabia, which is expected to accelerate its overseas business expansion and alleviate domestic production capacity constraints [8]. Summary by Relevant Sections Company Overview - The company is recognized as a "single champion" in electromagnetic wire products, with significant technological advantages and a leading market position in high-voltage applications [7]. - The company has a stable customer base in the U.S. and has seen substantial growth in overseas revenue, which reached RMB 499 million in 2024, a year-on-year increase of 109% [7]. Financial Projections - The company is projected to achieve revenues of RMB 29.01 billion, RMB 42.11 billion, and RMB 49.82 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 40.00%, 45.15%, and 18.30% [9]. - The expected net profit attributable to the parent company for the same years is RMB 1.11 billion, RMB 1.63 billion, and RMB 2.07 billion, with growth rates of 9.71%, 46.98%, and 26.61% [9][10].

Investment Rating - The industry is rated as "Overweight," indicating an expected increase in performance exceeding the market benchmark index by more than 10% over the next 6-12 months [40]. Core Insights - The North Exchange market has reached a significant milestone with the number of qualified investors surpassing 10 million, marking a net increase of nearly 2 million compared to the same period last year, which lays a solid foundation for long-term healthy market development [3][34]. - Despite recent market adjustments, the long-term allocation value of the North Exchange remains recognized by institutions, with a slight decrease in margin financing indicating a reduction in market risk appetite [3][36]. - The acceleration of new stock issuances is expected to provide new supply to the market, with five new stocks issued in January and more expected in the coming weeks [3][36]. Summary by Sections Market Overview - The average daily trading volume of all A-shares on the North Exchange reached 20.48 billion yuan, a decrease of 28.7% week-on-week [8]. - The North Exchange 50 index fell by 0.70% during the week, with an average turnover rate of 2.13% [8]. Key News and Policies - A joint release by ten departments introduced the "Low Altitude Economy Standard System Construction Guide (2025 Edition)," focusing on five core areas including low-altitude aircraft and safety regulation [20]. - The Shanghai Gold Exchange adjusted the trading margin levels and price fluctuation limits for certain gold and silver contracts [24]. Core Driving Factors - The North Exchange's market construction has reached a new stage, with a significant increase in qualified investors, indicating enhanced market attractiveness and investor ecosystem development [34]. - Structural differentiation is evident in the industry, with active performance in energy and technology sectors, while the overall valuation shows signs of convergence [35]. - Market sentiment is cautious, with a slight retreat in margin financing indicating reduced risk appetite among investors [36]. Investment Recommendations and Strategies - Attention is recommended on the upcoming adjustments to the North Exchange 50 constituent stocks, which may create passive allocation demand for index funds [37]. - Focus on sectors with clear industrial trends such as AI, commercial aerospace, and semiconductors, as well as leading companies in the new energy sector that align with new productivity directions [38]. - A bottom-up approach is suggested to identify stocks with matching performance and valuation, especially those with potential for exceeding earnings expectations [38].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Viewpoints - The company, Hongyuan Co., specializes in the research and production of electromagnetic wires, achieving a compound annual growth rate (CAGR) of 25.7% in revenue over the past three years. It is recognized as a national "manufacturing single champion enterprise" in the field of electromagnetic wires for ultra/high voltage transformers [3][14]. - The company has a strong market position, holding significant shares in high-voltage transformer projects, with a 24.43% share in direct current converter transformers and a 29.63% share in alternating current transformers in recent bids [5][19]. - The company is actively expanding into the new energy vehicle sector, focusing on high-power drive motors, and has secured orders from domestic and international clients, including VinFast, a Vietnamese electric vehicle manufacturer [5][19]. Company Overview - Hongyuan Co. has a total market capitalization of 42.24 billion yuan and a circulating market value of 14.67 billion yuan, with a current stock price of 33.17 yuan. The company has a total share capital of 1.27 billion shares, with a circulating share capital of 0.44 billion shares [3]. - The company has achieved a revenue of 1.952 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 30.97%, with a net profit attributable to shareholders of 73.84 million yuan, up 4.93% year-on-year [3][6]. Financial Summary and Valuation Indicators - The company is projected to achieve revenues of 2.724 billion yuan in 2025, 3.417 billion yuan in 2026, and 4.438 billion yuan in 2027, with corresponding net profits of 114 million yuan, 148 million yuan, and 196 million yuan respectively [6]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.89 yuan, 1.16 yuan, and 1.54 yuan, with price-to-earnings (P/E) ratios of 35.3, 27.2, and 20.5 respectively [6]. Industry Overview - The electromagnetic cable industry in China had a market revenue of 45.18 billion USD in 2022, with an expected CAGR of 7.43%, projected to reach 96.66 billion USD by 2032. The investment in electric power resources in China has increased significantly, from 328.3 billion yuan in 2019 to 1,168.7 billion yuan in 2024, reflecting a CAGR of 28.91% [4]. - The global market for electric wires and cables is expected to reach 267.8 billion USD in 2024, with a CAGR of 7.3% from 2025 to 2034 [4]. Competitive Position - The company has established a strong competitive position in the high-voltage transformer electromagnetic wire market, with a significant number of patents (80 in total) and a history of successful bids in major ultra/high voltage projects [5][24]. - The company has a well-developed production system and a stable customer base, including major domestic and international clients, ensuring a reliable supply chain and long-term partnerships [18][19].