Investment Rating - The report maintains a "Recommended" rating for the wind power industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [4][53]. Core Insights - The wind power sector has seen a significant increase in bidding and winning volumes, with a total of 21.5GW of wind turbine bids in the first three months of 2025, representing a year-on-year increase of 14.7% [2][10]. - The report highlights three main investment themes in the wind power sector: 1. High domestic offshore wind project reserves and supportive policies for future development, with a focus on the concentration of offshore wind projects starting in 2025 [7][37]. 2. High bidding activity for onshore wind projects in 2024, indicating a phase of volume and profit growth for manufacturers and components [7][37]. 3. Regional growth in overseas offshore and onshore installations, presenting opportunities for domestic cable, main engine, and component manufacturers to expand internationally [7][37]. Summary by Sections Bidding Volume - In the first three months of 2025, wind turbine bidding reached 21.5GW, with offshore wind accounting for 2.6GW and onshore wind 18.9GW, showing increases of 262.2% and 5% year-on-year respectively [10][20]. - March saw a total of 9.2GW in wind power bids, with offshore wind at 1.8GW and onshore wind at 7.4GW, reflecting a month-on-month increase of 190.3% for onshore projects [10][20]. Winning Volume - The total winning volume for wind power in the first three months of 2025 was 20.3GW, a year-on-year increase of 101.4% [20][21]. - In March, the winning volume for offshore and onshore wind was 0.5GW and 6.8GW respectively, with year-on-year increases of 55.7% and 102.4% [20][21]. Winning Prices - The average winning price for offshore wind in March was 2818 yuan/kW, while for onshore wind it was 1408 yuan/kW, with a month-on-month decrease of 10.2% for onshore projects [36][37]. Investment Recommendations - The report suggests focusing on key companies such as Mingyang Smart Energy, Oriental Cable, Zhongtian Technology, and others, which are well-positioned to benefit from the anticipated growth in the wind power sector [7][39].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company has won multiple marine cable projects across various domestic and international regions, reflecting its strong competitive bidding capabilities. The total amount of the projects won is 1.133 billion yuan [3][7]. - As the end of the 14th Five-Year Plan approaches, the construction of offshore wind projects is expected to see a rebound in activity. The government has recently included "deep-sea technology" as a key area in its emerging industries, indicating a favorable policy environment for the deep-sea economy [3][7]. - The demand for submarine cables is anticipated to increase significantly due to the need for upgrades and replacements, with the company positioned as a leader in the industry [7]. Summary by Sections Project Wins - The company has secured marine energy projects with a total value of 1.133 billion yuan, including significant contracts in the Middle East and various domestic projects [3][7]. Market Outlook - The offshore wind power sector is expected to experience high growth as key projects are set to commence, with the industry entering a peak season starting in April 2025. The company is also likely to benefit from international offshore wind orders in the coming years [7]. Industry Position - The company ranks among the top four marine cable integrators globally and has a comprehensive coverage of the marine communication industry chain following its acquisition of Huawei Marine in 2020. It has a significant market share in both domestic and international markets [7]. Financial Projections - The company forecasts net profits attributable to shareholders of 2.75 billion yuan, 3.39 billion yuan, and 4.05 billion yuan for the years 2024 to 2026, representing year-on-year growth rates of 28%, 23%, and 19% respectively. The corresponding price-to-earnings ratios are projected to be 15x, 13x, and 10x [7].

Investment Rating - The report maintains a "Recommendation" rating for the power equipment industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [60]. Core Insights - The first quarter of 2025 has shown strong performance in grid bidding, investment, and transformer exports, with significant year-on-year growth in these areas [10][38]. - The report highlights that the total investment in grid projects reached 436 billion yuan in January and February 2025, representing a 33.3% year-on-year increase [10][38]. - Transformer exports for January and February 2025 were reported at 769.1 million and 563.4 million USD, respectively, with year-on-year growth rates of 43.11% and 41.49% [10][39]. Summary by Sections 1. Grid Bidding, Investment, and Transformer Export Data - The first two months of 2025 saw a total grid bidding amount of 15.24 billion yuan, a 23.5% increase compared to the same period in 2024 [10]. - The transformer export data indicates a robust growth trend, with cumulative exports reaching 1.3324 billion USD by February 2025, marking a 42.42% year-on-year increase [39]. 2. Market Performance Review - The new energy sector experienced a decline of 1.49% this week, ranking 17th among 30 industry sectors, outperforming the CSI 300 index, which fell by 2.29% [15]. - The report notes that the top-performing sub-sectors included wind power and nuclear power, while energy storage and power electronics saw significant declines [15][18]. 3. Important Information Tracking - As of February 2025, the cumulative investment in power engineering was 753 billion yuan, showing a slight decline of 1.1% year-on-year [38]. - The report tracks significant announcements from listed companies, including major bidding wins and investment updates [46]. 4. Valuation Situation - As of March 21, 2025, the new energy sector's valuation stood at 46x, significantly higher than the CSI 300's 13x [30]. - Key individual stocks within the power equipment sector have varying valuations, with some showing strong growth potential based on projected earnings [35]. 5. Industry Dynamics - The report discusses ongoing projects and initiatives, such as the acceleration of the "藏电入渝" project in Chongqing and the commencement of the Dazhong-Huailai-Tianjin South 1000 kV AC project [48].

亨通光电相关负责人对《证券日报》记者表示："得益于国家海洋战略加速推进，公司紧抓海洋产 业发展机遇，在通信网络和能源互联业务基础上，围绕海洋电力传输、海底网络通信与海洋装备、海洋 工程等领域，紧紧把握海洋经济开发机遇期，不断加强对海洋产业的技术研发与产业布局。近年来，公 司持续中标国内外海洋能源项目，在手订单充足，不仅体现了公司在海洋能源领域的综合技术实力，同 时也有利于进一步提升和巩固公司在海洋能源领域的品牌影响力。" 亨通光电始终坚持全球化运营战略，不断完善通信网络和能源互联产业的全球化布局。近年来，公 司已在欧洲、南美、南亚、非洲、东南亚等地进行通信网络和能源互联产业布局，产业覆盖五大洲，海 外产业布局不断完善。 金辰股份（603396）CEO祁海珅在接受《证券日报》记者采访时表示："海洋能源产业链拥有非常 好的发展前景。根据目前我国的能源消耗情况，东部沿海地区能源消耗较大，在沿海地区开展能源产业 链的布局，符合我国的能源结构形势。" "海洋经济迎来政策红利，对于相关企业来说，抢抓海洋产业发展布局，有助于强化企业市场地位 和品牌影响力，实现企业多元化发展，推动业绩增长。"工信部信息通信经济专家委员会委员 ...

证券代码：600487 证券简称：亨通光电 公告编号：2025-007 号 江苏亨通光电股份有限公司 关于中标海洋能源项目的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 近期，江苏亨通光电股份有限公司（以下简称"公司"）及其控股子公司江 苏亨通高压海缆有限公司、亨通海洋工程有限公司、江苏亨通蓝德海洋工程有限 公司、揭阳亨通海洋技术有限公司陆续收到项目《中标通知书》或签署项目合同， 确认中标国内外海洋能源项目，中标总金额为 11.33 亿元。现将项目情况公告如 下： 一、承包项目概况 1、项目名称：中东海缆项目 中标单位：江苏亨通光电股份有限公司 中标内容：海底电缆采购 项目金额：约 4.49 亿元 2、项目名称：蓬勃油田群岸电应用工程项目海底电缆和附件采购及施工敷 设（PC）集中采购项目、南方电网公司广西 220kV 涠洲岛跨海联网工程海底电 缆专项招标项目、国家电网有限公司温州洞头常青项目 中标单位：江苏亨通高压海缆有限公司 中标内容：电缆和附件采购及施工敷设、220kV 海底电缆、110kV 海底电缆 项目金 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 23.06, while the current price is 16.90 [1][13]. Core Views - The company is positioned as a leader in marine communication, breaking the oligopoly in the industry. The government has included "deep-sea technology" in its development plans, indicating a growing focus on marine economy and technology [2][19]. - The company has a comprehensive product capability across the entire industry chain, which may be undervalued by the market. The marine communication and observation capabilities are expected to benefit from future policy developments [2][13]. Summary by Sections 1. Marine Economy and Technology - The government report emphasizes the development of the marine economy and the inclusion of "deep-sea technology" in its new industrial policies, highlighting the increasing attention on marine technology [19]. - The company has rapidly enhanced its marine communication deployment, which is crucial for global connectivity, with over 95% of data transmission occurring via marine communication systems [20][21]. 2. Marine Communication Business - The company has established itself as a top-tier integrator in the marine communication sector, having begun self-research on submarine cables in 2009 and integrating downstream operations [48]. - The company has successfully completed the PEACE submarine cable project, which connects Asia, Africa, and Europe, and has begun commercial operations, providing high-quality communication networks [53]. 3. Financial Performance - The company’s revenue is projected to grow from 47.62 billion in 2023 to 59.22 billion in 2026, with net profit expected to increase from 2.15 billion to 3.73 billion during the same period [12]. - The company has a strong order backlog in marine communication, exceeding 6 billion, indicating robust future revenue potential [34]. 4. Market Position - The company’s subsidiary, Huahai Communication, is ranked among the top four global players in providing submarine cable network solutions, effectively breaking the overseas oligopoly [13][28]. - The company has a significant market share in the domestic marine communication sector, having installed seven submarine systems over the past four years, second only to NEC [32]. 5. Future Outlook - The report anticipates substantial growth in the marine observation sector, driven by government policies and the company’s capabilities in providing comprehensive marine communication solutions [44][45]. - The company is expected to benefit from the increasing investment in marine observation networks, with a projected total investment of approximately 533 billion for comprehensive coverage along China's coastline [44].

Investment Rating - The report maintains a "Buy" rating for companies in the automotive and real estate sectors, indicating a positive outlook for investment opportunities in these industries [8][11][12]. Core Insights - The automotive industry is undergoing significant changes, with a shift towards three distinct business models: Robotaxi operations, high-end manufacturing, and personalized brands. This evolution necessitates a reevaluation of traditional investment frameworks [4][7]. - The real estate sector is expected to experience a peak in debt restructuring in 2025, with companies possessing quality commercial assets likely to recover more swiftly through diversified strategies and asset management capabilities [8]. - The macroeconomic environment shows mixed signals, with U.S. economic data indicating resilience despite concerns over fiscal tightening under the Trump administration, which has impacted market sentiment negatively [1][19]. Summary by Sections Automotive Industry - The automotive sector is predicted to face a major framework adjustment, moving away from the traditional new car cycle focus. The next 5-10 years will be characterized by a "mobility revolution," particularly optimistic about the commercial viability of Robotaxi services [4]. - Companies will likely differentiate into three categories: Robotaxi operators, high-end manufacturers, and personalized brands, each requiring distinct valuation frameworks [7]. Real Estate Sector - The report suggests that 2025 may witness a peak in debt restructuring among real estate firms, with those having strong asset portfolios and diversified operations poised for recovery [8]. - Companies with quality holding properties and mature asset management capabilities are expected to lead the recovery process, leveraging REITs to restart financing channels [8]. Macroeconomic Overview - Recent U.S. economic data has been mixed, with non-farm employment figures slightly below expectations, yet not alarming enough to trigger recession fears. The market remains sensitive to fiscal policy changes under the current administration [1][19]. - The divergence in fiscal narratives between the U.S. and Europe is notable, with the U.S. leaning towards fiscal tightening while Europe is moving towards fiscal expansion, impacting market dynamics [1][19]. Fixed Income and Debt Instruments - The report discusses the issuance of convertible bonds by Yonggui Electric, highlighting its strategic focus on intelligent connectors and industry upgrades. The expected listing price for the convertible bond is projected between 127.77 and 142.08 yuan [3][27]. - The bond's protective features and moderate dilution impact are noted, with a recommendation for active subscription due to its favorable risk-return profile [27][28].

Summary of Conference Call Notes Industry Overview - The conference call discusses the **communication industry** with a focus on **deep-sea technology** and its implications for offshore wind power and submarine cable sectors [3][4][6]. Key Points and Arguments 1. **Government Support for Deep-Sea Technology**: The 2025 Government Work Report introduces "deep-sea technology," indicating significant future support for industries like offshore wind power and submarine cables [3][4]. 2. **Provincial Planning in Jiangsu**: Jiangsu Province has released a comprehensive plan for coastal and marine spatial development by 2035, emphasizing the construction of a 10 million kilowatt offshore wind power base [4][6]. 3. **Market Potential**: The report anticipates that more provinces will introduce policies related to deep-sea technology, enhancing the market potential for companies involved in this sector [3][4]. 4. **Submarine Cable Demand**: The demand for submarine cables is expected to rise due to the global expansion of AI technologies, exemplified by Meta's "Waterworth" project, which plans to lay over 50,000 kilometers of submarine cable [4][6]. 5. **Company Recommendations**: Companies such as **Zhongtian Technology** and **Hengtong Optic-Electric** are highlighted as key players in the deep-sea technology sector, with strong order backlogs and competitive advantages [3][4][6]. Financial Projections and Ratings - **Zhongtian Technology**: - Current share price: 14.36 CNY - EPS forecast for 2025: 1.34 CNY - PE ratio for 2025: 13x - Investment rating: Buy [5]. - **Hengtong Optic-Electric**: - Current share price: 16.15 CNY - EPS forecast for 2025: 1.68 CNY - PE ratio for 2025: 14x - Investment rating: Buy [5]. Risks and Challenges - Potential risks include slower-than-expected progress on offshore wind projects, lower-than-expected submarine cable construction, and increased competition leading to reduced profitability [6]. Additional Insights - The report emphasizes the importance of submarine cables in the context of AI-driven global data transmission, highlighting the technical challenges and the competitive landscape for domestic companies [4][6]. - The ongoing development of high-voltage power grids and smart infrastructure is expected to drive demand for specialized cables, further benefiting the recommended companies [4][6].

证券代码：600487 证券简称：亨通光电 公告编号：2025-006 号 江苏亨通光电股份有限公司 关于"提质增效重回报"行动方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 为积极践行以"投资者为本"的上市公司发展理念，维护江苏亨通光电股份 有限公司（以下简称"公司"或"亨通光电"）全体股东利益，进一步推动公司 高质量发展，公司制定了"提质增效重回报"行动方案，具体方案如下： 一、聚焦主营业务，提升经营质量 公司创立于 1993 年，始终专注于在通信和能源两大领域为客户创造价值， 提供行业领先的光通信、海洋通信、智能电网、海洋能源等产品与解决方案，具 备集"设计、研发、制造、销售与服务"一体化的综合能力，通过全球化产业布 局，目前已发展成为全球领先的信息与能源互联解决方案服务商。 公司始终坚持全球化运营战略，"看着世界地图做企业，沿着一带一路走出 去"，不断完善通信网络和能源互联产业的全球化产业布局。近年来，公司已在 欧洲、南美、南亚、非洲、东南亚等国家地区进行通信网络和能源互联产业布局， 产业覆盖五大洲， ...

证券代码：600487 证券简称：亨通光电 公告编号：2025-003 号 江苏亨通光电股份有限公司 关于股份回购实施结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/1/16 | | --- | --- | | 回购方案实施期限 | 2024/1/15~2025/1/14 | | 预计回购金额 | 10,000 万元~20,000 万元 | | 回购价格上限 | 17.49 元/股 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 1,416.8695 万股 | | 实际回购股数占总股本比例 | 0.57% | | 实际回购金额 | 15,561.22 万元 | | 实际回购价格区间 | 10.30 元/股~12.48 元/股 | 一、 回购审批情况和回购方案内容 2024 年 1 月 16 日，公司首次披露了回购股份事项，具体内容详见公司于 上海 ...