| 证券代码：605222 | 证券简称：起帆电缆 | 公告编号：2024-060 | | --- | --- | --- | | 债券代码：111000 | 债券简称：起帆转债 | | 上海起帆电缆股份有限公司 关于"起帆转债"预计触发转股价格向下修正条件的提示 性公告 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： "起帆转债"本次触发转股价格向下修正条件的期间从 2024 年 8 月 26 日起算，截至 2024 年 9 月 6 日，上海起帆电缆股份有限公司（以下简 称"公司"）股价已出现有十个交易日的收盘价低于转股价的 85%。若 公司股价在任意连续三十个交易日中至少有十五个交易日的收盘价低 于转股价的 85%，预计将触发"起帆转债"转股价格向下修正条款，公 司将于触发转股价格向下修正条款当日召开董事会决定是否行使"起 帆转债"的转股价格向下修正权利。 （二）可转债上市情况 经上海证券交易所自律监管决定书[2021]247 号文同意，公司本次发行的 10 亿元可转换公司债券于 2021 年 6 月 17 ...

上海起帆电缆股份有限公司（以下简称"公司"）于 2023 年 12 月 25 日召开 第三届董事会第十九次会议和第三届监事会第十四次会议，分别审议通过《关于 使用部分闲置募集资金暂时补充流动资金的议案》，同意公司使用不超过人民币 14,500.00 万元可转换公司债券的部分闲置募集资金暂时补充流动资金，使用期 限自董事会审议通过之日起不超过十二个月。具体内容详见公司于 2023 年 12 月 26 日刊登在《中国证券报》《证券日报》《上海证券报》《证券时报》及上海证 券交易所网站（www.sse.com.cn）的《关于归还募集资金并继续使用部分闲置募 集资金暂时补充流动资金的公告》（公告编号：2023-072）。本次使用闲置募集资 金暂时用于补充流动资金的期限至 2024 年 12 月 24 日到期。 2024 年 9 月 2 日，公司将上述用于暂时补充流动资金的闲置募集资金人民 币 1,000.00 万元归还至募集资金专用账户，并将募集资金归还情况及时告知保 荐机构及保荐代表人。截止本公告日，公司已归还了 1,000.00 万元，公司其余 用于暂时补充流动资金的募集资金将在到期之前及时归还到募集资金专用账户 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.52 CNY, based on an adjusted EPS forecast for 2024-2026 [2][4]. Core Insights - The company reported a slight decline in revenue for the first half of 2024, with a revenue of 10.288 billion CNY (-3.55%) and a net profit of 187 million CNY (-24.39%). However, the second quarter showed a sequential improvement with a revenue of 5.488 billion CNY (-10.14%) and a net profit of 102 million CNY (+9.55%) [1]. - The company has a robust order backlog, with contract liabilities increasing by 19.20% year-on-year, indicating future growth potential [1]. - The company is expanding into high-value subsea cable markets, having achieved significant milestones in product testing and project acquisition [1]. Financial Summary - Revenue projections for the company are as follows: 2024E at 29.127 billion CNY, 2025E at 33.709 billion CNY, and 2026E at 38.399 billion CNY, reflecting growth rates of 24.7%, 15.7%, and 13.9% respectively [3]. - The company's net profit is projected to grow from 494 million CNY in 2024E to 883 million CNY in 2026E, with corresponding EPS estimates of 1.18 CNY, 1.67 CNY, and 2.11 CNY [3][2]. - The gross margin is expected to stabilize around 6.0% in 2024E, with a slight increase to 6.8% by 2026E [3].

Financial Performance - The company's operating revenue for the first half of 2024 was ¥10,288,418,707.63, a decrease of 3.55% compared to ¥10,667,088,181.18 in the same period last year[12]. - The net profit attributable to shareholders of the listed company was ¥187,100,088.87, down 24.39% from ¥247,454,864.71 in the previous year[12]. - The net profit after deducting non-recurring gains and losses was ¥177,484,394.06, a slight increase of 0.49% compared to ¥176,619,544.12 in the same period last year[13]. - Basic earnings per share decreased by 23.73% to CNY 0.45 compared to the same period last year[14]. - Net profit attributable to shareholders decreased by 24.39%, primarily due to a reduction in sales orders and increased sales and management expenses[14]. - Operating revenue declined by 3.55% year-on-year, mainly due to a slight decrease in sales orders[14]. - The weighted average return on equity decreased to 4.03%, down from 5.79% in the same period last year[14]. - The company reported a net profit margin of approximately 2.59% for the first half of 2024, down from 3.00% in the same period of 2023[113]. - The net profit for the first half of 2024 was approximately CNY 187.34 million, down 24.5% from CNY 247.97 million in the first half of 2023[115]. Cash Flow and Assets - The net cash flow from operating activities was -¥380,691,761.54, an improvement from -¥998,515,014.39 in the previous year[13]. - The company's cash and cash equivalents decreased by 51.32% to approximately ¥1.28 billion, mainly due to increased procurement payables and loan repayments[35]. - The cash flow from operating activities for the first half of 2024 was approximately CNY 10.85 billion, an increase from CNY 10.38 billion in the same period of 2023[119]. - The total cash and cash equivalents at the end of the period were CNY 1,049,357,839.32, down from CNY 1,304,163,386.45 at the end of the first half of 2023[122]. - Total assets rose by 1.27% to ¥13,719,054,251.18 compared to ¥13,547,591,404.27 at the end of the previous year[13]. - The company's total assets as of June 30, 2024, amounted to CNY 11,355,826,748.71, an increase from CNY 11,202,663,407.53 at the end of 2023[112]. Investments and Projects - The company is investing approximately ¥2 billion in the Pingtan subsea cable base project, with a construction period of 24 months[32]. - The company has established four major production bases and is currently constructing a new submarine cable production base in Pingtan, Fujian[26]. - The project "Chizhou Qifan Wire and Cable Industrial Park Construction" received 19,678.12 thousand RMB, with a cumulative investment progress of 78.32%[87]. - The project for "Supplementing Working Capital" has been fully funded with 28,904.99 thousand RMB, achieving 100% investment progress[87]. Market and Industry Outlook - The wire and cable industry is a crucial sector in China's economy, ranking second in the mechanical industry, with a market concentration of about 10% for the top ten companies[22]. - The industry is entering a mature phase with increasing competition and a focus on efficiency and quality, as traditional products face low gross margins[22]. - The "14th Five-Year Plan" emphasizes the importance of new infrastructure, including 5G and smart grids, which will drive growth in the wire and cable market[23]. - The offshore wind power sector is rapidly developing, with China leading in cumulative installed capacity, creating significant demand for submarine cables[24]. - The market for submarine cables is expected to expand rapidly due to trends towards larger wind turbines and deeper offshore installations, driving growth in the offshore wind power industry[24]. Risk Management - There are no significant risks related to non-operating fund occupation by controlling shareholders or related parties[2]. - The company has detailed the risk factors facing future development in the management discussion and analysis section of the report[2]. - The company faces risks from macroeconomic fluctuations that could lead to decreased demand for cable products, impacting overall performance[49]. - Raw material costs, particularly copper, significantly affect the company's operating costs, with potential price volatility posing a risk to profitability[50]. - The competitive landscape in the domestic cable industry is intense, with numerous players and varying production quality, necessitating continuous improvement in production processes[50]. Corporate Governance and Compliance - The company has not proposed any profit distribution plan or capital reserve transfer to share capital for this reporting period[2]. - The company has maintained compliance with environmental regulations and has not faced any administrative penalties during the reporting period[58]. - The controlling shareholders and actual controllers committed to not transferring or entrusting the management of their shares for 36 months from the date of the company's stock listing[63]. - The company guarantees that the prospectus does not contain false records, misleading statements, or significant omissions, and will bear legal responsibility for its authenticity[67]. - The company has committed to avoid any false statements or misleading information in its prospectus, taking legal responsibility for its accuracy and completeness[68]. Shareholder Information - The total number of shares outstanding as of the report date is 418,137,065 shares, with 402 shares converted from convertible bonds during the reporting period[92]. - The largest shareholder, Zhou Gonghua, holds 21.77% of the shares, totaling 91,008,200 shares[94]. - The company has not reported any significant changes in shareholder structure or other major events during the reporting period[93]. - The total number of common shareholders as of the report date is 16,173[93]. Research and Development - The company has developed over 50,000 product specifications to meet various complex usage environment requirements[19]. - The company is focusing on key technology research in urban power grid construction, photovoltaic power generation, and special cable materials through collaborations with research institutions[31]. - The company has a strong focus on technological innovation, with a complete technical center and a robust innovation system across its subsidiaries[26]. - The company plans to strengthen its research and development efforts to enhance product competitiveness and overall profitability[73].

上海起帆电缆股份有限公司 关于 2024 年半年度募集资金存放与使用情况的专项报告 | 证券代码：605222 | 证券简称：起帆电缆 公告编号：2024-057 | | --- | --- | | 债券代码：111000 | 债券简称：起帆转债 | 本公司董事会、全体董事及相关股东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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）、《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》以及《上海证券交易 所上市公司自律监管指南第 1 号——公告格式（2023 年 1 月修订）》的相关规定， 现将上海起帆电缆股份有限公司（以下简称"起帆电缆"或"公司"）2024 年半 年度募集资金存放与实际使用情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于核准上海起帆电缆股份有限公司公开发行 可转换公司债券的批复》（证监许可[2021]667 号）核 ...

那么我们现在着重的发展方向呢也是在海南这个领域去做一个要的一个增长曲线吧然后海南的目前新的一个项目基地呢是在福建平潭岛福建平潭这样一个规划呢我们是40个月左右才能规模那么到时候呢等到 福建项目全部都落成竣工之后,我们也会把宜昌地区的一部分产能会优化到整个福建平潭这个基地上面去。这样一来的话,整个启双拥有的海岸产能是接近60多亿左右的产能规模。现在福建平潭地区这样一个建设是已经完成了。 这个锁道就是以及我们后道工序的这个铠装工序都已经基本上已经完成了也是可以现在进行一个大长度的高压产品的具备交互能力的这样一个情况那么整个基地的开发和建设我们是预期用到两年的时间也是到二五年的一十七度会完成所有的高低压强性的 全部的军工那么目前福建平潭地区这个基地呢也是具备十万吨以上的这样一个码头坑土的具备大长度海揽高压产品的这样一个交互水平现在呢就是我们在23年的时候呢也是完成了230多个亿的 营收那么整个路南的发展还是相对非常稳健的一个状态那么到了今年也是Q1 Q2的情况来看的话还是比较理想的包括在所订单还是非常充分的这样一个状态那么特别回到海南的情况因为我们也是在2021年的时候新进入到海南这个行业那么通过这两年 发展也是完 ...

增持：预期未来 6 个月个股涨跌幅相对基准介于 5%与 15%之间； 中性：预期未来 6 个月个股涨跌幅相对基准介于-5%与 5%之间； 减持：预期未来 6 个月个股涨跌幅相对基准介于-15%与-5%之间； 卖出：预期未来 6 个月个股涨跌幅相对基准在-15%以下。 行业投资评级： 传真：（0512）62938527 公司网址： http://www.dwzq.com.cn 目前公司海缆在手订单约 10 亿，今年新增广东大唐勒门 2.8 亿、上海 金山 2.5 亿、浙江台洲玉环 2.5 亿、浙江温州瑞安 1-2 亿等项目，后续 各地方潜在业务订单空间巨大。 基础数据 福建海风十四五规划剩余量大、紧迫性强，且后续电价提升空间大。受 疫情、政策等多重因素影响，各省十四五海风装机进度放缓，其中福建 省海风资源最为优质，剩余 10GW 规划建设进度紧迫性最强。前期福建、 上海等地的海风项目电价较低，未来项目电价不作为竞配因素是趋势， 福建、上海等地后续竞配项目上网电价有望对标燃煤电价大幅提升，项 目回报率有望大幅提升，提振产业链开工意愿。 公司深度研究 证券研究报告·公司深度研究·电网设备 起帆电缆（605222） ...

| 证券代码：605222 | 证券简称：起帆电缆 公告编号：2024-054 | | --- | --- | | 债券代码：111000 | 债券简称：起帆转债 | 上海起帆电缆股份有限公司 关于可转债转股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： 转股情况：2024 年第二季度共计 2,000 元"起帆转债"转换为公司股票， 转股数量 101 股。截至 2024 年 6 月 30 日，累计有 748,000 元"起帆转债"转换 成公司股票，因转股形成的股份数量累计为 37,265 股，占可转债转股前公司已 发行股份总额的 0.0089%。 未转股可转债情况：截至 2024 年 6 月 30 日，尚未转股的可转债金额为 人民币 999,252,000 元，占本次可转债发行总量的比例为 99.9252%。 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准上海起帆电缆股份有限公司公开发行 可转换公司债券的批复》（证监许可[2021]667 号）文核准，上海 ...

股票简称：起帆电缆 股票代码：605222 债券简称：起帆转债 债券代码：111000 海通证券股份有限公司 关于 上海起帆电缆股份有限公司公开发行 可转换公司债券 年度受托管理事务报告 （2023年度） 受托管理人 (上海市广东路689号) 二〇二四年六月 1 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"） 《可转换公司债券受托管理协议》（以下简称"《受托管理协议》"）《上海起 帆电缆股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集 说明书》"）等相关公开信息披露文件，由本期债券受托管理人海通证券股份有 限公司（以下简称"海通证券"）编制。海通证券对本报告中所包含的从上述文 件中引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准 确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为海通证券所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，海通证 券不承担任何责任。 2 二、发行主体 中文名称：上海起帆电缆股份有 ...

股票简称：起帆电缆 股票代码：605222 债券简称：起帆转债 债券代码：111000 （2024 (上海市广东路689号) 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为海通证券所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，海通证 券不承担任何责任。 2 一、本期债券基本情况 （一）债券名称：上海起帆电缆股份有限公司可转换公司债券 （二）债券简称：起帆转债 （三）债券代码：111000 二〇二四年六月 1 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"） 《可转换公司债券受托管理协议》（以下简称"《受托管理协议》"）《上海起 帆电缆股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集 说明书》"）等相关公开信息披露文件，由本期债券受托管理人海通证券股份有 限公司（以下简称"海通证券"）编制。海通证券对本报告中所包含的从上述文 件中引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准 确性和完整性做出任何保证或承担任何责任。 1、年利息计算 年利息指可 ...