Group 1 - The article provides a comprehensive overview of the wire and cable industry, highlighting key listed companies and their business layouts [1][2][3] - Major listed companies in the wire and cable sector include Baosheng Co., Far East Co., Qifan Cable, and others, with a focus on their business operations and financial performance [2][3][6] - The industry is characterized by a significant presence in Jiangsu and Zhejiang provinces, with Baosheng Co. being a representative enterprise [3] Group 2 - Baosheng Co. leads the industry with a revenue of 354.44 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 5.36% [6][9] - Other companies like Far East Co. and Qifan Cable reported revenues ranging from 106 billion to 185 billion yuan, with Jingda Co. showing a notable growth rate of 22.38% [6][9] - The profitability of these companies varies, with Baosheng Co. having a relatively low net profit of 0.25 billion yuan despite its large revenue [6][9] Group 3 - The article discusses the business performance of various companies, indicating that Baosheng Co. has a dominant market position with 96.22% of its revenue coming from wire and cable operations [9][10] - Companies like Jingda Co. and Dongfang Cable have shown strong revenue growth rates of 27.35% and 24.27%, respectively, indicating robust development [9][10] - The article also notes that some companies, such as Qifan Cable and Sun Cable, experienced revenue declines of -3.55% and -14.38%, respectively, suggesting operational challenges [10] Group 4 - The article outlines the business plans of major companies in the wire and cable industry for 2024, emphasizing innovation and market expansion [14][16] - Baosheng Co. focuses on technological and business model innovation to enhance competitiveness, while Far East Co. is investing in smart manufacturing and digital production systems [14][16] - Other companies like Qifan Cable and Jingda Co. are also adapting their strategies to address market changes and explore new opportunities in clean energy and other sectors [14][16]

| 证券代码：605222 | 证券简称：起帆电缆 | 公告编号：2025-028 | | --- | --- | --- | | 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 关于不向下修正"起帆转债"转股价格的公告 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： 根据有关规定和公司《可转换公司债券募集说明书》（以下简称"《募集说明 书》"）的约定，公司该次发行的"起帆转债"自 2021 年 11 月 29 日起可转换为 本公司股份，初始转股价格为 20.53 元/股，最新转股价格为 19.59 元/股，具体 情况如下： 由于公司实施了 2021 年限制性股票激励计划事项，导致总股本发生变化， 公司可转债的转股价格由 20.53 元/股调整为 20.10 元/股，调整后的转股价格于 2021 年 10 月 29 日开始生效。具体内容详见公司于 2021 年 10 月 28 日披露的《关 于可转换公司债券转股价格调整的公告》（公告编号：2021-094）。 由于公司实施了 2 ...

| 证券代码：605222 | 证券简称：起帆电缆 | 公告编号：2025-027 | | --- | --- | --- | | 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 第三届董事会第三十五次会议决议公告 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。 一、董事会会议召开情况 2025 年 5 月 8 日 二、董事会会议审议情况 公司董事就提交董事会审议的事项进行了充分审议，并通过如下议案： 1、审议通过《关于不向下修正"起帆转债"转股价格的议案》 截至 2025 年 5 月 7 日，公司股票已出现任意连续三十个交易日中至少有十 五个交易日的收盘价格低于当期转股价格的 85%的情形，触发"起帆转债"转股 价格向下修正条件。经综合考虑公司的基本情况、市场环境、股价走势等诸多因 素，以及对公司长期稳健发展与内在价值的信心，公司董事会决定本次不向下修 正"起帆转债"转股价格，下一次触发转股价格修正条件的期间从 2025 年 5 月 8 日起重新计算，若再次触发"起帆转债"转股价格向下修正条 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The wind power industry is experiencing a recovery at the bottom of the land wind cycle, with expectations for price and volume restoration [3] - The domestic public bidding market for wind power has shown a robust growth trend, with a new bidding volume of 28.6 GW in Q1 2025, representing a year-on-year increase of 22.7% [7][8] - The average bidding price for wind turbine units in March 2025 was 1590 RMB/kW, up approximately 13% from 1403 RMB/kW in April 2024, indicating a stabilization at the bottom and potential profit recovery for the industry [10] - Strong overseas export data suggests an improvement in international market conditions, with wind turbine exports reaching 146 million USD in March 2025, a month-on-month increase of 86.81% and a year-on-year increase of 50.54% [13] Summary by Sections Investment Suggestions and Targets - Focus on the recovery of the wind power industry chain, recommending companies such as Goldwind Technology (002202), Mingyang Smart Energy (601615), and others [3] - For offshore wind, attention is drawn to companies with high relevance to offshore wind, including Dongfang Cable (603606) and Zhenjiang Co. (603507) [3] Market Trends - The bidding data for Q1 2025 supports positive expectations for the domestic wind power market, despite concerns about the sustainability of this growth [7][8] - The price recovery trend in the wind turbine market is expected to lay the groundwork for profit recovery across the industry [10] Export Performance - The international market for wind turbines is anticipated to improve, with significant growth in export volumes and bidding successes for Chinese manufacturers [13]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The wind power industry is experiencing a recovery at the bottom of the land wind cycle, with expectations for price and volume restoration [3] - The domestic public bidding market for wind power has shown a robust growth trend, with a new bidding volume of 28.6 GW in Q1 2025, representing a year-on-year increase of 22.7% [7][8] - The average bidding price for wind turbine units in March 2025 was 1590 RMB/kW, up approximately 13% from 1403 RMB/kW in April 2024, indicating a stabilization at the bottom and potential profit recovery for the industry [10] - Strong overseas export data suggests an improvement in international market conditions, with wind turbine exports reaching 146 million USD in March 2025, a month-on-month increase of 86.81% and a year-on-year increase of 50.54% [13] Summary by Sections Investment Suggestions and Targets - Focus on the recovery of the wind power industry chain, suggesting attention to companies such as Goldwind Technology (002202), Mingyang Smart Energy (601615), and others [3] - For offshore wind, companies with high relevance to offshore wind segments such as Dongfang Cable (603606) and Zhenjiang Co. (603507) are recommended [3] Market Trends - The bidding data for Q1 2025 supports positive expectations for the domestic land wind market, despite concerns about the sustainability of this growth [7][8] - The price stabilization of wind turbine units is expected to lay the groundwork for profit recovery across the industry [10] Export Performance - The international market for wind turbines is anticipated to improve, with significant growth in export volumes and bidding successes for Chinese manufacturers [13]

Industry Overview - The domestic wire and cable industry chain is mature, with a wide range of downstream applications including engineering machinery, telecommunications, power, and construction [1] - The upstream materials for wire and cable production include copper, aluminum, and their alloys, as well as rubber and chemical industries for insulation materials [1][2] Key Companies - Major upstream suppliers include Tongling Nonferrous Metals Group, Chuanjiang New Materials, and Hailiang Co., Ltd. [2] - Key midstream manufacturers of power cables include TBEA and Qingdao Hancable, while major manufacturers of communication cables include Zhongtian Technology and Hengtong Group [2] Regional Distribution - The wire and cable companies are primarily located in economically developed eastern coastal regions, with Hebei, Guangdong, Zhejiang, and Shandong being the main provinces [5] - As of March 31, 2025, Hebei has 3,944 related wire and cable companies, while Guangdong and Zhejiang have 3,507 and 2,464 respectively [5] Market Dynamics - The industry has formed a coastal wire and cable equipment industrial circle, particularly in Jiangsu and Zhejiang, reflecting strong manufacturing capabilities and developed capital markets in these regions [8] - A total of 38 publicly listed companies in the wire and cable sector are distributed across 14 provinces, with Jiangsu having the highest number at 9 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue performance is under short-term pressure, with growth in submarine cables awaiting opportunities [1] - The company experienced a decline in revenue and net profit in 2024, with total revenue of 22.76 billion yuan, down 2.5% year-on-year, and a net profit of 1.4 billion yuan, down 68% year-on-year [7] - The demand for land cables is slowing, while the volume of submarine cables is yet to be confirmed [7] - The company has a stable expense ratio and increased operating cash flow, with a net cash flow from operating activities of 5 billion yuan, up 9.3% year-on-year [7] - Due to intensified competition and a decline in gross margin, the profit forecasts for 2025 and 2026 have been lowered, with new profit forecasts for 2027 introduced [7] Financial Summary - Total revenue forecast for 2024 is 22.76 billion yuan, with a projected decline to 21.16 billion yuan in 2025, followed by a recovery to 22.84 billion yuan in 2026 and 23.55 billion yuan in 2027 [1][8] - The net profit forecast for 2025 is 2.86 billion yuan, increasing to 3.71 billion yuan in 2026 and 4.51 billion yuan in 2027, reflecting growth rates of 111%, 30%, and 21% respectively [7] - The company's earnings per share (EPS) is projected to be 0.33 yuan in 2024, increasing to 0.69 yuan in 2025, 0.90 yuan in 2026, and 1.09 yuan in 2027 [1][8] - The price-to-earnings (P/E) ratio is expected to be 44.67 in 2024, decreasing to 21.15 in 2025, 16.29 in 2026, and 13.42 in 2027 [1][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has seen a steady increase in submarine cable orders, while the land cable business remains stable [1] - The company reported a revenue of 22.764 billion yuan in 2024, a year-on-year decrease of 2.5%, and a net profit attributable to shareholders of 136 million yuan, down 68% year-on-year [4] - In Q1 2025, the company achieved a revenue of 4.124 billion yuan, a year-on-year decline of 14.1%, with a net profit of 70 million yuan, down 17.7% year-on-year [4] - The company’s gross margin improved to 7.3% in Q1 2025, up 0.7 percentage points year-on-year and 4.7 percentage points quarter-on-quarter [5] - The company has secured approximately 1.4 billion yuan in submarine cable orders in 2024, a significant increase of 563% year-on-year [5] - The company is expected to deliver submarine cable orders worth 1.2 billion yuan in 2025, contributing a net profit of 140 million yuan [5] Financial Summary - The company’s revenue projections for 2025, 2026, and 2027 are 24.073 billion yuan, 24.857 billion yuan, and 25.614 billion yuan respectively, with corresponding net profits of 480 million yuan, 601 million yuan, and 724 million yuan [5][7] - The projected P/E ratios for 2025, 2026, and 2027 are 12.49x, 9.96x, and 8.28x respectively [5][7] - The company’s return on equity (ROE) is expected to improve from 3% in 2024 to 12% by 2027 [8]

| 证券代码：605222 | 证券简称：起帆电缆 | 公告编号：2025-026 | | --- | --- | --- | | 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 （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 日起在上海证券交易所挂牌交易，债券简 称"起帆转债"，债券代码"111000"。 （三）可转债转股价格调整情况 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 2025 年 4 月 14 日起算，截至 2025 年 4 月 25 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 ...

Core Insights - The overall R&D investment in the wire and cable industry has been increasing, with a focus on areas such as new energy and submarine cables [1][2] - The industry has seen a decline in patent application activity recently, with a concentration on conductive, insulating, or dielectric materials [4][6] - The application of new materials and clean energy demands is driving technological advancements in the wire and cable sector [10][11] R&D Investment Trends - R&D investments among major listed companies in the wire and cable industry have generally risen, with significant fluctuations observed in companies like Baoshan Co. and Jinbei Electric [1] - Key R&D directions include photovoltaic, electric vehicles, nuclear power plants, and submarine cables, indicating these areas are becoming increasingly important [2] Patent Application Activity - The number of patent applications in the wire and cable manufacturing sector has shown a fluctuating trend, peaking at 4,422 in 2020 and dropping to 2,195 in 2024 [4] - As of the first quarter of 2025, the most patents were filed in the field of cable conductors and insulating materials, totaling 10,580 [7] Technological Advancements - The wire and cable industry has made significant technological progress, particularly in the application of new materials and processes [10] - The development of new materials such as carbon fiber, graphene, and high-voltage direct current cable insulation has enhanced product safety and reliability [11] - The demand for clean energy and low-carbon economy initiatives is leading to the creation of new wire and cable products that meet specific requirements for renewable energy applications [11]