Financial Performance - The company's operating revenue for Q1 2024 was CNY 4,800,795,806.05, representing a year-on-year increase of 5.27%[5] - The net profit attributable to shareholders decreased by 44.89% to CNY 85,030,961.53 compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 37.33% to CNY 80,850,631.32[5] - The basic earnings per share decreased by 45.95% to CNY 0.20, while diluted earnings per share decreased by 44.12% to CNY 0.19[5] - Net profit for Q1 2024 was CNY 85,200,796.91, down from CNY 154,477,459.57 in Q1 2023, reflecting a decrease of approximately 44.8%[21] - Basic earnings per share for Q1 2024 were CNY 0.20, compared to CNY 0.37 in Q1 2023, indicating a decline of about 45.9%[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 13,527,031,796.04, a decrease of 0.15% from the end of the previous year[6] - As of March 31, 2024, the company's total assets amounted to approximately ¥13.53 billion, a slight decrease from ¥13.55 billion as of December 31, 2023[15] - The company's current assets totaled ¥11.07 billion, compared to ¥11.26 billion at the end of 2023, indicating a decrease of about 1.65%[16] - Total liabilities as of Q1 2024 were CNY 8,864,896,300.52, slightly down from CNY 8,970,661,608.22 in Q1 2023[18] - The company’s total non-current liabilities rose to CNY 1,401,080,233.15 in Q1 2024 from CNY 1,339,582,248.97 in Q1 2023, an increase of about 4.6%[18] Cash Flow - The company's cash flow from operating activities was negative at CNY -989,426,655.52, indicating cash outflow[5] - Cash flow from operating activities increased to CNY 4,971,162,171.31 in Q1 2024 from CNY 4,196,924,048.74 in Q1 2023, representing an increase of approximately 18.4%[24] - The net cash flow from operating activities for Q1 2024 was -989,426,655.52, an improvement from -1,214,831,850.58 in Q1 2023, indicating a reduction in cash outflow[25] - Total cash inflow from operating activities was 5,274,578,424.94, compared to 4,548,403,717.04 in the previous year, reflecting a year-over-year increase of approximately 16%[25] - Cash outflow for operating activities increased to 6,264,005,080.46 from 5,763,235,567.62, representing a rise of about 8.7%[25] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 17,457[12] - The company has not disclosed any significant changes in shareholder participation in financing or securities lending activities during the reporting period[14] Market Conditions - The company faced intensified market competition, leading to sales discounts and a reduction in gross profit margins[10] Research and Development - The company reported a decrease in research and development expenses to CNY 16,727,264.98 in Q1 2024 from CNY 26,735,379.12 in Q1 2023, a reduction of approximately 37.5%[20] Cash and Cash Equivalents - Cash and cash equivalents were reported at ¥838.63 million, down from ¥2.62 billion, reflecting a significant decline of approximately 68%[15] - The cash and cash equivalents at the end of Q1 2024 stood at 621,167,396.45, down from 775,849,214.23 in Q1 2023, indicating a decrease of about 20%[26] Operating Costs - Total operating costs increased to CNY 4,688,733,532.34 in Q1 2024 from CNY 4,360,794,308.07 in Q1 2023, marking an increase of about 7.5%[20] Employee Compensation and Tax Payments - The company paid 185,228,356.77 in employee compensation, slightly up from 182,289,176.21, reflecting a marginal increase of about 1%[25] - The total tax payments made were 171,568,533.76, down from 197,260,591.82, indicating a decrease of approximately 13%[25]

| 证券代码：605222 | 证券简称：起帆电缆 | 公告编号：2024-035 | | --- | --- | --- | | 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 关于召开 2024 年第一季度网上业绩说明会的公告 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： 一、说明会类型 上海起帆电缆股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日在 上海证券交易所网站（www.sse.com.cn）披露了《2024 年第一季度报告》，为加 强与投资者的深入交流，使投资者更加全面、深入地了解公司情况，公司拟以网 络互动的方式召开 2024 年第一季度业绩说明会，欢迎广大投资者积极参与。公 司现就 2024 年第一季度业绩说明会提前向广大投资者征集相关问题，广泛听取 投资者的意见和建议。 二、说明会召开的时间、地点 会议召开时间：2024 年 5 月 7 日（星期二）10:00-11:00 1 会议召开方式：网络互动方式 三、参加人员 公司董事长周桂华先 ...

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 (上海市广东路689号) 二〇二四年四月 1 （2024 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 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 重要声明 （四）债券类型：可转换公司 ...

证券代码：605222 证券简称：起帆电缆 公告编号：2024-032 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 28 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 324,523,500 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 77.6117 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由董事会召集，现场会议由董事长周桂华先生主持，采用现场 上海起帆电缆股份有限公司 2023 年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 (一) 股东大会召开的时间：2024 年 4 月 25 日 (二) 股东大会召开的地点：上海市金山区张堰镇振康路 238 号上海起帆电缆 股份有限公司 6 号楼二楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 投票与网络投票相结合的方式召 ...

万商天勤（上海）律师事务所 关于上海起帆电缆股份有限公司 2023 年年度股东大会的法律意见书 万商天勤（上海）律师事务所 关于 上海起帆电缆股份有限公司 2023 年年度股东大会的法律意见书 上海市浦东新区世纪大道 88 号金茂大厦 32 层 200120 电话: +86 21 50819091 www.vtlaw.cn 北京 深圳 上海 成都 武汉 西安 长沙 杭州 海口 南京 广州 香港(联营) 昆明 福州 重庆 致：上海起帆电缆股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》及中国证券监督管理委 员会《上市公司股东大会规则》（以下称"《股东大会规则》"）以及公司《公司章程》 《股东大会议事规则》等法律、法规和规范性文件的规定，万商天勤（上海）律师事 务所（以下称"本所"）接受上海起帆电缆股份有限公司（以下称"公司"）的委托， 指派律师现场参加公司 2023 年年度股东大会，并出具法律意见。 本所律师同意将本法律意见书随公司本次股东大会决议一并予以公告，并依法对 本法律意见书承担相应的责任。 本所律师根据《股东大会规则》第五条的要求，按照律师行业公认的业务标准、 道德规范和勤勉尽责精神 ...

| 证券代码：605222 | 证券简称：起帆电缆 公告编号：2024-031 | | --- | --- | | 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 关于控股股东、实际控制人协议转让部分股份完成过户登 记的公告 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。 上海起帆电缆股份有限公司（以下简称"公司"）收到公司控股股东、实际 控制人周桂幸先生的通知，其向北京利福私募基金管理有限公司（代表利福逸升 二号私募证券投资基金）协议转让公司股份的事项已于近日完成过户登记手续， 具体情况公告如下： 一、本次协议转让概述 2024 年 2 月 29 日，公司控股股东、实际控制人周桂幸先生与北京利福私募 基金管理有限公司签订了《股份转让协议书》，周桂幸先生将其所持有的公司 25,000,000 股无限售流通股（占公司总股本的 5.98%），以 14.44 元/股的价格， 通过协议转让的方式，转让给北京利福私募基金管理有限公司（代表利福逸升二 号私募证券投资基金），转让总价款为 361,000,000 ...

缆的研发制造能力 [Table_PageText] 起帆电缆|公司深度研究 当前价格 16.11 元 [Table_Finance] 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 20644 23348 26942 30983 32179 增长率（%） 9.4% 13.1% 15.4% 15.0% 3.9% EBITDA（百万元） 853 939 1100 1387 1521 归母净利润（百万元） 367 423 513 661 704 增长率（%） -46.4% 15.4% 21.2% 28.9% 6.5% EPS（元/股） 0.88 1.01 1.23 1.58 1.68 市盈率（P/E） 30.95 19.09 13.14 10.20 9.57 ROE（%） 8.8% 9.3% 10.9% 12.3% 11.6% EV/EBITDA 17.34 12.68 10.61 9.22 8.37 数据来源：公司财务报表，广发证券发展研究中心 厉兵秣马三十载，风"起"正是扬"帆"时 元/股，综合考虑公司所处行业空间、商业模式、竞争壁垒、业绩成长 性等因素，参考可比公司估值，我们认 ...

重要内容提示： 转股情况：2024 年第一季度共计 6,000 元"起帆转债"转换为公司股票， 转股数量 301 股。截至 2024 年 3 月 31 日，累计有 746,000 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 37,164 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 3 月 31 日，尚未转股的可转债金额为 人民币 999,254,000 元，占本次可转债发行总量的比例为 99.9254%。 | 证券代码：605222 | 证券简称：起帆电缆 公告编号：2024-030 | | --- | --- | | 债券代码：111000 | 债券简称：起帆转债 | 一、可转债发行上市概况 上海起帆电缆股份有限公司 （一）可转债发行情况 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。 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 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved steady revenue growth in 2023, with operating income reaching 23.348 billion yuan, a year-on-year increase of 13.10%, and a net profit attributable to shareholders of 423 million yuan, up 15.53% [1][9] - The company is the largest wire and cable manufacturer in Shanghai, with significant revenue contributions from power cables and electrical equipment cables [2] - The company is expected to benefit from its research and development capabilities in the submarine cable sector, with several successful bids for offshore wind power projects [3][9] Summary by Sections Financial Performance - In Q4 2023, the company reported operating income of 6.439 billion yuan, a year-on-year increase of 6.64%, but a significant decline in net profit attributable to shareholders, which fell by 69.33% year-on-year and 88.56% quarter-on-quarter [1] - The power cable segment generated revenue of 15.389 billion yuan, up 14.51% year-on-year, while the electrical equipment cable segment saw revenue of 7.386 billion yuan, an increase of 11.58% [2] Research and Development - The company has completed testing for high-voltage submarine cables and has secured contracts for significant offshore wind power projects, indicating a strong position in the market [3][9] Future Outlook - The company is projected to achieve net profits of 580 million yuan, 715 million yuan, and 847 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.39 yuan, 1.71 yuan, and 2.03 yuan [9]

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Insights - The company's cash flow has significantly improved, turning positive for the year, with Q4 showing a 7% year-on-year revenue growth and a 3% quarter-on-quarter increase. Operating cash flow reached 1.78 billion, reversing the negative cash flow of 1.32 billion from Q1 to Q3 [1][6]. - The company achieved a revenue of 23.35 billion in 2023, a 13% increase year-on-year, and a net profit of 423 million, reflecting a 16% growth. However, Q4 net profit saw a 69% decline year-on-year [6][7]. - The company has a substantial order backlog in its submarine cable business, with orders amounting to 900 million, and is expected to see increased project tenders in key regions starting from Q2 [18]. Financial Data and Valuation - Revenue projections for 2024-2026 are 25.95 billion, 29.28 billion, and 33.03 billion respectively, with growth rates of 11%, 13%, and 13% [2][9]. - Net profit forecasts for the same period are 597 million, 750 million, and 918 million, with growth rates of 41%, 26%, and 22% respectively [2][9]. - The company’s earnings per share (EPS) are projected to be 1.43, 1.79, and 2.20 for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 12, 10, and 8 [2][9]. Market Position and Competitive Strength - The company has successfully delivered its first long-length 220kV submarine cable and has received certification for 330kV and 500kV ultra-high voltage submarine cables, enhancing its competitive position in the market [18]. - The report anticipates that the company will benefit from the growing demand for offshore wind power installations, which will contribute significantly to its profitability [7][18].