Group 1: Financial Performance - The company's net profit for Q1 2025 is expected to grow by 45%-70%, with a net profit growth of 90%-120% after excluding non-recurring gains and losses [1] - The company has sufficient orders on hand, primarily from large state-owned enterprises [3] Group 2: Strategic Developments - The planned acquisition of Hunan Xingxin Aerospace New Materials aims to extend into high-end materials, particularly in aerospace and high-temperature FPC materials, with expected synergies in customer resources and marketing channels [2] - The company has established an international business office and signed a strategic cooperation agreement with Hunan International Trade Group, focusing on opportunities in Australia and countries along the Belt and Road Initiative [3][4] Group 3: Growth Drivers - Key growth drivers include increased demand for cables in aerospace and integrated equipment sectors, heightened safety requirements in metallurgy and mining, and emerging strategic fields like robot control cables and high-performance data transmission lines [2] - Mergers and acquisitions are part of the ongoing strategy to enhance high-end cable integration and establish the company as a leading enterprise in smart composite transmission [2] Group 4: Research and Development - The company has made significant R&D advancements, including the development of domestically produced products such as 70Mpa waterproof cables and aerospace high-temperature flat cables [4] - Ongoing construction of a postdoctoral research workstation aims to advance special cables for aerospace and robotics, as well as upstream special conductors and polymer materials [4] Group 5: Market Confidence - The company expresses confidence in future development and plans for share buybacks or increases to boost market confidence will be disclosed on the official information platform [4]

Group 1: Company Performance and Growth - The company has maintained annual growth since its listing, driven by a strong cultural heritage and a flexible operational model that combines state-owned enterprise systems with private mechanisms [2][3] - Approximately 80% of the company's clients are large state-owned enterprises or listed companies, providing a stable customer base for sustained profitability [2] - The company has 74 years of technical expertise in specialized cable fields, particularly in aerospace and integrated equipment, which supports its competitive advantage [3] Group 2: Revenue and Market Segments - In 2024, revenue growth was notable in the metallurgy and mining sectors, with strong performance in aerospace and integrated equipment, as well as engineering equipment [4] - The first quarter of 2025 showed significant profit growth due to increased business in aerospace and specialized engineering machinery compared to the same period last year [5] Group 3: Product Customization and Pricing - Customized products generally have higher profit margins than standard products, especially those that replace imports or are exclusive supplies [6] - The profit margins for military products remain stable, with established products gradually stabilizing in price while new products with higher added value are expected to maintain good pricing levels [7][8] Group 4: Future Prospects and Orders - The company has sufficient orders on hand, with a significant year-on-year increase, and has initiated four investment projects to expand capacity to meet growing business demands [8] - The theoretical production cycle for different products ranges from 7 to 15 days, but actual delivery times depend on various factors including customer orders and internal scheduling [8]

Group 1 - The company Hunan Hualing Cable (001208) expects a net profit of 30 million to 35 million yuan for Q1 2025, representing a year-on-year growth of 45% to 70% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 27 million and 30 million yuan, indicating a year-on-year increase of 90% to 120% [1] - The company has seen significant growth in sectors such as aerospace, integrated equipment, and special engineering machinery, leading to improved gross margins and net profits [1] Group 2 - Hualing Cable's products played a crucial role in the successful launch of the Tianlian-2-04 satellite, serving as the "nerve center" of the rocket launch system [2] - The company has been involved in the development and production of cables for the Long March series of rockets for over 60 years, supporting more than 300 launch missions [2] - The company is focusing on autonomous controllability and personalized demands from clients in aerospace and other sectors, which presents both challenges and opportunities [2]

Financial Performance - The company expects a net profit attributable to shareholders of between 30 million and 35 million yuan, representing a year-on-year increase of 45% to 70% from 20.67 million yuan in the same period last year[2]. - The net profit after deducting non-recurring gains and losses is projected to be between 27 million and 30 million yuan, reflecting a year-on-year growth of 90% to 120% from 13.88 million yuan[2]. - The basic earnings per share are estimated to be between 0.05 yuan and 0.07 yuan, compared to 0.04 yuan per share in the same period last year[2]. Business Growth - The significant profit increase is attributed to substantial business growth in aerospace, integrated equipment, and special engineering machinery sectors compared to the same period last year[4]. - The company plans to deepen its business development in aerospace and integrated equipment to enhance market competitiveness and profitability[4]. Financial Reporting - The financial data presented is preliminary and has not been audited by the accounting firm, with detailed financial data to be disclosed in the Q1 2025 report[3][5]. - The company emphasizes the importance of rational investment and risk awareness for investors, as the disclosed information is based on specified media[5].

Core Viewpoint - Hualing Cable has achieved significant business expansion, recently winning contracts worth approximately 423 million yuan in the power and rail transit sectors, which represents 10.18% of its audited revenue for 2024 [1][2]. Group 1: Business Expansion and Contracts - The company won multiple projects in the power and rail transit sectors, reflecting market recognition of its product quality and services [1][2]. - Specific contracts include 120 million yuan and 130 million yuan for power cables from Southern Power Grid, and 58.97 million yuan and 114 million yuan for rail transit cables from China Water Resources and Hydropower Fourth Engineering Bureau [2]. - The company anticipates that these contracts will positively impact future operating performance and enhance its influence and competitiveness in these sectors [2]. Group 2: Revenue Growth - In 2024, Hualing Cable's revenue is projected to exceed 4 billion yuan, reaching 4.158 billion yuan, a year-on-year increase of 19.82%, with a net profit of 109 million yuan, up 26.07% [4]. - The revenue from power cables and special cables is expected to be 1.579 billion yuan and 2.136 billion yuan, respectively, with year-on-year growth rates of 26.47% and 18.44% [2][4]. - The proportion of special cables in total revenue has remained above 50% for two consecutive years, at 51.96% in 2023 and 51.37% in 2024 [2]. Group 3: Research and Development - Hualing Cable's R&D expenses reached 134 million yuan in 2024, a 17.03% increase year-on-year, with a five-year cumulative total of 479 million yuan [5]. - The company has made significant advancements in developing flexible cables for deep-sea robots and aluminum alloy wires for aviation, among other projects [5]. - As of the end of 2024, Hualing Cable holds 345 authorized patents, including 54 invention patents, and has undertaken over 50 national and local technology projects [5]. Group 4: Strategic Acquisitions - The company is actively seeking acquisition targets to enhance its upstream and downstream industry chain layout and deepen its business in aerospace and high-end cable sectors [6]. - In March, Hualing Cable announced plans to acquire control of Hunan Xingxin Aerospace Materials Co., Ltd. to accelerate integration in high-end cables and new materials [6].

Core Viewpoint - Hunan Hualing Cable Co., Ltd. has recently won contracts in the power and rail transit sectors, totaling approximately 423.39 million yuan, which represents 10.18% of the audited revenue for 2024 [1][3]. Group 1: Bidding Overview - In the power sector, the company won contracts for the following: - 10kV copper core cross-linked polyethylene insulated power cable (ant-proof and flame-retardant type) from Southern Power Grid, amounting to 120.10 million yuan [1]. - Low-voltage cable from Southern Power Grid, amounting to 130.00 million yuan [1]. - In the rail transit sector, the company secured contracts for: - Fire-resistant cable procurement for the Chongqing Rail Transit Line 24 from China Water Resources and Hydropower Fourth Engineering Bureau, amounting to 58.97 million yuan [2]. - Flame-retardant wire and cable procurement for the same project, amounting to 114.31 million yuan [2]. Group 2: Impact on Company Operations - The company is a leading manufacturer of special cables in China and a member of the National Wire and Cable Standardization Technical Committee, providing specialized, high-quality cable products for various sectors including aerospace, data communication, robotics, rail transit, and renewable energy [3]. - Winning these contracts reflects market recognition of the company's product quality and services, enhancing its influence and core competitiveness in the power and rail transit sectors [3]. - The execution of these contracts is expected to have a positive impact on the company's future operating performance, with plans to organize production and delivery according to contract requirements [3].

南方电网公司 2024 年配网材料第二批框架招标项目-10kV 铜芯 交联聚乙烯绝缘电力电缆（防蚁阻燃型），中标金额 12,010.19 万元； 证券代码：001208 证券简称：华菱线缆 公告编号：2025-036 湖南华菱线缆股份有限公司 关于项目中标的自愿性信息披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 湖南华菱线缆股份有限公司（以下简称"公司"）近期在电力领 域、轨道交通领域中标合同金额共计约42,338.57万元，占2024年经 审计营业收入的10.18%。现将具体中标情况公告如下： 一、中标概况 （一）电力领域中标情况 以上中标合同的履行将对公司未来经营业绩产生积极的影响，公 司将按照合同要求组织生产、交付工作。 三、风险提示 南方电网公司 2024 年配网材料第二批框架招标项目-低压电缆， 中标金额 13,000.01 万元。 （二）轨道交通领域中标情况 中国水利水电第四工程局有限公司华中公司重庆轨道交通 24 号 线项目耐火电缆采购合同 5,897.10 万元； 中国水利水电第四工程局有限公司华中公司重庆轨道交通 24 号 线项目 ...

Core Viewpoint - Hualing Cable reported significant growth in revenue and net profit for 2024, driven by successful product promotion and market expansion, particularly in the overseas market and new technology applications [1][2]. Financial Performance - The company achieved an annual revenue of 4.158 billion yuan, representing a year-on-year increase of 19.82% - The net profit attributable to shareholders was 109 million yuan, with a year-on-year growth of 26.07% - A cash dividend of 0.62 yuan per 10 shares (tax included) is proposed for all shareholders [1]. Business Operations - Hualing Cable specializes in the research, production, and sales of electric wires and cables, being a leading manufacturer of special cables in China - The company has successfully maintained and expanded its strategic customer base in the energy sector, with new sales of mining communication cables exceeding 10 million yuan per contract [1]. Market Expansion - The overseas market has shown significant growth, with revenue reaching approximately 200 million yuan, marking a year-on-year increase of 250% [1]. - The company is actively pursuing market demand in new technology sectors such as artificial intelligence and robotics, which are expected to drive the demand for specialized cables [2]. Research and Development - R&D expenses for 2024 reached 134 million yuan, an increase of 17.03% year-on-year - The company has completed the domestic trial of flexible umbilical cables for deep-sea robots and has developed aluminum alloy conductors for aviation applications [1]. Industry Trends - The development of new technologies such as AI, robotics, and biomedical fields is creating new opportunities for the cable industry - Hualing Cable is focusing on the demand for lightweight and high-torsion-resistant special control cables for industrial and humanoid robots [2]. Strategic Direction - The company aims to explore a second growth curve centered on special cables and new industries, leveraging both industry and capital to drive growth - Hualing Cable plans to enhance its position as a leading enterprise in high-end cable integration and intelligent composite transmission through mergers and acquisitions in the upstream and downstream supply chain [2].

Core Viewpoint - Hunan Hualing Cable Co., Ltd. reported a significant increase in revenue and net profit for 2024, indicating strong growth potential in the specialized cable market driven by customized demands and high profit margins [1][2]. Financial Performance - The company achieved an operating income of 4.158 billion yuan, a year-on-year increase of 19.82% [1]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 85.2418 million yuan, reflecting a year-on-year growth of 37.73% [1]. - A cash dividend of 0.62 yuan per 10 shares (including tax) is proposed for all shareholders [1]. Market and Industry Insights - The demand for specialized cables is being driven by macro policies and specific industry needs, particularly in aerospace, artificial intelligence, humanoid robots, marine engineering, and energy conservation [2]. - The company is recognized as a leading manufacturer of specialized cables and is classified as a national-level "little giant" enterprise [1]. Research and Development - Hualing Cable has intensified its collaboration with academic institutions, completing the domestic research and validation of large-section aluminum alloy wires for aerospace applications [2]. - The company applied for 60 patents in 2024, including 21 invention patents, and received approval for 32 patents, with 14 being invention patents [2]. Strategic Initiatives - The company is actively seeking acquisition targets to enhance its industry chain layout and accelerate development in high-end cables and new materials [2]. - A planned acquisition of Hunan Xingxin Aerospace New Materials Co., Ltd. is aimed at supporting national high-quality development strategies [2]. Industry Environment - Increased government investment in new infrastructure sectors such as rail transit, electricity, 5G, and new energy is creating a favorable policy environment for leading specialized cable companies [3]. - The adoption of advanced technologies like robotics and artificial intelligence in manufacturing is fostering a conducive market atmosphere for specialized cable enterprises [3].

目 录 | 一、审计报告……………………………………………………… 第 | 1—7 页 | | --- | --- | | 二、财务报表……………………………………………………… 第 | 8—11 页 | | （一）资产负债表………………………………………………… | 第 8 页 | | （二）利润表……………………………………………………… | 第 9 页 | | （三）现金流量表…………………………………………………第 | 10 页 | | （四）所有者权益变动表…………………………………………第 | 11 页 | | 三、财务报表附注……………………………………………… 第 | 12—94 页 | | 四、附件……………………………………………………………第 | 95—98 页 | | （一）本所营业执照复印件…………………………………… | 第 95 页 | | （二）本所执业证书复印件…………………………………… | 第 96 页 | | （三）本所签字注册会计师执业证书复印件…………… 第 | 97—98 页 | 审 计 报 告 天健审〔2025〕2-124 号 湖南华菱线缆股份有限公司全体股东： ...