证券之星消息，10月31日电网设备板块较上一交易日下跌0.46%，金盘科技领跌。当日上证指数报收于 3954.79，下跌0.81%。深证成指报收于13378.21，下跌1.14%。电网设备板块个股涨跌见下表： 从资金流向上来看，当日电网设备板块主力资金净流出12.81亿元，游资资金净流入2.23亿元，散户资金 净流入10.58亿元。电网设备板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600406 国电南瑞 | | 2.07亿 | 12.36% | -1.13 Z | -6.76% | -9401.37万 | -5.60% | | 002276 万马股份 | | 1.21亿 | 8.02% | 5505.73万 | 3.64% | -1.77 Z | -11.66% | | 600067 | 冠城新材 | 9189.88万 | 28.06% | -4343.38万 | -13.26% | - ...

Core Viewpoint - Wanma Co., Ltd. reported a significant increase in both revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue reached 14.109 billion, representing a year-on-year growth of 8.36% [1] - The net profit attributable to the parent company was 412 million, showing a substantial year-on-year increase of 61.57% [1] - The net profit excluding non-recurring items was 371 million, reflecting a remarkable year-on-year growth of 75.44% [1]

证券日报网讯万马股份10月29日发布公告，在公司回答调研者提问时表示，2025年第三季度，公司营业 收入48.37亿元，同比增长7.93%，归母净利润1.61亿元，同比增长227.70%，扣非归母净利润1.50亿元， 同比增长315.91%。 （文章来源：证券日报） ...

证券日报网讯万马股份（002276）10月29日发布公告，在公司回答调研者提问时表示，万马新能源2025 年前三季度充电量合计4.52亿度。 ...

Group 1: Financial Performance - In the first three quarters of 2025, the company's revenue reached 14.109 billion CNY, a year-on-year increase of 8.36% [2] - The net profit attributable to shareholders for the same period was 412 million CNY, showing a significant growth of 61.57% [2] - In Q3 2025, the company reported a revenue of 7.93 billion CNY, reflecting a year-on-year growth of 48.37% [2] - The net profit for Q3 2025 was 161 million CNY, with a remarkable increase of 227.70% [2] Group 2: Market Position and Product Development - The domestic market share of the company's high-performance polymer insulation materials has increased from approximately 15% in 2021 to about 20% [3] - The planned annual production capacity for high-performance polymer insulation materials will reach 60,000 tons after the completion of the third phase project [3] - The company has established strategic cooperation for the C-5 nuclear power project, providing 500kV ultra-high voltage cables and related equipment [3] Group 3: Product Lines and Innovations - The company produces various products for submarine cables, including insulation layers and smooth semi-conductive shielding materials [4] - The company is a major manufacturer of cables for industrial robots, humanoid robots, and robotic dogs, although specific client details cannot be disclosed due to confidentiality [5] - In the first three quarters of 2025, the total charging volume for the company's new energy sector was 4.52 billion kWh [6]

Core Viewpoint - Wanma Co., Ltd. has shown significant stock performance with a year-to-date increase of 111.53%, despite a recent decline over the past 20 days [1][2] Financial Performance - For the period from January to September 2025, Wanma Co., Ltd. achieved a revenue of 14.109 billion, representing a year-on-year growth of 8.36%, and a net profit attributable to shareholders of 412 million, reflecting a substantial increase of 61.57% [2] Stock Market Activity - As of October 29, 2025, Wanma's stock price rose by 2.01% to 17.79 yuan per share, with a trading volume of 343 million and a turnover rate of 1.94%, resulting in a total market capitalization of 18.044 billion [1] - The company has appeared on the trading leaderboard 11 times this year, with the most recent occurrence on September 24, where it recorded a net buy of -253.167 million [1] Shareholder Information - As of September 30, 2025, the number of shareholders decreased to 173,400, while the average circulating shares per person increased by 5.87% to 5,807 shares [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the third-largest shareholder, increasing its holdings by 8 million shares [3] Business Overview - Wanma Co., Ltd. specializes in the research, production, and sales of power cables, with its main business revenue composition being 68.11% from power products, 28.63% from polymer materials, 1.70% from communication products, and 1.56% from trade and services [1] - The company is categorized under the electric equipment industry, specifically in cable components and other related sectors [2] Dividend Distribution - Since its A-share listing, Wanma Co., Ltd. has distributed a total of 685 million in dividends, with 155 million distributed over the past three years [3]

Group 1 - The company reported a revenue of 14.11 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.4%, and a net profit attributable to shareholders of 410 million yuan, up 61.6% year-on-year [1] - In Q3 2025, the company achieved a revenue of 4.84 billion yuan, with a year-on-year increase of 7.9% but a quarter-on-quarter decrease of 8.8%. The net profit for Q3 was 160 million yuan, showing a significant year-on-year increase of 227.7% but a quarter-on-quarter decrease of 4.3% [1] - The company's gross margin and net margin for Q3 2025 were 12.6% and 2.9%, respectively, with year-on-year increases of 1.2 percentage points and 0.9 percentage points [1] Group 2 - The company is advancing its ultra-high pressure project, which will add a total capacity of 60,000 tons, expected to enhance profitability in the high polymer materials segment [1] - The company has launched a full liquid cooling system and various new products, including a 600A liquid cooling terminal and a 400A air cooling terminal, as well as an AI-based battery intelligent detection platform [2] - The national plan aims to establish 28 million charging facilities by the end of 2027, which is expected to double the charging service capacity and support over 80 million electric vehicles, indicating a positive outlook for the company's charging business [2] Group 3 - Revenue forecasts for the company are projected to be 20.10 billion yuan, 22.77 billion yuan, and 25.81 billion yuan for 2025, 2026, and 2027, respectively, with net profit estimates raised to 520 million yuan, 660 million yuan, and 820 million yuan for the same years [3] - The corresponding price-to-earnings ratios (PE) are expected to be 34, 27, and 22 for 2025, 2026, and 2027, respectively, maintaining a "buy" rating [3]

证券研究报告：电力设备 | 公司点评报告 发布时间：2025-10-27 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 16.99 | | --- | --- | | 总股本/流通股本（亿股）10.14 | / 10.07 | | 总市值/流通市值（亿元）172 | / 171 | | 52 周内最高/最低价 | 20.57 / 7.56 | | 资产负债率(%) | 62.3% | | 市盈率 | 50.13 | | 第一大股东 | 青岛海控投资控股有限 | | 公司 | | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 万马股份(002276) 业绩略高于预期，超高压三期项目顺利推进 l 投资要点 事件：2025 年 10 月 23 日，公司发布 2025 年三季报。 2025Q1-3收,公1司41营.1 亿元，同比+8.4%；归母净利润 4.1 亿 元，同比+61.6%；其中2025Q3公司营收48.4亿元，同环比分别+7.9%/- 8.8%，归母净利润 1.6 亿，同环比分别+2 ...

Core Insights - Wanma Co., Ltd. reported strong financial performance for Q3 2025, with revenue of 4.837 billion yuan, a year-on-year increase of 7.93%, and a net profit of 161 million yuan, up 227.70% from the previous year [2] - For the first three quarters, the company achieved a revenue of 14.109 billion yuan, an 8.36% increase year-on-year, and a net profit of 412 million yuan, reflecting a 61.57% growth [2] - The significant growth in performance is attributed to the company's strategic focus on three core areas: ultra-high voltage power cables, intelligent equipment cables, and new materials [2] Industry Developments - The ultra-high voltage sector has seen a breakthrough for the company, establishing a strategic partnership with a major state-owned enterprise to supply 500kV ultra-high voltage cables for the C-5 nuclear power project in Pakistan, marking the company's entry into the domestic ultra-high voltage cable market [3] - The company launched its third-phase production line for high molecular ultra-high voltage materials, which will produce 20,000 tons of high-voltage insulation materials annually, enhancing its market supply capability and competitive edge in high-voltage materials [4] Technological Advancements - The company showcased its advancements in the field of robotics cables at major industry exhibitions, highlighting products designed for various robotic applications, which feature high flexibility, flame resistance, and durability [5][6] - The profit margin for robotics cables is reported to be between 35%-40%, significantly higher than the 25% margin for traditional power cables, indicating a strong potential for profitability in this segment [6] Future Outlook - With the acceleration of ultra-high voltage construction and the growth of the humanoid robot industry, the company is positioned to benefit from national energy strategies and high-end manufacturing upgrades, potentially expanding its market share in high-end cable and new materials sectors [7] - Continued focus on consolidating advantages across various sectors and enhancing industry chain collaboration is expected to drive long-term profit growth and contribute to the self-sufficiency of domestic equipment and materials [7]

Group 1 - Hu Silicon Industry plans to reduce its shareholding by up to 2%, amounting to a maximum of 54.94 million shares, during the period from November 17, 2025, to February 16, 2026 [1] - Lixin Micro intends to reduce its shareholding by up to 3%, totaling a maximum of 4.01 million shares, from November 14, 2025, to February 13, 2026 [2] - Dual Good Energy signed a contract worth $119 million with Ust-Kamenogorsk CHP LLP in Kazakhstan, representing 6.50% of its audited revenue for 2024 [3] Group 2 - Dual Good Energy plans to raise up to 1.29 billion yuan through a private placement for projects including zero-carbon intelligent manufacturing [5] - Top Cloud Agriculture's shareholders plan to reduce their holdings by up to 3.3%, with specific reductions of 1% and 2.30% from different parties [7] - Hwa Woo Co. reported a 70.84% increase in net profit for the first three quarters, with revenue reaching 994 million yuan, a 16.55% increase year-on-year [8] Group 3 - Chongde Technology's net profit increased by 19.68% in the first three quarters, with revenue of 445 million yuan, a 20.25% increase [10] - New Meixing reported a 191.95% increase in net profit for the first three quarters, with revenue of 870 million yuan, a 15.88% increase [11] - Sanxia New Materials reported a net loss of 59.85 million yuan in the first three quarters, with revenue declining by 27.29% [13] Group 4 - Wanma Co. achieved a 61.57% increase in net profit for the first three quarters, with revenue of 14.11 billion yuan, an 8.36% increase [14] - Chengdu Road and Bridge announced that 7% of its shares, totaling 52.997 million shares, will be auctioned [15] - BGI Genomics plans to jointly apply for a national science project with a total budget of 120 million yuan [17] Group 5 - Qiangbang New Materials plans to reduce its shareholding by up to 1.49%, totaling a maximum of 2.376 million shares [18] - Wanyi Technology reported a net profit of 25.76 million yuan for the first three quarters, turning a profit from a loss [20] - Zhongtai Chemical reported a net loss of 179 million yuan in the first three quarters, with revenue of 21.25 billion yuan, a 5.55% decrease [21] Group 6 - Tend Technology reported a 9.8% increase in net profit for the first three quarters, with revenue of 1.54 billion yuan, a 15.07% increase [22] - Potential Hengxin reported a net loss of 18.19 million yuan in the first three quarters, with revenue of 427 million yuan, an 18.26% increase [27] - Lichen Industrial reported a 90.85% increase in net profit for the third quarter, with revenue of 3.48 billion yuan, a 35.09% increase [29] Group 7 - Saiseng Pharmaceutical reported a 152.81% increase in net profit for the first three quarters, with revenue of 309 million yuan, a 4.41% decrease [31]