Financial Performance - The company's operating revenue for 2023 was CNY 17,760,670,818, representing a year-over-year increase of 17.46% compared to CNY 15,121,002,138 in 2022[21]. - The net profit attributable to shareholders for 2023 was CNY 341,165,194.30, a decrease of 38.57% from CNY 555,405,257.57 in 2022[21]. - The net cash flow from operating activities for 2023 was CNY 200,602,812.30, down 54.90% from CNY 444,819,113.27 in 2022[21]. - The basic earnings per share for 2023 was CNY 0.3389, a decline of 38.67% compared to CNY 0.5526 in 2022[21]. - The total assets at the end of 2023 were CNY 15,017,294,580, reflecting a 9.14% increase from CNY 13,760,224,171 at the end of 2022[23]. - The net assets attributable to shareholders at the end of 2023 were CNY 5,644,616,496, an increase of 4.52% from CNY 5,400,734,364 at the end of 2022[23]. - The company reported a significant decrease in net profit after deducting non-recurring gains and losses, which was CNY 288,243,585.06, down 31.68% from CNY 421,886,061.18 in 2022[21]. - The weighted average return on equity for 2023 was 6.15%, a decrease of 4.67% from 10.82% in 2022[21]. - The company experienced a net loss in cash flow from operating activities in the first quarter of 2024, amounting to CNY -862,339,282.57[27]. Shareholder Information - The company plans to distribute a cash dividend of 0.5 RMB per 10 shares to all shareholders, based on a total share capital of 1,014,289,836 shares[5]. - The company’s controlling shareholder changed from Haikong Group to Haikong Investment Holdings, with the latter holding 25.53% of the total share capital after a share transfer completed on December 23, 2024[20]. - The company’s actual controller remains the State-owned Assets Supervision and Administration Commission of Qingdao West Coast New Area[20]. - The company has a total of 1,014,289,836 shares outstanding[5]. Corporate Governance - The company’s financial report has been confirmed as true, accurate, and complete by its responsible persons, including the chairman and accounting head[4]. - The company has maintained a complete and independent operational system, including procurement, R&D, production, and sales, without reliance on the controlling shareholder or related parties[179]. - The company has clear ownership of its assets and operates independently, with no instances of asset or funds being misappropriated by the controlling shareholder[180]. - The company has established a robust financial management system, operating independently with its own bank accounts and tax compliance[183]. - The company has a complete governance structure, ensuring independent decision-making and operations of its board and committees[182]. - The company has consistently adhered to legal and regulatory requirements in its governance practices[178]. - The company has not reported any significant discrepancies in its governance practices compared to regulatory standards[178]. Market and Industry Trends - The cable industry is experiencing a continuous increase in market concentration, with leading companies expanding their market share through advantages in brand, technology, and capital[32]. - The government has introduced multiple policies to promote high-quality development in the cable industry, focusing on environmental protection and technological innovation[33]. - The charging pile industry is entering an accelerated construction phase, with new technologies such as high-power fast charging and wireless charging being implemented[40]. - The market for environmentally friendly cable materials is steadily increasing, driven by the dual carbon goals and the demand for low-carbon solutions[152]. - The market share of high-end and special cables in the cable industry is anticipated to rise from 30% in 2024 to 35%-40% by 2025[145]. Research and Development - The company has developed a product line of charging piles ranging from 7kW to 960kW, including high-power DC charging piles and smart AC charging piles[43]. - The company invested approximately 100 million yuan in 2023-2024 for technological upgrades, including a new production facility capable of producing 16,000 kilometers of cables annually[50]. - The company has received multiple honors in 2024, including being recognized as a "National Specialized and Innovative Small Giant Enterprise" and a "Top 100 Manufacturing Enterprise in Hangzhou"[53]. - The company has established joint ventures with research institutes to enhance its capabilities in material research and product upgrades for power cables and equipment cables[51]. - The company has developed advanced wind power cables with superior performance characteristics, achieving domestic leading technology levels[48]. - The company is focusing on developing environmentally friendly and high-performance cables, including a 125℃ low-smoke halogen-free rubber cable for oil drilling applications[104]. Sales and Revenue - The industrial segment contributed ¥17,662,173,261.29, accounting for 99.45% of total revenue, with a year-on-year growth of 17.67%[81]. - The sales of electric power products amounted to ¥11,746,909,377.01, which is 66.14% of total revenue, showing a significant increase of 32.29% from the previous year[81]. - The power products segment generated ¥10,581,317,247.36, accounting for 67.19% of total revenue, with a year-on-year growth of 35.78% from ¥7,792,771,762.69 in 2023[90]. - The communication products segment saw a decline, with revenue of ¥437,203,471.86, down 38.22% from ¥707,709,850.97 in 2023, representing only 2.78% of total revenue[90]. - The new materials segment saw a sales volume increase of 9.31%, with a monthly peak sales volume surpassing 55,500 tons[63]. Investment and Financial Management - The company plans to expand its production capacity with a new project aimed at producing 10,000 tons of environmentally friendly polymer materials annually[121]. - The company has made significant equity investments, including a capital increase of ¥38,068,738.89 in a subsidiary, Zhejiang Wanma Cable Co., Ltd.[121]. - The company reported a significant increase in derivative financial assets, with a total of ¥56,341,148 for the current period, compared to ¥13,911,430 at the beginning[117]. - The company recorded a fair value change of ¥1,050,897.6 in other non-current financial assets, bringing the total to ¥27,615,607[117]. - The company has not engaged in any related party transactions that would lead to unfair competition[179]. Risk Management - The company employs hedging and supply chain procurement strategies to manage risks associated with raw material price volatility[164]. - The company emphasizes product quality management to mitigate risks related to product defects that could impact its reputation and financial performance[167]. - The company faces risks from policy changes affecting the electric wire and cable, new materials, and NEV charging industries, which could impact its strategic goals[162]. - Market competition is expected to intensify in the renewable energy sector, necessitating adjustments in production capacity and sales strategies to mitigate risks[163]. Investor Relations - The company conducted multiple investor meetings and site visits in 2024, focusing on the development of its three main business segments: wire and cable, new materials, and renewable energy[170]. - The company reported a total of 108 institutional investors participating in its online performance briefing in April 2024, indicating strong interest in its business outlook[172]. - The company has engaged with various institutional investors, including major funds, to discuss its strategic direction and business performance throughout 2024[174]. - The participation rate of investors in the first temporary shareholders' meeting of 2024 was 32.01%[184]. - The participation rate of investors in the 2023 annual shareholders' meeting was 31.02%[184].

Core Viewpoint - The optical fiber concept sector has shown a positive performance with a 1.55% increase, ranking 10th among concept sectors, driven by significant gains in stocks like Huamai Technology and New Energy Taishan, which hit the daily limit up [1][2]. Market Performance - The optical fiber concept sector saw 44 stocks rise, with notable increases from Huamai Technology (10.04%), New Energy Taishan (9.85%), and Jinxin Technology (9.61%) [1][2]. - Conversely, stocks like Feikai Materials, Yunzhu Technology, and Zhichun Technology experienced declines of 3.92%, 2.03%, and 1.65% respectively [1][2]. Capital Flow - The optical fiber concept sector attracted a net inflow of 310 million yuan, with 36 stocks receiving net inflows, and five stocks exceeding 30 million yuan in net inflow [2][3]. - Jinxin Technology led the net inflow with 85.11 million yuan, followed by Huamai Technology (82.83 million yuan) and Wanma Co. (72.97 million yuan) [2][3]. Capital Inflow Ratios - New Energy Taishan, Huamai Technology, and Jinxin Technology had the highest net inflow ratios at 40.39%, 25.72%, and 12.81% respectively [3][4].

证券研究报告 | 行业周报 2025 年 04 月 14 日 风电周报（2025.4.7-2025.4.13） 25Q1 国内整机商中标超 38GW，首个海陆一体海风柔直工程开工 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | 002531.SZ | 天顺风能 | 增持 | 0.11-0.14 | 0.75 | 21.01 | 9.31 | | 300129.SZ | 泰胜风能 | 增持 | 0.5 | 0.71 | 12.92 | 9.1 | | 300443.SZ | 金雷股份 | 增持 | 0.54 | 1.16 | 34.78 | 16.19 | | 600875.SH | 东方电气 | 买入 | 1.23 | 1.54 | 12.42 | 9.92 | | 603062.SH | 麦加芯彩 | 买入 | 1.95 | 2.5 | 25.24 | 20.86 | | 603218.SH | ...

Group 1 - A total of 66 stocks appeared on the weekly trading list, with 42 showing net purchases from the Shenzhen Stock Connect [1][2] - The top three stocks with the highest net purchases were Unisoc (紫光国微) at 163.21 million, Huadian (沪电股份) at 127.00 million, and Wanma (万马股份) at 96.75 million [1][3] - The average increase for stocks with net purchases was 4.43%, outperforming the Shanghai Composite Index, which fell by 3.11% [1][2] Group 2 - The stock with the largest increase was Shengbang (圣邦股份), which rose by 24.65% during the week [1][2] - There were 24 stocks with net sales, with the highest being Fenzhong Media (分众传媒) at 1,060.77 million and Satellite Chemical (卫星化学) at 911.59 million [1][3] - The overall market performance indicated a mixed sentiment, with some stocks experiencing significant volatility in their trading volumes [1][2]

暗盘资金正涌入这些股票，点击速看>>> 万马股份（002276）今日涨停，成交额35.57亿元，换手率24.50%，盘后龙虎榜数据显示，深股通专用 席位买入1.93亿元并卖出9576.75万元。 ...

Core Viewpoint - The robotics concept stocks are experiencing a rebound, with significant gains observed in several companies, indicating a potential recovery in the sector [1] Group 1: Stock Performance - Wanma Co., Ltd. (002276) and Yijiahe (603666) have reached the daily limit up, showcasing strong investor interest [1] - Other companies such as Wanda Bearings (601177), Hangzhou Gear (601177), Keli Sensor (603662), and Meige Intelligent (002881) are also seeing upward movement in their stock prices [1] Group 2: Market Activity - There is a notable influx of dark pool funds into these stocks, suggesting increased trading activity and potential investor confidence in the robotics sector [1]

Investment Rating - The report maintains a "Recommended" rating for the wind power industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [4][53]. Core Insights - The wind power sector has seen a significant increase in bidding and winning volumes, with a total of 21.5GW of wind turbine bids in the first three months of 2025, representing a year-on-year increase of 14.7% [2][10]. - The report highlights three main investment themes in the wind power sector: 1. High domestic offshore wind project reserves and supportive policies for future development, with a focus on the concentration of offshore wind projects starting in 2025 [7][37]. 2. High bidding activity for onshore wind projects in 2024, indicating a phase of volume and profit growth for manufacturers and components [7][37]. 3. Regional growth in overseas offshore and onshore installations, presenting opportunities for domestic cable, main engine, and component manufacturers to expand internationally [7][37]. Summary by Sections Bidding Volume - In the first three months of 2025, wind turbine bidding reached 21.5GW, with offshore wind accounting for 2.6GW and onshore wind 18.9GW, showing increases of 262.2% and 5% year-on-year respectively [10][20]. - March saw a total of 9.2GW in wind power bids, with offshore wind at 1.8GW and onshore wind at 7.4GW, reflecting a month-on-month increase of 190.3% for onshore projects [10][20]. Winning Volume - The total winning volume for wind power in the first three months of 2025 was 20.3GW, a year-on-year increase of 101.4% [20][21]. - In March, the winning volume for offshore and onshore wind was 0.5GW and 6.8GW respectively, with year-on-year increases of 55.7% and 102.4% [20][21]. Winning Prices - The average winning price for offshore wind in March was 2818 yuan/kW, while for onshore wind it was 1408 yuan/kW, with a month-on-month decrease of 10.2% for onshore projects [36][37]. Investment Recommendations - The report suggests focusing on key companies such as Mingyang Smart Energy, Oriental Cable, Zhongtian Technology, and others, which are well-positioned to benefit from the anticipated growth in the wind power sector [7][39].

Market Overview - On March 25, the market sentiment was low, with over 2,700 stocks declining and more than 2,500 stocks rising. There were 57 stocks hitting the daily limit up and 46 stocks hitting the limit down. Popular sectors like deep-sea technology, computing power, and robotics saw a retreat, while the focus shifted to controllable nuclear fusion and state-owned enterprises [1]. Key Stocks Performance - Southern Precision (002553) achieved a 10% increase, closing at 25.40, with a trading volume of 2.698 billion and a turnover rate of 43.29% over 6 days and 5 consecutive limit ups [2][5]. - Pioneer Electronics (002767) recorded a 9.98% increase, closing at 22.03, with a turnover rate of 31.38% over 3 consecutive limit ups [2]. - Yufu Co. (002427) and Sun Cable (002300) both achieved 3 consecutive limit ups, with increases of 10.08% and 10.06%, respectively [2][3]. Institutional Buying and Selling - The top three net purchases on the daily leaderboard were Southern Precision (1.61 billion), Huayang Co. (1.59 billion), and Jincheng Pharmaceutical (1.22 billion) [4][5]. - The top three net sales were Capital Online, Shaoneng Co., and Shenzhou Information, with net sales of 1.74 billion, 1.36 billion, and 1.29 billion, respectively [6][7]. Sector Highlights - Southern Precision is involved in robotics, bearings, and reducers, with a significant increase in trading activity and a high turnover rate [8]. - Huayang Co. focuses on sodium-ion batteries, photovoltaic, and coal, with a notable trading volume of 9.66 billion and a turnover rate of 3.72% [12]. - Capital Online, associated with computing power leasing and DeepSeek concepts, faced a 20% limit down, with a trading volume of 39.24 billion [14][16]. Financial Performance - Southern Precision reported a revenue of 559 million for the first three quarters of 2024, marking a year-on-year increase of 14.28%, and a net profit of 46.41 million, up 635.79% [11].

③景业智能：公司正在定制开发多款特种四足机器人产品，"胡狼一号"作为其中一款，主要定位于要地 自主巡逻安防领域，它具备自主巡逻、环境感知、自组网、入侵侦测、警示、攻击等功能，适用于边 防、重要设施保护等场景。公司正在研发一款专注于察打一体的特种四足机器人，它具备环境感知和协 同作战能力，未来可执行复杂环境中的攻击任务等。 人民财讯3月20日电，万马股份股价连续涨停，使得机器狗概念引发关注。多家上市公司最新回复相关 问题。 ②辰安科技：公司对于消防机器人产品中的机器狗灭火产品的应用展望是从应急救援向多领域渗透，未 来，公司将拓展其在化工园区、森林火灾、地铁隧道、石油储罐等场景的应用，并开发"机器狗+AI指 挥舱"系统，实现全自主灭火作业。 ①万马股份：公司在机器人和机器狗领域现主要业务为基于机器人线缆线束的万马机器人智连CCa系统 化解决方案，后续也计划进一步拓展业务领域，及开展上下游合作。公司已与多家机器人机器狗公司展 开基于万马机器人智连CCa系统的服务和合作。 ...