金融界2025年8月13日消息，国家知识产权局信息显示，金杯电工衡阳电缆有限公司取得一项名为"电动 汽车用电缆低温试验装置"的专利，授权公告号CN223217593U，申请日期为2024年09月。 专利摘要显示，本实用新型公开了电动汽车用电缆低温试验装置，属于电缆检测装置技术领域，包括机 架，机架的顶部可拆卸安装有第一转动机构，机架的底部可拆卸安装有第二转动机构，第一转动机构与 第二转动机构通过传动链条传动连接，第一转动机构包括安装架，安装架固定安装在机架的顶部，安装 架的两侧均固定安装有第一轴承座，第一轴承座上安装有传动轴，两第一轴承座之间设置有安装试棒的 安装空间，试棒可转动设置在安装空间内，试棒的两端分别与传动轴传动连接，试棒一侧上可缠绕有试 样电缆，试样电缆的未卷绕部分设置有重物，试样电缆的未卷绕部分与试棒相互垂直，试棒的下方设置 有悬挂空间。 天眼查资料显示，金杯电工衡阳电缆有限公司，成立于2004年，位于衡阳市，是一家以从事计算机、通 信和其他电子设备制造业为主的企业。企业注册资本40000万人民币。通过天眼查大数据分析，金杯电 工衡阳电缆有限公司共对外投资了7家企业，参与招投标项目2062次，财 ...

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - The demand for AIDC power equipment is expected to grow significantly due to the increasing capital expenditure by major cloud service providers, with a projected annual growth rate of 20% from 2025 to 2030 [5][13] - The market space for various AIDC power equipment segments, including dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers, is estimated to reach significant values by 2030 [12][13] - The industry is witnessing a shift towards domestic companies gaining competitive advantages in the data center sector, with a potential overall value chain transfer to Chinese enterprises [5] AIDC Power Equipment Summary - Recent capital expenditures by North America's four major cloud service providers reached $95 billion in Q2, a year-on-year increase of 66% [5] - The projected global AI computing load from 2025 to 2030 is expected to be 9.7, 15.9, 20.2, 22.3, 23.4, and 24.6 GW respectively, with corresponding AIDC power equipment demand estimated at 29, 48, 60, 67, 70, and 74 GW [5][13] - The market space for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is expected to reach 85, 341, 41, 380, and 239 billion yuan respectively by 2030 [12][13] - Recent performance in the AIDC power equipment sector shows significant increases, with high-voltage direct current (HVDC) rising by 19.7%, server power supplies by 11.3%, and lead-acid batteries by 8.5% [5] - Key companies in the AIDC power equipment sector include Jinpan Technology, Mingyang Electric, Hezhong Electric, and others [5] Grid Industry Summary - In June 2025, the total investment in national power engineering reached 105.7 billion yuan, a year-on-year increase of 22.5% [31] - The total investment in national grid engineering for the first half of 2025 was 291.1 billion yuan, reflecting a year-on-year increase of 14.6% [32] - The recent bidding for the State Grid's fourth batch of substation equipment amounted to approximately 12.77 billion yuan, with a cumulative estimated bidding amount for the year reaching 66.84 billion yuan, a year-on-year increase of 20.5% [58] - The grid equipment sector has also seen significant stock performance, with cable components and other equipment rising by 6.8% recently [5] - Key focus areas for the grid industry include high-voltage orders, virtual power plants, and international expansion opportunities [5]

Core Insights - On August 5, 2023, brokerage firms provided target prices for listed companies, with notable increases for Jinbei Electric, Chuan Yi Co., and SAIC Motor, showing target price increases of 39.29%, 36.56%, and 32.46% respectively, across the power equipment, general equipment, and passenger vehicle industries [1][2]. Group 1: Target Price Increases - Jinbei Electric (002533) received a target price of 15.28 yuan with a target increase of 39.29% from Guotai Junan Securities [2]. - Chuan Yi Co. (603100) was assigned a target price of 27.90 yuan with a target increase of 36.56% from Huachuang Securities [2]. - SAIC Motor (600104) has a target price of 23.75 yuan with a target increase of 32.46% from Dongfang Securities [2]. - Other companies with significant target price increases include Xinjie Electric (603416) at 30.23% and Dongfang Yuhong (002271) at 28.21% [2]. Group 2: Brokerage Recommendations - A total of 35 listed companies received brokerage recommendations on August 5, with Dongfang Yuhong and Xinjie Electric each receiving 3 recommendations, and Dengkang Oral Care receiving 2 recommendations [3]. - Dongfang Yuhong (002271) had a closing price of 12.48 yuan and received 3 brokerage ratings in the renovation and building materials sector [3]. - Xinjie Electric (688475) closed at 35.06 yuan and also received 3 brokerage ratings in the computer equipment industry [3]. Group 3: Rating Adjustments - On August 5, 4 companies had their ratings upgraded, including Huaneng International (600011) from "Hold" to "Buy" by Huayuan Securities [5]. - Hai Liang Co. (002203) was upgraded from "Hold" to "Buy" by Hualong Securities [5]. - Xinjie Electric (688475) was upgraded from "Hold" to "Buy" by Donghai Securities [5]. - Dengkang Oral Care (001328) was upgraded from "Hold" to "Strong Buy" by China Merchants Securities [5]. Group 4: Rating Downgrades - Only 1 company had its rating downgraded on August 5, with China Bank (601988) being downgraded from "Strong Buy" to "Recommended" by Ping An Securities [6]. Group 5: First Coverage - On August 5, 8 companies received initial coverage, including Liao Port Co. (601880) rated "Hold" by China Merchants Securities [7]. - China Bank (601988) received a "Recommended" rating from Ping An Securities [7]. - Meidi (688079) was rated "Buy" by Great Wall Securities [7]. - Other companies receiving initial coverage include China Rare Earth (000831) and Dengkang Oral Care (001328) rated "Hold" and "Strong Buy" respectively by Huayuan Securities [7].

Summary of Jinbei Electric's Conference Call Company Overview - **Company**: Jinbei Electric - **Industry**: Electric Equipment Manufacturing Key Financial Performance - **Revenue**: 93.48 billion CNY, up 50% year-on-year [2][3] - **Net Profit**: 3.37 billion CNY, up 9.78% year-on-year [2][3] - **Net Profit Attributable to Shareholders**: 2.96 billion CNY, up 7.46% year-on-year [2][3] - **Return on Equity (ROE)**: Increased by 0.27 percentage points to 7.26% [2][3][12] Cash Flow and Inventory - **Operating Cash Flow**: Net outflow of 11.83 billion CNY, primarily due to increased inventory and longer collection cycles from direct sales [2][4][11] - **Inventory Increase**: Driven by rising copper prices and strategic stocking of high-demand products [4] Business Structure and Performance - **Business Structure Adjustment**: Significant improvement in performance with clean energy, smart grid, and smart equipment contributing 46.74 billion CNY, up 31% year-on-year, accounting for 50% of total revenue [2][6] - **Battery Wire Revenue**: 37.46 billion CNY, up 28% year-on-year, with net profit of 1.96 billion CNY, up 70% [2][6] Growth Drivers - **Battery Wire Segment Growth**: Driven by over 200% increase in sales of flat wires for ultra-high voltage transformers, 68% increase in sales of new energy vehicles, and strong performance in industrial motor applications [2][7] - **Cable Industry Performance**: Revenue of 55.42 billion CNY, up 12% year-on-year, despite declining margins due to real estate downturn and increased competition [2][8] Capacity Expansion - **Capacity Construction**: Ongoing projects include the signing of the Xiangtan Phase III project with a planned capacity of 30,000 tons/year for automotive flat wires [5][9] - **Production Trials**: The Hengyang base's smart equipment cable project began trial production in Q2, with further capacity expected to be released in the second half of the year [5][9] Export and International Market - **Export Growth**: Direct retail exports increased by 38%, with significant contributions from the battery wire segment and a breakthrough in cable exports [10] - **Czech Project**: Successfully completed registration, aiming for trial production by the end of this year or early next year [10][16] Market Trends and Challenges - **Gross Margin**: Slight decline to 10.32% due to copper price fluctuations and pressure on cable profitability [10] - **Debt Ratio**: Slight increase to 59%, remaining below the 60% threshold, indicating manageable debt levels [11] Future Outlook - **Sales and Margin Projections**: Anticipated 15%-16% growth in electronic wire sales, with stable margins expected if copper prices do not fluctuate significantly [14] - **Investment in Power Grid**: Optimistic outlook for future investments in the power grid, particularly in large projects [19] Conclusion Jinbei Electric has demonstrated strong financial performance and resilience in a challenging environment, with significant growth in key segments and ongoing capacity expansion. The company is strategically positioning itself to reduce reliance on traditional markets while enhancing its presence in emerging sectors.

内容概况：电力电缆按照电压等级可分为低压电缆、中低压电缆、高压电缆、超高压电缆和特高压电 缆，其中，低压电缆作为电力传输的重要载体，广泛应用于各类民用、商用和工业领域。由于其电压等 级适中、传输效率高、使用安全等特点，低压电缆在现代社会中扮演着不可或缺的角色。近年来，随着 城市化进程的加快，对电力供应的需求不断增长，低压电缆作为电力传输的重要组成部分，市场需求持 续旺盛。数据显示，中国低压电缆行业市场规模从2020年的1467.53亿元增长至2024年的2085.58亿元， 年复合增长率为9.18%。随着科技的不断进步和工业的快速发展，对低压电缆的性能要求也在不断提 高。未来，随着新材料、新工艺的不断涌现，低压电缆的性能将进一步提升，应用领域也将更加广泛， 预计2025年低压电缆市场规模将增长至2232.07亿元。 相关上市企业：亨通光电（600487）、宝胜股份（600973）、中天科技（600522）、远东股份 （600869）、万马股份（002276）、太阳电缆（002300）、金杯电工（002533）、中辰股份 （300933）、中超控股（002471）、通达股份（002560）、东方电缆（60360 ...

Market Overview - As of August 1, the Shanghai Composite Index closed at 3559.95 points, with a decline of 0.37%. The Shenzhen Component Index closed at 10991.32 points, down 0.17%, and the ChiNext Index closed at 2322.63 points, decreasing by 0.24% [1]. Trading Volume Analysis - A total of 1503 stocks saw an increase in average transaction volume, with 31 stocks experiencing a rise of over 50%. Conversely, 3051 stocks reported a decrease in average transaction volume [1]. - Notable stocks with significant increases in average transaction volume include Kecuan Technology, Shenghui Integration, and Zhengzhong Design [1]. Active Stocks by Transaction Volume - The stocks with the highest increase in average transaction volume on August 1 include: - Kecuan Technology: 9.99% increase, average transaction volume of 1014 shares, up 193.10% [3]. - Shenghui Integration: 10.00% increase, average transaction volume of 672 shares, up 191.70% [3]. - Zhengzhong Design: 10.00% increase, average transaction volume of 2134 shares, up 168.74% [3]. Active Stocks by Transaction Count - The stocks with the highest increase in transaction count on August 1 include: - Anzheng Fashion: -1.69% change, with 68,433 transactions, up 1618.56% [2]. - Yingweike: 2.04% change, with 218,079 transactions, up 1082.38% [2]. - Zhongjiabo Chuang: -3.90% change, with 48,487 transactions, up 656.19% [2]. Stocks with Significant Increases in Both Volume and Count - Kecuan Technology stands out with a 9.99% increase, an average transaction volume of 1014 shares (up 193.10%), and a transaction count of 16,921 (up 126.52%) [4]. - Other notable stocks include: - Jiejia Weichuang: 20.00% increase, average transaction volume of 838 shares (up 130.45%), and 57,709 transactions (up 121.19%) [4]. - Riyi Electronics: 10.01% increase, average transaction volume of 846 shares (up 113.00%), and 25,112 transactions (up 161.72%) [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][21] Core Views - The company achieved steady revenue and profit growth in the first half of 2025, with revenue reaching 9.335 billion yuan, up 17.50% year-on-year, and net profit attributable to shareholders of 296 million yuan, up 7.46% year-on-year [1][7] - The electromagnetic wire business showed significant performance, with revenue of 3.746 billion yuan, a year-on-year increase of 28%, and a net profit of 196 million yuan, up 70% year-on-year [2][20] - New application areas are expanding rapidly, with revenue from clean energy applications increasing by 54% year-on-year, and smart grid applications up by 19% year-on-year [19][21] Summary by Sections Financial Performance - In Q2, the company reported revenue of 5.238 billion yuan, a year-on-year increase of 18.45% and a quarter-on-quarter increase of 27.87%, with a net profit of 160 million yuan, up 12.78% year-on-year [19][15] - The overall gross profit margin for the first half was 10.32%, a decrease of 0.67 percentage points year-on-year, while the net profit margin was 3.61%, down 0.25 percentage points year-on-year [1][7] Business Segments - The wire and cable segment generated revenue of 5.538 billion yuan, an 11% increase year-on-year, with a gross margin of 10.17%, down 1.48 percentage points [20] - The company successfully expanded its market in the power grid sector, achieving a 167% year-on-year increase in bid amounts [20][21] Export and International Expansion - Direct export revenue reached 262 million yuan, a 38% increase year-on-year, with a gross margin of 16.22%, which is approximately 6 percentage points higher than domestic sales [21] - The company is progressing with its overseas production capacity in the Czech Republic, aiming to start trial production by the end of the year [21][20] Future Outlook - The profit forecast for 2025-2027 has been adjusted downwards due to the demand and pricing situation in the real estate and construction sectors, with expected net profits of 674 million yuan, 759 million yuan, and 884 million yuan respectively [3][21] - The current stock price corresponds to a price-to-earnings ratio of 11, 10, and 8 times for the years 2025, 2026, and 2027 respectively [3][21]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated resilience and diversification in its business structure, with new application fields accounting for over half of its revenue [3] - In the first half of 2025, the company achieved operating revenue of 9.335 billion yuan, a year-on-year increase of 17.50%, and a net profit attributable to shareholders of 296 million yuan, up 7.46% year-on-year [3] - The company’s revenue from clean energy, smart grid, and smart equipment applications collectively accounted for over half of total revenue, with the electromagnetic wire business showing significant growth [3] - The company has successfully participated in several ultra-high voltage projects, with sales of ultra-high voltage transformers increasing by 241.18% year-on-year [3] Financial Performance - For the first half of 2025, the gross profit margin was 10.32%, a decrease of 0.67 percentage points year-on-year [3] - The company expects revenues of 20.033 billion yuan, 22.598 billion yuan, and 25.444 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 706 million yuan, 788 million yuan, and 879 million yuan [4][6] - The projected P/E ratios for 2025, 2026, and 2027 are 11.5, 10.3, and 9.2 respectively [4] Revenue Breakdown - Revenue from clean energy applications was 1.196 billion yuan, accounting for 12.81% of total revenue [3] - Revenue from smart grid applications was 2.600 billion yuan, making up 27.85% of total revenue [3] - Revenue from smart equipment applications was 878 million yuan, representing 9.41% of total revenue [3] - The electromagnetic wire business generated revenue of 3.746 billion yuan, a year-on-year increase of 29.67%, accounting for 40.13% of total revenue in the first half of 2025 [3]

Group 1 - The core viewpoint of the article highlights that Jinbei Electric (002533) is committed to a development strategy focused on "special, high, precise, and specialized" products [1] - The company’s special cable division primarily produces general and special rubber-sheathed cables, as well as low-voltage special cables, which are widely used in various sectors including engineering machinery, rail transit, wind power generation, coal mining, and new energy [1] - Jinbei Electric serves as a major supplier for China Railway Engineering Equipment Group and China Railway Construction Heavy Industry Group, providing "special cables for shield machines" that are applicable in shield machines [1] Group 2 - The company's cable products have been utilized in the Sichuan to Tibet section of the Sichuan-Yunnan Railway project [1]

Group 1: Financial Performance - The company achieved a revenue of 9.335 billion yuan in the first half of the year, representing a year-on-year growth of 17.50% [3] - Net profit reached 337 million yuan, with a year-on-year increase of 9.78% [3] - The gross profit margin stood at 10.32%, while the net profit margin was 3.61% [3] Group 2: Segment Performance - The electromagnetic wire segment generated a revenue of 3.746 billion yuan, showing a year-on-year growth of 27.55% and a net profit of 196 million yuan, up by 69.67% [3] - The cable segment reported a revenue of 5.542 billion yuan, with a year-on-year increase of 12.04% [3] Group 3: Growth Drivers - The growth in business performance was primarily driven by effective business structure adjustments and sustained high demand in emerging sectors, contributing 50% to revenue from clean energy, smart grids, and smart equipment [3] - The electromagnetic wire business benefited from a 241% increase in sales of flat wires for ultra-high voltage transformers and a 67.77% increase in flat wires for electric vehicle motors [3] Group 4: Challenges and Strategies - The cable business faced challenges due to a shrinking real estate market and intensified competition, leading to declines in both gross and net profit margins [4] - The company implemented a "1+N" brand strategy to enhance direct sales, resulting in an 18% year-on-year growth in direct sales revenue for cables [4] Group 5: International Expansion - Direct export revenue reached 262 million yuan, marking a year-on-year growth of 37.99%, with significant growth in electromagnetic wire exports [4] - The company successfully entered overseas markets, including Central Asia, with low-voltage cables and overhead lines [4] Group 6: Inventory and Receivables - Inventory increased by 43.76% and accounts receivable rose by 27.31% due to expanded sales and changes in business structure [4] - The turnover rates for inventory and accounts receivable remained stable, indicating manageable risk levels [4] Group 7: Capacity Expansion - The company added 8,000 tons/year of production capacity for electric vehicle motor flat wires at its Xiangtan base [5] - The cable production capacity at the Hengyang base is also being enhanced with trial production of industrial cables [5] Group 8: Raw Material Price Management - The average copper price increased by approximately 4% year-on-year, but the company managed price volatility through long-term agreements and hedging tools [5]