DALIAN INSULATOR(SZ:002606) Chang Jiang Shang Bao·2025-06-03 23:33Core Viewpoint - Dalian Electric Porcelain has secured multiple orders from the State Grid, significantly boosting its revenue and market share in the high-voltage porcelain insulator sector, with a strong focus on both domestic and international markets [1][2][3]. Group 1: Order Growth - Dalian Electric Porcelain's subsidiary has recently won a bid for the State Grid's 2025 fifteenth batch procurement project, involving over 630,000 porcelain insulators, with a contract value of approximately 290 million yuan [1][2]. - This marks the third announcement of high-voltage project wins in 2025, with total contract values reaching 610 million yuan, accounting for 24% of the projected revenue for 2024 [1][2]. - The company is positioned as a leader in the domestic high-voltage porcelain insulator market, holding over 50% market share and covering more than 90% of domestic high-voltage projects [2]. Group 2: Financial Performance - In 2024, the company achieved revenue of 1.496 billion yuan, representing a year-on-year increase of 78.21%, and a net profit of 211 million yuan, up 303.30% [3]. - For the first quarter of 2025, the company reported a 30.6% year-on-year increase in revenue to 224 million yuan, with net profit surging 86.35% to 2.0254 million yuan [3]. Group 3: Capacity and Production - The company has established three major production bases: Dalian focuses on high-voltage products with an annual capacity exceeding 100,000 tons, Fujian produces smaller tonnage products with a capacity of about 15,000 tons, and Jiangxi is set to reach a capacity of 80,000 tons [2]. - The Jiangxi facility's first phase has already commenced production, with an expected full capacity by the end of 2025, supporting overseas market orders [2]. Group 4: International Expansion - The overseas market is becoming a significant growth driver for the company, with a 45% year-on-year increase in overseas order delivery in Q1 2025, and a gross margin maintained between 25% and 30% [4]. - The company has completed product certification for Europe and plans to supply small quantities to markets in the UK, Italy, and Germany through the Jiangxi factory [4]. - In 2024, overseas revenue reached 187 million yuan, a 337.29% increase, with new overseas orders exceeding 700 million yuan, primarily from Saudi Arabia, Vietnam, and Pakistan [5].