CHANGLAN TECH.(SZ:002879) Chang Jiang Shang Bao·2025-06-23 00:55Core Viewpoint - Changlan Technology plans to expand production capacity to enhance market competitiveness through a private placement fundraising of up to 460 million yuan [2][3]. Group 1: Fundraising and Expansion Plans - The company intends to raise a total of up to 460 million yuan through a private placement, with 230 million yuan allocated for high and ultra-high voltage cable accessory capacity expansion and other power equipment technology transformation projects [3]. - The expansion will directly increase the production capacity of ultra-high voltage cable accessories, meeting the demand from high-end markets such as UHV projects, offshore wind power, and pumped storage [3][4]. - The company aims to add an annual production capacity of 5,000 sets of ultra-high voltage cable accessories, with an expected annual output value of 800 million yuan by 2026 [4]. Group 2: Market Position and Competitiveness - Changlan Technology has achieved an international leading level in the ultra-high voltage cable accessory field, with its products filling domestic gaps and being applied in key national projects [3][4]. - The company's market share in the ultra-high voltage cable accessory market is expected to increase from 25% to 35% following the capacity expansion [4]. - In the first batch of cable accessory centralized bidding results by the State Grid in 2025, Changlan Technology ranked first among 17 bidders with a bid amount of 10.0742 million yuan for 110 kV products [4]. Group 3: Focus on New Energy Markets - With the global "dual carbon" goals, the offshore wind power and photovoltaic markets are experiencing explosive growth, and Changlan Technology is actively expanding into these markets [5]. - The company has developed ±400 kV flexible DC cable accessory products for offshore wind power projects, including the largest flexible DC offshore wind project globally [5]. - In the charging pile sector, the company has seen a 50% year-on-year increase in orders in the first quarter of 2025, indicating a new growth point for performance [5]. Group 4: R&D Investment and Financial Performance - From 2020 to 2024, the company plans to invest nearly 400 million yuan in R&D, with annual expenditures increasing each year [6]. - In 2024, the company achieved an operating income of 1.242 billion yuan and a net profit of 74.682 million yuan, reflecting year-on-year growth of 19.18% and 3.53%, respectively [6]. - However, in the first quarter of this year, the net profit attributable to shareholders decreased by 84.88% due to reduced sales revenue from high-margin high-voltage products [7].