TGC(SZ:300265) Quan Jing Wang·2025-08-25 05:52Core Viewpoint - Tongguang Cable (stock code: 300265) demonstrated robust operational capabilities in a complex market environment, achieving a revenue of 1.228 billion yuan in the first half of 2025, representing a year-on-year growth of 7.01% despite short-term fluctuations in net profit due to multiple factors [1] Revenue and Cash Flow - The company's main business segments include optical fiber cables, power transmission cables, and equipment cables, with equipment cable revenue increasing by 32.41% and gross margin rising to 30.68% [2] - Power transmission cable revenue grew by 13.01%, maintaining market advantages, while optical fiber cable business saw a slight decline, although the proportion of high-value-added products continued to increase [2] - Net cash flow from operating activities improved significantly by 75.99%, indicating enhanced sales collection capabilities and improved working capital management [2] High-end Marine Equipment Project - The "High-end Marine Equipment Energy System Project (Phase I)" has made significant progress, with major infrastructure and equipment installation completed, and partial delivery of subsea cable orders [3] - The total investment for this project is 620 million yuan, with cumulative investment reaching 495 million yuan, expected to be operational by June 30, 2025 [3] - The completion of this project will enhance the company's comprehensive service capabilities in offshore wind power, subsea communication, and marine oil and gas sectors, solidifying its leading position in the high-end marine cable market [3] - The company holds 369 patents and has participated in the formulation of 10 international IEC standards and multiple national standards, showcasing its leadership in the special cable industry [3] Strategic Layout - Tongguang Cable aims to focus on "high-end, intelligent, and green" development, with key layouts in offshore wind power and subsea cable systems, 5G communication-related optical cable products, aerospace and military special cables, and smart grid and energy-saving conductors [4] - The joint venture with Yangtze Optical Fibre and Cable Joint Stock Limited Company, Jiangsu Tongfei Technology Co., Ltd., is in substantial progress, aiming to deepen cooperation in the optical fiber and cable sector [4] - The company has achieved substantial progress in revenue growth, technological breakthroughs, and major project construction in the first half of 2025, with a solid foundation and a firm pace towards high-end transformation [4] - With the production of fundraising projects and the continuous release of market demand, Tongguang Cable is expected to experience stronger growth momentum in the second half of 2025 [4]