“三驾马车”持续释放增长动能 通达股份稳进提质、赓续前行

Core Viewpoint - Company has demonstrated robust growth through strategic layout, technological innovation, and market expansion, achieving significant revenue and profit increases in the first half of 2025 [1][2][3]. Financial Performance - In H1 2025, the company reported revenue of 3.618 billion yuan, a year-on-year increase of 37.28%, and a net profit of 62 million yuan, up 68.24% from H1 2024 [2]. - The company's non-recurring net profit surged by 89.08% to 60 million yuan, with basic earnings per share rising by 68.14% to 0.1177 yuan [2]. - Over the past five years, the company's revenue has grown from 1.928 billion yuan in 2020 to 6.201 billion yuan in 2024, achieving a compound annual growth rate of 26.32% [2]. Business Segments Electric Wire and Cable - The electric wire and cable segment continues to be a cornerstone, with new orders in H1 2025 increasing by 80.17%, including a 132.84% rise in orders from the two major state grids [4][5]. - The company secured over 1.5 billion yuan in new orders from state grid projects, reflecting strong market recognition and demand [4][5]. Aluminum Composite New Materials - The aluminum composite new materials segment, operated by a subsidiary, has shown steady growth, with revenue from aluminum strip products reaching 1.397 billion yuan in H1 2025, a 12.60% increase year-on-year [9]. - This segment is expected to benefit from the growing demand for high-performance materials across various industries, including renewable energy and transportation [8][9]. Aerospace Components - The aerospace components segment is emerging as a new growth driver, with revenue of 98 million yuan in H1 2025, a 43.51% increase [10]. - The company is leveraging its technical expertise and relationships in the aviation sector, particularly with the C919 aircraft program, which has a significant order backlog [12][13]. Strategic Outlook - The company is positioned to benefit from the ongoing expansion of the domestic electric grid and the rising demand for high-quality cables, driven by government investment in infrastructure [5][6]. - The aluminum composite materials segment is expected to see increased demand due to the rapid industrialization and urbanization in China, as well as the growth of renewable energy sectors [8][9]. - The aerospace components business is anticipated to grow significantly as the domestic aircraft manufacturing industry expands, providing a substantial market for precision parts [10][12][13].