通达股份前三季度净利润同比预增50.01%至111.12%

Core Viewpoint - Tongda Cable Co., Ltd. expects significant profit growth in the first three quarters of 2025, driven by strong demand in the power system construction and successful market expansion efforts [1][2]. Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders between 108 million to 152 million yuan, representing a year-on-year increase of 50.01% to 111.12% [1]. - The net profit after deducting non-recurring gains and losses is projected to be between 105 million to 150 million yuan, reflecting a year-on-year growth of 61.49% to 130.7% [1]. Group 2: Business Segments - Tongda's main business segments include the production and sales of wires and cables, precision processing and assembly of aircraft components, and aluminum-based composite materials [1]. - The wire and cable business accounted for 45.74% of total revenue in the first half of 2025 [1]. Group 3: Market Drivers - The company benefits from a robust order book in its wire and cable business, attributed to the ongoing construction of the power system in China, with the State Grid's fixed asset investment exceeding 420 billion yuan, a year-on-year increase of 8.1% [1]. - The total investment by the State Grid is expected to exceed 650 billion yuan for the entire year of 2025 [1]. Group 4: Client Base and Contracts - Major clients include the State Grid and its affiliates, Southern Power Grid and its affiliates, and China Railway Corporation and its affiliates [1]. - The company has disclosed a cumulative bid amount of 1.851 billion yuan this year, benefiting from the power system construction [1]. Group 5: Aerospace Component Business - The precision processing and assembly of aircraft components, a key segment, has seen a significant increase in order fulfillment and revenue, contributing positively to profit margins [2]. - The company’s subsidiary, Chengdu Hangfei Aviation Machinery Manufacturing Co., Ltd., has reported a substantial rise in both revenue and profit margins due to a full order book [2]. Group 6: Competitive Advantages - The company possesses strong technical barriers, customer loyalty, and cost control capabilities, which form a competitive moat in the market [2]. - Future focus areas include the pace of ultra-high voltage order implementation and the effectiveness of expansion into emerging markets, which could enhance long-term value in high-end manufacturing [2].