电工合金股价创新高后资金流出，国资入主后业绩增长

Company Overview - The company, Electric Alloy (300697), recently experienced a significant outflow of main funds after its stock price reached a historical high [1] - The actual controller changed to the Xiamen State-owned Assets Supervision and Administration Commission, leading to a growth trend in performance [5] Stock Performance - On January 29, 2026, Electric Alloy's stock price hit a record high of 20.64 yuan, with a daily increase of 5.31%, resulting in a total market capitalization of 8.93 billion yuan [2] - For the first three quarters of 2025, the company reported revenue of 2.293 billion yuan, a year-on-year increase of 25.11%, and a net profit of 127 million yuan, up 38.45% year-on-year [2] - On February 2, 2026, the company saw a net outflow of main funds amounting to 43.5 million yuan, with the stock price dropping by 8.82% on that day [2] Financial Status - On November 19, 2025, the company corrected its third-quarter financial report due to consolidation offset errors, reducing total assets and total liabilities by 50 million yuan each, resulting in total assets of approximately 2.164 billion yuan and a decrease in the debt-to-asset ratio from 44.43% to 43.14% [3] Convertible Bond Plan - In August 2025, the company announced plans to issue convertible bonds to raise no more than 545 million yuan, intended for a high-performance copper material project, working capital, and repaying bank loans, with 157 million yuan allocated for loan repayment [4] Industry Policy Context - In December 2025, the National Development and Reform Commission released policies to promote the upgrading of traditional industries towards high-end and green development, which may benefit Electric Alloy due to its main products being copper alloy materials used in power grid upgrades, rail transit, and new energy sectors [6]