XNTS(SZ:000720) Yuan Da Xin Xi·2024-10-18 10:00Investment Rating - The investment rating for the company is "Accumulate (First Time)" [1] Core Views - The company is focusing on revitalizing existing land and transforming into a supply chain and comprehensive asset operation service provider, which is expected to help reduce losses [1] - The company has formed a business layout centered on industrial park development, comprehensive asset operation, and supply chain, with cable manufacturing as a supporting business [6][9] - The company is benefiting from continuous policy support for industrial parks, which is expected to enhance its business performance [1][14] Summary by Sections Revitalizing Existing Land and Transforming Supply Chain and Comprehensive Asset Operation - Shandong Xineng Taishan Power Co., Ltd. was established in 1994 and listed in 1997, with China Huaneng Group as the actual controller [1] - The company has successfully completed major asset restructuring and has reduced operational burdens, achieving a transformation upgrade [6] - The company is actively responding to state-owned enterprise reform initiatives, aiming to become a leading integrated service provider in the energy sector [6][9] - The company’s industrial park projects have a total construction area of 282,200 square meters, with a remaining developable area of 178,300 square meters, indicating a 63.18% undeveloped rate [21] Continuous Policy Support Strengthening Industrial Park Business - Since 2003, multiple regulatory documents and industry policies have been introduced to promote the development of industrial parks [1][17] - The "14th Five-Year Plan" aims to increase the number of national high-tech zones to about 220, with their production value share rising from 13.3% in 2020 to 15% by the end of the plan [17] - The company’s industrial park business is expected to benefit from the diversification of operations and increased value-added services [14][19] Rapid Growth in the Cable Industry, Benefiting the Company's Cable Business - The cable industry is experiencing rapid growth, driven by diverse application scenarios and increasing demand in the power and new energy sectors [1][25] - The company’s subsidiary, Qufu Cable, is a national high-tech enterprise with significant product and process advantages [1][7] - The cable industry in China is projected to reach a market size of approximately 1.6 trillion yuan by 2027, with a CAGR of 6.46% [26][27] Profit Forecast - The company’s projected revenues for 2024 and 2025 are 1.175 billion yuan and 1.291 billion yuan, respectively, with corresponding revenue growth rates of -19.34% and 9.87% [1] - The net profit attributable to the parent company is expected to decrease losses, with forecasts of -57 million yuan and -16 million yuan for 2024 and 2025, respectively [1]