Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year contract signing growth of 31% in the first half of 2025, initiating R&D projects for new energy vehicle charging cables and marine cables [5][8] - The company reported a revenue of 1.662 billion yuan in the first half of 2025, a slight year-on-year increase of 2%, with a net profit attributable to shareholders of 52.81 million yuan [8] - The company continues to expand its market presence, achieving breakthroughs in major markets such as the State Grid and Southern Power Grid, and has been recognized as one of the "Top Ten Brands of Power Cables in China" [8] Financial Summary - Revenue projections for 2025-2027 are 4.089 billion yuan, 4.740 billion yuan, and 5.321 billion yuan, respectively, with corresponding year-on-year growth rates of 14.08%, 15.92%, and 12.24% [7] - Net profit attributable to shareholders is forecasted to be 147 million yuan, 171 million yuan, and 204 million yuan for 2025-2027, with growth rates of 10.74%, 16.33%, and 19.35% [7] - The company’s earnings per share (EPS) are projected to be 0.45 yuan, 0.53 yuan, and 0.63 yuan for 2025-2027 [7] - The price-to-earnings (P/E) ratio is expected to decrease from 23.72 in 2025 to 17.09 in 2027 [7]
球冠电缆（920682）：2025H1合同签约yoy+31%，启动新能源车充电枪电缆、海洋电缆等研发项目