Investment Rating - The investment rating for Qiu Guan Cable is maintained at "Outperform" [2] Core Views - Qiu Guan Cable reported a total revenue of 3.585 billion yuan for 2024, representing a year-on-year growth of 20.19%, and a net profit attributable to shareholders of 132.92 million yuan, up 8.43% year-on-year [2] - The company is expected to achieve net profits of 148 million yuan, 184 million yuan, and 210 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.55 yuan, 0.68 yuan, and 0.78 yuan [2] - The current stock price corresponds to a PE ratio of 25.4, 20.4, and 17.9 for the years 2025, 2026, and 2027 respectively [2] Revenue and Market Performance - In 2024, the revenue from power cables reached 3.295 billion yuan, a year-on-year increase of 22.16%, with the East China region contributing 2.695 billion yuan, accounting for 75.18% of total revenue and growing by 36.32% year-on-year [3] - The top five customers, including State Grid Corporation and China Southern Power Grid, contributed 74.32% of total sales revenue [3] - Qiu Guan Cable is actively developing high-end products such as 500kV cables through collaboration with research institutions to enhance product technology and market competitiveness [3] Market Expansion and Contracts - The company has made progress in expanding its market among large state-owned enterprises and is also increasing efforts in foreign trade, including establishing an independent foreign trade team [4] - A procurement framework contract was signed with Wanhua Chemical Group for the supply of power cables [4] Financial Summary and Projections - The financial summary indicates a projected revenue increase to 4.077 billion yuan in 2025, 4.696 billion yuan in 2026, and 5.279 billion yuan in 2027, with respective year-on-year growth rates of 13.7%, 15.2%, and 12.4% [6] - The gross profit margin is expected to be 12.2% in 2025, with net profit margins of 3.6% for 2025 and 4.0% for 2027 [9]

北交所"920"代码亮相 2023年9月1日，在北交所设立两周年之际，证监会发布《关于高质量建设北京证券交易所的意 见》，提出19条改革措施，其中提及启用北交所独立代码号段，提高股票辨识度。 2023年11月17日，北交所正式启动920代码号段相关工作。 2024年4月22日，北交所上线启用920代码号段功能，支持新上市公司使用920代码号段完成申 购、询价和上市。 2024年12月13日，北交所发布《关于做好北京证券交易所存量上市公司证券代码切换准备工作 的通知》，明确了推进存量上市公司代码切换工作的相关要求。 2024年4月22日以前上市的存量上市公司， 股票代码前三位变更为920，后三位保持不变 。 切换 后股票代码重复的，对后上市公司按照上市时间先后顺序逐家对第四位代码做递进处理，直至 股票代码与切换后其他公司的股票代码不重复。 2025年4月11日晚间，北交所关于发布北交所存量上市公司代码切换试点股票名单并实施配套业 务安排的公告，意味着北交所存量上市公司证券代码切换试点正式启动，首批6只股票进入名 单。 试点股票新旧代码对照表 | 序号 | 证券简称 | 上市日期 | 旧代码 | 新代码 | | ...

Core Viewpoint - The company Qiaoguan Cable (834682.BJ) is focusing on enhancing its market position in the cable industry, emphasizing high-quality development and optimizing product structure to meet market demands [1][3]. Group 1: Company Overview - Qiaoguan Cable specializes in the wire and cable sector, aiming to strengthen its position in medium and low-voltage cables while refining its expertise in special cables [3]. - The company is committed to avoiding low-end, homogeneous competition by continuously optimizing its product structure and regional layout based on customer and market needs [3]. - Management highlighted that the wire and cable industry is the second largest industry in China, following the automotive sector, and is transitioning from rapid development to high-quality development [3]. Group 2: Market Opportunities - The construction of new power systems, new energy systems, smart cities, new energy vehicles, and rail transit is increasing the demand for high-quality and functional cables, presenting historical opportunities for the development of high-end, environmentally friendly, and energy-saving special cables [3]. Group 3: Market Performance and Management - The company acknowledges that stock price fluctuations and performance differences are influenced by various market factors, including macroeconomic conditions, social funding preferences, and market sentiment [3]. - Qiaoguan Cable is focused on improving operational quality and performance to reward investors with excellent results [3]. Group 4: Value Management - The company has established a value management system as of March 27, 2025, aimed at enhancing corporate governance, internal value, investor relations, media outreach, and overall market recognition to boost its market value [4].

Group 1: Company Strategy and Future Outlook - The company will focus on its core business of wire and cable, enhancing its production and sales scale while avoiding low-end, homogeneous competition [5] - Emphasis on R&D innovation, particularly in high-voltage and specialty cables, to strengthen core competitiveness [5] - Plans to explore new business growth points and gradually upgrade its main business, including entering the cable installation market [5] Group 2: Financial Performance - In 2024, the company reported revenues of CNY 3.585 billion, a 20.19% increase from CNY 2.983 billion in 2023 [8] - Net profit for 2024 was CNY 133 million, up 8.43% from CNY 123 million in 2023 [8] - Contract liabilities reached CNY 40.57 million, a 187.93% increase year-on-year, primarily due to increased customer prepayments [8] Group 3: Market Position and Valuation - The company’s stock valuation is lower than peers due to various market factors, but it aims to enhance its internal value and investor relations [6][7] - The company has established a market value management system to improve governance and investor engagement [6][7] Group 4: Industry Trends and Challenges - The cable industry is transitioning to high-quality development, supported by significant national investments, including CNY 2.9 trillion for the "14th Five-Year Plan" [10] - The industry is experiencing consolidation, with smaller companies exiting the market, leading to increased competition among larger firms [11] - Technological innovation and green development are becoming essential for the industry, driven by national strategies [11] Group 5: Product Applications and Development - The company’s products are widely used in major national projects, including rail transit and energy sectors [12] - There are ongoing R&D efforts for marine and nuclear power cables, although direct sales in these areas have not yet occurred [12] - The company’s production capacity utilization is over 85%, with plans for capacity expansion to meet growing demand [13] Group 6: Risk Management - Copper prices, which account for over 80% of the company's main business costs, pose a significant operational risk [16] - The company employs various strategies to mitigate the impact of copper price fluctuations, including forward contracts and maintaining safety stock [16]

北交所按照存量上市公司取得中国证监会出具的向不特定合格投资者公开发行股票批复文件的先后顺 序，同时兼顾试点股票的业务覆盖度，确定颖泰生物、艾融软件、龙竹科技、佳先股份、同享科技、球 冠电缆6只股票进行试点切换。 | | 序号 证券简称 上市日期 | 省份 旧代码 | 新代码 | 股东户数 截至2025年4月11日收盘 【股本类型】流通股本 | 上市以来分红率 [报告期] 去年年报 | 总市值 製革2025年4月11日收盘 | | --- | --- | --- | --- | --- | --- | --- | | | | | | [車位] 日 | 【单位】% | (亿元) | | | 艾融软件 2020/7/27 上海 | 830799 | 920799 | 9,772.0000 | 65.4895 | 121.9661 | | 2 | 疑奏生物 2020/7/27 北京 | 833819 | 920819 | 25,091.0000 | 38.3871 | 50.5030 | | 3 | 佳先股份 2020/7/27 安徽 | 430489 | 920489 | 7,339,0000 | 47.5635 ...

Group 1 - The report highlights that AI Agents are accelerating penetration across various industries and may become the primary mode of human-machine collaboration, with three models identified: embedding, copilot, and agent mode, with the agent mode being the most efficient [3][9][10] - In 2022, China's data output reached 8.1ZB, growing by 22.7% year-on-year, and is projected to reach approximately 9.5ZB in 2023, making it the second-largest data producer globally [18][20] - The report identifies 15 companies on the Beijing Stock Exchange involved in AI applications, including AiRong Software (AI finance), Guozi Software (AI-enabled data assets), and Huaxin Yongdao (AI governance) [24][25] Group 2 - The median price-to-earnings (P/E) ratio for the new energy industry increased by 0.51% to 45.7X, while the electronic equipment industry's P/E ratio rose from 51.8X to 52.0X [34][59] - The report notes that the median P/E ratio for the machinery equipment industry decreased from 52.4X to 50.9X, and the information technology industry's P/E ratio fell from 61.6X to 59.3X [41][47] - The report mentions that the total market value of the new energy industry decreased from 468.4 billion to 465.3 billion, with notable stock performance from companies like QiuGuan Cable (+17.39%) and YiNeng Power (+5.75%) [59][61] Group 3 - The report states that the total market value of the electronic equipment industry decreased from 1195.1 billion to 1164.8 billion, with the median market value rising from 21.8 billion to 23.2 billion [36][37] - The machinery equipment industry's total market value fell from 972.7 billion to 939.7 billion, with the median market value decreasing from 19.5 billion to 18.7 billion [42][44] - The report indicates that the total market value of the information technology industry decreased from 878.1 billion to 858.4 billion, while the median market value remained unchanged at 24.5 billion [49][50] Group 4 - The report highlights that Kairun Intelligent Control Co., Ltd. won a bid for an electrification project in an African country, with a contract value of 732.121 million USD [63]

球冠电缆还表示，此次再度荣获中国质量检验协会颁发的多项重要证书，标志着公司在"质量强国"战略下的标杆价值再获认可。未来，公司将持续以匠心守 初心，以诚信树品牌，为推动中国电线电缆行业的高质量发展注入强劲力量。2024年，球冠电缆研发支出金额达1.16亿元，研发支出占营业收入的比例为 3.24%。公司拥有的专利数量58个，其中发明专利数量14个。 球冠电缆在技术创新方面完成高导电铝合金交联聚乙烯电缆等15个产品研发项目；公司继续推进500kV聚乙烯电缆试验，完成高压电缆绝缘线芯去气工艺优 化、高压电缆绕包半导电缓冲阻水带的工艺改进等36项。全年获得"一种防鼠防蚁防紫外线光伏电缆"等16项国家专利授权（其中发明专利1项）及一项软件 著作权。公司参与编制的一项高压电缆国家标准《额定电压66kV（Um=72.5kV）和110kV（Um=126kV）交联聚乙烯绝缘电力电缆及其附件第2部分：电 缆》获准发布实施。公司10kV防蚁电力电缆获得"浙江制造精品"荣誉，"新型高强韧耐热铝导线的开发"项目列入2024年宁波市北仑区关键核心技术攻关项 目。 球冠电缆在质量提升方面，公司全面修订了《产品生产质量大纲》，制定了《外协监造 ...

作为公司的独立董事，本人及本人直系亲属均不在公司或其附属企业担任除 独立董事之外的其他职务，也未在公司主要股东处担任任何职务；没有为公司或 其附属企业提供财务、法律、咨询等服务。除独立董事津贴外，没有从公司及其 主要股东或有利害关系的机构和人员处取得额外的、未予披露的其他利益，不存 在影响独立性的情况。 证券代码： 834682 证券简称：球冠电缆 公告编号：2025-009 宁波球冠电缆股份有限公司 独立董事 2024 年度述职报告（黄春龙） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 本人于 2021 年 4 月 23 日起担任宁波球冠电缆股份有限公司（以下简称"公 司"）的独立董事。在本人 2024 年度担任独立董事期间，本人严格按照《公司法》 《证券法》和《北京证券交易所上市公司持续监管指引第 1 号——独立董事》等 法律法规以及《公司章程》《独立董事工作制度》等规章制度的有关规定和要求， 在工作中勤勉尽责，忠实履行职务，充分发挥了独立董事作用。现将本人在 2024 年度任职期间的职责履行情 ...

Group 1 - As of the latest trading session, 337 A-shares have surpassed their five-day moving average, indicating a potential upward trend in these stocks [1] - The total trading volume in the A-share market reached 14,744.31 billion yuan, reflecting active market participation [1] - The Shanghai Composite Index closed at 3,370.03 points, with a slight increase of 0.15% [1] Group 2 - The stocks with the highest deviation rates from their five-day moving averages include Qiuguan Cable (13.85%), Electric Alloy (13.50%), and Reader Culture (13.16%) [2] - Qiuguan Cable experienced a daily increase of 18.58% with a turnover rate of 22.12% [2] - Electric Alloy and Reader Culture also showed significant daily gains of 20.00% and 19.96%, respectively [2] Group 3 - Other notable stocks that have recently crossed their five-day moving averages include Zhenghe Shengtao (8.41%), Liuguo Chemical (7.62%), and Shun Control Development (7.18%) [2] - The stock with the lowest deviation rate among those that crossed the five-day moving average is Wanchen Group, with a deviation rate of 5.89% [3] - The overall trend indicates a positive movement in various sectors, with multiple stocks showing strong performance [1][2][3]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [4] Core Views - The company is expected to achieve a net profit attributable to shareholders of 134 million yuan in 2024, representing a year-on-year growth of 9.22%. The revenue is projected to reach 3.581 billion yuan, reflecting a year-on-year increase of 20.06% [4] - The company continues to make progress in expanding its domestic power grid market, particularly in the Zhejiang region, which has shown recovery growth [4] - Due to increased competition in the overall cable market and fluctuations in copper prices, the profit forecast for 2024-2026 has been adjusted downwards [4] Financial Summary and Valuation Indicators - Revenue for 2024 is estimated at 3.581 billion yuan, with a year-on-year growth of 20.1% [8] - The net profit attributable to shareholders for 2024 is projected at 134 million yuan, with a year-on-year growth of 9.3% [8] - The company's gross margin is expected to be 12.5% in 2024, with a net margin of 3.7% [12] - The earnings per share (EPS) for 2024 is forecasted to be 0.50 yuan, with a price-to-earnings (P/E) ratio of 19.8 times [8] - The return on equity (ROE) is projected to be 12.0% in 2024, increasing to 14.5% by 2026 [12] Market Expansion and Development - The company is actively expanding its market presence among large state-owned enterprises and has made significant progress in foreign trade [5] - A procurement framework contract has been signed with Wanhua Chemical Group for the supply of power cables, further solidifying its position in the market [5] - The company is also advancing its research and development efforts in 500kV ultra-high voltage cables, which is expected to provide ongoing business momentum due to large-scale updates in the power grid [6]