Core Viewpoint - The successful energization of the 10 kV bus at the 35 kV Xianggu Substation marks the completion of the construction of the 330 kV Yushu Second Circuit Project, facilitating subsequent engineering work and ensuring power supply stability in the region [1][2] Group 1: Project Overview - The 330 kV Yushu Second Circuit Project is a vital initiative aimed at addressing the long-term electricity needs of the Yushu region, significantly improving the reliability of the local power grid [2] - The project will enhance the power supply capacity and reliability of the southern Qinghai power grid, ultimately benefiting the local population by improving electricity usage [2] Group 2: Execution and Scale - The "Battle for Power Supply" was completed in 18 days, marking it as the largest and most complex concentrated construction and maintenance operation in the history of Qinghai's power grid [2] - The operation involved coordination across 14 substations and 21 power lines, with 69 power supply guarantee points established [2] - Over 2,500 personnel participated in the operation, completing 18,144 switching operations and 801 equipment inspections [2] Group 3: Current Status and Future Goals - Since the project's initiation in August 2023, it has achieved 100% foundation pouring, 99.56% tower assembly, and 94.9% wire installation, now entering the acceptance and maintenance phase [2] - A total of 805 construction workers will continue to ensure the project meets its target of being operational by the end of June [2]

6月6日21时30分，天水电网110千伏安远变电站3521安金线一次启动成功。至此，该站 35千伏配套送出工程6条输电线路全部一次启动成功，甘谷县域电网运行方式均已合理优化 调整。 110千伏安远变35千伏输电线路的成功启动，将有效解决35千伏谢家湾变、西坪变等单 电源供电薄弱环节，优化电网网架结构，使甘谷县域电网内9座35千伏变电站运行方式更加 灵活，增强互供转供能力，助推天水县域经济高质量发展，同时为地方经济发展和民生用电 提供可靠的电力支撑。 110千伏安远变为智能化变电站，位于甘肃省天水市甘谷县安远镇，站内新建50兆伏安 变压器2台，110千伏采用户外GIS设备，110千伏出线2回，35千伏出线6回，10千伏出线10 回。近年来随着甘谷县城乡经济快速发展，用电负荷日益增长，该站的建成投运，将极大地 满足甘谷县域产业发展用电需求。 【责任编辑：刘澄谚 】 为保障110千伏安远变电站配套送出工程顺利竣工，国网天水供电公司细化各项管控措 施和流程，积极组织人员多次现场勘查，组织运维人员提前提早下发输变电设备命名文件， 提前组织编制启动调试方案、现场运行规程、典型操作票和各项应急预案及措施，建立完备 的设备台 ...

Core Viewpoint - The State Grid Corporation of China has implemented "precise guarantee + innovative service" strategies to ensure reliable electricity supply during the Dragon Boat Festival, deploying extensive resources for emergency repairs and monitoring [1][2][3]. Group 1: Electricity Supply Assurance - During the Dragon Boat Festival, the State Grid organized 25,000 emergency repair teams, with over 203,200 personnel and 56,900 vehicles on standby to ensure reliable electricity supply [1]. - In Hubei's Zigui County, the company utilized drone inspections and data analysis to preemptively address power supply challenges for 11 cultural events [2]. - The company established a "centralized monitoring + three-dimensional inspection" system to safeguard power supply in tourist areas, utilizing real-time monitoring and drone inspections to identify potential risks [3]. Group 2: Event Support and Infrastructure - The State Grid's Mianyang branch conducted thorough inspections of transformers and power lines in preparation for local events, ensuring safety and reliability [4]. - The company deployed emergency power vehicles and personnel to key areas during the Dragon Boat races, implementing a "group care, segment responsibility" mechanism for power supply [4]. Group 3: Green Travel Initiatives - The State Grid's smart vehicle networking platform predicted a 20% increase in charging volume during the festival, with expected service charging exceeding 67 million kilowatt-hours [5]. - The company identified 5,165 key charging stations for enhanced support, conducting inspections and ensuring optimal conditions for electric vehicle charging [5]. - In Beijing, the State Grid maintained charging stations at 22 highway service areas and 29 popular tourist spots to meet the increased demand [6]. Group 4: Infrastructure Development - The State Grid is advancing 140 key projects to enhance summer electricity supply capacity, with significant construction activities ongoing [7]. - In Shanghai, a critical upgrade to the 500 kV Gu Lu-Yang Gao line was completed, utilizing new composite wire technology to improve network efficiency [8]. - In Fujian, construction teams are actively working on a 500 kV substation, ensuring precise monitoring and adherence to safety standards during the project [8].

Core Viewpoint - The successful energization of the 10 kV bus at the 35 kV Xianggu Substation marks the completion of the 330 kV Yushu Second Circuit Project, which is crucial for enhancing the reliability and supply capacity of the power grid in the Yushu region of Qinghai Province [1] Group 1: Project Overview - The 330 kV Yushu Second Circuit Project is a significant initiative aimed at meeting the long-term electricity needs of the Yushu region, addressing reliability issues associated with the existing single-circuit supply [1] - The project will optimize the grid structure in the upper reaches of the Yellow River, significantly improving the reliability and supply capacity of the southern Qinghai power grid [1] Group 2: Construction and Execution - The "major battle" for this project commenced on May 10 and was completed in 18 days, marking the largest and most complex concentrated construction and power supply assurance operation in the history of Qinghai's power grid [3] - The operation involved over 2,500 personnel, 8 on-site workgroups, and the completion of 18,144 switching operations and 801 equipment inspections [3] - Key tasks included the annual maintenance of the Yushu First Circuit and the connection construction of the Yushu Second Circuit, covering 14 substations and 21 power lines across three regions [3] Group 3: Progress and Future Plans - As of now, the project has achieved 100% completion of foundation pouring, 99.56% of tower assembly, and 94.9% of wire installation, transitioning into the acceptance and maintenance phase [5] - The team of 805 construction workers is committed to ensuring safety while aiming to complete the project by the end of June [5]

Group 1 - The company has accelerated the construction of the power grid, with an investment of 7.159 billion yuan in infrastructure, aiming to optimize the grid structure and ensure stable power supply [1] - As of the end of April, the company has completed and put into operation 31 projects of 35 kV and above voltage level [1] - The new construction includes 8.34 kilometers of new lines and 37 new towers, enhancing the grid structure in Jiamusi [1] Group 2 - The company is focusing on strengthening the main grid framework by constructing a "four horizontal and five vertical" 500 kV backbone network to improve power delivery capacity [2] - Currently, 10 ongoing 500 kV projects, including the Anbei to Heihe converter station line, have resumed work, with key timelines established for 10 additional projects [2] - The company is optimizing the planning layout of various voltage levels, with a focus on several key projects to enhance power supply reliability in the region [2]

Core Viewpoint - The company, Jinzhikeji (002090), has successfully won bids for projects related to power transmission and distribution from the State Grid and its subsidiaries, totaling 90.7346 million yuan, which represents 5.12% of the company's projected revenue for 2024 [1] Group 1 - The company secured contracts for relay protection and substation computer monitoring systems from the State Grid Corporation [1] - The projects also include distribution equipment and DTU remote terminal units for State Grid Jiangsu Electric Power Company and State Grid Tianjin Electric Power Company [1] - This successful bidding demonstrates the company's brand influence and core competitiveness in the power transmission and distribution sector [1] Group 2 - The contract amount reinforces the company's market position as a mainstream supplier to the State Grid Corporation [1] - The projects are expected to further solidify the company's standing in the industry [1]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Views - The company reported a revenue of 2.29 billion yuan in Q1 2025, a year-on-year decrease of 9.3%. However, the net profit attributable to shareholders reached 90 million yuan, reflecting a significant year-on-year increase of 113.1%. The net profit excluding non-recurring items was 80 million yuan, up 133.7% year-on-year [3][9]. Financial Performance Summary - The gross margin for Q1 2025 was 11.19%, an increase of 4.20 percentage points year-on-year, attributed to optimized production processes and reduced raw material costs [9]. - The total inventory at the end of Q1 2025 was 1.996 billion yuan, down 18.6% year-on-year and 12.9% quarter-on-quarter. Contract assets were 327 million yuan, down 58.3% year-on-year but up 8.8% quarter-on-quarter. Contract liabilities were 393 million yuan, down 29.8% year-on-year and up 6.2% quarter-on-quarter. Accounts receivable stood at 2.998 billion yuan, up 2.1% year-on-year and 26.8% quarter-on-quarter [9]. - The company's asset-liability ratio at the end of Q1 2025 was 51.92%, a decrease of 1.65 percentage points year-on-year and 0.86 percentage points quarter-on-quarter [9]. - The net profit margin for Q1 reached 3.87%, marking a new quarterly high since the company went public. The estimated net profit for the full year 2025 is approximately 360 million yuan, corresponding to a PE ratio of about 30 times [9].

Core Viewpoint - The company has shown significant growth in production and sales across its metal products and chemical segments, driven by increased infrastructure investment and improved profitability in the first quarter of 2025 [2][3][4]. Group 1: Company Performance - In 2024, the company produced 660,600 tons and sold 685,100 tons of galvanized steel wire and related products, marking a year-on-year increase of 20.78% and 21.55% respectively [2]. - The company’s organic silicon and related products saw production of 90,500 tons and sales of 86,400 tons, with year-on-year growth of 60.41% and 46.80% respectively, alongside an improvement in gross margin [2]. - For Q1 2025, the company reported a net profit of 5.67 million yuan, a 390.50% increase year-on-year, and a net profit excluding non-recurring gains of 2.32 million yuan, up 50.79% [3]. Group 2: Product Applications - The company’s pre-stressed steel strand products are primarily used in infrastructure projects such as highways, high-speed railways, bridges, dams, urban overpasses, and wind turbine towers [2]. - Galvanized steel wire and strands serve as structural materials for power cables, mainly applied in power cable and ultra-high voltage projects [2]. Group 3: Financial Metrics - The company’s main revenue for Q1 2025 was 1.117 billion yuan, a slight decrease of 0.83% year-on-year, with a debt ratio of 56.05% and financial expenses amounting to 20.75 million yuan [4]. - The company experienced a net inflow of 61.64 million yuan in financing over the past three months, indicating increased investor interest [4].

Company Overview - Henan Hengxing Technology Co., Ltd. was established in 1995, operating in two main sectors: metal products and chemical products [2]. - The metal products segment includes the production and sales of galvanized steel wire, galvanized steel strand, steel cord, prestressed steel strand, and diamond wire, primarily used in power cables, high-voltage projects, automotive tires, and solar energy applications [2]. - The chemical products segment focuses on the production and sales of silicone and related products, serving industries such as construction, electronics, textiles, and pharmaceuticals [2]. 2024 Operational Performance - In 2024, the company produced 660,600 tons and sold 685,100 tons of galvanized steel wire and related products, marking increases of 20.78% and 21.55% year-on-year, respectively [2]. - The production of silicone and related products reached 90,500 tons, with sales of 86,400 tons, reflecting growth rates of 60.41% and 46.80% year-on-year [2]. - Both product revenue and gross margin improved compared to the previous year [2]. Infrastructure Applications - Prestressed steel strand products are primarily used in infrastructure projects such as highways, high-speed railways, bridges, and dams [3]. - Galvanized steel wire and strand serve as essential materials for power cables and high-voltage engineering [3]. Financial Highlights - In Q1 2025, the company achieved a net profit of 5.67 million yuan, a 390.50% increase year-on-year, with a net profit of 2.32 million yuan after deducting non-recurring gains, up by 50.79% [3]. - The improved profitability is attributed to reduced donations and enhanced performance in the chemical segment [3]. Mining Developments - In March 2025, the company's subsidiary, Chifeng Yongjin Mining Co., Ltd., successfully obtained mining rights for the Longtoushan gold mine [3]. - An agreement was signed in early April 2025 for detailed exploration work to assess gold resource reserves [3].

公司发布2024 年&2025 年一季度报告。2024 年全年：1）实现营收124.02 亿元，同比+11.96%；归母净 利润10.23 亿元，同比+25.43%；扣非归母净利润9.93 亿元，同比+22.99%。2）全年毛利率22.36%，同 比+0.98pct；销售净利率9.02%，同比+0.71pct。3）期间费用率为11.04%，同比+0.16pct，销售/管理/研 发/财务费用率分别为3.99%、3.09%、4.44%、-0.47%，同比分别变动-0.08、+0.17、-0.29、+0.36pct。 2025Q1单季度：1）实现营收25.1 亿元，同比+22.82%，环比-44.41%；归母净利润3.58 亿元，同比 +55.94%，环比+115.68%；扣非归母净利润3.56亿元，同比+56.23%，环比+146.22%。2）毛利率 28.74%，同比+3.52pct，环比+9.72pct；净利率15.39%，同比+2.75pct，环比+11.03pct。3）期间费用率 为10.71%，同比+0.3pct，销售/管理/研发/财务费用率分别为4.38%、2.95%、4.17%、-0.79%，同比分 ...