Overview - The report provides insights into the development prospects and strategic recommendations for China's Smart Energy Management System (SEMS) industry from 2025 to 2031 [1][3]. Chapter Summaries Chapter 1: Overview of Smart Energy Management System (SEMS) - Defines SEMS and outlines its regulatory framework, including industry authorities and self-regulatory organizations in China [3][4]. - Discusses international and Chinese standards related to SEMS [4]. Chapter 2: Current Status of SEMS and Energy Digital Transformation - Analyzes the current state of energy production, supply, and consumption in China, highlighting industry pain points [4][5]. - Emphasizes the necessity of energy digital transformation and the role of smart grids and energy internet in this process [5][6]. Chapter 3: Global Development of SEMS - Reviews the global energy industry's current status and the necessity for smart energy development, including environmental concerns and traditional grid limitations [5][6]. - Discusses the historical development and strategic pathways of global smart energy systems [6][7]. - Provides an overview of the SEMS market size and regional development patterns [6][7]. Chapter 4: Current Status and Challenges of SEMS in China - Details the development history and market participants in China's SEMS sector, including the number of enterprises and their capital distribution [7][8]. - Analyzes the competitive landscape and market scale of SEMS in China [8][9]. Chapter 5: Key Technologies and Emerging Applications - Outlines the technological roadmap for SEMS, including core technologies and the integration of emerging technologies like edge computing and big data [8][9]. - Discusses R&D investments and outputs in the SEMS sector [9][10]. Chapter 6: SEMS Architecture and System Design - Describes the construction goals and basic architecture of SEMS, including its software and application architecture [10][11]. Chapter 7: Application Scenarios and Effects of SEMS - Identifies various application scenarios for SEMS, including smart parks and factories, and assesses their market potential [11][12]. Chapter 8: Case Studies of SEMS Enterprises - Compares global and Chinese SEMS enterprises, analyzing their market demand and application status [12][13]. Chapter 9: Policy Environment and Development Potential - Summarizes national and provincial policies affecting SEMS development and evaluates the potential for growth in the sector [20][21]. Chapter 10: Market Outlook and Development Trends - Predicts future growth points and trends in the SEMS market, emphasizing market scale expansion and technological innovation [21][22]. Chapter 11: Investment Strategies and Recommendations - Discusses barriers to entry and exit in the SEMS market, along with investment opportunities and strategies for sustainable development [22][23].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company is transitioning from a cable leader to a comprehensive service provider in smart energy and smart cities, with a focus on intelligent cable networks, smart batteries, and smart airport services [3][4] - Revenue has grown from 17.155 billion yuan in 2019 to 24.465 billion yuan in 2023, with a CAGR of 9.27%. However, net profit has fluctuated, with a forecasted net loss of 1.5 to 3 billion yuan for 2024, indicating a wait for performance inflection points [3][4] Summary by Sections 1. Transition to Smart Energy and Smart City Services - The company aims to become a global leader in smart energy and smart city services, having established a dual-wing business model focusing on intelligent cable networks and smart batteries [8][11] 2. Intelligent Cable Networks - The company is the largest cable manufacturer in China, with a market share of approximately 48% in the wind power sector and 60% in nuclear power cables. Future growth is expected from stabilized copper prices and the production of submarine cables [4][31][44] - Revenue from intelligent cable networks increased from 17.211 billion yuan in 2020 to 22.598 billion yuan in 2023, although net profit has been affected by fluctuating copper prices [49][50] 3. Smart Batteries - The smart battery segment has faced continuous losses, with a forecasted net loss of 5.05 billion yuan in Q3 2024. However, the company has secured significant orders, indicating potential for recovery [64][88][92] - The company has established a full industry chain layout from cell to system, with a current battery capacity of 7 GWh and plans for expansion [78][83] 4. Smart Airport Services - The smart airport business is expected to grow steadily, benefiting from increasing demand for civil aviation and supportive government policies for low-altitude economy development [98][106] - The subsidiary, Beijing Jinghang An, holds top qualifications in airport engineering and has a strong market presence in navigation lighting [107] 5. Emerging Business Opportunities - The company is leveraging its technological expertise in traditional businesses to enter new markets such as robotics cables and AI-related products, enhancing its valuation [3][4] 6. Profit Forecast and Valuation - The profit forecast for 2024-2026 is adjusted to -218 million, 666 million, and 1.03 billion yuan respectively, with corresponding EPS of -0.1, 0.3, and 0.46 yuan. The current stock price corresponds to PE ratios of -50, 16, and 11 times [5][4]

日 录 7-2-1 关于中贝通信集团股份有限公司 向不特定对象发行可转换公司债券申请文件 审核问询函中有关财务事项的说明 | 一、关于前次募集资金变更 …………………………………………………… 第 1一5 页 | | --- | | 二、关于 2022 年业绩 ……………………………………………………第 5—12 页 | | 三、关于财务性投资 ································································· 第 12-22 页 | | 四、关于其他 ………………………………………………………第 23-36 页 | 天健函〔2023〕2-58 号 上海证券交易所: 由海通证券股份有限公司转来的《关于中贝通信集团股份有限公司向不特定 对象发行可转换公司债券申请文件的审核问询函》(上证上审(再融资)〔2023〕 123 号,以下简称审核问询函)奉悉。我们已对审核问询函所提及的中贝通信集 团股份有限公司(以下简称中贝通信公司或公司)财务事项进行了审慎核查,现汇 报如下。 本说明中部分合计数与各项目直接相加之和在尾数上可能存在差异,这些差 异是由四舍五 ...