| 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-05-03 | | 收盘价（元） | 9.73 | | 近 12 个月最高/最低（元） | 12.21/7.95 | | 总股本（百万股） | 734 | | 流通股本（百万股） | 638 | | 流通股比例（%） | 86.78 | | 总市值（亿元） | 71 | | 流通市值（亿元） | 64 | 金杯电工（002533） 公司价格与沪深 300 走势比较 公司点评 营收结构持续优化，电缆业务加快培育新增长曲线 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 主要观点： 业绩 公司发布 2024 年年报及 2025 年第一季度报告，2024 年公司实现营业 收入 176.69 亿元，同比+15.54%；实现归母净利润 5.69 亿元，同比 +8.78%，扣非归母净利润 5.13 亿元，同比+4.98%。2025Q1 实现营收 40.97 亿元，同比+16.32%，归母 ...

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].

在全球能源格局加速变革的大背景下，中国电力行业正以惊人的速度实现绿色转型与规模扩张。据中新 网4月26日报道：中国电力企业联合会发布的一系列权威数据与预测报告显示在2025年底，我国发电装 机容量有望突破38亿千瓦大关，这一数字不仅相当于约169个三峡水电站的装机总量（2,250万千瓦）， 更在全球发电总装机容量中占据超过三分之一的份额，彰显出中国作为全球能源大国的雄厚实力与责任 担当。 在装机规模不断扩张的同时，我国电力行业的绿色转型也取得了举世瞩目的成就。报告显示，截至今年 3月底，全国全口径非化石能源发电装机容量已达20.3亿千瓦，同比增长23.4%，占总装机容量比重为 59.1%，比上年同期提高4.2个百分点。这一数据表明，我国非化石能源发电正以惊人的速度崛起，逐渐 成为电力供应的主导力量。 具体来看，风电和太阳能发电的快速增长是推动非化石能源装机占比提升的关键因素。一季度，全国新 增发电装机容量中，风电和太阳能发电合计新增装机7433万千瓦，占新增发电装机容量的比重接近九 成。在政策的引导与市场的推动下，风电、光伏产业链不断完善，技术水平不断提高，成本持续下降， 市场竞争力日益增强。如今，风电、光伏 ...

Investment Rating - The report maintains a "Buy" rating for Guodian NARI Technology Co., Ltd. [1] Core Views - The company's performance aligns with market expectations, with a revenue of 57.42 billion yuan in 2024, reflecting a year-on-year growth of 11.15% [8] - The company continues to invest heavily in research and development, with R&D expenses increasing by 19% to 2.26 billion yuan in 2024 [8] - The net profit attributable to shareholders is projected to reach 7.61 billion yuan in 2024, a year-on-year increase of 6.06% [8] Summary by Sections Financial Performance - Total revenue for 2023 is reported at 51.66 billion yuan, with projections for 2024 at 57.42 billion yuan, 2025 at 64.63 billion yuan, and continuing growth through 2027 [1] - The net profit attributable to shareholders is forecasted to grow from 7.17 billion yuan in 2023 to 10.53 billion yuan by 2027 [1] - The earnings per share (EPS) is expected to increase from 0.89 yuan in 2023 to 1.31 yuan in 2027 [1] Business Segments - The company's internal business revenue is expected to reach 39.2 billion yuan in 2024, with a year-on-year growth of 9% [8] - The external business revenue is projected to grow to 18.1 billion yuan in 2024, reflecting a year-on-year increase of 16% [8] - International business revenue is anticipated to reach 3.3 billion yuan in 2024, showing a significant year-on-year growth of 135% [8] R&D and Future Outlook - The company plans to maintain its high R&D investment, with total expenses expected to rise to 7.7 billion yuan in 2025, a 20% increase from 2024 [8] - The report anticipates a stable growth trajectory for the company, with a projected revenue of 64.63 billion yuan in 2025 and a net profit of 8.37 billion yuan [1][8] - The company is expected to benefit from upcoming large-scale equipment updates and upgrades in the distribution network, which will drive demand for its traditional business [8]

公司为国内特高压换流阀头部企业，充分受益于行业需求放量。2024 年公司直流输电系统业务实现营 收14.4亿元，同比增长101.6%，主要受2023 年"四直"相继核准开工，2024 年交付增加，且2024-2025 年 亦为特高压直流核准大年，支撑公司直流业务在未来几年增长。此外，柔性直流换流阀价值量约为常规 直流的2-3 倍，伴随柔直渗透率提升，公司亦充分受益。 网内产品稳中有升，网外业务快速增长。2024 年，公司智能电表业务实现收入38.7 亿元，同比增长 11%，毛利率为24.7%，电能表份额在国网集招排名领先；智能中压供用电设备实现收入33.5 亿元，同 比增长6.7%，毛利率为18.8%。 2024 年，公司充换电业务实现收入12.5 亿元，同比增长4.2%，毛利率为14.2%，同比增长3.6pp，显著 上升；新能源及系统集成实现收入24.6 亿元，同比变化-37.5%。公司积极拓展数据中心、氢能等赛道， 实现多行业发展。 事件：公司2024 年实现营收170.89 亿元，同比增长0.2%；实现归母净利润11.17 亿元，同比增长 11.1%；扣非归母净利润10.62 亿元，同比增长22.2%。 ...

Core Insights - The company reported a revenue of 22.28 billion yuan for 2024, representing a year-on-year increase of 5.1% [1] - The net profit attributable to shareholders for 2024 was 1.05 billion yuan, up 17.5% year-on-year, while the non-recurring net profit reached 1.00 billion yuan, a significant increase of 55.5% [1] - In Q4 2024, the company experienced a revenue of 7.04 billion yuan, a 2.7% increase year-on-year, but the net profit dropped by 24.9% to 270 million yuan [1] Financial Performance - The company faced a foreign exchange loss of 241 million yuan in 2024, which increased by 190 million yuan year-on-year, primarily impacting Q4 profits [2] - Transformer revenue for 2024 was 9.218 billion yuan, up 17.8% year-on-year, while switch revenue was 8.504 billion yuan, increasing by 11.0% [2] - Domestic revenue reached 19.002 billion yuan, a 5.9% increase, while international revenue was 2.825 billion yuan, up 6.5%, accounting for approximately 13% of total revenue [2] Profitability and Margins - The gross margin for transformers was 14.35%, an increase of 5.88 percentage points year-on-year, while the gross margin for switches was 26.52%, up 1.29 percentage points [3] - The overall net profit margin for 2024 was 4.73%, a 0.5 percentage point increase year-on-year, with Q1 2025 reaching 5.6%, the highest since 2019 [3] Cash Flow and Inventory - The company reported a net operating cash flow of 3.499 billion yuan for 2024, a significant increase of 176.6% year-on-year [3] - As of Q1 2025, inventory stood at 4.868 billion yuan, a 51.2% increase year-on-year, indicating a strong delivery capacity [3] Future Outlook - The company expects to achieve a net profit of approximately 1.785 billion yuan in 2025, corresponding to a PE ratio of about 18 times, driven by continued delivery of ultra-high voltage products and enhanced manufacturing capabilities [4]

据披露，国际实业自2003年即开始涉足油品产业，为新疆拥有燃料油、重油进口资质较早的企业之一。 子公司中大杆塔拥有国网生产资质、钢结构特级生产资质，已通过国网、国家网架等专业机构的检测与 认证，可以承接各类钢结构加工制造及安装。集电力铁塔、通信铁塔、钢结构、光伏支架的生产、销 售、技术研发于一体,并先后获批为高新技术企业、专精特新企业。 2024年，公司在优化贸易业务板块的基础上，聚焦制造业板块，子公司中大杆塔聚焦特高压及新能源消 纳领域，凭借自身在技术、质量和品牌等方面的优势，深度参与国家电网ECP平台的项目投标，并成功 中标铁塔项目12个。2024年光伏板块新签订单19个，合同履约率达95%。投资建设5条热镀锌生产线， 其中3条生产线已投产，并积极加大研发投入力度，其中7号镀锌系统研发调试正在进行，成功后，将快 速扩大镀锌生产能力，满足公司内部扩大的电力铁塔生产需要的同时能够接收更多外部订单，预计为公 司带来较为可观的收益，2024年，公司制造业实现营业收入78832.11万元。 4月25日，国际实业（000159）披露2025年一季报，报告期公司实现营业收入3.59亿元，实现归属于上 市公司股东的净利润 ...

Summary of Zhongtian Technology Conference Call Company Overview - Zhongtian Technology is involved in the marine cable and engineering sectors, with significant revenue contributions from both domestic and international markets. The company is focusing on expanding its overseas presence, particularly in Europe. Key Financial Highlights - Total revenue for 2024 is projected at approximately 8 billion yuan, with the marine segment contributing 3.6 billion yuan, marine cable business contributing 2.7-2.8 billion yuan, and marine engineering close to 900 million yuan [2][3] - In Q1 2025, revenue reached 9.755 billion yuan, representing an 18% year-over-year growth, with a net profit close to 600 million yuan, up 20% year-over-year [2][4] - The marine cable business maintains a gross margin of around 40%, while the marine engineering segment is expected to improve from a negative 8% margin in 2024 to 10%-15% in 2025 due to increased project activity [2][3][11] Revenue Breakdown - 80% of revenue is generated domestically, with the remaining 20% from international markets. The company aims to increase its overseas revenue share to 15%-20% [2][3][15][16] - In Q1 2025, the power segment accounted for 40% of profits, followed by the marine segment at 25% and communication at 20% [2][5] Order Backlog and Future Projections - The current order backlog totals 13 billion yuan, with marine engineering accounting for 3 billion yuan and marine cables for 10 billion yuan. The marine cable segment is expected to generate around 6 billion yuan in revenue in 2025 [2][7][8] - The company has set a target for new orders in 2025 to reach 4 billion yuan in the overseas market [9][16] Market Dynamics - The domestic offshore wind power grid connection is expected to reach 12GW in 2025, with potential growth to 12-15GW in the following year, significantly up from 4-5GW in the previous year [24] - The European offshore wind market is projected to grow, with an expected annual increase of 8-10GW starting in 2026, driving demand for marine cables [24] Product and Segment Insights - The company is expanding its product offerings in deep-sea technology, including subsea cables and composite cables, with a focus on observation and sensing systems [26] - In the renewable energy sector, the company reported revenues of approximately 3 billion yuan from self-owned photovoltaic power stations, 10 billion yuan from electronic copper foil, and 20 billion yuan from photovoltaic EPC in 2024 [27] Challenges and Strategic Focus - The marine engineering segment faced challenges due to low offshore wind project initiation rates, but is expected to recover as project activity increases [11][28] - The company is strategically reducing its scale in competitive areas like energy storage and photovoltaic materials while focusing on improving profitability [18][27] Conclusion - Zhongtian Technology is positioned for growth with a strong focus on expanding its international market presence, improving profitability across segments, and capitalizing on the increasing demand for marine cables and renewable energy solutions. The company aims for a 15% revenue growth and a 10% profit increase compared to 2022 levels [30][31]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 4.47 billion yuan for 2024, representing a year-on-year increase of 19.6%. However, the net profit attributable to shareholders was 180 million yuan, down 44.5% year-on-year, and the net profit after deducting non-recurring gains and losses was 120 million yuan, down 42.1% year-on-year. In Q1 2025, the company achieved a revenue of 1.13 billion yuan, up 23.2% year-on-year but down 7.4% quarter-on-quarter, with a net profit of 90 million yuan, up 81.2% year-on-year and turning from loss to profit [6][11]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 4.47 billion yuan, with a gross profit of 622 million yuan, resulting in a gross margin of 13.9%, down 5.1 percentage points year-on-year. The net profit margin was 3.4%, down 4.8 percentage points year-on-year. The company plans to distribute a cash dividend of 1 yuan per 10 shares, which accounts for 87.8% of the annual net profit [6][11][16]. Business Segments - The company focuses on new insulation materials, developing optical film materials, electronic materials, and environmentally friendly flame retardant materials. The products are widely used in various sectors, including power generation, smart grids, new energy vehicles, and consumer electronics. In 2024, the sales volume of several key segments increased significantly, with electrical insulation materials up 59.4%, new energy materials up 11.1%, and optical film materials up 10.9% [11][16]. Future Outlook - The company is expected to benefit from the high-quality development of emerging sectors such as ultra-high voltage power grids and new energy vehicles. The forecasted net profits for 2025, 2026, and 2027 are 460 million yuan, 560 million yuan, and 730 million yuan, respectively, indicating a positive growth trajectory [11][16].

Core Viewpoint - The development of ultra-high voltage (UHV) technology is crucial for seizing strategic opportunities in the energy transformation era, with Dalian Electric Porcelain emerging as a leader in this field due to its technological advantages and market share [1][2]. Industry Overview - The Chinese government has introduced multiple policies to promote UHV technology development, with a planned investment of nearly 3 trillion yuan during the 14th Five-Year Plan period, focusing on UHV projects [2]. - In 2023, the construction of UHV projects accelerated, with the total investment in power engineering reaching 1.78 trillion yuan, a year-on-year increase of 13.2%, marking the highest level in nearly a decade [2]. - By 2025, investments in UHV projects are expected to continue to grow, with State Grid's investment projected to exceed 650 billion yuan and Southern Grid's investment at 175 billion yuan, totaling 825 billion yuan [2]. Company Positioning - Dalian Electric Porcelain holds a nearly 50% market share in the UHV insulator sector, benefiting from over a century of technological accumulation and a strong position in high-end markets [3]. - The company has a significant presence in the production of suspension porcelain insulators, which account for approximately 80% of its revenue, and has achieved international leading standards in its products [3]. - In 2023, Dalian Electric Porcelain won 48.03% of the bids for UHV porcelain insulators from State Grid, significantly outpacing competitors [3]. Recent Developments - The company has recently entered the construction phase of the "Gansu-Zhejiang ±800 kV UHV DC Transmission Project," which is notable for being the world's first ±800 kV flexible DC project, addressing challenges related to renewable energy integration [4]. - Dalian Electric Porcelain's subsidiary has secured multiple contracts, including a project worth approximately 29.7 million yuan, which is expected to contribute about 35.38% to the company's 2023 revenue [3]. Global Expansion - Over the past 70 years, Dalian Electric Porcelain has expanded its global footprint, exporting products to over 100 countries and transitioning from product export to technology export [5]. - The company has adopted a dual strategy focusing on traditional markets and emerging regions, with significant orders from countries like Vietnam, Pakistan, and Saudi Arabia [5]. Financial Performance - In 2024, Dalian Electric Porcelain reported a record revenue of 1.496 billion yuan, a year-on-year increase of 78.21%, and a net profit of 211 million yuan, up 303.30% [6]. - The company’s first-quarter revenue for 2025 reached 224 million yuan, reflecting a 30.60% increase year-on-year, with a strong order backlog supporting future growth [6]. Risk Management - Dalian Electric Porcelain has established a robust risk management framework, with minimal exposure to U.S. tariffs due to its low business volume with the U.S. [7]. - The company is well-positioned to continue its growth trajectory as the new power system construction progresses [7].