2025年1-9月，通达股份（002560）(002560.SZ)电线电缆核心业务延续强势增长，军工订单饱满，公司 业绩预喜。 根据公司于10月15日披露的2025年前三季度业绩预告，报告期内，公司预计实现净利10,800万元-15,200 万元，同比增长50.01%-111.12%；扣非净利10,500万元-15,000万元，预计较上年同期增长 61.49%-130.70%。 需要特别指出的是，2025年第三季度，通达股份经营持续亮眼。数据显示，2025年7-9月，通达股份预 计实现净利5,600万元-8,050万元，较24Q3同比预增59.00%-128.57%；扣非净利5,500万元-7,900万元，较 上年同期预增66.44%-139.06%。 受此利好消息影响，通达股份10月15日股票开盘一字涨停。截至发稿前，其股价报8.26元/股，涨 9.99%。(全景网吴锐) 资料显示，通达股份主要业务包括电线电缆生产、销售、航空器零部件精密加工及装配、铝基复合新材 料三大板块。 2025年上半年，通达股份营收同比增长超三成，净利润同比增幅逾六成，扣非净利润同比激增近九成， 电线电缆、铝基复合新材料、航空器零部 ...

Group 1: Customer Structure and Risk Management - The company has established a diversified customer matrix, effectively reducing reliance on single clients and enhancing long-term risk resilience and profitability stability [3] - Core customers span critical sectors such as aviation, aerospace, and shipbuilding, aligning with industry consolidation trends [3] Group 2: Capacity Optimization and Business Growth - The company is optimizing capacity layout and extending composite material business upstream and downstream, enhancing supply chain control and delivery capabilities [3] - A localized operation model is being implemented to improve capacity utilization and profit margins, supporting new growth trajectories [3] Group 3: Collaboration and Innovation - The company emphasizes collaboration with universities to accelerate technology transfer and breakthroughs in key areas like deep-sea equipment and smart factories [4] - This collaboration aims to bolster core business technology support and reserve talent for emerging business sectors [4] Group 4: Drone Business Development - The company is focusing on large fixed-wing drone product research, anticipating market demand and policy support to transition from research to mass production [5] - Future plans include enhancing drone design and manufacturing capabilities while exploring applications in unmanned vessels and underwater vehicles [5] Group 5: Strategic Vision for Unmanned Systems - The company aims to develop a comprehensive "sea-land-air-space" equipment system, continuously deepening its presence in the unmanned systems sector [5] - Investment in smart factory systems and advanced manufacturing processes is expected to convert national policy advantages into competitive industry strength [5]

Core Viewpoint - The company is experiencing a decrease in sales revenue due to external factors affecting product delivery and some products not yet contracted, leading to increased financing needs and financial expenses in the first half of 2025 [2][3] Group 1: Financial Performance - Sales revenue in the first half of 2025 decreased year-on-year due to external factors impacting product delivery and delayed contract signings [2] - Increased financing needs were driven by slower-than-expected receivables collection, resulting in higher financial expenses compared to the previous year [2] Group 2: Product Structure and Profitability - The company is undergoing a product structure upgrade, with a significant increase in the proportion of new product models, which has impacted profitability [3][4] - The adjustment in product structure is seen as a necessary and positive move for long-term growth, despite causing short-term challenges and pressure on overall profit margins [4][5] Group 3: Market Strategy and Opportunities - The company plans to leverage its advantages in technology and product similarity to expand into the domestic commercial engine market [4] - The company is focusing on the low-altitude economy sector through its subsidiaries, enhancing market penetration with specific engine series [4] - The company aims to capitalize on long-term growth opportunities presented by the domestic large aircraft industry chain while continuously improving market share [5]

Core Insights - The summit held in Xi'an focused on leveraging industrial opportunities and fostering development momentum in the aviation sector [1][2] - Xi'an Yanliang District is recognized as the largest aviation industry cluster in Asia, aiming to build a comprehensive "R&D-manufacturing-service" ecosystem [1] - The district has established a significant industrial cluster with 4 leading enterprises and 1,500 supporting companies, enhancing its aviation technology and manufacturing capabilities [1] Group 1 - The summit featured 20 financing projects across new materials, equipment manufacturing, and drones, attracting attention from 18 investment institutions [2] - Notable projects included a drone composite materials production line with an annual capacity of 500,000 units and a drone system with integrated data collection capabilities [2] - Several quality projects successfully established intent for cooperation, creating a long-term communication bridge for future collaborations [2] Group 2 - Yanliang District received recognition as the "Best Urban Area for High-Quality Development Business Environment" for 2024, highlighting its effective service mechanisms [2] - Future plans include strengthening the domestic large aircraft industry chain and accelerating the implementation of low-altitude economy applications in tourism and logistics [2] - The district aims to become the preferred destination for aviation industry investment in China by deepening the integration of aviation and financial capital [2]