8月26日，华体科技（603679）与四川元启星光数字能源科技有限公司成功签约江油、兴文两大重卡兆 瓦超充站项目：江油站拟设计电力总容量100MW ，兴文站63MW，这是双方继成功投运全球最大百兆 瓦级北川元启星光重卡兆瓦超充站后的再度合作，既推进川渝地区重卡超充网络布局，也标志着其在超 充领域布局进一步深化。 参考今年6月披露的北川项目数据——设计电力容量100MW、配备18个1.44MW超充车位及108个 600KW液冷超充车位，对应9100.17万元（含税）订单，可对新签两项目金额粗略测算：江油站设计电 力容量100MW（与北川站持平），配置120台720KW液冷主机、60套兆瓦级充电终端、240台液冷超充 终端及2.1MW光伏系统，核心设备数量约为北川站2倍，预计订单金额大概率突破1.5亿元；兴文站设计 电力容量63MW（约为北川站63%），配置62台720KW液冷主机、31套兆瓦级超充电终端、124台液冷 超充终端，叠加1.2MW光伏系统与3000KWH储能系统，预估订单金额或在6000-7000万元区间（注：因 设备规格、配套差异，测算为粗略参考，具体以官方公告为准）。 值得关注的是，6月的910 ...

Core Viewpoint - Huatai Technology is making significant strides in its business by providing financing leasing guarantees and selling liquid-cooled ultra-fast charging equipment, which is expected to substantially increase its revenue in 2024 [1][2]. Group 1: Business Developments - Huatai Technology plans to provide a financing leasing guarantee of approximately 7.735 million yuan to ensure the debt rights of Zhejiang Zhiyin Financial Leasing Co., Ltd. [1] - The company is entering into a sales contract worth 91 million yuan (including tax) for liquid-cooled ultra-fast charging equipment with Yuanqi Tongcheng New Energy Technology Co., Ltd. [1] - The liquid-cooled ultra-fast charging equipment is considered an "incremental" business for Huatai Technology, which primarily focuses on smart city product development and engineering project installation [2]. Group 2: Product and Technology Advancements - Huatai Technology launched its full liquid-cooled ultra-fast charging product in November last year, supported by Huawei Digital Energy, showcasing advanced technology and production processes [2] - The company aims to expand its production capacity, with a projected annual output of 10,000 charging terminals and 2,000 photovoltaic integrated carports once its smart factory is fully operational [2]. - Huatai Technology has received a patent for a method and system for analyzing charging costs for liquid-cooled ultra-fast charging terminals [2]. Group 3: Strategic Partnerships - The company is collaborating with Huawei on various projects in regions such as Sichuan, Jiangsu, and Zhejiang, with plans to enhance technical and market cooperation [3]. - Huatai Technology has entered Huawei's Clean Energy Base Joint Innovation Center to further develop its ultra-fast charging business, which has become a strategic focus for the company [4].

Core Viewpoint - The company reported a significant increase in revenue for 2024, but a decline in net profit, indicating potential challenges in profitability despite growth in certain segments [1]. Financial Performance - The company's 2024 revenue reached 2.648 billion yuan, a year-on-year increase of 32.33% - The net profit attributable to shareholders was 116 million yuan, a year-on-year decrease of 29.61% - The net profit after deducting non-recurring items was 101 million yuan, a year-on-year decrease of 27.78% - In Q1 2025, revenue was 755 million yuan, a year-on-year increase of 55.35% but a quarter-on-quarter decrease of 17.19% - The net profit for Q1 2025 was 34 million yuan, a year-on-year increase of 20.43% and a quarter-on-quarter increase of 66.29% [1]. Segment Performance - Revenue from new energy vehicle cables in 2024 was 1.486 billion yuan, a year-on-year increase of 37.71%, with a gross margin of 13.33%, down 2.38 percentage points from the previous year - Revenue from photovoltaic cables was 731 million yuan, a year-on-year increase of 16.88%, with a gross margin of 4.4%, down 3.01 percentage points - Revenue from industrial cables was 314 million yuan, a year-on-year increase of 52.88%, with a gross margin of 10.39%, down 5.94 percentage points [1]. Strategic Developments - The company is involved in the ITER project, contributing to the development of nuclear fusion equipment, which may enhance future performance - The company has developed flexible cables for humanoid robots, entering the supply chain of leading robotics companies - The company is focusing on high-end autonomous driving models and megawatt-level ultra-fast charging, becoming a core supplier for companies like BYD and Li Auto [2]. Profit Forecast and Valuation - The company is expected to see growth in specialized cable sectors, but increased competition may lead to a decline in profitability - The net profit forecasts for 2025, 2026, and 2027 have been adjusted to 162 million yuan, 221 million yuan, and 289 million yuan respectively, reflecting a 45% and 37% downward adjustment for 2025 and 2026 - The current stock price corresponds to a PE ratio of 29, 21, and 16 for 2025, 2026, and 2027 respectively, with a short-term rating adjustment to "overweight" due to increased competition [3].

Investment Rating - The report downgrades the investment rating to "Accumulate" due to increased competition impacting profitability [4]. Core Views - The company, Xinhongye (301310.SZ), is a leader in specialty cables, with advanced technologies in robotics, nuclear fusion, and liquid-cooled ultra-fast charging cables [1]. - In 2024, the company achieved a revenue of 2.648 billion yuan, a year-on-year increase of 32.33%, but the net profit attributable to shareholders decreased by 29.61% to 116 million yuan [1]. - The first quarter of 2025 saw a revenue of 755 million yuan, a year-on-year increase of 55.35%, driven primarily by growth in automotive and energy storage businesses [1]. Revenue and Profitability - The revenue from new energy vehicle cables in 2024 was 1.486 billion yuan, up 37.71%, with a gross margin of 13.33%, down 2.38 percentage points from the previous year [2]. - The company’s photovoltaic cable revenue reached 731 million yuan, a 16.88% increase, with a gross margin of 4.4%, down 3.01 percentage points [2]. - Industrial cable revenue grew by 52.88% to 314 million yuan, with a gross margin of 10.39%, down 5.94 percentage points [2]. Technological Advancements - The company is involved in the ITER project, contributing to the development of cables for nuclear fusion equipment, which is expected to enhance performance and contribute to revenue growth [2]. - Xinhongye has developed ultra-flexible cables for humanoid robots, significantly surpassing the dynamic bending life limits of standard industrial robot cables [3]. - The company is focusing on high-end autonomous driving models and megawatt-level ultra-fast charging, becoming a core supplier for companies like BYD and Li Auto [3]. Financial Forecasts - The report predicts a decline in profitability due to intensified competition, with net profit forecasts for 2025, 2026, and 2027 set at 162 million, 221 million, and 289 million yuan respectively [4]. - The projected revenue growth rates for the next few years are 23.09% for 2025, 21.34% for 2026, and 18.25% for 2027 [5]. - The company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 29, 21, and 16 respectively [5].