转自：前瞻产业研究院 行业主要上市公司：金杯电工(002533.SZ);宝胜股份(600973.SH);远东股份(600869.SH);金龙羽(002882.SZ);汉 缆股份(002498.SZ);尚纬股份(603333.SH);起帆电缆(605222.SH)等 本文核心数据：电力线缆产量;电线电缆市场规模;企业市场份额 行业概况 1、 定义 电线电缆，按国际有关规定其定义为"用以传输电(磁)能信息和实现电磁能转换的线材产品"。通常将结构简 单无外护套、外径较小的产品称为电线，将结构复杂、有坚固密封外护套、外径较大的产品称为电缆。 电线电缆产品是电气化、信息化社会中必要的配套产品，广泛应用于发电、输配电及终端用电等电力生产、 传输及应用的各个环节，与国民经济的发展及人们日常生活密切相关。电线电缆按照用途划分可以分为五大 类：电力电缆、通信电缆、电气装备用电线电缆、裸电线以及绕组线。 从企业来看，上游铜、铝及其合金供应商为电线电缆产业提供主要组成材料，主要企业有铜陵有色、楚江新 材、海亮股份等。在中游电线电缆制造行业中，制造电力电缆的主要企业有特变电工、青岛汉缆等;制造通 信电缆的主要企业有中天科技、亨通集团 ...

Core Viewpoint - The company Qiaoguan Cable (834682.BJ) is focusing on enhancing its market position in the cable industry, emphasizing high-quality development and optimizing product structure to meet market demands [1][3]. Group 1: Company Overview - Qiaoguan Cable specializes in the wire and cable sector, aiming to strengthen its position in medium and low-voltage cables while refining its expertise in special cables [3]. - The company is committed to avoiding low-end, homogeneous competition by continuously optimizing its product structure and regional layout based on customer and market needs [3]. - Management highlighted that the wire and cable industry is the second largest industry in China, following the automotive sector, and is transitioning from rapid development to high-quality development [3]. Group 2: Market Opportunities - The construction of new power systems, new energy systems, smart cities, new energy vehicles, and rail transit is increasing the demand for high-quality and functional cables, presenting historical opportunities for the development of high-end, environmentally friendly, and energy-saving special cables [3]. Group 3: Market Performance and Management - The company acknowledges that stock price fluctuations and performance differences are influenced by various market factors, including macroeconomic conditions, social funding preferences, and market sentiment [3]. - Qiaoguan Cable is focused on improving operational quality and performance to reward investors with excellent results [3]. Group 4: Value Management - The company has established a value management system as of March 27, 2025, aimed at enhancing corporate governance, internal value, investor relations, media outreach, and overall market recognition to boost its market value [4].

Core Viewpoint - Fuhua Chemical has increased its stake in Shangwei Co., Ltd. to 19.56% through judicial auction, becoming the second-largest shareholder, which is expected to stabilize the company's operations and mitigate capital risks [1][3]. Group 1: Investment Details - Fuhua Chemical acquired 26 million shares of Shangwei Co., Ltd. for 122 million yuan, following a previous purchase of 10.46% equity for 300 million yuan, totaling an investment of 422 million yuan [1][3]. - The shareholding percentage of Fuhua Chemical rose from 4.92% to nearly 20% after these transactions [3]. Group 2: Company Background - Shangwei Co., Ltd. is a leading enterprise in the special cable industry in Southwest China, established in July 2003, and is recognized as a national high-tech enterprise [3][4]. - The company specializes in high-end special cable products, including cables for nuclear power plants, rail transit, and renewable energy applications [4][5]. Group 3: Strategic Implications - Fuhua Chemical's involvement is seen as a strategic move to support Shangwei Co., Ltd. amid challenges posed by the major shareholder's debt issues, showcasing its role as a leading enterprise in the local green chemical industry [3][5]. - The partnership between state-owned and private capital in Shangwei Co., Ltd. represents a new mixed-ownership model, aimed at mitigating historical equity pledge risks while enhancing market operational capabilities [3][5]. Group 4: Market Context - The local government supports Fuhua Chemical's investment in Shangwei Co., Ltd., emphasizing the importance of private sector development and the alignment with regional economic strategies [5].

4月8日，中共安顺市委、安顺市人民政府发布2025年民营经济表彰决定，固达电缆集团执行总裁李浩杰凭借在产业升级、科技创新与社会责任领域的卓越 贡献，荣膺"安顺市十大杰出民营企业家"。这份荣誉不仅是对李浩杰个人领导力的充分肯定，更是对固达电缆集团以创新驱动高质量发展、以实业担当践 行社会责任的权威认可。 | 附件 | | --- | | "安顺市突出贡献民营企业、安顺市杰出民营 | | 企业家、安顺市优秀民营企业家、安顺市 | | 优秀民营企业"表彰名单 | | 一、安顺市突出贡献民营企业(2家)(按企业纳税多少排序) | | 贵州百灵企业集团制药股份有限公司 | | 贵州三力制药股份有限公司 | | 二、安顺市杰出民营企业家(10名)(按姓氏笔画排序) | | 于以祥 安顺市宝林科技中药饮片有限公司董事长 | | 王 刚 贵州南智云谷数字产业发展有限公司董事长兼总经理 | | 王 华 康命源(贵州)科技发展有限公司董事长 | | 王金斗 安顺市乾辰谷材科技有限公司董事长兼总经理 | | 句爱明 贵州南山婆食品加工有限公司董事长 | | 李浩杰 固达电线电缆(集团)有限公司执行总裁 | | 邱黄杰 贵州西秀翠宏 ...

市场拓展方面，华菱线缆在2025年二季度初即迎来"开门红"。4月3日，华菱线缆发布公告称，公司 近期在电力领域、轨道交通领域中标合同金额共计约4.23亿元，占2024年经审计营业收入的10.18%。 根据公告披露，华菱线缆2025年一季度业绩大增主要源于其在航空航天及融合装备、特种工程机械 等领域业务发展较上年同期提升幅度较大，净利润增长明显。华菱线缆表示，公司将深化航空航天及融 合装备等领域业务发展，进一步提升公司市场竞争力及盈利能力。 作为中国航天事业的重要合作伙伴，华菱线缆60余年来深度参与长征系列运载火箭电缆的研制与生 产，产品先后服务长征系列火箭的发射任务300余次。3月26日，华菱线缆为长征三号乙运载火箭配套的 特种电缆再次在航天任务中表现卓越，成功保障了天链二号04星的发射任务。 4月8日，华菱线缆（001208.SZ）公布2025年第一季度业绩预告，预计2025年一季度实现归母净利 润3000万元至3500万元，同比增长45%至70%；扣非后净利润为2700万元至3000万元，同比增长90%至 120%。 其中，在电力领域，华菱线缆中标南方电网公司2024年配网材料第二批框架招标项目，涵盖10 ...

Core Viewpoint - Jinlongyu plans to invest 1.2 billion yuan to build a production line for key materials in solid-state batteries, signaling a strong commitment to the solid-state battery industry despite recent declines in revenue and net profit [2][9]. Financial Performance - In 2024, Jinlongyu's revenue is projected to be 3.67 billion yuan, a year-on-year decline of 6.5%, while the net profit attributable to shareholders is expected to be 140 million yuan, down 14.1% [6]. - The company has experienced three consecutive years of declining revenue, primarily due to a slowdown in construction projects and intensified industry competition [4][6]. - In 2023, the company fully provided for impairment losses on receivables from Evergrande Group, resulting in a profit reduction of 47 million yuan [5]. Dividend Policy - Jinlongyu plans to distribute a cash dividend of approximately 129 million yuan for the 2024 fiscal year, which represents 92.67% of the company's net profit for the period, a significant increase from previous years [6][7]. - The dividend payout ratio for 2023 was only 53%, indicating a substantial shift in the company's approach to shareholder returns [7]. Shareholder Dynamics - The controlling family of Jinlongyu holds a significant 73.24% stake in the company, which raises questions about the motivations behind the increased dividend amidst declining performance [7][8]. - There have been multiple instances of share reductions by the controlling family and executives, leading to concerns about the company's long-term strategy and commitment to its new ventures [11][12]. Strategic Initiatives - The company has established a new subsidiary, Jinlongyu New Energy (Shenzhen) Co., Ltd., with an investment of 200 million yuan, focusing on the research, production, and sales of solid-state batteries and their key materials [9]. - Jinlongyu's solid-state battery project is still in the early stages, with ongoing testing and development of key materials such as electrolytes and membranes [9][10].

Core Viewpoint - Hualing Cable has achieved significant business expansion, recently winning contracts worth approximately 423 million yuan in the power and rail transit sectors, which represents 10.18% of its audited revenue for 2024 [1][2]. Group 1: Business Expansion and Contracts - The company won multiple projects in the power and rail transit sectors, reflecting market recognition of its product quality and services [1][2]. - Specific contracts include 120 million yuan and 130 million yuan for power cables from Southern Power Grid, and 58.97 million yuan and 114 million yuan for rail transit cables from China Water Resources and Hydropower Fourth Engineering Bureau [2]. - The company anticipates that these contracts will positively impact future operating performance and enhance its influence and competitiveness in these sectors [2]. Group 2: Revenue Growth - In 2024, Hualing Cable's revenue is projected to exceed 4 billion yuan, reaching 4.158 billion yuan, a year-on-year increase of 19.82%, with a net profit of 109 million yuan, up 26.07% [4]. - The revenue from power cables and special cables is expected to be 1.579 billion yuan and 2.136 billion yuan, respectively, with year-on-year growth rates of 26.47% and 18.44% [2][4]. - The proportion of special cables in total revenue has remained above 50% for two consecutive years, at 51.96% in 2023 and 51.37% in 2024 [2]. Group 3: Research and Development - Hualing Cable's R&D expenses reached 134 million yuan in 2024, a 17.03% increase year-on-year, with a five-year cumulative total of 479 million yuan [5]. - The company has made significant advancements in developing flexible cables for deep-sea robots and aluminum alloy wires for aviation, among other projects [5]. - As of the end of 2024, Hualing Cable holds 345 authorized patents, including 54 invention patents, and has undertaken over 50 national and local technology projects [5]. Group 4: Strategic Acquisitions - The company is actively seeking acquisition targets to enhance its upstream and downstream industry chain layout and deepen its business in aerospace and high-end cable sectors [6]. - In March, Hualing Cable announced plans to acquire control of Hunan Xingxin Aerospace Materials Co., Ltd. to accelerate integration in high-end cables and new materials [6].

Core Viewpoint - Hunan Hualing Cable Co., Ltd. has recently won contracts in the power and rail transit sectors, totaling approximately 423.39 million yuan, which represents 10.18% of the audited revenue for 2024 [1][3]. Group 1: Bidding Overview - In the power sector, the company won contracts for the following: - 10kV copper core cross-linked polyethylene insulated power cable (ant-proof and flame-retardant type) from Southern Power Grid, amounting to 120.10 million yuan [1]. - Low-voltage cable from Southern Power Grid, amounting to 130.00 million yuan [1]. - In the rail transit sector, the company secured contracts for: - Fire-resistant cable procurement for the Chongqing Rail Transit Line 24 from China Water Resources and Hydropower Fourth Engineering Bureau, amounting to 58.97 million yuan [2]. - Flame-retardant wire and cable procurement for the same project, amounting to 114.31 million yuan [2]. Group 2: Impact on Company Operations - The company is a leading manufacturer of special cables in China and a member of the National Wire and Cable Standardization Technical Committee, providing specialized, high-quality cable products for various sectors including aerospace, data communication, robotics, rail transit, and renewable energy [3]. - Winning these contracts reflects market recognition of the company's product quality and services, enhancing its influence and core competitiveness in the power and rail transit sectors [3]. - The execution of these contracts is expected to have a positive impact on the company's future operating performance, with plans to organize production and delivery according to contract requirements [3].

球冠电缆还表示，此次再度荣获中国质量检验协会颁发的多项重要证书，标志着公司在"质量强国"战略下的标杆价值再获认可。未来，公司将持续以匠心守 初心，以诚信树品牌，为推动中国电线电缆行业的高质量发展注入强劲力量。2024年，球冠电缆研发支出金额达1.16亿元，研发支出占营业收入的比例为 3.24%。公司拥有的专利数量58个，其中发明专利数量14个。 球冠电缆在技术创新方面完成高导电铝合金交联聚乙烯电缆等15个产品研发项目；公司继续推进500kV聚乙烯电缆试验，完成高压电缆绝缘线芯去气工艺优 化、高压电缆绕包半导电缓冲阻水带的工艺改进等36项。全年获得"一种防鼠防蚁防紫外线光伏电缆"等16项国家专利授权（其中发明专利1项）及一项软件 著作权。公司参与编制的一项高压电缆国家标准《额定电压66kV（Um=72.5kV）和110kV（Um=126kV）交联聚乙烯绝缘电力电缆及其附件第2部分：电 缆》获准发布实施。公司10kV防蚁电力电缆获得"浙江制造精品"荣誉，"新型高强韧耐热铝导线的开发"项目列入2024年宁波市北仑区关键核心技术攻关项 目。 球冠电缆在质量提升方面，公司全面修订了《产品生产质量大纲》，制定了《外协监造 ...

Group 1 - The company held its fourth board meeting on April 1, 2025, to review the profit distribution proposal for the fiscal year 2024, which will be submitted to the shareholders' meeting for approval [1] - The consolidated net profit attributable to shareholders for 2024 is CNY 140,135,446.13, while the parent company's net profit is CNY 30,128,862.41 [1] - The proposed cash dividend is CNY 3 per 10 shares, totaling CNY 129,870,000, which represents 92.67% of the annual net profit attributable to shareholders [2][3] Group 2 - The company plans to retain the remaining undistributed profits for future distribution and will not convert reserves into capital or issue bonus shares [1] - The cash dividend for 2024 is an increase from the previous year's total of CNY 86,580,000, indicating a commitment to shareholder returns [2] - The company's cumulative cash dividends from 2022 to 2024 amount to CNY 303,030,000, exceeding 30% of the average net profit over the last three years, thus avoiding any risk warnings under stock listing rules [3]