2026年1月6日，远东智慧能源股份有限公司（以下简称"远东股份"）发布关于子公司中标项目的提示性 公告。2025年12月份，该公司收到子公司中标/签约千万元以上合同订单，合计约为30.7亿元。 随着国内外新能源、新型电力系统及智能制造等领域需求集中释放，远东股份凭借其多元化的产品矩阵 与前瞻性的市场布局，正在收获新一轮发展红利。远东股份表示，公司为智能缆网、智能电池、智慧机 场龙头企业，上述合同订单将对公司未来经营业绩产生积极影响。 远东股份相关负责人向《证券日报》记者表示，公司大额订单的签订是行业需求放量、产品竞争力提 升、市场布局深化三重因素共振的结果。 加速市场拓展 远东股份成立于1985年，致力成为全球领先的智慧能源、智慧城市服务商。从核聚变实验装置到各地绿 色建筑，从电力能源到AI、算力、机器人，这家以"智能缆网、智能电池、智慧机场"三大业务为支柱的 企业，正在新兴产业与传统制造交叉领域加速拓展市场份额。 该公司订单结构正呈现多元化发展态势。 智能电网线缆业务在2025年12月份获得订单总额约7.06亿元，包括与国家电网及各地电网公司的合作。 同时，其他战略客户订单总额达23.63亿元，覆盖清洁能 ...

Group 1 - The company announced that its subsidiary has won contracts exceeding RMB 238,255.74 million in November 2025, which will positively impact future operating performance [2] - The contracts include orders from national and local power grids, positioning the company as a leader in smart cable networks, smart batteries, and smart airports [2] - The company emphasizes that the new contracts will not affect its business independence [2] Group 2 - The company provided a guarantee of RMB 34,650.00 million for its subsidiary, Yuanbo New Materials, to support its supply chain services [7] - The guarantee was approved by the company's board and is within the previously established limit for 2025 [8] - The total amount of guarantees provided by the company is RMB 1,101,004.03 million, with an actual guarantee balance of RMB 752,060.16 million, representing 257.51% and 175.90% of the net assets attributable to shareholders [15]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [9][15]. Core Views - The traditional cable business is expected to see marginal improvement, while the battery business is anticipated to recover from losses. The company is actively expanding its AI business [3]. - In 2024, the company reported revenue of 26.09 billion yuan, a year-on-year increase of 6.7%, but a net loss of 320 million yuan, a significant decline of 199.5% year-on-year. The fourth quarter of 2024 showed revenue of 7.87 billion yuan, with a quarter-on-quarter increase of 11.3% and a year-on-year increase of 14.5% [3][4]. - The company is benefiting from the increasing demand for reliable power systems, particularly in the nuclear power sector, as confirmed by the approval of five nuclear power projects in April 2025 [5]. Summary by Sections Company Overview - Latest closing price: 4.55 yuan - Total market capitalization: 10.1 billion yuan - Total shares outstanding: 2.219 billion shares - Debt-to-asset ratio: 78.6% [2]. Financial Performance - In Q1 2025, the company reported revenue of 4.87 billion yuan, a year-on-year increase of 1.3%, and a net profit of 50 million yuan, a year-on-year increase of 84.6% [3]. - The gross margin and net margin for Q1 2025 were 10.7% and 0.9%, respectively, with slight changes compared to the previous year [4]. Business Segments - The smart cable network business generated revenue of 22.703 billion yuan in 2024, a year-on-year increase of 6.0%, but the net profit decreased by 70.1% due to rising copper prices and intense competition [5]. - The smart battery segment saw revenue of 1.65 billion yuan in 2024, a year-on-year increase of 180.5%, but incurred a net loss of 690 million yuan [6]. - The smart airport business achieved revenue of 1.66 billion yuan in 2024, a year-on-year increase of 35.7%, with a net profit of 120 million yuan [8]. Earnings Forecast - The company forecasts revenues of 29.74 billion yuan, 33.90 billion yuan, and 38.36 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 590 million yuan, 820 million yuan, and 1.17 billion yuan [9][11].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [9][15]. Core Views - The traditional cable business is expected to see marginal improvement, while the battery business is anticipated to recover from losses. The company is actively expanding its AI business [3]. - In 2024, the company reported revenue of 26.09 billion yuan, a year-on-year increase of 6.7%, but a net loss of 320 million yuan, a significant decline of 199.5% year-on-year. The fourth quarter of 2024 showed revenue of 7.87 billion yuan, with a quarter-on-quarter increase of 11.3% and a year-on-year increase of 14.5% [3][4]. - The company is benefiting from the increasing demand for reliable power systems, particularly in the nuclear power sector, as confirmed by the approval of five nuclear power projects in April 2025 [5]. Summary by Sections Company Overview - Latest closing price: 4.55 yuan - Total market capitalization: 10.1 billion yuan - Total shares outstanding: 2.219 billion shares - Debt-to-asset ratio: 78.6% [2]. Financial Performance - In Q1 2025, the company reported revenue of 4.87 billion yuan, a year-on-year increase of 1.3%, and a net profit of 50 million yuan, up 84.6% year-on-year [3]. - The gross margin and net margin for Q1 2025 were 10.7% and 0.9%, respectively, with slight changes compared to the previous year [4]. - The smart cable network business generated revenue of 22.703 billion yuan in 2024, a year-on-year increase of 6.0%, but the net profit decreased by 70.1% [5]. Business Segments - The smart battery segment saw revenue of 1.65 billion yuan in 2024, a year-on-year increase of 180.5%, but incurred a net loss of 690 million yuan [6]. - The smart airport business achieved revenue of 1.66 billion yuan in 2024, a year-on-year increase of 35.7%, with a net profit of 120 million yuan [8]. Earnings Forecast - Revenue projections for 2025-2027 are 29.74 billion yuan, 33.90 billion yuan, and 38.36 billion yuan, respectively, with corresponding net profits of 590 million yuan, 820 million yuan, and 1.17 billion yuan [9][11]. - The expected price-to-earnings ratios for 2025, 2026, and 2027 are 17, 12, and 9 times, respectively [9].