Core Viewpoint - The successful crossing of the Gansu to Zhejiang ±800 kV UHVDC project over the Ningxia to Hunan ±800 kV UHVDC project marks a significant progress in the "Long Electric into Zhejiang" project, laying a solid foundation for the rapid advancement of subsequent engineering works [1] Group 1 - The project is a key infrastructure initiative aimed at enhancing electricity transmission capabilities between regions [1] - The completion of this critical node indicates a major milestone in the construction of the UHVDC project [1] - The achievement is expected to facilitate the swift progression of future engineering tasks related to the project [1]

Core Viewpoint - Ukrenergo is renegotiating the terms of its green bonds issued in 2021, aiming to restructure its debt in response to the financial impact of the ongoing conflict with Russia [1][6]. Group 1: Debt Restructuring - Ukrenergo has reached an agreement with a temporary group representing about 40% of bondholders, offering two options: bond buyback or bond swap [3]. - The buyback option allows Ukrenergo to borrow $430 million at a discount to repurchase some bonds, with bondholders able to sell their bonds back at approximately 65% of face value plus interest [3]. - The bond swap option enables bondholders to exchange their old green bonds for new ones, with the new bonds offering an 8.5% interest rate and a repayment schedule from 2028 to 2031, but without government repayment guarantees in case of new crises [3]. Group 2: Conditions and Implications - If insufficient bondholders participate in the buyback or swap, Ukrenergo may automatically convert remaining bonds into new ones at a less favorable exchange rate [5]. - Approval from a majority of bondholders is required for the proposed changes to the bond terms and government guarantees; without this approval, financing and debt operations will not proceed [5]. - The restructuring of Ukrenergo's debt is a significant milestone in Ukraine's overall debt restructuring efforts, with previous payments on the bonds already suspended [6].

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a revenue increase but a decline in net profit for 2024, while Q1 2025 performance met expectations [1][2]. Financial Performance - In 2024, the company achieved a revenue of 48.055 billion yuan, a year-on-year increase of 6.63%, and a net profit attributable to shareholders of 2.838 billion yuan, a year-on-year decrease of 8.94% [1]. - For Q1 2025, the company reported a revenue of 9.756 billion yuan, a year-on-year increase of 18.37% but a quarter-on-quarter decrease of 28.99%. The net profit attributable to shareholders was 628 million yuan, a year-on-year decrease of 1.33% but a quarter-on-quarter increase of 19.06% [1]. Business Segment Performance - In 2024, the power transmission segment generated a revenue of 19.785 billion yuan, a year-on-year increase of 18.18%, with a gross margin of 15.15%, up 0.18 percentage points [1]. - The optical communication and network segment achieved a revenue of 8.094 billion yuan, a year-on-year increase of 11.19%, with a gross margin of 25.14%, down 1.98 percentage points [1]. - The new energy materials segment reported a revenue of 7.003 billion yuan, a year-on-year decrease of 2.85%, with a gross margin of 7.32%, down 4.02 percentage points [1]. - The marine series generated a revenue of 3.644 billion yuan, a year-on-year decrease of 2.59%, with a gross margin of 24.45%, down 2.21 percentage points [1]. Order Backlog and Growth - As of April 23, 2025, the company had a substantial order backlog of approximately 31.2 billion yuan in the energy network sector, including about 13.4 billion yuan in marine series, 14 billion yuan in grid construction, and 3.8 billion yuan in new energy [2]. - The marine international business has shown growth for three consecutive years, successfully delivering projects such as the European 66kV long-length submarine cable and signing contracts for long-length three-core submarine cables in Vietnam [2]. Research and Development - The company is actively pursuing new directions in the optical fiber communication field, including joint research on hollow-core fibers and the development of bend-insensitive four-core fibers for data centers [2]. - Innovations in the communication cable sector include the new "13/8" spread spectrum leakage cable, and the company has successfully achieved mass production of high-speed copper cables [2]. - In the computing infrastructure area, the company is conducting in-depth research on next-generation liquid cooling technology for data centers, resulting in a composite liquid cooling solution [2]. Investment Outlook - The company is expected to achieve net profits of 3.956 billion yuan, 4.641 billion yuan, and 5.029 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 39.4%, 17.3%, and 8.4% respectively. The expected EPS for these years is 1.16, 1.36, and 1.47 yuan [2].