截至8月20日，中超控股股东户数17.42万，较上期增加0.41%；人均流通股7493股，较上期减少0.41%。 2025年1月-3月，中超控股实现营业收入10.35亿元，同比增长0.81%；归母净利润-2023.79万元，同比增 长23.08%。 融资方面，中超控股当日融资买入3844.76万元。当前融资余额1.80亿元，占流通市值的2.89%，融资余 额超过近一年50%分位水平，处于较高位。 融券方面，中超控股8月27日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年70%分位水平，处于较高位。 资料显示，江苏中超控股股份有限公司位于江苏省宜兴市西郊工业园振丰东路999号，成立日期1996年8 月5日，上市日期2010年9月10日，公司主营业务涉及电线电缆的研发、生产、销售和服务。主营业务收 入构成为：电力电缆83.70%，电气装备用电线电缆10.44%，金属材料2.61%，裸电线1.52%，电缆附件 0.68%，其他业务0.61%，电缆材料0.44%。 8月27日，中超控股跌3.46%，成交额5.80亿元。两融数据显示，当 ...

Core Viewpoint - The document outlines the legal opinions and updates regarding the issuance of A-shares by Yuan Cheng Cable Co., Ltd., addressing compliance with relevant laws and regulations, and the implications of past legal issues on the company's current operations and future prospects [2][3][25]. Group 1: Legal Compliance and Issuance - Yuan Cheng Cable Co., Ltd. has engaged Grandall Law Firm as a legal advisor for its 2024 A-share issuance to specific investors [1]. - The law firm has conducted thorough checks in accordance with the Company Law, Securities Law, and relevant regulations, issuing multiple legal opinions and reports regarding the A-share issuance [2][3]. - The latest legal opinion (Supplementary Legal Opinion III) addresses inquiries from the Shenzhen Stock Exchange and updates on previous legal documents [3][5]. Group 2: Past Legal Issues and Implications - The company faced penalties for failing to disclose external guarantees, related transactions, and significant lawsuits, resulting in a fine of 500,000 yuan and a warning to the former actual controller [6][26]. - The company asserts that the violations occurred between 2017 and 2019, and it has since made necessary disclosures, arguing that the statute of limitations for potential investor claims has expired [7][25]. - Currently, only one investor lawsuit has been filed, claiming damages of 221,842 yuan, with the company estimating potential maximum compensation exposure of 16.82 million yuan [8][25]. Group 3: Future Risks and Considerations - The company acknowledges the possibility of future lawsuits but maintains that the current legal framework suggests that past violations do not pose a significant risk to its operations or financial status [25][26]. - The law firm emphasizes that the company has complied with legal requirements and that the current management has no recent penalties or investigations against them [26][28]. - The document concludes that the company is positioned to proceed with its A-share issuance without significant legal hindrances, provided it continues to adhere to regulatory standards [25][30].

Group 1: Company Overview and Strategy - Zhejiang Wanma Co., Ltd. focuses on a "dual-wing" development strategy encompassing three main business sectors: power cables, new materials, and new energy [2][3]. - The power cable sector is the largest and foundational business, leveraging existing production capabilities and market advantages for stable growth [2][3]. Group 2: Product Differentiation - The power cable sector primarily produces power cables of various voltage levels for infrastructure and large projects, serving clients in sectors like state grid, rail transit, and real estate [3]. - The equipment cable sector specializes in industrial smart cables and various specialized cables, targeting industries such as smart manufacturing and clean energy [3]. Group 3: Robotics and Automation Solutions - The Wanma Robot Intelligent CCa System offers customized electrical connection solutions for automation equipment, enhancing product offerings from single cables to integrated solutions [4]. - The company emphasizes ongoing technical support and product reliability tracking to improve product quality and customer satisfaction [4]. Group 4: Competitive Advantages - Wanma's competitive edge in robot cables includes advanced product design capabilities, a certified laboratory for testing, and a strong focus on manufacturing quality [5]. - The company participates in setting industry standards, which enhances its market position and recognition [5]. Group 5: Market Presence and Production Capacity - Wanma's high molecular ultra-high voltage insulation material aims for an annual production capacity of 60,000 tons post-project completion, with a domestic market share increase from approximately 15% in 2021 to about 20% [5][6]. - The company currently has 40,513 public charging piles and 3,047 charging stations, reflecting its commitment to the new energy sector [6]. Group 6: Raw Material Impact - Fluctuations in copper prices directly affect the cable sector's performance, despite the company employing strategies to mitigate risks [6]. - The new materials sector is influenced by the prices of petrochemical-derived raw materials, which can impact profitability [6].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [4] Core Views - The company is expected to achieve a net profit attributable to shareholders of 134 million yuan in 2024, representing a year-on-year growth of 9.22%. The revenue is projected to reach 3.581 billion yuan, reflecting a year-on-year increase of 20.06% [4] - The company continues to make progress in expanding its domestic power grid market, particularly in the Zhejiang region, which has shown recovery growth [4] - Due to increased competition in the overall cable market and fluctuations in copper prices, the profit forecast for 2024-2026 has been adjusted downwards [4] Financial Summary and Valuation Indicators - Revenue for 2024 is estimated at 3.581 billion yuan, with a year-on-year growth of 20.1% [8] - The net profit attributable to shareholders for 2024 is projected at 134 million yuan, with a year-on-year growth of 9.3% [8] - The company's gross margin is expected to be 12.5% in 2024, with a net margin of 3.7% [12] - The earnings per share (EPS) for 2024 is forecasted to be 0.50 yuan, with a price-to-earnings (P/E) ratio of 19.8 times [8] - The return on equity (ROE) is projected to be 12.0% in 2024, increasing to 14.5% by 2026 [12] Market Expansion and Development - The company is actively expanding its market presence among large state-owned enterprises and has made significant progress in foreign trade [5] - A procurement framework contract has been signed with Wanhua Chemical Group for the supply of power cables, further solidifying its position in the market [5] - The company is also advancing its research and development efforts in 500kV ultra-high voltage cables, which is expected to provide ongoing business momentum due to large-scale updates in the power grid [6]