上半年，国内市场方面，公司实施了陕北-安徽、阿坝-成都东、平圩电厂等线路的供货工作，并中标甘 肃-浙江、烟威送出、大同-天津南等重大线路工程，上半年累计实现中标金额6.58亿元，为未来业绩奠 定了坚实基础。 中证报中证网讯（王珞）大连电瓷8月26日晚发布2025年半年报。报告期内，公司实现营收5.81亿元， 实现归母净利润4658.07万元。 绿色转型也是公司上半年发展的一大亮点。大连工厂已建成分布式光伏系统并实现并网，光伏自发自用 比例达70%，在有效降低能源成本的同时，大幅减少了碳排放。江西工厂集成光伏系统、储能设施和智 能充电桩，构建起智慧微电网体系，将绿电自给率提升至80%以上，实现了清洁能源"自发自用、余电 存储"高效循环利用。 国内外订单的充足需求，对大连电瓷的产能保障与交付能力提出了更高要求。为此，公司多措并举，加 速工厂产能释放与智造升级。 为迎接特高压建设新高峰，大连电瓷大连工厂在上半年完成自动化改造升级，包括重建多座抽屉窑、新 建阴干室并新增自主研发设备，显著提升生产保障能力。江西工厂二期建设已顺利完成并陆续投产，预 计今年年底完成产能爬坡，标准设计产能将提升2万吨/年左右，这将为公司后续 ...

截至2025年8月14日收盘，大连电瓷股价报9.57元，较前一交易日下跌0.22元，跌幅2.25%。当日成交量 为11.69万手，成交金额达1.13亿元。 公司近期披露，2025年已中标国内特高压线路及国网批次集中采购项目超7亿元，并在沙特、菲律宾、 孟加拉等国家电力项目中取得大额订单，新签海外订单创历史同期新高。8月13日，公司接待了多家机 构调研，就业务发展情况及未来规划进行交流。 资金流向方面，8月14日主力资金净流出1537.45万元，近五日累计净流出1785.12万元。 风险提示：以上内容不构成投资建议，市场有风险，投资需谨慎。 大连电瓷主营业务为输电线路用瓷、复合绝缘子等产品的研发、生产和销售。公司产品广泛应用于电力 系统输电线路建设，严格执行国际电工委员会标准及多国标准，客户包括国内外电网公司及其下属单 位。公司拥有大连、福建、江西三大生产基地，其中江西工厂二期工程预计三季度投产，届时标准设计 产能将达8万吨/年。 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 10.92 CNY based on a closing price of 9.10 CNY [5]. Core Views - The company is a leading player in the porcelain insulator industry, with strong overseas order performance and a significant increase in revenue and profit in 2024 [1][2]. - The company has established a solid international marketing network and is expanding its production capacity, particularly in Jiangxi, which is expected to enhance its revenue growth [2][3]. Summary by Sections 1. Leading Company in Porcelain Insulators - Dalian Electric Porcelain Group was founded in 1915 and listed in 2011, with a comprehensive product matrix that meets various national industry standards [14]. - The company has a strong historical presence in the international market, having supplied products for the first domestic and world high-voltage lines [14]. 2. Accelerated Construction of UHV Projects - The demand for porcelain insulators is driven by the increasing domestic electricity consumption and investment in the power grid, with a notable rise in UHV construction [37][40]. - In 2024, the total electricity consumption in China reached 98,521 billion kWh, with a 15.3% increase in grid investment [37]. 3. Stable Leadership and Growth Potential - The management team has extensive experience and a long-term strategic vision, with significant improvements in company performance since 2019 [3][67]. - The company has a leading position in the domestic bidding for UHV porcelain insulators, with a market share of 28% in 2024 and 46% in 2025 for UHV porcelain insulators [2][67]. 4. Financial Performance and Forecast - In 2024, the company achieved a revenue of 1.496 billion CNY, a year-on-year increase of 78.21%, and a net profit of 211 million CNY, up 303.3% [22][4]. - The forecast for 2025-2027 anticipates revenues of 1.723 billion CNY, 1.950 billion CNY, and 2.168 billion CNY, with corresponding net profits of 230 million CNY, 280 million CNY, and 330 million CNY [3][4].

Core Viewpoint - The demand for suspension insulators in China is increasing due to urbanization and the need for upgraded electrical infrastructure, particularly in high-voltage transmission lines and smart grid construction, despite a temporary decline in market size in 2023 [1][12]. Industry Overview - Suspension insulators are critical components used to support and insulate high-voltage power lines, made from materials like glass, ceramics, and composite materials [3][5]. - The industry has evolved from simple ceramic and glass designs to advanced materials like silicone rubber and composites, enhancing performance and durability [5]. Market Dynamics - The market size for suspension insulators in China saw a continuous increase from 2020 to 2022, but experienced a 25.85% decline in 2023 due to insufficient domestic demand and intensified competition [1][12]. - A recovery is expected in 2024, with the market size projected to reach 4.134 billion yuan, reflecting a year-on-year increase of 78.86% driven by increased investment in ultra-high voltage networks [1][12]. Investment Trends - China's investment in the power grid is projected to grow from 469.9 billion yuan in 2020 to 608.3 billion yuan in 2024, with a 14.60% increase in the first four months of 2025 [10]. - This investment surge is anticipated to boost the demand for suspension insulators significantly, as they are essential for the construction and maintenance of power transmission systems [10]. Competitive Landscape - The Chinese suspension insulator market is characterized by numerous domestic companies, including Dalian Electric Porcelain Group, Nanjing Electric Group, and Zhejiang Jinlihua Electric Equipment, each with strengths in various market segments [16][17]. - Competition is fierce in the mid-to-low-end product market, while a few companies dominate the high-end market, particularly in ultra-high voltage insulators [16]. Export and Import Dynamics - China primarily exports suspension insulators, benefiting from competitive pricing, quality, and delivery times, while imports focus on high-performance insulators for specific applications [14]. - In the first four months of 2025, China imported 0.09 million tons and exported 11.12 million tons of insulators, indicating a strong export orientation [14]. Future Development Trends - The industry is moving towards smart insulators integrated with sensors for real-time monitoring of operational conditions, enhancing reliability and maintenance efficiency [21]. - There is a growing emphasis on developing high-performance products to meet the demands of high and ultra-high voltage transmission lines, necessitating increased R&D investments [22][23]. - The Belt and Road Initiative is opening new markets for suspension insulator companies, encouraging local production and technological collaboration to meet regional demands [24].

Market Performance - The market share of the company's glass insulator products reached 13.18% in 2024, a significant increase from 4.39% in the previous year, with a total bidding amount of 2.312 billion CNY from State Grid and Southern Grid [1] - The total bidding amount for glass insulators in 2024 was 2.368 billion CNY, with the company winning contracts worth 312 million CNY [1] Financial Performance - In 2024, the company achieved a total revenue of 272.78 million CNY, representing a year-on-year growth of 48.89% [4] - The net profit attributable to shareholders reached 32.0688 million CNY, a substantial increase of 318.60% compared to the previous year [4] - The cultural media business saw a revenue decline of 38.10%, resulting in a loss, while the glass insulator business drove overall revenue growth [4] Future Growth Strategies - The company plans to enhance market competitiveness through technological innovation, capacity expansion, cost optimization, and market development [2] - A new production line with an annual capacity of 3 million glass insulators is expected to be operational in 2025, addressing previous capacity constraints [5] - The focus for 2025 will be on the glass insulator business, leveraging a favorable market environment to secure more quality orders and improve delivery efficiency [5] Research and Development - In 2024, the company improved the manufacturing process of high-voltage glass insulators, increasing the average product qualification rate by 5% [6] - The company submitted 11 patent applications in 2024, including 4 invention patents, reinforcing its technological advantage in the industry [6] Shareholder Returns - As of December 31, 2024, the company reported an undistributed profit of -121.706 million CNY and a capital reserve of 260.5348 million CNY, indicating it currently does not have the conditions for cash dividends [2]

Revenue Growth - The company's revenue growth is primarily driven by the line porcelain insulator segment due to the continuous rise in the domestic and international power industry [2] - The Jiangxi factory's first phase achieved profitability in mid-2024, with the second phase expected to start production in Q3 2025, increasing standard design capacity by approximately 20,000 tons/year by the end of the year [3] Cost Control Measures - The company has implemented an efficient supply chain management system, strengthened supplier collaboration, and optimized inventory management to effectively control costs [3] - Digital transformation initiatives are in place to enhance operational efficiency and reduce overall costs through process and IT-driven business management changes [3] Digital Transformation Goals - The company aims to establish a comprehensive business model integrating green, digital, low-carbon, and intelligent elements, with a focus on automation and digitalization [4] - Key modules such as ERP, manufacturing cloud, and PLM cloud have been successfully launched to ensure efficient collaboration across critical business processes [4] Raw Material Procurement Strategy - A procurement supplier cooperation plan has been established to manage price fluctuations, including annual procurement framework agreements with suppliers [4] - The company is enhancing production efficiency and capacity to dilute fixed costs through technology upgrades and process optimization [4] Green and Low-Carbon Development - The company is committed to green and low-carbon development, aligning with national policies and market demands, and is transforming its business model accordingly [5] - Initiatives include enhancing environmental protection, social responsibility, and governance (ESG) frameworks, as well as promoting green factory construction [5] Market Expansion Plans - The company plans to explore new market segments while consolidating existing markets, focusing on regions such as Southeast Asia, the Middle East, and South America [5] - Efforts are being made to mitigate exchange rate risks through various financial strategies [5] Policy Adaptation Mechanisms - A multi-dimensional policy response system has been established to quickly adapt to policy changes, integrating technical advantages and capacity expansion [6] - The company is expected to strengthen its industry leadership position with ongoing investments in ultra-high voltage and deepening "dual carbon" policies [6] Environmental Protection Initiatives - Recent updates to equipment at the Dalian factory have resulted in lower energy consumption and enhanced environmental protection [6] - The implementation of a light-storage system across three factories aims to further reduce carbon emissions and conserve energy [6]

Core Viewpoint - The development of ultra-high voltage (UHV) technology is crucial for seizing strategic opportunities in the energy transformation era, with Dalian Electric Porcelain emerging as a leader in this field due to its technological advantages and market share [1][2]. Industry Overview - The Chinese government has introduced multiple policies to promote UHV technology development, with a planned investment of nearly 3 trillion yuan during the 14th Five-Year Plan period, focusing on UHV projects [2]. - In 2023, the construction of UHV projects accelerated, with the total investment in power engineering reaching 1.78 trillion yuan, a year-on-year increase of 13.2%, marking the highest level in nearly a decade [2]. - By 2025, investments in UHV projects are expected to continue to grow, with State Grid's investment projected to exceed 650 billion yuan and Southern Grid's investment at 175 billion yuan, totaling 825 billion yuan [2]. Company Positioning - Dalian Electric Porcelain holds a nearly 50% market share in the UHV insulator sector, benefiting from over a century of technological accumulation and a strong position in high-end markets [3]. - The company has a significant presence in the production of suspension porcelain insulators, which account for approximately 80% of its revenue, and has achieved international leading standards in its products [3]. - In 2023, Dalian Electric Porcelain won 48.03% of the bids for UHV porcelain insulators from State Grid, significantly outpacing competitors [3]. Recent Developments - The company has recently entered the construction phase of the "Gansu-Zhejiang ±800 kV UHV DC Transmission Project," which is notable for being the world's first ±800 kV flexible DC project, addressing challenges related to renewable energy integration [4]. - Dalian Electric Porcelain's subsidiary has secured multiple contracts, including a project worth approximately 29.7 million yuan, which is expected to contribute about 35.38% to the company's 2023 revenue [3]. Global Expansion - Over the past 70 years, Dalian Electric Porcelain has expanded its global footprint, exporting products to over 100 countries and transitioning from product export to technology export [5]. - The company has adopted a dual strategy focusing on traditional markets and emerging regions, with significant orders from countries like Vietnam, Pakistan, and Saudi Arabia [5]. Financial Performance - In 2024, Dalian Electric Porcelain reported a record revenue of 1.496 billion yuan, a year-on-year increase of 78.21%, and a net profit of 211 million yuan, up 303.30% [6]. - The company’s first-quarter revenue for 2025 reached 224 million yuan, reflecting a 30.60% increase year-on-year, with a strong order backlog supporting future growth [6]. Risk Management - Dalian Electric Porcelain has established a robust risk management framework, with minimal exposure to U.S. tariffs due to its low business volume with the U.S. [7]. - The company is well-positioned to continue its growth trajectory as the new power system construction progresses [7].

Core Viewpoint - Dalian Electric Porcelain has achieved significant growth in revenue and profit, driven by domestic and international orders, high-value product ratios, and capacity release from its Jiangxi factory [2][3]. Group 1: Financial Performance - In 2024, the company reported total revenue of 1.496 billion yuan, a year-on-year increase of 78.21%, and a net profit attributable to shareholders of 211 million yuan, up 303.30% [2]. - For Q1 2025, the company achieved revenue of 224 million yuan, a 30.60% increase year-on-year, and a net profit of 20.2254 million yuan, growing by 86.35% [2]. Group 2: Market Expansion - Dalian Electric Porcelain has made significant strides in both domestic and international markets, securing key projects and orders worth 1.3 billion yuan in China and over 700 million yuan in international markets [3]. - The company has expanded its global influence, winning major contracts in countries such as Vietnam, Pakistan, and Saudi Arabia, while also gaining orders from the UK, Italy, Canada, Colombia, and Brazil [3]. Group 3: Capacity and Innovation - The company is enhancing its production capacity, with the Jiangxi factory achieving a monthly capacity of 4,000 tons and reaching breakeven in 2024 [5]. - Dalian Electric Porcelain has invested approximately 82.79 million yuan in R&D in 2024, a 41.05% increase, and has added 39 new intellectual property rights, including 5 invention patents [6]. Group 4: Industry Outlook - The global electricity consumption is projected to increase by nearly 1,100 terawatt-hours in 2024, with a year-on-year growth of 4.3%, creating opportunities for power equipment companies [3][5]. - The domestic high-voltage construction is accelerating, with total investments expected to reach 825 billion yuan in 2025, marking a new high in nearly a decade [5].