万马股份分析师会议 调研日期：2025年08月21日 调研行业：电网设备 参与调研的机构：兴业证券、人保资产等 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | / 调研基本情况 调研对象：万马股份 所属行业：电网设备 接待时间：2025-08-21 上市公司接待人员：公司副总经理、董事会秘书 赵宇恺 1 ...

Group 1: Company Overview and Strategy - The company follows a "one body, two wings" development strategy focusing on three main business segments: electric wires and cables, new materials, and new energy [1] - The company has a comprehensive cable product range, including ultra-high voltage cables, fire-resistant cables, and cables for new energy construction, positioning itself as a "comprehensive cable supplier" in China [2] Group 2: Financial Performance - In the first half of 2025, the company reported a revenue of CNY 9.272 billion, representing a year-on-year growth of 8.58% [1] - The net profit attributable to shareholders, excluding non-recurring items, was CNY 221 million, with a year-on-year increase of 25.95% [1] Group 3: Revenue Breakdown - Revenue from electric power products, communication products, and polymer materials for the first half of 2025 was CNY 6.315 billion, CNY 158 million, and CNY 2.654 billion, respectively, accounting for 68.11%, 1.7%, and 28.63% of total revenue [2] Group 4: Product Applications and Projects - The company has participated in several large hydropower projects, including the Three Gorges Dam and is currently following up on the Yarlung Tsangpo River downstream hydropower project [2] - The company’s high-voltage, medium-voltage, control cables, and polymer materials are applicable in hydropower stations [2] Group 5: Production Capacity and Market Position - The production capacity of the company's polymer high-voltage insulation material will reach 60,000 tons after the completion of the third-phase project [4] - The domestic market share of the company's polymer high-voltage insulation material has increased from approximately 15% in 2021 to about 20% [4] Group 6: Raw Material Impact - The main raw material for electric wires and cables is copper, and fluctuations in copper prices can directly impact the company's performance [6] - The company employs various strategies to mitigate risks associated with copper price volatility, including fixed-price contracts and hedging [6] - The new materials segment's raw materials are influenced by oil prices, which can affect profitability [6]

Group 1 - The core viewpoint of the news is that Shenwan Hongyuan Fund has conducted research on Wanma Co., Ltd., focusing on its development strategy and business segments [1] - Wanma Co., Ltd. has a "one body, two wings" development strategy, with three main business segments: wire and cable, new materials, and new energy [1] - The company holds approximately 30% market share in chemical cross-linked and silane cross-linked insulation materials, with an annual production capacity of 60,000 tons for ultra-high voltage insulation materials [1] - Wanma's revenue projections for 2022, 2023, and 2024 are 4.654 billion, 4.872 billion, and 5.185 billion respectively [1] - The company has participated in several large hydropower projects, providing various types of cables and high polymer materials [1] Group 2 - Shenwan Hongyuan Fund was established in 2004 and currently manages a total asset scale of 82.64 billion, ranking 67 out of 210 [2] - The fund's non-monetary public fund asset management scale is 70.563 billion, ranking 59 out of 210 [2] - The best-performing public fund product in the past year is Shenwan Hongyuan LeRong One-Year Holding Mixed A, with a latest net value of 1.45 and a growth of 101.11% in the past year [2]

Group 1: Company Overview and Strategy - Zhejiang Wanma Co., Ltd. focuses on a "one body, two wings" development strategy, emphasizing three main business sectors: electric cables, new materials, and new energy [2][3]. - The company has established itself as a comprehensive cable supplier with a mature cable industry chain, offering a wide range of products including ultra-high voltage cables and fire-resistant cables [3][4]. Group 2: Product Offerings - The main products in the cable sector include 500kV and below ultra-high voltage cross-linked polyethylene insulated cables, low-voltage cables, fire-resistant cables, and various special cables [3][4]. - The equipment cable sector consists of coaxial cables, indoor and outdoor optical cables, security cables, data cables, and industrial intelligent equipment cables [3][4]. Group 3: Competitive Advantages - The company possesses a leading product design and manufacturing capability, supported by a technical team with over 15 years of experience in intelligent equipment cables [6]. - Wanma is the first in China to have a TUV-certified robot cable laboratory, which has accumulated extensive experimental data in the field [6]. - The company has established itself as a key participant in the formulation of multiple industry standards, enhancing its competitive edge in the market [6]. Group 4: Market Position and Growth - By 2024, Wanma aims to become the largest supplier of robot cables for KUKA in China, successfully replacing imports and breaking the monopoly of international high-end robot cable giants [5]. - The market share of Wanma's high-voltage insulation materials has increased from approximately 15% in 2021 to about 20% [10]. Group 5: Innovations and Future Developments - The Wanma Robotic Intelligence Equipment Cable & Cable Assembly System provides comprehensive design and manufacturing solutions for intelligent automation devices [8]. - The company is actively developing underwater cable materials, achieving international advanced levels in key performance metrics [11][12]. Group 6: Risk Considerations - The revenue contribution from industrial robots, humanoid robots, and robotic dog cables is currently small, prompting investors to be cautious and consider investment risks [7][8].

Group 1: Company Overview and Strategy - The company follows a "dual-wing" development strategy focusing on three main business sectors: wire and cable, new materials, and new energy [2] - The company is one of the largest intelligent equipment cable manufacturers in China, with a strong emphasis on R&D and production capabilities [2][3] Group 2: Product Competitiveness - The company has a competitive edge in robot cables due to its advanced product design and manufacturing capabilities, with core team members having over 15 years of experience [3] - It is the first in China to have a TUV-certified robot cable laboratory, accumulating extensive experimental data in the field [3] - The company has received dual certifications from TUV Rheinland and UL, enhancing product reliability [3] Group 3: Market Position and Risks - The company's industrial robot, humanoid robot, and robotic dog cable products currently represent a small proportion of overall revenue, highlighting potential investment risks [3][4] - The domestic market share of the company's high molecular ultra-high voltage insulation materials has increased from approximately 15% in 2021 to about 20% [4] Group 4: Financial Performance - In 2024, the company plans to have 994 R&D personnel with an investment of approximately ¥656.78 million, accounting for 3.70% of total revenue [5] - The gross profit margins for electrical products, communication products, and high molecular materials are 9.92%, 12.31%, and 13.24% respectively [5] - The revenue composition for 2024 is as follows: electrical products at ¥117.47 billion (66.14%), communication products at ¥4.99 billion (2.81%), high molecular materials at ¥51.85 billion (29.20%), and trade/services at ¥3.3 billion (1.85%) [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.28 CNY based on a 32x P/E ratio for 2025 [2][5]. Core Insights - The company is experiencing growth in traditional business segments while innovating in the robotics cable sector. The revenue from the power cable segment reached 11.75 billion CNY in 2024, marking a 32.29% year-on-year increase, with production volume hitting a historical high [9]. - The company is positioned as a leader in high polymer materials, with a revenue of 5.185 billion CNY in 2024, reflecting a 6.42% increase. The company has successfully developed ultra-high voltage cable materials that are now being used in various domestic and international projects [9]. - The robotics cable division has established a strong technical foundation, with products capable of exceeding 30 million bending cycles, showcasing international leadership in technology [9]. Financial Forecast and Analysis - The company is projected to achieve earnings per share (EPS) of 0.54 CNY, 0.69 CNY, and 0.86 CNY for the years 2025, 2026, and 2027 respectively. The previous estimates for 2025 and 2026 were 0.81 CNY and 0.97 CNY, respectively, adjusted due to overall industry pressures [2]. - Revenue is expected to grow from 15.121 billion CNY in 2023 to 25.224 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 7.8% [4][11]. - The company's gross margin is projected to improve slightly from 11.3% in 2024 to 12.1% in 2027, while net profit margin is expected to increase from 1.9% to 3.5% over the same period [4][11]. Market Performance - The company's stock has shown strong performance, with a 52-week high of 21.21 CNY and a low of 6.13 CNY. The stock price as of May 7, 2025, was 15.78 CNY [5]. - The company has outperformed the market, with absolute performance of 82.05% over the past 12 months compared to the Shanghai and Shenzhen 300 Index [6].

Financial Performance - In 2024, the company's revenue reached 177.61 billion CNY, with a net profit of 3.41 billion CNY [2] - The revenue composition by product for 2024: - Power products: 117.47 billion CNY (66.14%) - Communication products: 4.99 billion CNY (2.81%) - Polymer materials: 51.85 billion CNY (29.20%) - Trade, services, and others: 1.85 billion CNY (1.85%) [2] Profit Margins - Gross profit margins for 2024: - Power products: 9.92% - Communication products: 12.31% - Polymer materials: 13.24% [3] Business Segments - The company is a leading manufacturer of intelligent equipment cables, with a strong focus on R&D and production capabilities in the robotics cable sector [4] - The company has established a competitive edge in robotics cables through: - Advanced product design and manufacturing capabilities - The first TUV-certified robotics cable laboratory in China - Strong quality control and manufacturing processes [5] Market Position - The domestic market share of the company's high polymer ultra-high voltage insulation materials increased from approximately 15% in 2021 to about 20% [8] - The annual production capacity for high polymer ultra-high voltage insulation materials is projected to reach 60,000 tons after the completion of the third phase project [8] Recent Developments - In Q1 2025, the company reported a revenue of 39.7 billion CNY, a year-on-year increase of 4.43%, and a net profit of 0.82 billion CNY, up 23.05% year-on-year [9] - The third phase project for high polymer ultra-high voltage insulation materials is expected to commence production this year [9] Risk Advisory - The company advises investors to be cautious regarding investment risks, particularly as the revenue from industrial robots, humanoid robots, and robotic dog cables currently represents a small proportion of overall revenue [6][7]

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].