证券研究报告·北交所公司点评报告·其他塑料制品制 太湖远大（920118） 2025 中报点评：Q2 业绩环比高增 252%，募 投超高压线缆料逐步量产 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,524 | 1,594 | 1,725 | 1,909 | 2,139 | | 同比 | 9.43 | 4.64 | 8.23 | 10.64 | 12.05 | | 归母净利润（百万元） | 77.46 | 70.51 | 73.71 | 83.63 | 96.75 | | 同比 | 26.79 | (8.97) | 4.53 | 13.46 | 15.69 | | EPS-最新摊薄（元/股） | 1.52 | 1.39 | 1.45 | 1.64 | 1.90 | | P/E（现价&最新摊薄） | 18.00 | 19.77 | 18.91 | 16.67 | 14.41 | [Table_Tag] [Ta ...

Core Viewpoint - Wanma Co., Ltd. plans to invest approximately 1.245 billion yuan in a new project in Qingdao to produce 350,000 tons of environmentally friendly polymer materials annually, aiming to alleviate capacity delivery pressure and fill market gaps [1][2]. Group 1: Expansion Plans - The new project will be established in the Dongjiakou Economic Zone of Qingdao, involving the construction of new facilities and production lines, with a total investment of about 1.245 billion yuan [2]. - The project will be developed in three phases over five years, from 2025 to 2030, focusing on products such as silane cable materials, low-smoke halogen-free cable materials, PVC cable materials, and shielding materials [2][3]. Group 2: Market Position and Strategy - Wanma Co., Ltd. has over 30 years of experience in the polymer materials sector, with its subsidiary, Wanma Polymer, maintaining a leading position in the industry [3]. - The expansion aligns with the company's "North-South linkage" strategy, enhancing market competitiveness and operational efficiency while facilitating product exports [1][2]. Group 3: Financial Health and R&D Investment - Despite significant investments, the company's financial status remains secure, with sufficient liquidity to support ongoing projects [4][8]. - R&D expenditures have consistently increased from 473 million yuan in 2021 to 657 million yuan in 2024, contributing to the company's technological and competitive advantages [9]. Group 4: Revenue and Profitability - The polymer materials business is a significant revenue source, with projected revenues of 4.872 billion yuan in 2023 and 5.185 billion yuan in 2024, accounting for 32.22% and 29.20% of total revenue, respectively [3]. - Overall revenue grew from 12.767 billion yuan in 2021 to 17.761 billion yuan in 2024, with net profit increasing from 271 million yuan to 555 million yuan in the same period [9].

Core Viewpoint - The establishment of a wholly-owned subsidiary, Qingdao Wanma Polymer Materials Co., Ltd., aims to enhance production capacity and market competitiveness in the polymer materials sector [1][2]. Group 1: Investment and Project Details - Wanma Polymer plans to invest approximately 1.245 billion yuan in a project to produce 350,000 tons of environmentally friendly polymer materials annually, with funding sourced from its own or self-raised funds [3]. - The project will be developed in three phases from 2025 to 2030, focusing on products such as silane cable materials, low-smoke halogen-free cable materials, PVC cable materials, and shielding materials for cables [3]. Group 2: Company Background - Wanma Polymer is a core subsidiary of Wanma Co., Ltd., established in 1994, recognized as a national key high-tech enterprise and a model unit for intelligent manufacturing by the Ministry of Industry and Information Technology [4]. - The company specializes in a range of polymer materials required for cable manufacturing, with applications across various sectors including transportation, new energy, construction, communication, and electronics [4]. Group 3: Production Capacity - The first phase of the ultra-high voltage insulation material project will have an annual production capacity of 20,000 tons, with subsequent phases also targeting the same capacity [5].

Core Viewpoint - Wanma Co., Ltd. plans to invest approximately 1.245 billion yuan in a new project to produce 350,000 tons of environmentally friendly polymer materials annually in Qingdao, Shandong Province, aiming to enhance its core competitiveness and support sustainable development [1][3]. Group 1: Project Details - The project will be constructed in three phases over five years, from 2025 to 2030, and will involve the establishment of a new company and the acquisition of land and facilities [1]. - The main products of the project include silane cable materials, low-smoke halogen-free cable materials, PVC cable materials, and shielding materials for cables [1]. Group 2: Company Background - Wanma Co., Ltd. is headquartered in Hangzhou, Zhejiang, and specializes in the research, production, and sales of electric wires and cables, polymer materials, and automotive charging equipment [2]. - Wanma Polymer has over 30 years of experience in developing and producing environmentally friendly polymer materials for electric cables, maintaining a leading position in the domestic market [2]. Group 3: Financial Performance - In 2024, the sales volume of Wanma's new materials segment is expected to grow, with a total product output increase of 9.31% year-on-year, and a monthly sales peak exceeding 55,500 tons [3]. - The polymer materials segment is projected to achieve a revenue of 5.185 billion yuan in 2024, reflecting a year-on-year growth of 6.42% [3]. Group 4: Strategic Implications - The investment in the new project is anticipated to alleviate capacity delivery pressures, expand market share, and enhance market competitiveness and operational efficiency [3]. - Establishing the project in Qingdao will improve the domestic market layout for the polymer materials segment, fill the gap in the northern market, and facilitate product exports, aligning with the company's overall development strategy [3].

债券代码：149590 债券简称：21 万马 01 浙江万马股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 浙江万马股份有限公司（以下简称"公司"）第六届董事会第三十七次会议于 日以电子邮件、电话等形式发出。会议由公司董事长赵健先生召集并主持，应出 席董事 9 名，实际出席董事 9 名，符合《公司法》《公司章程》及《董事会议事 规则》等的有关规定。 二、董事会会议审议情况 证券代码：002276 证券简称：万马股份 公告编号：2025-035 经与会董事认真审议，以书面表决方式通过了以下决议： 会议以 9 票同意，0 票反对，0 票弃权，审议通过《关于万马高分子投资建 设"年产 35 万吨环保型高分子材料项目"的议案》。 为实现可持续发展战略，增强核心竞争力，子公司万马高分子拟在山东省青 岛市董家口经济区建设"年产 35 万吨环保型高分子材料产业化项目"，项目产品主 要为硅烷电缆料、低烟无卤电缆料、PVC 电缆料、电缆屏蔽料。具体内容详见 2025 年 7 月 23 日的巨潮资讯网(http://www.cninfo.co ...

Group 1: Five-Year Plan Insights - The "15th Five-Year Plan" draft is expected to be released in Q4 of this year, marking the beginning of the 2026-2030 period, which is crucial for understanding long-term investment trends in China [2][3] - The "15th Five-Year Plan" is significant as it serves as a blueprint for national economic and social development, facilitating the achievement of a modern socialist country and better integration of effective markets and proactive government [3][4] - Key focus areas for the "15th Five-Year Plan" include overall goals, economic and social development targets, innovation-driven growth, and green ecological considerations [5][6] Group 2: Cable Material Industry Analysis - The company, Taihu Yuanda, specializes in environmentally friendly cable materials and has a strong brand influence and technical accumulation in the industry [18][21] - The company has seen stable overall performance, with a compound annual growth rate of 18.14% in revenue from 2020 to 2024, although Q1 2025 experienced a revenue decline of 13.14% due to market conditions [19][20] - The cable materials industry is shifting towards high-performance and specialized products, driven by demand from sectors such as power, telecommunications, and renewable energy [20][21] Group 3: Dairy Industry Outlook - The dairy industry is currently facing an oversupply situation, but demand is expected to stabilize as consumer behavior normalizes and potential consumption stimulus policies are introduced [23][26] - The upstream production capacity is likely to accelerate its reduction due to previous overexpansion and current financial pressures on dairy farms, leading to a potential turning point in raw milk prices [24][25][26] - The forecast indicates that after a period of fluctuation, the raw milk cycle may enter a longer-lasting upward trend in the coming years, driven by improved demand and reduced supply [26]

Core Viewpoint - In 2024, under a complex global economic environment and accelerated domestic industrial restructuring, the company Taihu Yuanda (920118.BJ) is building a new growth pattern through innovation-driven strategies and market expansion [1] Financial Performance - The company achieved an annual revenue of 1.594 billion yuan, a year-on-year increase of 4.64% [1] - The net profit attributable to shareholders was 70.51 million yuan, a slight decrease of 8.97% year-on-year [1] - Total assets exceeded 1.252 billion yuan, a significant increase of 32.66% compared to the beginning of the period [1] - Net assets reached 592 million yuan, a year-on-year increase of 41.76%, with a net asset value per share of 11.64 yuan, up 21.38% from the beginning of the period [1] Company Overview - Taihu Yuanda is a national high-tech enterprise and a national-level specialized and innovative "little giant" enterprise, focusing on the research, manufacturing, sales, and service of environmentally friendly cable materials [2] - The company has become one of the few domestic cable material manufacturers to achieve product series production, maintaining a competitive edge through diverse product offerings and customized solutions [2] Research and Development - The company has increased investment in R&D, resulting in the successful launch of new products such as "marine lightweight silane cross-linked polyethylene insulation material" and "AB cable special weather-resistant silane cross-linked polyethylene overhead insulation material" [3] - The "flame-retardant polyethylene insulation material for photovoltaic applications" has obtained UL certification, supporting the company's entry into international markets [3] - As of the end of 2024, the company has 54 R&D personnel and holds 72 valid patents, including 8 invention patents, showcasing strong technological innovation capabilities [3] Market Expansion - The company has made significant progress in market expansion, increasing its domestic market penetration and developing new overseas customer relationships [3] - The successful hosting of the 14th Cable Materials Conference has further enhanced the company's industry influence [3] Product Structure Optimization - The product line includes silane cross-linked polyethylene cable materials, chemical cross-linked polyethylene cable materials, low-smoke halogen-free cable materials, and shielding materials, widely used in power cable applications [4] - Breakthroughs in high-voltage product development have been achieved, with sales of "cross-linked polyethylene insulation materials for DC transmission cables rated at 100kV and below" and "cross-linked semi-conductive shielding materials for AC cables rated at 110kV" [4] - The company is advancing the industrialization project for cross-linked polyethylene insulation materials for 500kV ultra-high voltage cables [4] Future Outlook - The company aims to leverage its listing opportunity to enhance core competitiveness and market influence, focusing on optimizing internal management processes and increasing R&D investment [5] - Plans for 2025 include accelerating the production process of the "500kV ultra-high voltage cable cross-linked polyethylene insulation material" project to tap into market demand [6] - The company is committed to expanding its market presence in the environmentally friendly high polymer materials sector, supported by partnerships with research institutions and universities [6]