新亚电子（605277.SH） 25H1 业绩实现稳步增长，持续推进线缆产品升级迭代 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3,186 | 3,531 | 4,032 | 4,725 | 5,647 | | 增长率 yoy（%） | 88.9 | 10.8 | 14.2 | 17.2 | 19.5 | | 归母净利润（百万元） | 144 | 153 | 181 | 220 | 276 | | 增长率 yoy（%） | 1.0 | 6.0 | 18.1 | 21.6 | 25.8 | | ROE（%） | 10.8 | 10.4 | 11.3 | 13.0 | 14.6 | | EPS 最新摊薄（元） | 0.45 | 0.47 | 0.56 | 0.68 | 0.85 | | P/E（倍） | 56.8 | 53.6 | 45.4 | 37.3 | 29.7 | | P/B（倍） | 6.1 | 5.6 | 5.1 | 4.8 | 4.3 | 资 ...

Core Viewpoint - Xin Hongye plans to raise no more than 300 million yuan through a targeted issuance of shares to strengthen its market position in the special cable industry [1][2]. Fundraising and Projects - The company intends to use the raised funds for three major projects: 1. Super Fusion Conductor Cable R&D and Industrialization Project with a total investment of approximately 215 million yuan, aiming to produce 1.8 million kilometers of low-voltage wires annually [2]. 2. High-Power Charging Connection and Cooling System R&D and Industrialization Project with a total investment of 54.82 million yuan, targeting an annual production of 22,000 liquid-cooled supercharging guns and 11,000 thermal management systems [2]. 3. New Generation Nuclear Power Station Special Cables and Electrical Penetration Components R&D and Industrialization Project with a total investment of 49.57 million yuan, aiming for an annual output of 30,000 kilometers of nuclear power cables and 250 electrical penetration components [2]. Financial Performance - As of Q1 2025, Xin Hongye reported a revenue of 755 million yuan, a year-on-year increase of 55.35%, and a net profit attributable to shareholders of 34.43 million yuan, up 20.43% year-on-year [6]. - The company’s revenue for 2024 reached 2.648 billion yuan, marking a historical high, although the net profit decreased by 29.61% to 116 million yuan [6]. Market Position and Product Development - Xin Hongye focuses on various special cables, including those for new energy vehicles, charging stations, photovoltaic systems, and nuclear power [4]. - The company has established itself as a core supplier for major clients like BYD and Li Auto, particularly in the electric vehicle sector [5]. - Xin Hongye is also expanding into emerging markets such as humanoid robotics and low-altitude economy, providing customized cable solutions for complex applications [5]. R&D Investment - The company has been increasing its R&D investment, with amounts of 54.70 million yuan in 2022, 61.30 million yuan in 2023, and projected 82.39 million yuan in 2024, representing a steady increase in the proportion of R&D investment relative to revenue [6].