中化新网讯 9月21日，装载着宁德时代新能源锂电池和万华化学化工产品的海杰航运(香港)有限公司旗 下的"伊斯坦布尔桥"号集装箱船，顺利完成在福州港江阴港区的首次靠泊作业，经由宁波前往北极航 线。至此，福建省生产的化学品有幸见证首条"冰上丝绸之路"中欧"北极快线"首航。 "新航线开通后，船舶班期增多，企业通过福州港出口到欧洲的货物运输计划的选择更加丰富。"中国福 州外轮代理有限公司业务经理肖斌说。据了解，近年来，福建省锂电池出口呈现井喷式增长，尤其是出 口至欧洲的贸易方向。来自厦门海关的统计显示，今年上半年，福建省锂电池出口欧洲352.38亿元，同 比增长26.78%。 海杰航运表示，将基于北极航线(夏季窗口)与苏伊士运河-地中海航线的动态切换，全年为中国至欧洲基 本港提供快速、稳定的运输服务。 "北极快线"的开通也为中欧之间的物流通道提供了多元化选择，与中欧班列和传统远洋航线形成互补， 显著增强了跨境供应链的稳定性与抗风险能力。按计划，"伊斯坦布尔桥"号将于10月8日起陆续抵达弗 利克斯托、鹿特丹、汉堡等欧洲主要港口。 北极航道的开发利用，对中国乃至全球贸易格局都具有深远意义。从经济层面看，它将大幅缩短中国与 ...

Core Viewpoint - The successful docking of the "Istanbul Bridge" container ship at Fuzhou Port marks the launch of Fujian's first "Ice Silk Road" route, enhancing the global reach of "Fujian manufacturing" and "Chinese manufacturing" [1] Group 1: Route Details - The new route connects major domestic ports including Dalian, Qingdao, Shanghai, Fuzhou, and Ningbo, directly reaching key European hubs such as Felixstowe in the UK, Rotterdam in the Netherlands, Hamburg in Germany, and Gdansk in Poland [1] - The entire journey takes only 19 days, which is 7 days faster than the China-Europe Railway Express and over 20 days quicker than traditional Suez Canal routes, as well as 30 days faster than routes around the Cape of Good Hope [1] Group 2: Cargo and Impact - The inaugural voyage carried lithium batteries from Contemporary Amperex Technology Co., Ltd. (CATL) and chemical products from Wanhua Chemical, indicating a focus on high-demand goods [1] - This development is expected to significantly boost the efficiency of logistics for Chinese manufacturers, facilitating quicker access to European markets [1]

Core Viewpoint - The launch of the "Istanbul Bridge" container ship by Hai Jie Shipping marks the establishment of a new Arctic fast shipping route from China to Europe, significantly reducing shipping time and enhancing logistics efficiency for exports from Fujian Province [1] Group 1: Shipping Route Details - The new Arctic fast shipping route is the first direct shipping line from Fujian Province to Europe, completing the journey in just 19 days, which is 7 days faster than the China-Europe Railway Express and over 20 days faster than the traditional Suez Canal route [1] - The route connects major Chinese ports including Dalian, Qingdao, Shanghai, Fuzhou, and Ningbo directly to key European hubs such as Felixstowe in the UK, Rotterdam in the Netherlands, Hamburg in Germany, and Gdansk in Poland [1] Group 2: Economic Impact - This shipping line provides customized fast shipping services for enterprises in the Fuzhou port hinterland, facilitating exports to Europe and supporting the upcoming Christmas trade season as well as the supply of raw materials for European chemical and construction industries [1] - Hai Jie Shipping has designated the Jiangyin Port area of Fuzhou Port as the sole port of call for this route in Fujian Province, creating a "polar shortcut" for inland manufacturing enterprises to benefit from the time efficiency of the Arctic shipping line [1]

Investment Rating - The investment rating for the company is "Add" and is maintained [2] Core Insights - The company reported a steady growth in performance, with H1 2025 revenue reaching 9.302 billion yuan, an increase of 8.74% year-on-year, and a net profit attributable to shareholders of 1.121 billion yuan, up 11.38% year-on-year [5][6] - The gross profit margin increased by 0.55 percentage points to 21.96%, while the expense ratio rose by 0.15 percentage points to 10.71% in H1 2025 [6] - The company is expanding its global footprint, with overseas sales reaching nearly 60,000 units, a year-on-year increase of over 25%, and is establishing manufacturing bases in multiple countries with a total investment of 144 million yuan [6] - The smart logistics segment is rapidly growing, with significant increases in revenue and new orders, and the company has deployed over 7,000 AGVs across more than 20 industries [7] - The company is expected to achieve revenues of 18.016 billion yuan, 19.771 billion yuan, and 21.509 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.215 billion yuan, 2.380 billion yuan, and 2.541 billion yuan [8][10] Financial Summary - As of the latest report, the company's total market capitalization is 32.6 billion yuan, with a total share capital of 1.31 billion shares and a price-to-earnings ratio of 16.15 [4] - The company has a debt-to-asset ratio of 33.5% and a 52-week price range of 24.87 yuan to 16.67 yuan [4] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.69 yuan, 1.82 yuan, and 1.94 yuan respectively [10][11]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [3][8] Core Views - The company reported a revenue of 9.3 billion yuan in the first half of 2025, representing a year-on-year increase of 8.7%, and a net profit of 1.12 billion yuan, up 11.4% year-on-year [3][4] - The second quarter of 2025 saw the company achieve its highest quarterly revenue and net profit in history, with revenues of 4.8 billion yuan, a year-on-year increase of 9.4%, and a net profit of 680 million yuan, up 9.1% year-on-year [4][5] - The company is accelerating its overseas expansion and diversifying its business, with a significant increase in exports, achieving nearly 60,000 units sold overseas, a year-on-year growth of over 25% [5][6] Financial Performance - The company’s gross margin and net margin for Q2 2025 were 23.3% and 15.0%, respectively, with a slight year-on-year increase in gross margin [4] - The company’s earnings per share (EPS) for 2025 is projected to be 1.74 yuan, with expected P/E ratios of 13.0, 11.7, and 10.6 for 2025, 2026, and 2027 respectively [8][12] - The company’s net profit is expected to grow from 2.279 billion yuan in 2025 to 2.784 billion yuan in 2027, reflecting a compound annual growth rate of approximately 10.3% [12][13] Industry Position - The company is positioned as a leading player in the forklift industry, benefiting from brand effect, economies of scale, technological research and development, and service quality [7][8] - The overall sales volume of the forklift industry in the first half of 2025 was 739,334 units, a year-on-year increase of 11.66%, indicating a robust market environment [4][5]

Policy - The Ministry of Ecology and Environment, along with six other departments, released the "Beautiful Rivers and Lakes Protection and Construction Action Plan (2025-2027)", aiming for a 40% completion rate of beautiful rivers and lakes by 2027, with significant results expected by 2030 and basic completion by 2035. The plan also emphasizes the promotion of new energy vessels such as green alcohol, green ammonia, and green hydrogen [2] - The National Energy Administration issued the "Interim Measures for the Management of Nuclear Power Engineering Quotas", establishing a Nuclear Power Engineering Quota Expert Committee to provide technical reviews and consulting for nuclear power engineering quota management [3] Events - Contemporary Amperex Technology Co., Ltd. (CATL) officially listed on the Hong Kong Stock Exchange on May 20, with an IPO price of HKD 263 per share, opening at HKD 296 and closing at HKD 306.2. The total fundraising reached HKD 41 billion, marking the largest IPO in Hong Kong in recent years and globally for the year, with 90% of the funds allocated for projects in Hungary [6] - China Huadian New Energy Group's IPO was approved by the China Securities Regulatory Commission, with plans to raise approximately CNY 18 billion for the construction of 15.17 GW of wind and solar power projects [7] Industry Trends - The U.S. is set to quadruple its nuclear power capacity over the next 25 years, as President Trump signed several executive orders to accelerate nuclear energy development, including reforms to the regulatory processes of the Nuclear Regulatory Commission [4] - Germany is signaling a potential shift in its nuclear policy, indicating it will no longer block nuclear energy from receiving equal treatment with renewable energy in EU legislation. This change comes as public support for nuclear energy in Germany has risen to 55%, a 23% increase from three years ago, driven by energy supply challenges and rising prices [5] - The U.S. Energy Information Administration (EIA) predicts that U.S. electricity consumption will reach historical highs in 2025 and 2026, driven by the expansion of emerging industries such as artificial intelligence and electric vehicle electrification, with expected demand of 4,205 billion kWh in 2025 and 4,252 billion kWh in 2026 [9]

Core Insights - Jiangsu's total electricity consumption from January to April reached 264.08 billion kWh, marking a year-on-year increase of 2.2% [1] - The manufacturing of biopharmaceuticals saw a significant electricity consumption increase of 22.3%, while internet data services surged by 42.4%, and wind energy equipment manufacturing skyrocketed by 52.5% [1] - State Grid Jiangsu Electric Power has implemented various measures to enhance service levels and optimize the business environment, contributing to Jiangsu's economic resilience [1] Group 1: Industry Development - Jiangsu Tianke Heda Semiconductor Co., a major global producer of silicon carbide chips, benefits from a tailored energy service strategy by State Grid Xuzhou Power Supply Company, enhancing power reliability and efficiency [2] - The "one industry, one policy" approach has been adopted in multiple cities, including Nanjing and Suzhou, to support industrial clusters with reliable and green electricity [2] - The implementation of smart management systems in companies like Enhua Pharmaceutical and Jiangsu Normal University has led to energy savings of over 25% [2] Group 2: Project Execution - The completion of a 110 kV capacity expansion project for Zhongjian Technology Co. demonstrates the effective "electric butler" service model, which includes personalized project plans and close collaboration with local governments [3] - State Grid Jiangsu Electric Power has supported 36 key provincial projects, successfully delivering electricity to 24 of them, while reducing connection times by over 30 working days [3] - The launch of Zhongbi's second-phase lithium battery project, with a planned capacity of 27 GWh, showcases the efficient service mechanisms in place for major projects [4] Group 3: Community and Infrastructure - The "open door charging pile" service model introduced by State Grid Nantong Power Supply Company addresses the charging difficulties in old residential areas, significantly reducing installation times [6] - The initiative allows residents to complete the charging pile installation process in just five days, streamlining the approval process through community collaboration [6] - Over 70 old residential communities in Nantong have completed upgrades, with the company aiming to enhance the city's status as a friendly environment for electric vehicles [7] Group 4: Overall Impact - State Grid Jiangsu Electric Power has constructed over 18,000 public charging piles, achieving full coverage in towns and highway service areas, facilitating green travel [7] - The company's efforts span from empowering industrial clusters to enhancing the business environment and improving public welfare, contributing significantly to Jiangsu's modernization efforts [7]