聚焦能源电力，一体两翼稳健发展，AI 有望实现突破公司聚焦于能源电力，逐步形成智能缆网、智能 电池、智慧机场一体两翼产业布局，从订单情况看各业务均表现向好趋势，新布局业务有望贡献成长新 动力。 1）25 年前三季度归母净利润1.68 亿元，同比扭亏为盈。 2）25 年1-10 月公司中标/签约千万元以上合同订单合计214.02 亿元，YOY+4.5%，创历史新高，智能缆 网、智能电池和智慧机场分别获超千万合同订单166.40/23.17/24.46 亿元，随着在手订单逐步交付，今 年业绩增速有望转正；3）AI 领域有望突破，目前已实现全球领先人工智能芯片公司高速铜缆、智驾数 据传输线、车载线、电源线及连接器等批量供货，并聚焦仿生歧管微通道与材料创新，推动下一代芯片 液冷板测试与量产筹备；同时已获得国内领先AI 算力芯片公司code。AI 产业快速发展有望带动公司相 关业务放量。 4）25 年前三季度，公司人工智能、算力和机器人新兴市场业务实现营收7.13 亿元，同比增长 139.52%。 公司坚持智能缆网、智能电池、智慧机场一体两翼产业布局，传统业务持续改善向好，AI 新业务有望 贡献业绩及估值弹性。预计25 ...

Group 1 - The stock price of Far East Holdings closed at 6.81 yuan on August 27, 2025, down by 0.18 yuan, representing a decline of 2.58% from the previous trading day [1] - The trading volume on that day was 1.1555 million hands, with a transaction amount of 810 million yuan, and the price fluctuation was 6.01% [1] - Far East Holdings' main business includes the research and manufacturing of electric wires and cables, smart cable network products and systems, as well as lithium battery materials [1] Group 2 - On August 25, 2025, Far East Holdings received research visits from several institutions, including Tianfeng Securities and CITIC Jianan [1] - The company announced that it has obtained global leading AI chip supplier qualification codes and is gradually expanding its cooperation in the AI chip field [1] - During the research, the company emphasized its strategic layout in the fields of electric power, computing power, and AI [1] Group 3 - On August 27, 2025, the net outflow of main funds from Far East Holdings was 39.5563 million yuan, accounting for 0.26% of the circulating market value [1] - Over the past five days, the net inflow of main funds was 87.8543 million yuan, representing 0.58% of the circulating market value [1]

Core Insights - The company reported a revenue of 26.094 billion yuan for 2024, an increase of 6.66% year-on-year, but incurred a net loss attributable to shareholders of 318 million yuan [1] - The smart battery business showed significant revenue growth, achieving 1.654 billion yuan in 2024, a year-on-year increase of 180.47% [2] - The smart cable network business faced challenges, with a revenue of 22.703 billion yuan in 2024, a decrease of 2.22 percentage points in gross margin [1] Revenue and Profitability - In 2024, the company achieved total revenue of 26.094 billion yuan, with a net loss of 318 million yuan and a non-recurring net loss of 377 million yuan [1] - For Q1 2025, the company reported revenue of 4.874 billion yuan, a 1.3% increase year-on-year, and a net profit of 46 million yuan, up 84.65% [1] - The smart battery segment generated revenue of 1.654 billion yuan in 2024, with a gross margin of -8.54% [2] Business Segment Performance - The smart cable network business generated revenue of 22.703 billion yuan in 2024, with a gross margin of 10.16%, down 2.22 percentage points [1] - The smart battery business's revenue for Q1 2025 was 329 million yuan, with a net loss reduced by 33.14% year-on-year [2] - The smart airport business achieved revenue of 1.659 billion yuan in 2024, a 35.76% increase, and secured 93 airport engineering projects [3] Strategic Developments - The company entered a technology licensing agreement with the UK-based battery manufacturer Volklec to enhance global energy storage technology [3] - The company is focusing on product upgrades in the smart cable network sector and has made significant breakthroughs in AI-related projects [1] - Strategic partnerships have been established with various robotics companies for the supply of flexible drag chain cables and robotic arm cables [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company is transitioning from a cable leader to a comprehensive service provider in smart energy and smart cities, with a focus on intelligent cable networks, smart batteries, and smart airport services [3][4] - Revenue has grown from 17.155 billion yuan in 2019 to 24.465 billion yuan in 2023, with a CAGR of 9.27%. However, net profit has fluctuated, with a forecasted net loss of 1.5 to 3 billion yuan for 2024, indicating a wait for performance inflection points [3][4] Summary by Sections 1. Transition to Smart Energy and Smart City Services - The company aims to become a global leader in smart energy and smart city services, having established a dual-wing business model focusing on intelligent cable networks and smart batteries [8][11] 2. Intelligent Cable Networks - The company is the largest cable manufacturer in China, with a market share of approximately 48% in the wind power sector and 60% in nuclear power cables. Future growth is expected from stabilized copper prices and the production of submarine cables [4][31][44] - Revenue from intelligent cable networks increased from 17.211 billion yuan in 2020 to 22.598 billion yuan in 2023, although net profit has been affected by fluctuating copper prices [49][50] 3. Smart Batteries - The smart battery segment has faced continuous losses, with a forecasted net loss of 5.05 billion yuan in Q3 2024. However, the company has secured significant orders, indicating potential for recovery [64][88][92] - The company has established a full industry chain layout from cell to system, with a current battery capacity of 7 GWh and plans for expansion [78][83] 4. Smart Airport Services - The smart airport business is expected to grow steadily, benefiting from increasing demand for civil aviation and supportive government policies for low-altitude economy development [98][106] - The subsidiary, Beijing Jinghang An, holds top qualifications in airport engineering and has a strong market presence in navigation lighting [107] 5. Emerging Business Opportunities - The company is leveraging its technological expertise in traditional businesses to enter new markets such as robotics cables and AI-related products, enhancing its valuation [3][4] 6. Profit Forecast and Valuation - The profit forecast for 2024-2026 is adjusted to -218 million, 666 million, and 1.03 billion yuan respectively, with corresponding EPS of -0.1, 0.3, and 0.46 yuan. The current stock price corresponds to PE ratios of -50, 16, and 11 times [5][4]