亨通光电 20250826 摘要 亨通光电 2025 年上半年整体收入增长约 20%，海洋能源与通信、智能 电网业务稳步增长，工业与新能源智能业务大幅增长，市场综合竞争能 力提升，并积极进行产品结构优化。 海洋业务板块订单量充足，预计 2025 年第二季度行业进入拐点，渗透 率将加速发展，为公司带来更大的市场空间和增长潜力，目前在手订单 规模稳定，约为 75 亿元。 智能电网板块保持稳步发展，在手订单保有量维持高水平，并积极推动 铝及铝合金新能源项目扩产，以满足国内新能源产品需求，占比超过 50%，其中智能电网占 40%左右。 工业与新能源智能板块实现大幅增长，一期项目已满产，二期扩产正在 进行中，同时打造全球服务新能源产品智能制造基地，面向出口市场， 扩大市场份额。 海洋能源板块受益于各省份项目进展加速，已核准和启动项目体量约为 30GW，与十四五期间 60GW 的缺口相符，漂浮式产品研发取得突破， 动态缆技术应用前景广阔。 Q&A 亨通光电在 AI 驱动的科技牛市中有哪些具体发展方向和优势？ 亨通光电在 AI 驱动的科技牛市中，特别是在数据中心和光纤领域具有显著优势。 公司未来将重点发展多模光纤、空心光纤 ...

证券研究报告 | 公司点评报告 2025 年 08 月 26 日 亨通光电（600487.SH） 业绩符合预期，跨洋通信与能源互联齐头并进 TMT 及中小盘/通信 事件：公司 8 月 28 日晚发布《2025 年半年度报告》，公司实现营业收入 320.49 亿元，同比增长 20.42%；归母净利润 16.13 亿元，同比增长 0.24%；扣非归母 净利润 15.71 亿元，同比增长 3.69%。 ❑ 风险提示：费用成本加大风险、业务拓展不利风险、市场竞争加剧风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 47622 | 59984 | 66808 | 73559 | 80827 | | 同比增长 | 2% | 26% | 11% | 10% | 10% | | 营业利润(百万元) | 2311 | 3301 | 3867 | 4321 | 4755 | | 同比增长 | 38% | 43% | 17% | 12% | 10% | | 归 ...

Group 1: Monetary Policy and Market Trends - The second quarter monetary policy report emphasizes a focus on domestic demand, with a shift towards supporting technology innovation and consumption [3] - The bond market is expected to remain volatile in the short term due to cautious monetary policy and a relatively active fiscal policy [3][4] Group 2: Company Performance and Industry Insights - Today International's H1 2025 revenue decreased by 14.36% to 1.412 billion yuan, with a net profit decline of 22.53% [6][7] - The company signed new orders worth 2.14 billion yuan, a year-on-year increase of 101.2%, driven by the renewable energy sector [7] - Wei Long's H1 2025 revenue increased by 18.5% to 3.483 billion yuan, with a net profit growth of 18% [10][11] - The company’s gross margin decreased to 47.2% due to rising raw material costs, but internal cost reduction measures helped maintain profitability [13] - Shenhuo Co. reported a 12.1% increase in revenue to 20.43 billion yuan in H1 2025, despite a 16.6% decline in net profit [15][16] - The company’s aluminum production increased by 16.2% to 871,000 tons, benefiting from lower alumina prices [16] - Yanghe Co. experienced a significant revenue drop of 35.32% to 14.796 billion yuan in H1 2025, attributed to industry-wide challenges [19][20] - The company’s sales expenses increased, impacting profitability, with a net profit margin of 18.84% [21] - Dongfang Cable's H1 2025 revenue grew by 9.0% to 4.432 billion yuan, but net profit fell by 26.6% [23][24] - The company has a record high backlog of orders, indicating strong future revenue potential [25] - Weilon Co. announced a stock incentive plan to boost long-term growth, with a target revenue increase of 11%-14% from 2025 to 2027 [28][29] - Haichuang Pharmaceutical's first product, Deuteroenzalutamide, has been commercialized, contributing 13.07 million yuan in revenue in Q2 2025 [32][33]

Core Viewpoint - The company reported a decline in net profit for the first half of 2025, primarily due to delays in the delivery of submarine cable orders caused by slow domestic offshore wind construction, despite a slight increase in revenue [3][4]. Financial Performance - In H1 2025, the company achieved operating revenue of 4.432 billion yuan, an increase of 8.95% year-on-year, while net profit attributable to shareholders was 473 million yuan, a decrease of 26.57% [3]. - The gross margin fell by 4.17 percentage points to 18.26%, and the net margin decreased by 5.16 percentage points to 10.67% [3]. - In Q2 2025, the company reported operating revenue of 2.285 billion yuan, a year-on-year decrease of 17.13%, and a net profit of 192 million yuan, down 49.56% year-on-year [3]. Business Segment Performance - The submarine cable and high-voltage cable business generated revenue of 1.957 billion yuan in H1 2025, up 8.32% year-on-year, with a gross margin of 25.02% [4]. - The marine equipment and engineering operation business saw a significant revenue decline of 44.61%, totaling 275 million yuan, with a gross margin of 29.13% [4]. - The power engineering and equipment cable business achieved revenue of 2.196 billion yuan, an increase of 24.85% year-on-year, with a gross margin of 10.78% [4]. Order Backlog and Future Outlook - The company has a robust order backlog of 19.6 billion yuan as of August 12, 2025, which includes 11 billion yuan for submarine and high-voltage cables, 5 billion yuan for power engineering and equipment cables, and 3.6 billion yuan for marine equipment and engineering operations [5]. - The company is expected to accelerate the delivery of submarine cable orders in H2 2025, with significant projects already under construction, including contracts worth approximately 1.8 billion yuan from Inch Cape Offshore and 1.708 billion yuan from China General Nuclear Power Group [6][7].

丨证券研究报告丨 公司研究丨点评报告丨东方电缆（603606.SH） [Table_Title] 东方电缆：Q2 经营基本触底，排产加速有望奠 定下半年交付放量基础 报告要点 [Table_Summary] 公司发布 2025 年中报，公司实现营业收入 44.32 亿元，同比增长 8.95%；归属净利润 4.73 亿 元，同比下降 26.57%。其中，2025Q2 营业收入 22.85 亿元，同比下降 17.13%；归属净利润 1.92 亿元，同比下降 49.56%。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 周圣钧 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 事件评论 ⚫ 收入端，公司 2025 年上半年营业收入同比增长，其中：海底电缆与高压电缆营收 19.57 亿元，同比增长 8.32%，海洋装备与工程运维营收 2.75 亿元，同比下 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Views - The company experienced pressure on profits in the first half of 2025, with a year-on-year decrease in net profit by 26.57% to 473 million yuan, despite an 8.95% increase in revenue to 4.432 billion yuan [1][2]. - The delay in the delivery of submarine cable orders due to slow domestic offshore wind construction has impacted profitability, but the company has a strong order backlog that supports future growth [2][3]. - The second half of 2025 is expected to see accelerated delivery of submarine cable orders, which should lead to revenue growth [3]. Summary by Sections Financial Performance - In 2025H1, the company achieved revenue of 4.432 billion yuan, a year-on-year increase of 8.95%, while net profit was 473 million yuan, down 26.57% [1]. - The gross margin decreased by 4.17 percentage points to 18.26%, and the net margin fell by 5.16 percentage points to 10.67% [1]. Business Segments - The submarine and high-voltage cable business generated revenue of 1.957 billion yuan, up 8.32% year-on-year, with a gross margin of 25.02% [2]. - The marine equipment and engineering operation business saw a significant decline in revenue, down 44.61% to 275 million yuan [2]. - The land cable business performed well, with revenue of 2.196 billion yuan, an increase of 24.85% year-on-year, but with a lower gross margin of 10.78% [2]. Order Backlog and Future Outlook - As of August 12, 2025, the company had an order backlog of 19.6 billion yuan, with 11 billion yuan in submarine and high-voltage cables, 5 billion yuan in power engineering and equipment cables, and 3.6 billion yuan in marine equipment and engineering operations [2]. - The report highlights several significant submarine cable projects expected to contribute to revenue in the second half of 2025, totaling approximately 68.71 billion yuan [3]. Profit Forecast - The report maintains profit forecasts for 2025-2027, expecting net profits of 1.668 billion yuan, 2.178 billion yuan, and 2.655 billion yuan respectively, with corresponding P/E ratios of 23, 17, and 14 [3][5].

Core Insights - The company reported a total revenue of 4.432 billion yuan for the first half of 2025, an increase of 8.95% year-on-year, while the net profit attributable to shareholders decreased by 26.57% to 473 million yuan [1][2] - The second quarter saw a significant decline in revenue, with total revenue of 2.285 billion yuan, down 17.13% year-on-year, and a net profit of 192 million yuan, down 49.56% [1][2] - The company's accounts receivable reached 3.504 billion yuan, representing 347.61% of the net profit, indicating a high level of receivables relative to profit [1][6] Financial Performance - Gross margin decreased to 18.26%, down 18.6% year-on-year, while net margin fell to 10.67%, a decline of 32.6% [1][2] - Total expenses (selling, administrative, and financial) amounted to 160 million yuan, accounting for 3.6% of revenue, an increase of 2.16% year-on-year [1][2] - Earnings per share dropped to 0.69 yuan, a decrease of 26.6% compared to the previous year, while operating cash flow per share increased by 48.51% to 1.04 yuan [1][2] Changes in Financial Metrics - Inventory increased by 69.91% due to higher stock levels of submarine cables and high-voltage cable products [3] - Contract assets rose by 45.05% due to expected warranty payments due within one year [2] - Short-term borrowings decreased by 100% as the company repaid due loans [2] Cash Flow and Debt - Net cash flow from operating activities increased by 48.51% due to higher receipts from operating transactions [3] - Net cash flow from financing activities decreased by 139.59% due to cash payments for bank loan repayments [4] - The company's cash assets are reported to be very healthy, indicating strong liquidity [5] Market Position and Investor Sentiment - The company's return on invested capital (ROIC) was 13.11%, indicating strong capital returns, although the historical median ROIC over the past decade is 13.58% [4] - Analysts expect the company's performance in 2025 to reach 1.614 billion yuan, with an average earnings per share forecast of 2.35 yuan [6] - Several funds have increased their holdings in the company, with the largest being GF High-end Manufacturing Stock A, which holds 7.8852 million shares [7]

Core Insights - The company reported a revenue of 4.432 billion yuan for the first half of 2025, representing a year-on-year increase of 8.95% [1] - The net profit attributable to shareholders decreased to 473 million yuan, down 26.57% year-on-year [1] - The net profit excluding non-recurring gains and losses was 462 million yuan, a decrease of 21.83% year-on-year [1] - Basic earnings per share were reported at 0.69 yuan [1] Revenue Breakdown - Revenue from power engineering and equipment cables increased by 24.85% year-on-year, contributing a larger share to total revenue, but with lower added value [1] - Revenue from submarine cables and high-voltage cables also increased year-on-year, but the added value declined due to changes in the revenue structure of submarine cable products [1] - Revenue from marine equipment and engineering operations decreased by 44.61% year-on-year, primarily due to a decline in higher added value marine equipment revenue [1] Impact Factors - The decline in net profit was influenced by two main factors: changes in product revenue structure and the absence of asset disposal gains from the previous year [1] - In the first half of 2024, the company recognized asset disposal gains of approximately 52.33 million yuan from the sale of land use rights, which did not recur in 2025 [1]

报告期内公司实现归属于上市公司股东的净利润4.73亿元，同比下降26.57%，扣除非经常性损益的净利 润4.62亿元，同比下降21.83%，主要受两方面影响：一是产品收入结构的变化，2025年上半年，电力工 程与装备线缆收入虽同比增长24.85%，占收入比增加，但其附加值较低；海底电缆与高压电缆营业收 入虽同比增长，但因海底电缆产品收入结构变化，附加值有所下降；海洋装备与工程运维收入同比下降 44.61%，主要系附加值较高的海洋装备收入下降。二是2024年上半年存在出售土地使用权，确认资产 处置收益影响约5233.27万元。 格隆汇8月14日丨东方电缆(603606.SH)公布2025年半年度报告，报告期实现营业收入44.32亿元，同比增 长8.95%；归属于上市公司股东的净利润4.73亿元，同比下降26.57%；归属于上市公司股东的扣除非经 常性损益的净利润4.62亿元，同比下降21.83%；基本每股收益0.69元。 ...

Core Insights - The European offshore wind power market is expected to quadruple in demand driven by "net zero emissions" and "energy independence" goals, with a projected cumulative installation of 126GW from 2025 to 2034, averaging over 12GW annually, which is more than four times the average installation from 2020 to 2024 [1][2][3] Group 1: Market Growth and Demand - The offshore wind power market in Europe is projected to grow significantly, with the underwater foundation market expected to double to 25 billion yuan in the next three years and exceed 40 billion yuan by 2030 [1][6] - The submarine cable market is anticipated to reach 30 billion yuan per year by 2030, representing an approximate 200% increase from 2025 [1][6] Group 2: Policy and Macro Environment - The macroeconomic environment is expected to improve from 2024, with significant policy support for offshore wind development, including increased auction price limits and extended contract durations [3][4] - The EU has set a roadmap to completely eliminate dependence on Russian gas imports by 2027, further emphasizing the need for offshore wind as a key component of energy transition [2][3] Group 3: Supply Chain Dynamics - There is a growing supply chain bottleneck in Europe for offshore wind equipment, with local manufacturers facing long delivery times, while Chinese companies are expanding capacity and can effectively fill this gap [4][5] - The UK shows the highest enthusiasm for offshore wind development, with significant policy support and a pressing need for imported equipment due to a lack of domestic production capacity [5][6]