格隆汇9月18日｜天风证券研报指出，亨通光电上半年实现归母净利润16.13亿元，同比增长0.24%；Q2 实现归母净利润10.56亿元（YOY-3.63%），业绩基本符合预期。海洋项目持续拓展斩获，在手订单 多。截止2025H1，公司拥有海底电缆、海洋工程及陆缆产品等能源互联领域在手订单金额约200亿元， 或为后续持续快速增长做强有力支撑。亨通光电AI先进光纤材料研发制造中心扩产项目已于近期正式 投入建设，计划2026年2月竣工。该项目瞄准未来发展趋势，布局扩产，满足对多模、多芯、空芯等特 种光纤持续增长的市场需求。液冷方面，2025年，亨通与行业合作伙伴联合打造的高密度计算场景--新 一代浸没式液冷解决方案发布，契合数据中心未来散热需求。维持"买入"评级。 ...

Core Viewpoint - Japan is planning a comprehensive inspection of its submarine cable infrastructure, focusing on whether companies have used key components from Chinese suppliers, following similar actions by the United States [1][3]. Industry Overview - The global submarine cable market is dominated by three companies: SubCom (USA), NEC (Japan), and Alcatel Submarine Networks (France), which together hold about 90% market share. Since 2008, Chinese companies have entered the market, now accounting for approximately 98% of the global submarine cable manufacturing and installation alongside the aforementioned companies [1][3]. Government Actions - The Japanese government will conduct an investigation during the fiscal year ending March 2026, encouraging companies to replace Chinese components if found. Concerns about rising costs may lead the government to consider subsidies to support these companies [1][3]. - Japan's reliance on submarine cables is critical, as 99% of its international communications depend on them. Any damage or delays in repair could severely impact financial transactions and daily life [3][4]. Supply Chain and Infrastructure - The investigation will also assess the operational capabilities of companies in laying and maintaining cables, which require specialized vessels. Currently, only KDDI and NTT own such vessels, while others rely on rentals [4][5]. - A fund of $440 million was established in 2022 to encourage the construction of more cables, and future amendments to the Economic Security Promotion Act may include submarine cable services as strategic [5][6]. Geopolitical Context - Japan's actions align with U.S. efforts to exclude Chinese companies from the submarine cable supply chain, citing national security concerns. This has raised alarms about Japan's dependency on Chinese vessels for cable maintenance [5][6]. - The U.S. has faced criticism for politicizing submarine cables, which are essential for global connectivity. Excluding Chinese suppliers could hinder rapid repairs of damaged cables, impacting infrastructure reliability [6][7].

Core Viewpoint - The company is experiencing rapid growth in its marine segment due to the commencement of the Jiangsu Dafeng offshore wind project, with expected marine segment revenue exceeding 7 billion by the end of the year, doubling from the previous year [1][4][8] Financial Performance - In the first half of 2025, the company reported revenue of 23.6 billion, a year-on-year increase of 10.19%, and a net profit attributable to shareholders of 1.568 billion, up 7.38% year-on-year [2][3] - The second quarter of 2025 saw revenue of 13.844 billion, a 5.09% year-on-year increase and a 41.90% quarter-on-quarter increase, with net profit of 940 million, reflecting a 14.14% year-on-year growth [3] Marine Business Growth - The company has secured marine orders totaling approximately 13.3 billion, laying a solid foundation for future growth, with marine segment revenue in the first half of 2025 reaching 2.896 billion, a 37.19% increase year-on-year [4] - The company has successfully won multiple international submarine cable projects, including significant contracts in the Middle East and Southeast Asia [4] New Product Development - The company is actively developing anti-resonant hollow core fibers and other products, which are expected to create a second growth curve [1][6] - The company has established a comprehensive R&D system for hollow core fiber technology, aiming to enhance its capabilities in various applications [6][7] Future Outlook - The company anticipates that the marine segment will continue to grow, with confirmed projects in the second half of 2025, including offshore wind projects and oil and gas projects [1][4][8] - Profit forecasts for the company indicate net profits of 3.584 billion, 4.118 billion, and 4.724 billion for 2025 to 2027, with corresponding price-to-earnings ratios of 15X, 13X, and 12X [8]

Core Viewpoint - Hengtong Optic-Electric (600487) reported a strong performance in its 2025 interim report, with total revenue reaching 32.049 billion yuan, a year-on-year increase of 20.42%, and a net profit attributable to shareholders of 1.613 billion yuan, up 0.24% year-on-year [1] Financial Performance - Total revenue for the second quarter was 18.781 billion yuan, reflecting a year-on-year growth of 26.64% [1] - Net profit for the second quarter was 1.056 billion yuan, showing a decline of 3.63% year-on-year [1] - The company's gross margin was 13.59%, down 17.88% year-on-year, while the net margin was 5.4%, a decrease of 17.05% year-on-year [1] - The total of selling, administrative, and financial expenses was 1.4886 billion yuan, accounting for 4.64% of revenue, down 18.52% year-on-year [1] Balance Sheet Highlights - Accounts receivable amounted to 18.332 billion yuan, a 5.02% increase year-on-year, with accounts receivable to net profit ratio at 662.07% [1][7] - Cash and cash equivalents increased by 30.87% to 112.764 billion yuan [1] - Interest-bearing liabilities rose by 3.32% to 16.439 billion yuan [1] Operational Insights - The company experienced a 20.42% increase in operating income due to strategic optimization and growth in marine energy, communication, and smart grid sectors [3] - Operating costs increased by 24.69%, driven by the rise in operating income [3] - Research and development expenses decreased by 9.68%, attributed to increased investment in product development [5] Cash Flow Analysis - Net cash flow from operating activities surged by 83.46%, indicating a significant increase in cash inflows from operations [5] - Cash flow from investing activities decreased by 48.55%, while cash flow from financing activities increased by 227.14% [6] Market Position and Future Outlook - The company is well-positioned in the context of "new infrastructure," "carbon peak and carbon neutrality," and "digital China," with a strong focus on high-voltage construction and digital upgrades in the power grid [10] - For 2024, the company expects to achieve a revenue of 59.984 billion yuan, a year-on-year increase of 25.96%, and a net profit of 2.769 billion yuan, up 28.57% [10] - As of March 2025, the company had substantial orders in hand, including approximately 18 billion yuan in energy interconnection projects and over 3 billion USD in the PEACE transoceanic cable communication system [10]

Summary of Hengtong Optic-Electric Conference Call Company Overview - **Company**: Hengtong Optic-Electric - **Date**: First half of 2025 Key Points Industry and Company Performance - **Overall Revenue Growth**: Approximately 20% increase in revenue for the first half of 2025 [2][6] - **Core Business Segments**: - **Marine Energy and Communication**: Steady growth with a significant increase in orders [2][4] - **Smart Grid**: Maintained steady development with high order backlog [2][7] - **Industrial and New Energy Intelligence**: Significant growth with ongoing expansion projects [2][8] Market Dynamics - **Marine Business**: Anticipated industry turning point in Q2 2025, with increased market penetration expected [2][4] - **Order Backlog**: Current order backlog is stable at approximately 7.5 billion yuan [2][10] - **Smart Grid Projects**: Focus on expanding aluminum and aluminum alloy new energy projects to meet domestic demand [2][7] Product Development and Innovation - **AI-Driven Technology**: Focus on high-end products such as multimode and hollow-core fibers, with hollow-core fiber loss values reaching ≤ 0.2 dB/km [3] - **Specialty Fiber Growth**: Specialty fibers now account for about 20% of revenue, with significant applications in data centers and communication networks [15][31] Financial Metrics - **Gross Margin**: Marine energy and communication gross margin decreased by 2-3 percentage points, currently between 30% and 35% [27][28] - **Revenue Structure**: Smart grid and industrial new energy segments account for over 50% of total revenue, with smart grid at approximately 40% [12][29] International Expansion - **Overseas Market Growth**: Overseas business accounted for 50% of total optical communication revenue, showing a continuous growth trend [13][30] - **Global Presence**: Operations in various regions including Brazil, South Africa, Germany, and India, with a focus on North American AI data center market [17][20] Future Outlook - **Strategic Focus**: Continued emphasis on marine cables, liquid cooling products, and traditional business growth [36][42] - **Market Confidence**: Strong confidence in future growth in marine energy and communication sectors, with ongoing project developments [21][41] Additional Insights - **Liquid Cooling Technology**: Development of silent liquid cooling products aimed at addressing energy consumption and heat dissipation in data centers [24][25] - **Project Pipeline**: Significant project approvals across multiple provinces, indicating robust future growth potential in marine energy [11][21] This summary encapsulates the key insights and developments from Hengtong Optic-Electric's conference call, highlighting the company's performance, market dynamics, product innovations, and future strategies.

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company reported a revenue of 32.049 billion yuan for the first half of 2025, representing a year-on-year growth of 20.42%. The net profit attributable to shareholders was 1.613 billion yuan, with a slight increase of 0.24% year-on-year [1]. - The company is focusing on expanding its capabilities in deep-sea wind power and enhancing its leadership position in marine energy interconnection. It is actively involved in new infrastructure projects under the national marine power strategy [7]. - The company is advancing its global operations strategy, with simultaneous developments in cross-ocean communication and energy interconnection. As of the report date, the company had 7.5 billion yuan in orders related to marine communication and approximately 20 billion yuan in energy interconnection projects [7]. Financial Data and Valuation - The company is projected to achieve total revenue of 66.808 billion yuan in 2025, with a year-on-year growth of 11%. The net profit attributable to shareholders is expected to reach 3.330 billion yuan, reflecting a growth of 20% [2][15]. - The earnings per share (EPS) is forecasted to be 1.35 yuan in 2025, with a price-to-earnings (PE) ratio of 15.0 [2][15]. - The company’s total assets are estimated to be 63.152 billion yuan in 2025, with a debt-to-asset ratio of 46.4% [13][15]. Performance Metrics - The company achieved a gross margin of 13.1% and a net margin of 5.0% in 2025 [15]. - The return on equity (ROE) is projected to be 11.1% in 2025, indicating a strong profitability outlook [15]. - The company has a total market capitalization of approximately 49.9 billion yuan, with a circulating market value of 49.4 billion yuan [3].

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].