中天科技 20250826 摘要 公司各业务板块在 2025 年上半年的表现如何？ 电网板块收入接近 100 亿元，同比保持稳定增长。海洋系列产品实现约 30 亿 收入，其中海缆约 20 亿，海工约 9 亿。海缆公司总收入 60 亿，其中包括高压 缆产品。新能源材料方面，PCB 覆铜板市场红火，电子铜箔开工率明显改善， 高端 H 膜开始批量供货。通信网络方面，由于数据中心和人工智能需求增加， 2025 年上半年海洋板块收入增速最快，约增长 37-38%。预计全年通 信板块毛利率将有所改善，下半年光模块放量有望成为新的增长点，推 动通信板块稳中向好。电线电缆业务全年收入指引尚未明确，但新业务 发展将积极影响下半年业绩。 公司计划继续提高现金分红比例以回馈股东。在沙特成立子公司是战略 布局，扩展市场及服务当地需求，涉及海缆产品。公司已确定在中东进 行产能布局，欧洲市场也有可能根据未来机会进行深度布局。 以及运营商政策调整，中天科技以最高价中标中国移动普通光缆第一份额，上 半年通信网络收入保持稳定。 2025 年上半年各业务板块的毛利率情况如何？ 电力板块毛利率保持相对稳定；通信板块因价格变动略有下降，毛利率约 2 ...

前言 光纤+液冷+海工，产品可实现800G甚至T量级超大传输容量，光纤市占率全球前三，拥有复合液冷解决 方案，高速铜缆成功实现量产，这家公司目前在手订单超300亿元，海缆产品种类丰富。 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ...

中天科技 2025 年上半年营收同比增长 10%，基本每股收益增长 7.44%。海洋板块收入增长 37%，达近 30 亿元，其中海缆收入约 20 亿元，海工收入约 9 亿元。电网板块收入接近 100 亿元，保持稳定增长。 新能源板块收入增长超 10%，经营质量改善。通信板块收入约 35-36 亿元，保持稳定。 截至 2025 年 7 月 31 日，中天科技能源板块在手订单总额为 306 亿元， 其中海洋板块订单 133 亿元，电网建设订单超过 150 亿元。预计下半 年将继续确认更多订单，提升盈利能力。新订单包括广东 30 个项目和 三山岛项目，总计 130 多亿。 AI 技术发展显著拉动光纤光缆需求，中天科技作为行业龙头将受益。公 司在空心光纤领域取得进展，产品通过实验室鉴定并具备批量供货能力。 数据中心多模光纤和特种光纤目前在通信板块中的收入占比约为 10%。 中天科技海洋板块毛利率显著改善，达 36%-37%，海工部分达 8%- 9%，占公司总利润约 40%。电力板块贡献接近 40%的利润，通信板块 贡献约 20%。海洋业务板块毛利率提升显著，提高了接近 5 个百分点。 Q&A 中天科技 2025082 ...

格隆汇8月20日｜国海证券研报指出，东方电缆2025H1实现归母净利润4.73亿元，同比下降26.6%；Q2 实现归母净利润1.92亿元，同比下降49.6%，环比下降31.6%。存货、合同负债创历史新高，下半年海缆 交付有望密集启动。公司在手大订单阳江帆石一、青洲五/七、山东半岛北L场址以及英国InchCape项目 目前都已全面开工，这些订单有望在Q3集中交付，带动盈利能力大幅回升。此外，公司已入股英国本 土公司，并深度布局欧洲，市场空间有望进一步打开。公司已经进入到了订单和交付的双高峰期，2025 年下半年以及2026年的订单（特别是500kV与海外订单）与交付都有望继续创新高。维持公司盈利预 测，维持"买入"评级。 ...

Group 1 - The Yunnan Provincial Development and Reform Commission and Energy Bureau announced the second batch of new energy project development plans, involving 206 projects with a total installed capacity of 14.27155 million kilowatts, including 154 photovoltaic projects with an installed capacity of 11.23 million kilowatts, which are required to commence construction by the end of February 2026 [1] - Wind power projects consist of 52 projects with an installed capacity of 3.04155 million kilowatts, which must start construction by the end of July 2026 [1] - This policy accelerates the infrastructure development of new energy, benefiting companies in the photovoltaic and wind power industry chains [1] Group 2 - As of August 20, the Kexin New Energy ETF (588830.SH) rose by 0.55%, and its related index, Kexin New Energy (000692.SH), increased by 0.51% [1] - Major constituent stocks such as Tian Nai Technology rose by 11.00%, Li Yuan Heng by 4.55%, Sany Renewable Energy by 4.32%, Trina Solar by 0.87%, and Jinbo Co., Ltd. by 1.94% [1] Group 3 - Guohai Securities pointed out that the acceleration of offshore wind power construction in Europe will provide export opportunities for Chinese offshore wind equipment manufacturers, as domestic companies possess global competitiveness in wind turbines and submarine cables [1] - Huayuan Securities believes that the approval pace for ultra-high voltage projects is expected to accelerate by 2025, with projects like the Eastern Tibet-South Guangdong-Macao Greater Bay Area already approved, leading to a recovery in the power equipment sector [1] - The demand for new energy power transmission and consumption will continue to drive the development of related industry chains [1]

Core Insights - The offshore wind power industry in Rushan is rapidly developing, with a significant focus on manufacturing wind power equipment, leading to the establishment of a billion-dollar industrial cluster [1][2][3] Group 1: Industry Development - Rushan has created a wind power equipment manufacturing industrial cluster with over 100 enterprises, focusing on the production of core components such as main engines, tower tubes, single piles, and submarine cables [2][3] - The offshore wind power industry in Rushan is expected to achieve an annual output value exceeding 15 billion yuan by the end of this year [2] Group 2: Investment and Infrastructure - The rise of the offshore wind power equipment manufacturing industry in Rushan is attributed to targeted investment strategies, including the introduction of major projects like the Envision Rushan Zero Carbon Industrial Park and the Mingyang High-end Marine Equipment Intelligent Manufacturing Industrial Park [3][4] - As of now, Rushan has attracted 36 wind power equipment manufacturing projects, contributing to the growth of various renewable energy sectors, including photovoltaic, pumped storage, and hydrogen energy [4] Group 3: Future Prospects - The local government aims to develop a green energy industry park and plans to achieve an output value of 11.2 billion yuan in the renewable energy sector by 2024, with a target of forming a 30 billion yuan industrial cluster within the next five years [4]

Group 1: Metal New Materials - The price of rhodium has increased for two consecutive months, while the price of lithium concentrate has also risen, reaching approximately 70,000 yuan/ton. Supply disruptions from the suspension of lithium mines are expected to elevate lithium prices in the short term [4] - The price of rhenium powder has risen, indicating a recovery in demand for military new materials [4] - The price of zirconium oxychloride has decreased in the nuclear power new materials sector, while silicon carbide prices have dropped in the consumer electronics new materials category [4] Group 2: Longqing Co., Ltd. (002391.SZ) - Longqing Co., Ltd. reported a revenue of 2.083 billion yuan for H1 2025, a year-on-year increase of 7.3%. The net profit attributable to shareholders reached 42 million yuan, up 117.8% year-on-year [4] Group 3: Oriental Cable (603606.SH) - Oriental Cable's revenue for H1 2025 was 4.432 billion yuan, a year-on-year increase of 8.95%. However, the net profit attributable to shareholders decreased by 26.57% to 473 million yuan due to delays in offshore wind construction [5] Group 4: Lian Microelectronics (605358.SH) - Lian Microelectronics expects to achieve a revenue of 1.666 billion yuan in H1 2025, a year-on-year growth of 14.19%. However, the company anticipates a net loss of 121 million yuan, which is an increase in losses compared to the previous year [6] Group 5: Stone Technology (688169.SH) - Stone Technology reported total revenue of 7.9 billion yuan for H1 2025, a year-on-year increase of 79%. The net profit attributable to shareholders decreased by 40% to 700 million yuan [7] Group 6: Ecovacs Robotics (603486.SH) - Ecovacs Robotics achieved a revenue of 8.7 billion yuan in H1 2025, reflecting a year-on-year growth of 24%. The net profit attributable to shareholders increased by 61% to 1 billion yuan [8] Group 7: Tianshili (600535.SH) - Tianshili reported revenue of 4.288 billion yuan for H1 2025, a slight decrease of 1.91%. However, the net profit attributable to shareholders increased by 16.97% to 775 million yuan [8]

Wind Power Industry Research Summary Industry Overview - The wind power industry is primarily focused on the ToB/ToG market, with the return on power generation assets being a core concern, influenced by operating hours, electricity prices, and depreciation costs of power stations [1][2][3] - The domestic wind power sector has evolved through several phases: incubation, rapid growth, correction, and parity. Post-2020, both onshore and offshore wind power have become competitive without subsidies, leading to sustained growth [1][2][3] - It is projected that by 2025, onshore wind power installed capacity will exceed 100 GW, while offshore wind power is expected to reach around 10 GW [1][4] Short-term Market Indicators - The market's short-term health can be assessed through approval, bidding, installation, and grid connection data. Bidding is a leading indicator, typically ahead of installation by about a year [4] - In the first half of 2025, onshore wind bidding has decreased, while offshore wind bidding continues to grow. For 2026, onshore installations are expected to remain high, with offshore installations also anticipated to grow rapidly [5][4] Long-term Market Potential - The domestic wind power market has significant long-term development potential, with abundant onshore and offshore resources. Onshore wind is in a large-scale construction phase, while offshore wind is transitioning from nearshore to deep-sea development [6] - Key factors for future growth include economic viability and the pace of customer adoption. Regions like Zhejiang, Liaoning, and Shandong are advancing deep-sea projects, while Guangdong and Jiangsu are expected to continue their development [6] Importance of Overseas Markets - Overseas markets are crucial for domestic companies, with some achieving significant orders and performance abroad. The overseas onshore wind market is experiencing steady growth, particularly in Asia, Africa, and Latin America, while the offshore market is still in its early stages [7] - In the first half of 2025, projects outside mainland China have seen growth, with expectations for significant increases in installed capacity in the coming years, particularly in Europe and the Asia-Pacific region [7] Industry Chain Structure - The wind power industry chain includes key components such as wind turbines, towers, cables, and substations, with upstream products like steel and copper being critical [8] - The industry faces intense competition, leading to price pressures that affect profit margins. However, recent price corrections have been observed, indicating potential improvements in industry profitability [9] Sector-Specific Insights - The wind turbine sector is expected to see a profitability recovery in the second half of 2025, with rising gross margins due to stabilized supply chains and increased efficiency [10] - The wind turbine components market is experiencing growth, with stable prices and improved profitability in blade production and other components [11] - The tower and pile market is competitive, with domestic companies gaining an advantage in offshore projects due to their established capabilities [12] - The submarine cable industry is characterized by high technical barriers, with leading companies benefiting from increased demand and international expansion opportunities [13][14] Overall Industry Outlook - The wind power industry is currently in a phase of overall prosperity, with expectations for significant earnings growth across various segments in the second half of 2025 [16][18] - Investment in the wind power sector, particularly in offshore wind and international markets, is recommended to capitalize on growth opportunities [16][18]

Group 1 - The report maintains a positive outlook on the power equipment industry, highlighting the recovery in wind and thermal power sectors and the potential of fusion energy storage [1][3] - Wind power is expected to see a revaluation of the value of complete machines, with offshore wind and export logic gradually becoming apparent [3][37] - The profitability of wind turbine manufacturers has reached a historical low but is anticipated to rebound as the pace of turbine size increase slows down [10][19] Group 2 - The report emphasizes the importance of traditional energy sources during the 14th Five-Year Plan, with a significant increase in coal-fired power approvals expected in 2025 [38][42] - The energy storage market is accelerating its development, with a focus on both spot and ancillary service markets [3][37] - The report suggests that the nuclear fusion sector should be monitored closely for bidding rhythms and strategic positioning within the core industry chain [3][37] Group 3 - The offshore wind sector is poised for a resurgence, with a backlog of projects ready to commence construction, particularly in Guangdong and Jiangsu provinces [27][28] - The report indicates that the high-voltage and direct current cable market is benefiting from the transition to higher voltage systems, with leading cable manufacturers likely to see improved margins [32][33] - The report provides a valuation table for key companies in the wind power equipment sector, recommending specific stocks such as Goldwind Technology and Dongfang Cable [34][35]

Group 1 - Dandong has prioritized investment attraction as a key economic strategy, implementing a series of initiatives including "leader-led investment, industrial chain investment, platform investment, and business association investment" [1] - In the first half of the year, Dandong's domestic investment increased by 34.7%, with local leaders conducting over 50 investment negotiation activities and a total of 483 investment activities, marking a 125.7% year-on-year increase [1] - Liaoning province has seen a continuous improvement in investment attraction, with actual investment funds reaching 6734.9 billion yuan in the first half of the year, a year-on-year increase of 18.4% [1][2] Group 2 - The introduction of major projects has significantly supported domestic investment, with 4233 domestic projects attracting 6522.4 billion yuan in funds, a 16.7% year-on-year increase [2] - Projects with over 100 million yuan in funding accounted for 84.2% of the total domestic investment, indicating strong confidence in Liaoning as a favorable investment destination [2] - The province is actively engaging in investment activities, with 130 outbound investment activities conducted by local leaders, visiting 732 enterprises and negotiating 493 projects [3] Group 3 - Liaoning is focusing on attracting foreign investment in advanced manufacturing and new energy sectors, with significant projects such as the SK Hynix semiconductor project and various renewable energy projects receiving substantial funding [4] - The province's high-tech industries saw a remarkable increase in foreign investment, growing by 6.87 times year-on-year [4] - Future plans include enhancing investment attraction platforms and organizing promotional activities in key economic regions to secure large and quality projects [4]