电力设备 | 电网设备 北交所|公司点评报告 证券研究报告 hyzqdatemark 2025 年 08 月 25 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | 年 | 08 | | | 月 | 22 | | | | | 日 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 10.76 | | | | | | | | | | | 年 内 低 | 高 | | | | | | | / | 最 | | | | 一 | | | （元） | | | | | | | | | | | | | | | | 总市值（百万元） | | | | 3,491.40 | | | | | | | | | | | | 流通市值（百万元） | | | | | | ...

Core Viewpoint - Hunan Huazhong Cable Co., Ltd. reported a revenue of approximately 2.19 billion yuan for the first half of 2025, reflecting a year-on-year growth of 12.35%, driven by demand in emerging markets and efforts in technological innovation and cost control [1][2] Financial Performance - The company achieved a net profit attributable to shareholders of approximately 63.64 million yuan, a year-on-year increase of 4.74% [1] - The net profit after deducting non-recurring gains and losses was about 54.36 million yuan, up 10.98% year-on-year [1] - Basic earnings per share stood at 0.12 yuan [1] Business Segments Growth - The special cable business generated revenue of 876 million yuan, marking a 15.23% increase year-on-year [1] - The power cable business reported revenue of 645 million yuan, with a year-on-year growth of 10.18% [1] - The electrical equipment cable business achieved revenue of 437 million yuan, reflecting a 13.05% increase year-on-year [1] Product Development and Innovation - The company has increased R&D investment, launching new products tailored to emerging market needs, including high-temperature and radiation-resistant cables for aerospace and high-conductivity, flexible cables for new energy vehicle charging [2] - In the first half of 2025, the company focused on R&D in new energy, wind power, mining, engineering machinery, marine, and aerospace sectors, executing 31 major R&D projects [2] - The company is advancing 16 new product development projects and 15 key improvement projects for existing products [2] Market Outlook and Strategy - Analysts noted that the company holds a strong competitive position in the specialized cable market, with growth in emerging sectors providing significant opportunities [2] - The demand for special cables is expected to continue growing due to national initiatives promoting new productive forces in aerospace, new energy, and rail transportation [2] - The company plans to enhance market expansion efforts, deepen its focus on the special cable market, and continue technological innovation and product upgrades to improve core competitiveness [2]

Core Viewpoint - The company, YuanCheng Co., is focused on the research, production, and sales of electric wires and cables, with a commitment to expanding its business in the data center infrastructure sector [1]. Group 1: Company Overview - YuanCheng Co. reported a stock price of 5.08 yuan as of August 13, 2025, reflecting a decrease of 0.39% from the previous trading day [1]. - The company's main products include power cables, control cables, and fire-resistant cables, which are applicable in new infrastructure projects such as data centers [1]. Group 2: Business Development - The company has indicated its intention to continue expanding its business related to new infrastructure construction, particularly in the data center sector [1]. - Recent communications on the investor interaction platform confirmed that the company's products are suitable for use in data centers [1]. Group 3: Market Activity - On August 13, 2025, the net outflow of main funds was 738.03 million yuan, with a cumulative net outflow of 2,793.33 million yuan over the past five days [1].

格隆汇8月13日丨远程股份(002692.SZ)于投资者互动平台表示，公司的电力电缆、控制电缆、防火电缆 等产品可应用于数据中心领域。公司将继续拓展包括大数据中心在内的新型基础设施建设相关业务，为 经济高质量发展贡献远程力量。 ...

Group 1 - The stock price of Zhongchao Holdings closed at 4.93 yuan on August 12, 2025, down by 0.18 yuan, a decrease of 3.52% from the previous trading day [1] - The company operates in the power grid equipment sector, focusing on the research, production, sales, and service of wires and cables, with products used in power transmission and equipment supply [1] - The half-year performance forecast for 2025 indicates that the company expects to achieve a net profit attributable to shareholders of 5.8 million to 8.6 million yuan, marking a turnaround from losses in the previous year [1] Group 2 - On August 11, the company announced that 10 directors and executives, including the chairman and the general manager, plan to collectively reduce their holdings by 2.0387 million shares due to personal financial needs, with the chairman planning to sell no more than 300,000 shares [1] - On August 12, there was a net outflow of 52.504 million yuan in main funds, accounting for 0.82% of the circulating market value, while over the past five trading days, there was a cumulative net inflow of 290 million yuan, representing 4.52% of the circulating market value [1]

Core Viewpoint - Asia Pacific Wire & Cable (APWC) has shown a positive stock performance with a 2.91% increase, reflecting investor interest despite a decline in net profit [1] Financial Performance - As of December 31, 2024, APWC reported total revenue of $473 million, representing a year-on-year growth of 11.02% [1] - The company's net profit attributable to shareholders was $3.486 million, which is a decrease of 9.85% compared to the previous year [1] Business Operations - APWC primarily engages in the manufacturing and distribution of telecommunications (copper and fiber), power cables, and enameled wire products in the Asia-Pacific region [1] - The company also provides engineering project services related to the supply, delivery, and installation of power cables for its customers [1]

Core Viewpoint - Henan Tong-Da Cable Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, driven by strong demand in its core business segments, particularly in high-voltage cable production and aerospace component processing. Company Overview and Financial Indicators - The company’s stock code is 002560, and it is listed on the Shenzhen Stock Exchange [2] - The total assets at the end of the reporting period were approximately 5.01 billion yuan, a decrease of 1% from the previous year [2] - The net profit attributable to shareholders was approximately 60.45 million yuan, representing an increase of 89.08% year-on-year [2] Business Performance - The company achieved an operating revenue of approximately 3.62 billion yuan, a year-on-year increase of 37.28% [2][3] - The cable business revenue grew by 35.49%, while the aerospace component processing business saw a growth of 43.51% [3] - New orders for the cable business increased by 80.17%, with significant growth in orders from state-owned enterprises and overseas markets [3][4] Main Business Segments - The primary business segments include the production and sale of cables, precision machining of aircraft components, and aluminum composite materials [3][4] - The cable products are categorized into four main types: high-voltage cables, power cables, new energy cables, and high-end application cables [3][4] - The company has established itself as a leading supplier in the ultra-high voltage cable market in China [3][4] Competitive Advantages - The company emphasizes technological research and innovation, maintaining a strong focus on quality control and production management [8][9] - The introduction of advanced production lines has improved efficiency and reduced costs, particularly in the aerospace component processing segment [8][10] - The company has a stable management team with extensive industry experience, contributing to its strategic planning and operational effectiveness [8][9] Financial Performance Analysis - The operating costs increased by 38.62% due to higher sales volume, while the gross profit margin slightly decreased [15][16] - Research and development expenses rose by 25.37%, reflecting the company's commitment to innovation [15] - The net cash flow from operating activities was negative, primarily due to increased procurement expenditures [15] Market Position and Client Base - The company serves major clients such as the State Grid, Southern Power Grid, and China Railway, establishing a strong brand reputation in the industry [11][12] - The products are widely used in significant national projects, including high-speed rail and renewable energy initiatives [14][15]

Macro Overview - The core focus for the second half of the year is to consolidate the positive economic situation while addressing prominent issues such as low prices, declining investment growth, and continuity in consumption policies. The GDP growth rate for the first half of the year reached 5.3%, exceeding expectations [2][3][4] Fixed Income Strategies - In the recent period, strategies such as low-price enhancement, improved dual-low, and high-price high-elasticity recorded returns of 2.6%, 2.3%, and 4.8% respectively, outperforming the benchmark of 2.4%. Year-to-date, these strategies have achieved returns of 9.7%, 21.3%, and 38.4% against a benchmark of 10.3% [12][13][14] Agriculture Sector - The pig farming industry shows a recovery in profitability, with July pig prices stabilizing after a decline. The average price in July was 14.96 yuan/kg, down 8% from the end of 2024. The focus remains on high-quality pig enterprises with good financial conditions [24][25][26] - The pet food sector is in a growth phase, with an increase in market share for quality enterprises. The export value of pet food in the first half of the year saw a slight increase of 0.4% year-on-year [24][26] Steel Industry - The commencement of the Yajiang hydropower project, with an investment of approximately 1.2 trillion yuan, is expected to boost demand for basic and special steel. The project will require significant amounts of steel, estimated at 180,000 tons for basic materials alone [30][31][33] - The recent publication of the "Rural Road Regulations" is anticipated to release demand for infrastructure upgrades, further benefiting the steel sector [31][33] Investment Recommendations - For the agriculture sector, it is recommended to focus on high-quality pig farming enterprises and monitor cost changes closely. In the steel industry, the focus should be on leading enterprises that can benefit from infrastructure projects and capacity adjustments [26][33]

Group 1 - The core viewpoint of the article highlights that the photovoltaic industry is showing signs of "anti-involution," with prices in the supply chain expected to rise again. The price of silicon materials continues to increase, while silicon wafer prices have stabilized, leading to a more positive market sentiment due to the rise in silicon material prices [1] - Experts from the China Photovoltaic Industry Association suggest that companies need to enhance their competitiveness through technological differentiation, brand differentiation, and innovation in systems and mechanisms, returning to the essence of business to avoid homogenization and short-term scale expansion [1] - In the power equipment sector, the State Grid's bidding amount for the third round of transformer equipment in 2025 reached 21.189 billion yuan, with a 23.79% share for combined electrical appliances, and power cables and transformers accounting for 4.273 billion yuan and 4.260 billion yuan respectively [1] Group 2 - The photovoltaic 50 ETF tracks the photovoltaic industry index, which is compiled by China Securities Index Co., Ltd. This index selects listed companies involved in the upstream and downstream of the photovoltaic industry chain from the A-share market, including silicon materials, silicon wafers, battery cells, modules, and photovoltaic equipment [1] - The index comprehensively reflects the overall performance of listed companies in the Chinese photovoltaic industry, characterized by high industry concentration and outstanding growth potential [1] - Investors without stock accounts can consider the Guotai CSI Photovoltaic Industry ETF Initiated Link A (013601) and Guotai CSI Photovoltaic Industry ETF Initiated Link C (013602) [1]

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **Chinese power grid infrastructure investment** and the **high voltage transmission sector**. The focus is on the performance and trends in the power equipment market, including bidding results and export data. Key Points and Arguments Power Grid Investment - From January to April, China's power grid investment reached **140.8 billion yuan**, reflecting a **14.6% year-on-year increase**. However, April's growth showed a slight decline compared to earlier months, where the growth rate was over **20%** [1] - The investment is expected to continue to rise throughout the year due to substantial plans from **State Grid** and **Southern Grid** [1] High Voltage Transmission - The **State Grid** has completed two batches of high voltage equipment bidding this year, totaling **1.48 billion yuan**, which is lower than last year's **1.7 billion yuan** for the same period [2] - The bidding for high voltage line materials has surged to **17.87 billion yuan**, setting a historical high, with the first batch at **7.74 billion yuan** and the second at **10.13 billion yuan** [2] Metering Equipment - The first batch of P4 metering equipment bidding totaled **7.5 billion yuan**, a **43.63% decrease** year-on-year. The A-grade meters saw a **48% drop** in bidding amounts [3][4] - The decline in bidding amounts is attributed to a significant drop in prices as manufacturers attempt to clear inventory [5] Digitalization and AI - The digitalization bidding reached **1.5 billion yuan**, a **16% increase** year-on-year, with digital equipment seeing a **13% increase** [7] - The demand for AI servers is expected to grow, with a focus on the development of the **Electricity Trading Platform 3.0** [9] Export Performance - From January to April, transformer exports reached **4.58 billion yuan**, a **33.65% increase** year-on-year, with liquid transformers showing the highest growth [15][16] - The export of electric meters also increased, with April's export amount reaching **980 million yuan**, a **34% year-on-year increase** [16] - High voltage switchgear exports reached **8.3 billion yuan**, reflecting a **44% increase** [17] Domestic and International Demand - Domestic demand remains strong despite price pressures, with expectations of continued growth in the second half of the year due to ongoing high voltage projects [24] - The relationship with the EU is stable, with China becoming the largest importer of transformers in the EU, surpassing Turkey [22] Future Outlook - The upcoming months are expected to see more high voltage projects initiated, leading to increased demand for related equipment and orders [24] - The overall industry is anticipated to face manageable pressure with significant growth opportunities in both domestic and international markets [23] Additional Important Insights - The digitalization efforts are being hampered by progress delays, but future demand for AI in the power sector is expected to remain robust [9] - The competitive pricing environment is likely to improve as new bidding cycles for meters are anticipated, which will shift focus from older models to newer ones [6]