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） | | | | | | ...

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 - The company, Yuancheng Cable Co., Ltd., is planning to issue shares to specific investors, primarily its controlling shareholder, Su Xin Investment, to raise up to RMB 245 million for working capital, subject to regulatory approvals [2][4][5]. Group 1: Issuance Details - The issuance has been approved by the company's board and requires further approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [2]. - The total number of shares to be issued will not exceed 76,086,956, representing up to 30% of the company's total share capital prior to the issuance [2]. - The issue price is set at RMB 3.22 per share, which is at least 80% of the average trading price over the 20 trading days preceding the pricing date [3][4]. Group 2: Financial Implications - The total amount to be raised is capped at RMB 245 million after deducting related issuance costs, with prior investments of RMB 50 million already accounted for [4][5]. - The company’s retained earnings will be shared among both new and existing shareholders post-issuance [5]. - The issuance may lead to a short-term dilution of earnings per share and other financial metrics, which investors should consider [10][14]. Group 3: Shareholder Structure - The controlling shareholder, Su Xin Investment, holds 18.11% of the shares, while its partner, Lianxin Asset, holds 10.56%, together controlling 28.67% of the company [25][26]. - The actual controller of the company is the Wuxi State-owned Assets Supervision and Administration Commission, which influences major decisions [26]. Group 4: Industry Context - The cable industry is characterized by intense competition and is significantly influenced by macroeconomic conditions, regulatory policies, and raw material prices [7][8]. - The company operates in a capital-intensive sector, with a high dependency on the prices of copper and aluminum, which constitute a large portion of production costs [8][10]. - The industry is subject to strict production licensing and safety standards, which can impact operational flexibility [7][28].

Group 1: Investor Relations Activity Overview - The company held an online performance briefing on May 14, 2025, with participation from key executives including the chairman and general manager [2] - A total of 67 questions were raised during the Q&A session, with 48 questions (approximately 72%) related to shareholder inquiries [2][3] - Over 50% of the other questions raised were found to contradict information available on the company's official website and previous disclosures [3] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 308,987.37 million, representing a year-on-year growth of 10.38% [4] - The net profit attributable to shareholders was CNY 3,812.14 million, a decrease of 42.55% compared to the previous year [4] Group 3: Operational Challenges and Strategies - The company is facing a decline in accounts receivable and inventory turnover rates, which could lead to a negative cycle of "increased revenue without profit" [3] - To enhance profitability, the company plans to implement lean management practices, optimize production processes, and strengthen credit management for accounts receivable [3][4] - The company aims to improve operational efficiency by focusing on cost control, risk management, and product innovation [3] Group 4: Research and Development - In 2024, the company reported 17 completed R&D projects, with 14 products achieving advanced or leading status in the domestic market [3] - The company has been recognized as a national "specialized, refined, distinctive, and innovative" small giant, reflecting its strong product innovation capabilities [6] Group 5: Market Strategy and Product Development - The company plans to deepen its involvement in the special cable sector and adapt its product offerings to meet the demands of emerging industries such as robotics and renewable energy [4][7] - The company is focusing on optimizing its product structure and enhancing its market presence in both the East China and Northeast regions, tailoring products to local environmental conditions [8] Group 6: Future Outlook and Industry Trends - The domestic cable industry is expected to grow, driven by ongoing investments in grid upgrades, with an estimated total investment of nearly CNY 3 trillion during the 14th Five-Year Plan period [7] - The demand for cables in the industry is projected to reach approximately CNY 1.8 trillion by 2026 [7]

Group 1 - The article provides a comprehensive overview of the wire and cable industry, highlighting key listed companies and their business layouts [1][2][3] - Major listed companies in the wire and cable sector include Baosheng Co., Far East Co., Qifan Cable, and others, with a focus on their business operations and financial performance [2][3][6] - The industry is characterized by a significant presence in Jiangsu and Zhejiang provinces, with Baosheng Co. being a representative enterprise [3] Group 2 - Baosheng Co. leads the industry with a revenue of 354.44 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 5.36% [6][9] - Other companies like Far East Co. and Qifan Cable reported revenues ranging from 106 billion to 185 billion yuan, with Jingda Co. showing a notable growth rate of 22.38% [6][9] - The profitability of these companies varies, with Baosheng Co. having a relatively low net profit of 0.25 billion yuan despite its large revenue [6][9] Group 3 - The article discusses the business performance of various companies, indicating that Baosheng Co. has a dominant market position with 96.22% of its revenue coming from wire and cable operations [9][10] - Companies like Jingda Co. and Dongfang Cable have shown strong revenue growth rates of 27.35% and 24.27%, respectively, indicating robust development [9][10] - The article also notes that some companies, such as Qifan Cable and Sun Cable, experienced revenue declines of -3.55% and -14.38%, respectively, suggesting operational challenges [10] Group 4 - The article outlines the business plans of major companies in the wire and cable industry for 2024, emphasizing innovation and market expansion [14][16] - Baosheng Co. focuses on technological and business model innovation to enhance competitiveness, while Far East Co. is investing in smart manufacturing and digital production systems [14][16] - Other companies like Qifan Cable and Jingda Co. are also adapting their strategies to address market changes and explore new opportunities in clean energy and other sectors [14][16]

Investment Rating - The report assigns a rating of "Buy" to the company with a current price of 9.98 CNY and a fair value of 11.52 CNY [3]. Core Views - The company is expected to benefit from the recovery in aerospace demand, with a strong positioning in the special cable sector and significant profit elasticity due to product structure optimization [1][36]. - The company plans to achieve a revenue growth of 0-50% and a net profit growth of 0-100% in 2025 compared to 2024 [7][8]. - The aerospace and fusion equipment cable revenue has shown a significant improvement, with a 232.07% increase in early 2025 compared to the same period in 2024 [7][8]. Financial Forecast - Revenue is projected to grow from 34.70 billion CNY in 2023 to 74.76 billion CNY by 2027, with annual growth rates of 15.1%, 19.8%, 24.4%, 21.6%, and 18.8% respectively [2][40]. - The company's EBITDA is expected to increase from 161 million CNY in 2023 to 560 million CNY in 2027, reflecting a strong upward trend [2]. - Net profit is forecasted to rise from 87 million CNY in 2023 to 336 million CNY in 2027, with significant growth rates of -21.2%, 26.1%, 61.2%, 42.2%, and 34.3% [2][40]. Business Overview - The company is a leading manufacturer of special cables, with a strong focus on aerospace, data communication, and other high-end applications [10][25]. - It has established a competitive advantage in the special cable market, particularly in aerospace and fusion equipment, with over 70 years of technical experience [7][36]. - The company has been recognized as one of the top 50 in the "China Cable Industry 100" and has consistently been rated among the "Top Ten Brands of Special Cables" in China [10][25]. Market Opportunities - The aerospace and fusion equipment sector is expected to see increased demand due to modernization efforts in military and defense spending, with projections indicating a market demand exceeding 10 billion CNY by 2027 [28]. - The company is also actively expanding into emerging markets such as commercial aerospace, low-altitude economy, and robotics, which are anticipated to drive future growth [36][31]. - The electric power sector is poised for growth due to infrastructure upgrades and increased capital expenditures, with significant investments planned by state-owned enterprises [30][39].

星标 ★ IPO日报 精彩文章第一时间推送 本周（4月21日至4月25日），据证监会官网新增披露，西安新通药物研究股份有限公司（下称"新通药物"）、深圳市千分一智能技术股份有限公司 （下称"千分一"）、浙江亘古电缆股份有限公司（下称"亘古电缆"）、北京煜鼎增材制造研究院股份有限公司（下称"煜鼎增材"）、粤芯半导体技术 股份有限公司（下称"粤芯半导体"）等5家公司进行了上市辅导备案。 截至4月25日， 4月披露进行上市辅导备案的公司有18家。2025年以来，IPO辅导备案新增110家。 IPO日报注意到，新通药物是注册制以来，科创板首例未能在批文有效期内启动发行从而IPO失败的公司； 千分一占据主动笔全球25%市场份额；技术大 佬云集的煜鼎增材辅导前完成由雄安新区政府平台领投的B轮融资；广东本土半导体企业粤芯半导体集齐广汽资本、上汽投资、北汽投资参股，融资金额 超过55亿元。 制图：佘诗婕 拿到批文却没上市 具体来看，新通药物成立于2000年，注册资本约3.7亿元，聚焦于慢性乙肝、肝癌、癫痫等重大疾病领域药物研发。 新通药物于4月21日向陕西证监局递交了IPO辅导备案，辅导机构为中信证券。 这不是新通药物第一次 ...

Company Overview - The company specializes in the research, production, and sales of electric wires, cables, and cable accessories, primarily serving major clients such as the State Grid Corporation and Southern Power Grid [5][12] - The company achieved operating revenue of 3,089,873,737.70 yuan, representing a year-on-year increase of 10.38%, while the net profit attributable to shareholders decreased by 42.55% to 38,121,440.92 yuan [5] Financial Performance - As of December 31, 2024, the company's total assets amounted to 428,040.81 million yuan, with equity attributable to shareholders of 166,233.53 million yuan [5] - The company received a standard unqualified audit opinion from the accounting firm Xin Yong Zhong He [3] Business Segments - The main products include 220kV and below power cables, electrical installation wires and cables, overhead bare conductors, and cable accessories, which are designed to meet various special performance requirements [7][10] - Power cables are used for transmitting and distributing high-power electrical energy, while electrical installation wires and cables connect power to various devices [8][9] Industry Position - The company has been recognized as one of the top 100 competitive enterprises in the Chinese cable industry for several consecutive years [12] - The wire and cable products are essential for the electrification and informationization of society, widely used in power generation, transmission, and various applications across different sectors [11]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company reported a total revenue of 3.585 billion yuan for 2024, representing a year-on-year growth of 20.19%, and a net profit attributable to shareholders of 132.92 million yuan, up 8.43% year-on-year [2] - The company is expected to achieve net profits of 148 million yuan, 184 million yuan, and 210 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.55, 0.68, and 0.78 yuan [2] - The current stock price corresponds to a PE ratio of 25.4, 20.4, and 17.9 for the years 2025, 2026, and 2027 [2] Revenue Breakdown - The company achieved a revenue of 3.295 billion yuan from power cables in 2024, a year-on-year increase of 22.16%, with power cables, electrical equipment cables, and bare wires accounting for 91.93%, 7.65%, and 0.41% of total revenue respectively [3] - Sales revenue in the East China region reached 2.695 billion yuan, accounting for 75.18% of total revenue, with a year-on-year growth of 36.32% [3] - Major clients include State Grid Corporation and China Southern Power Grid, contributing 51.57% and 11.03% of sales revenue respectively, with the top five clients accounting for 74.32% of total sales [3] Market Expansion - The company is actively expanding its market presence among large state-owned enterprises and has made significant progress in this area [4] - The company is also increasing its efforts in foreign trade, establishing an independent foreign trade team to expand its overseas cable market business [4] - A procurement framework contract has been signed with Wanhua Chemical Group for the supply of power cables [4] Financial Summary and Valuation Metrics - The company’s projected revenues for 2025, 2026, and 2027 are 4.077 billion yuan, 4.696 billion yuan, and 5.279 billion yuan respectively, with year-on-year growth rates of 13.7%, 15.2%, and 12.4% [6] - The net profit attributable to shareholders is projected to grow to 148 million yuan, 184 million yuan, and 210 million yuan for the years 2025, 2026, and 2027, with corresponding year-on-year growth rates of 11.1%, 24.4%, and 14.0% [6] - The company’s gross margin is expected to be 12.2%, 12.2%, and 11.8% for the years 2025, 2026, and 2027 respectively [9]

Investment Rating - The investment rating for Qiu Guan Cable is maintained at "Outperform" [2] Core Views - Qiu Guan Cable reported a total revenue of 3.585 billion yuan for 2024, representing a year-on-year growth of 20.19%, and a net profit attributable to shareholders of 132.92 million yuan, up 8.43% year-on-year [2] - The company is expected to achieve net profits of 148 million yuan, 184 million yuan, and 210 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.55 yuan, 0.68 yuan, and 0.78 yuan [2] - The current stock price corresponds to a PE ratio of 25.4, 20.4, and 17.9 for the years 2025, 2026, and 2027 respectively [2] Revenue and Market Performance - In 2024, the revenue from power cables reached 3.295 billion yuan, a year-on-year increase of 22.16%, with the East China region contributing 2.695 billion yuan, accounting for 75.18% of total revenue and growing by 36.32% year-on-year [3] - The top five customers, including State Grid Corporation and China Southern Power Grid, contributed 74.32% of total sales revenue [3] - Qiu Guan Cable is actively developing high-end products such as 500kV cables through collaboration with research institutions to enhance product technology and market competitiveness [3] Market Expansion and Contracts - The company has made progress in expanding its market among large state-owned enterprises and is also increasing efforts in foreign trade, including establishing an independent foreign trade team [4] - A procurement framework contract was signed with Wanhua Chemical Group for the supply of power cables [4] Financial Summary and Projections - The financial summary indicates a projected revenue increase to 4.077 billion yuan in 2025, 4.696 billion yuan in 2026, and 5.279 billion yuan in 2027, with respective year-on-year growth rates of 13.7%, 15.2%, and 12.4% [6] - The gross profit margin is expected to be 12.2% in 2025, with net profit margins of 3.6% for 2025 and 4.0% for 2027 [9]