北交所策略专题报告 AI 算力时代：AIDC 引发燃气轮机需求，北交所电力标的抢滩登场 北交所研究团队 ——北交所策略专题报告 | 诸海滨（分析师） | 余中天（分析师） | | --- | --- | | zhuhaibin@kysec.cn | yuzhongtian@kysec.cn | | 证书编号：S0790522080007 | 证书编号：S0790525050003 | AI 算力浪潮驱动燃气轮机与电网设备需求，北交所电力板块迎来高增长机遇 西门子能源公司披露 2026 年第一财季财报。美国是西门子能源本财季订单和营 收增长的最大贡献者，同比增幅分别达到 85.7%和 27.1%。Global Energy Monitor 追踪数据显示，美国目前在建的天然气发电装机容量居世界第一，其中超过三分 之一计划直接为数据中心供电。北交所内电力相关标的共有 15 家，包括民士达、 广信科技、锦华新材、宏远股份、聚星科技、球冠电缆、亿能电力、灿能电力、 科润智控、胜业电气、晨光电缆、雅达股份、派诺科技、格利尔、太湖远大。关 注民士达、广信科技、锦华新材等。广信科技（920037.BJ）为国内少数具备 750 ...

紧握全球电力投资周期，特高压电磁线 龙头落子沙特加速扩张 2026 年 02 月 25 日 公 司 研 究 / 电 力 设 备 / 证 券 研 究 报 告 宏远股份（920018）动态点评 【事项】 2025 年中国变压器出口额创下历史新高，量价齐升。根据华经产业研 究院援引的中国海关数据，2025 年中国变压器出口额达 90.36 亿美 元，同比增长 34.9%。从量价拆分来看，2025 年中国变压器出口数量 为 31.48 亿个，同比增长 4.3%；2025 年中国变压器出口均价为 2.87 美元/个，同比增长 29.3%。 【评论】 挖掘价值 投资成长 增持（首次） 东方财富证券研究所 证券分析师：周喆 证书编号：S1160525040003 证券分析师：陈杨 证书编号：S1160525120004 联系人：胡星亮 相对指数表现 基本数据 总市值（百万元） 4,403.06 流通市值（百万元） 1,529.26 52 周最高/最低（元） 42.00/27.00 -40% -28% -16% -4% 8% 20% 2025/8 2025/11 2026/2 宏远股份 沪深300 | 52 周最高/最低（元 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Viewpoints - The company, Hongyuan Co., specializes in the research and production of electromagnetic wires, achieving a compound annual growth rate (CAGR) of 25.7% in revenue over the past three years. It is recognized as a national "manufacturing single champion enterprise" in the field of electromagnetic wires for ultra/high voltage transformers [3][14]. - The company has a strong market position, holding significant shares in high-voltage transformer projects, with a 24.43% share in direct current converter transformers and a 29.63% share in alternating current transformers in recent bids [5][19]. - The company is actively expanding into the new energy vehicle sector, focusing on high-power drive motors, and has secured orders from domestic and international clients, including VinFast, a Vietnamese electric vehicle manufacturer [5][19]. Company Overview - Hongyuan Co. has a total market capitalization of 42.24 billion yuan and a circulating market value of 14.67 billion yuan, with a current stock price of 33.17 yuan. The company has a total share capital of 1.27 billion shares, with a circulating share capital of 0.44 billion shares [3]. - The company has achieved a revenue of 1.952 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 30.97%, with a net profit attributable to shareholders of 73.84 million yuan, up 4.93% year-on-year [3][6]. Financial Summary and Valuation Indicators - The company is projected to achieve revenues of 2.724 billion yuan in 2025, 3.417 billion yuan in 2026, and 4.438 billion yuan in 2027, with corresponding net profits of 114 million yuan, 148 million yuan, and 196 million yuan respectively [6]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.89 yuan, 1.16 yuan, and 1.54 yuan, with price-to-earnings (P/E) ratios of 35.3, 27.2, and 20.5 respectively [6]. Industry Overview - The electromagnetic cable industry in China had a market revenue of 45.18 billion USD in 2022, with an expected CAGR of 7.43%, projected to reach 96.66 billion USD by 2032. The investment in electric power resources in China has increased significantly, from 328.3 billion yuan in 2019 to 1,168.7 billion yuan in 2024, reflecting a CAGR of 28.91% [4]. - The global market for electric wires and cables is expected to reach 267.8 billion USD in 2024, with a CAGR of 7.3% from 2025 to 2034 [4]. Competitive Position - The company has established a strong competitive position in the high-voltage transformer electromagnetic wire market, with a significant number of patents (80 in total) and a history of successful bids in major ultra/high voltage projects [5][24]. - The company has a well-developed production system and a stable customer base, including major domestic and international clients, ensuring a reliable supply chain and long-term partnerships [18][19].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Insights - The company, Hongyuan Co., specializes in the research and production of electromagnetic wires, achieving a compound annual growth rate (CAGR) of 25.7% in revenue over the past three years. It is recognized as a national "Manufacturing Single Champion" in the field of electromagnetic wires for ultra/high voltage transformers [3][14]. - The company has a strong market position, with a significant share in the ultra/high voltage transformer market, and is actively expanding into the new energy vehicle sector, particularly in high-power drive motors [5][19]. - Revenue projections for 2025-2027 indicate a steady increase in net profit, with expected figures of 114 million, 148 million, and 196 million yuan, respectively, alongside corresponding earnings per share (EPS) of 0.89, 1.16, and 1.54 yuan [3][6]. Company Overview - Hongyuan Co. has established itself as a leading manufacturer of electromagnetic wires for high voltage transformers, with a diverse product range including paper-wrapped wires, enameled wires, and combination wires [14][19]. - The company has been awarded 80 patents, including 16 invention patents, and has made significant technological advancements in the field, particularly in the application of electromagnetic wires in ultra/high voltage projects [5][24]. Industry Analysis - The electromagnetic cable industry in China is experiencing robust growth, with a market revenue of $45.18 billion in 2022 and an expected CAGR of 7.43%, reaching $96.66 billion by 2032 [4]. - Investment in electrical resources in China has surged from 328.3 billion yuan in 2019 to an anticipated 1,168.7 billion yuan in 2024, reflecting a CAGR of 28.91% [4]. - The global market for electrical cables is projected to reach $267.8 billion in 2024, with a CAGR of 7.3% from 2025 to 2034 [4].

Group 1 - The core viewpoint of the news highlights the financial performance and trading activities of Changcheng Technology, indicating a mixed performance in terms of stock trading and financial metrics [1][2][3] Group 2 - As of February 6, Changcheng Technology's stock price increased by 1.19%, with a trading volume of 80.03 million yuan [1] - The financing data shows that on February 6, the company had a financing buy-in amount of 5.86 million yuan and a financing repayment of 10.37 million yuan, resulting in a net financing buy of -4.51 million yuan [1] - The total financing and securities balance for Changcheng Technology reached 187 million yuan, accounting for 3.44% of its circulating market value, which is above the 70th percentile of the past year [1] - On the same day, the company had no shares repaid in securities lending but sold 500 shares, amounting to 13,200 yuan, with a securities lending balance of 52,700 yuan, exceeding the 80th percentile of the past year [1] Group 3 - As of September 30, the number of shareholders for Changcheng Technology increased to 27,800, a rise of 5.96%, while the average circulating shares per person decreased by 5.62% to 7,425 shares [2] - For the period from January to September 2025, Changcheng Technology reported an operating income of 9.443 billion yuan, a year-on-year decrease of 0.68%, while the net profit attributable to shareholders increased by 13.80% to 215 million yuan [2] Group 4 - Since its A-share listing, Changcheng Technology has distributed a total of 1.446 billion yuan in dividends, with 1.012 billion yuan distributed over the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited became the fourth largest circulating shareholder, holding 1.4504 million shares as a new shareholder [3]

Group 1 - The company has not yet signed a share transfer agreement with relevant parties [2][3] - The company is actively monitoring the development trends in the upstream and downstream industries of electromagnetic wire [2][3] - The company aims to strengthen and expand its electromagnetic wire business [2][3]

Group 1 - The core viewpoint of the article is that Guancheng New Materials (600067) is actively engaging with investors regarding its product applications and market segments [1] Group 2 - The company's electromagnetic wire products are primarily used in automotive motors, power tools, industrial motors, and household appliances [1] - The company's flat wire products are mainly supplied for use in new energy vehicle motor materials [1] - The company has a small supply of electromagnetic wire products for the aerospace sector [1]

Group 1 - The core viewpoint of the article is that Guancheng New Materials primarily supplies electromagnetic wire products to domestic companies, including domestic institutions established by foreign entities, and does not have direct export business overseas [2] Group 2 - The company engaged with investors on an interactive platform to clarify its market focus and operational strategy [2]

Group 1 - The core viewpoint of the article is that Guancheng New Materials (600067.SH) primarily supplies its electromagnetic wire products to domestic enterprises, including those established by foreign entities within China, and does not have direct export business overseas [1] Group 2 - The company engages in the domestic market without involvement in international exports [1]

Group 1 - The company has confirmed that its electromagnetic wire products primarily supply domestic enterprises, including those established by foreign entities in China, and does not have direct export business overseas [1] - An investor inquired about the company's potential export business to EU member states and the revenue contribution from the EU region to the overall business [1]