登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：001278 证券简称：一彬科技 公告编号：2026-004 宁波一彬电子科技股份有限公司 2025年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、本期业绩预计情况 1、业绩预告期间：2025年1月1日至2025年12月31日。 2、业绩预告情况：预计净利润为负值 （1）以区间数进行业绩预告的 单位：万元 ■ 二、与会计师事务所沟通情况 公司已就业绩预告有关事项与负责公司年报审计的中审众环会计师事务所（特殊普通合伙）进行了预沟 通，公司与会计师事务所在本期业绩预告方面不存在重大分歧。 三、业绩变动原因说明 1、受汽车行业竞争加剧影响，公司客户结构调整，2024年以前公司主要客户为日系等合资品牌，2024 年随着新能源汽车的蓬勃发展，公司为契合行业发展趋势，积极开拓国内整车厂，国内汽车零部件行业 竞争激烈，导致公司的综合毛利率下降较多。 2、受汽车行业竞争加剧影响，公司积极开拓国内客户，导致应收账款增加，信用减值损失计提增加。 受制于回款账期，为保证公司正常经营所需，银行贷款增加，财务 ...

南财智讯1月30日电，一彬科技发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为-7,500万元—-5,500万元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为-8,000 万元—-6,000万元。业绩变动原因说明：1、受汽车行业竞争加剧影响，公司客户结构调整，2024年以 前公司主要客户为日系等合资品牌，2024年随着新能源汽车的蓬勃发展，公司为契合行业发展趋势，积 极开拓国内整车厂，国内汽车零部件行业竞争激烈，导致公司的综合毛利率下降较多。2、受汽车行业 竞争加剧影响，公司积极开拓国内客户，导致应收账款增加，信用减值损失计提增加。受制于回款账 期，为保证公司正常经营所需，银行贷款增加，财务费用同比增加较多。3、面对日益加剧的竞争环 境，公司开始战略转型，产品聚焦在仪表板、副仪表板、立柱、门板、铜排等高附加值产品，成立的一 彬新能源，主要研发、生产、销售铜排、高压电缆等新能源产品，前期研发投入高，厂房及设备投入等 固定资产分摊金额较大，目前销售规模较小，还未形成规模效益，导致亏损。4、为满足客户需求，公 司不断提升就近服务和及时供货能力。近两年来公司成立的子公司或孙公司莆 ...

Group 1 - The core viewpoint of the news highlights a significant surge in the Hong Kong power equipment stocks, driven by Tesla and SpaceX's announcement of plans to build 200GW of solar capacity in the U.S. over the next three years, which exceeds market expectations of 10-20GW annually [1] - Companies such as Goldwind Technology saw a nearly 8% increase, GCL-Poly Energy rose nearly 5%, and Dongfang Electric increased by 2.5%, indicating strong market performance in the sector [2] - The North American market is experiencing a surge in demand for power equipment due to aging grid updates and increased electricity needs from AI data centers, with delivery times for transformers and high-voltage cables nearly doubling in Europe and the U.S. [1] Group 2 - China's exports of transformers, high-voltage switches, and wires and cables saw year-on-year growth of 35.3%, 29.4%, and 22.9% respectively from January to November 2025, indicating a robust international market presence [1] - Huatai Securities is optimistic about the acceleration of the national unified electricity market construction, predicting steady growth in grid investment during the 14th Five-Year Plan period, with high demand for UHV construction and continued rapid growth in main grid investments [1]

Group 1 - The core viewpoint of the news highlights a strong performance in the Hong Kong power equipment sector, with notable increases in stock prices for companies like Goldwind Technology, GCL-Poly Energy, Dongfang Electric, and Harbin Electric [1] - Elon Musk announced at the Davos Forum that Tesla and SpaceX plan to build a total of 200GW solar capacity in the U.S. over the next three years, significantly exceeding the market's annual expectation of 10-20GW, indicating a strategic upgrade in the solar industry towards "AI computing power + energy infrastructure" [1] - The North American market is experiencing a surge in power equipment demand driven by aging grid updates and electricity needs from AI data centers, with delivery times for power transformers and high-voltage cables in Europe and the U.S. nearly doubling [1] Group 2 - From January to November 2025, China's exports of transformers, high-voltage switches, and wires and cables are expected to grow by 35.3%, 29.4%, and 22.9% year-on-year, respectively, indicating a strong overseas market presence [1] - Huatai Securities is optimistic about the accelerated construction of a national unified electricity market, predicting steady growth in grid investment during the 14th Five-Year Plan period, with high demand for UHV construction and continued rapid growth in main grid investment, supported by a 4 trillion yuan investment from the State Grid, benefiting power equipment manufacturers [1]

Core Viewpoint - The A-share market for smart grid stocks has shown significant strength, with multiple companies experiencing substantial gains following the announcement of a major investment plan by the State Grid Corporation of China [1] Group 1: Market Performance - Smart grid stocks collectively surged, with notable gains including: - Shuangjie Electric up over 17% - Electric Power Research Institute up over 15% - Hongxiang Co., Huasu Technology up over 10% - Several other companies including Hanlan Co., Dalian Electric Porcelain, and others hitting the daily limit up [1] - The overall market sentiment is positive, driven by strong investment forecasts and demand in the sector [1] Group 2: Investment Outlook - The State Grid Corporation has projected a fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, a 40% increase compared to the previous plan, with an average annual investment of 800 billion yuan, indicating a compound annual growth rate (CAGR) approaching double digits [1] - Investment will focus on the construction of a new power system, aiming to enhance cross-regional and cross-provincial transmission capacity by over 30% compared to the end of the previous plan [1] Group 3: Export Growth - The North American market is experiencing a surge in demand for power equipment driven by aging infrastructure and increased electricity needs from AI data centers, leading to a significant rise in delivery times for transformers and high-voltage cables [1] - From January to November 2025, China's exports of transformers, high-voltage switches, and wires and cables are expected to grow by 35.3%, 29.4%, and 22.9% year-on-year, respectively, indicating a strong international market presence [1]

Group 1: Investment Overview - The State Grid Corporation of China plans to invest 4 trillion yuan during the 14th Five-Year Plan period, marking a historical high and a 40% increase compared to the previous period [1][2] - In 2023, the company completed a grid investment of 538.1 billion yuan, which is expected to rise to 609.2 billion yuan in 2024, surpassing 600 billion yuan for the first time [1][2] - By 2025, the fixed asset investment is projected to exceed 650 billion yuan, setting another historical record [1] Group 2: Infrastructure Development - The investment will focus on technological innovation and the construction of a new power system, including a backbone grid, distribution networks, and smart microgrids [1][2] - The new grid platform aims to enhance cross-regional transmission capacity by over 30% compared to the end of the 14th Five-Year Plan [2][3] - The development of the grid will support the integration of approximately 30% of renewable energy generation and enhance distributed energy capacity to 900 million kilowatts [3] Group 3: Industry Opportunities - The investment plan is expected to create a high-growth cycle for equipment manufacturers related to ultra-high voltage construction, including key components like converters and transformers [4] - Companies such as TBEA Co., Ltd. and Henan Pinggao Electric Co., Ltd. are positioned to capitalize on the market opportunities arising from the grid upgrades and digital transformation [4][5] - The focus on digitalization will drive demand for smart meters, digital dispatch systems, and AI applications in grid operations [4][5]

Core Viewpoint - China Galaxy Securities predicts that during the "14th Five-Year Plan" period, the investment scale in the power grid may reach around 1 trillion yuan annually, with significant growth expected in the investment from State Grid and Southern Grid in 2026 [1] Group 1: Investment Outlook - The total fixed asset investment by State Grid is expected to reach 4 trillion yuan during the "14th Five-Year Plan," a 40% increase compared to the previous plan, while Southern Grid's investment is projected to be around 1 trillion yuan [1] - The anticipated investment amounts for State Grid and Southern Grid in 2026 are 700 billion yuan and 189 billion yuan, respectively, representing year-on-year growth of 7.6% and 8.0% [1] Group 2: High Voltage and Main Network - By the end of 2025, State Grid plans to complete 42 high-voltage projects, with expectations for further approvals and construction of additional projects in 2026 [2] - The demand for core equipment in the power system is increasing, with a projected tender amount for State Grid's transmission and transformation equipment reaching 91.88 billion yuan in 2025, a year-on-year increase of 25.3% [2] Group 3: Distribution Network and Metering - The distribution network is expected to see significant growth, with a total tender amount of 124.57 billion yuan in 2025, driven by the demand for smart upgrades [3] - The new standards for metering equipment are expected to lead to a recovery in prices, with 2026 anticipated to be a year of simultaneous volume and price increases [3] Group 4: Global Trends and AI Demand - North America is facing a significant electricity shortfall, with AI data center (AIDC) demand projected to increase electricity consumption from 176 TWh in 2023 to between 325-580 TWh by 2028 [4] - Global electricity and grid investment is expected to reach new highs, with projections of $1.5 trillion in 2024 and over $3.3 trillion by 2035, reflecting a compound annual growth rate (CAGR) of 8% from 2025 to 2035 [4] Group 5: Export Opportunities - The overseas supply of power equipment is expected to face shortages, with delivery times for transformers and high-voltage cables in Europe and the U.S. nearly doubling [5] - In the first 11 months of 2025, exports of transformers, meters, and other electrical equipment showed significant growth, indicating a continued upward trend in 2026 [6]

Core Viewpoint - The company has secured multiple significant contracts, totaling approximately 3.125 billion yuan, which strengthens its position in the energy interconnection market and supports future revenue growth [1][2]. Group 1: Order Wins - The company and its subsidiary have received several winning bids, including a total of 9.55 billion yuan for green transmission facilities, 20.62 billion yuan for power renewable projects, and 1.08 billion yuan for deep-sea technology projects, amounting to a total of 31.25 billion yuan [1][2]. - The company has achieved notable success in the green transmission sector, winning orders from major clients such as State Grid and Southern Grid, reinforcing its leading position in the traditional cable market [2]. - A significant breakthrough was made with a 1.9 billion yuan contract for ultra-high voltage submarine cables and EPCI construction in the Asian marine energy interconnection sector, marking a key milestone in the company's overseas expansion [2]. Group 2: Financial Performance - For the first nine months of 2025, the company's revenue from submarine cables and high-voltage cables reached 3.549 billion yuan, accounting for 47.71% of total revenue, with a quarterly revenue of 1.592 billion yuan in Q3, reflecting a 109% quarter-on-quarter increase [3]. - The overall gross margin improved to 22.60%, up by 6.35 percentage points, primarily due to the delivery and recognition of high-margin cable orders [3]. Group 3: Revenue Forecast - Revenue projections for the company from 2025 to 2027 are estimated at 11.724 billion yuan, 14.437 billion yuan, and 16.959 billion yuan, respectively, with corresponding EPS of 2.11, 2.94, and 3.75 yuan [4]. - The current stock price corresponds to a PE ratio of 29.4, 21.1, and 16.6 for the years 2025, 2026, and 2027, respectively, indicating a solid position in the submarine cable market and strong growth driven by order fulfillment [4].

Core Viewpoint - Dongfang Cable has secured new contracts totaling approximately 3.125 billion yuan, significantly enhancing its order backlog and ensuring stable operations for the company [1][2]. Group 1: New Contracts and Order Backlog - Dongfang Cable and its subsidiary, Ningbo Haicable Research Institute, have received multiple bid notifications, with a total contract value of about 3.125 billion yuan [1][2]. - As of October 23, 2025, the company's order backlog stands at approximately 19.551 billion yuan, which, when combined with the new contracts, totals nearly 22.676 billion yuan, more than double the projected revenue for 2024 [1][5]. - The new contracts represent 34.37% of the company's audited revenue for 2024 [4]. Group 2: Business Segments and Market Position - The new contracts are categorized into three main areas: green transmission facilities, power renewable energy, and deep-sea technology [3][4]. - In green transmission facilities, Dongfang Cable won contracts totaling approximately 0.955 billion yuan [3]. - In the renewable energy sector, the company secured contracts worth about 2.062 billion yuan, including a significant project valued at 1.9 billion yuan for high-voltage submarine cables [3][4]. Group 3: Financial Performance and Stability - Dongfang Cable's profitability has remained stable, with net profits around 1 billion yuan annually from 2021 to 2024 [1][9]. - The company reported a revenue of 9.093 billion yuan in 2024, reflecting a year-on-year growth of 24.38%, and a net profit of 1.008 billion yuan, a slight increase of 0.81% [8]. - As of September 2025, the company's debt-to-asset ratio was 45.13%, and it achieved a net operating cash flow of 0.323 billion yuan, marking a continuous increase [9]. Group 4: Research and Development - Dongfang Cable has transitioned from a single product manufacturer to a comprehensive solution provider, enhancing its competitiveness [6]. - The company has consistently invested in R&D, with expenditures exceeding 200 million yuan annually from 2021 to 2023, and reaching 308 million yuan in 2024 [9].

Group 1 - The company, Dongfang Cable, announced significant project wins totaling approximately 31.25 billion yuan, which represents 34.37% of its audited revenue for 2024 [1][5] - The major projects include contracts for green transmission facilities, power new energy, and deep-sea technology, with specific amounts detailed for each category [1][2][4] - The company's market capitalization is reported to be 40.7 billion yuan as of the announcement date [5] Group 2 - In the green transmission facilities category, the company secured contracts worth about 9.55 billion yuan from various power grid projects [1][3] - In the power new energy sector, the company won contracts totaling approximately 20.62 billion yuan, including a significant project worth 1.9 billion yuan for high-voltage cables [2][3] - The deep-sea technology projects contributed an additional 1.08 billion yuan in contract wins, focusing on offshore wind power and related operations [4]