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远东股份(600869):传统主业稳健增长 海缆与人工智能驱动未来发展
Xin Lang Cai Jing· 2025-09-05 06:30
Core Insights - The company reported a robust performance in the first half of 2025, with revenue reaching 12.976 billion yuan, a year-on-year increase of 14.38%, and a net profit attributable to shareholders of 144 million yuan, up 210.60% [1] Group 1: Business Performance - The intelligent cable network business showed significant growth, achieving revenue of 11.486 billion yuan, a year-on-year increase of 11.64%, and a net profit of 271 million yuan, up 75.76% [1] - The overall gross margin of the company was 9.42%, with a net margin of 1.06%, indicating a steady improvement in profitability [1] Group 2: Intelligent Cable Network Business - The company is accelerating upgrades in the intelligent cable network sector, focusing on high-end and intelligent development [2] - The completion of the first phase of the Nantong submarine cable smart factory positions the company with a leading global production line for submarine cables [2] - Strategic partnerships have been formed with companies like Huadian New Energy and Shanghai Electric to expand into the offshore wind power market [2] Group 3: Artificial Intelligence and Robotics - The company has begun bulk supply of high-speed copper cables to leading global AI chip companies and is advancing research and production in liquid cooling technologies [2] - Strategic collaborations with robotics firms such as UBTECH and Zhiyuan Robotics have been established, covering various types of cables for robotic applications [2] Group 4: Smart Battery and Smart Airport Business - The smart battery segment is reducing losses, with revenue of 687 million yuan in the first half of 2025, a year-on-year increase of 40.13% [3] - The company is focusing on high-end markets and has launched the PowerSTROM7000 liquid cooling system, contributing to significant projects in energy storage [3] - The smart airport business continues to grow strongly, with revenue of 751 million yuan, a year-on-year increase of 37.46%, and multiple ongoing projects [3] Group 5: Future Projections - Revenue projections for the company from 2025 to 2027 are estimated at 29.99 billion yuan, 33.89 billion yuan, and 38.34 billion yuan, with net profits of 524 million yuan, 812 million yuan, and 1.005 billion yuan respectively [3]