电工合金(300697) - 电工合金调研活动信息

Group 1: Product Capacity and Structure - The company’s main products are categorized into electrified railway contact line series and copper busbar series, with a total designed capacity of 39,700 tons [1] - The designed capacities for individual products are: - Railway contact line: 8,250 tons - Railway bearing wire: 8,250 tons - Copper busbar: 19,000 tons - Copper components: 4,200 tons [1] Group 2: Revenue Structure - In 2020, the revenue structure was as follows: - Railway contact line series: ¥45,024.07 million (28.71%) - Copper busbar series: ¥111,440.08 million (71.06%) - Total revenue: ¥156,464.14 million (99.78%) [2] Group 3: Market Demand and Growth - The demand for electrified railway contact lines and bearing wires is expected to grow significantly due to the expansion of the railway network, projected to reach 175,000 kilometers by 2025 and 200,000 kilometers by 2030 [3] - The rapid development of electrified railways is anticipated to create substantial market demand for contact line products [3] Group 4: Impact of Power System Investments - In 2020, copper used in the power sector accounted for 48.5% of total copper demand in China, indicating that power investment significantly influences copper market trends [4] - Increased domestic power investment is expected to boost the consumption of related copper materials, thereby increasing the demand for the company’s products [4] Group 5: New Energy Vehicle Sector - The company is actively expanding its business in new energy vehicle components, focusing on high-end copper components for critical parts like batteries, motors, and electronic controls [5] - Although the current contribution of this sector to overall business is small, the company aims to develop it into a "third growth curve" to support future growth [5]