证券代码：603530 证券简称：神马电力 公告编号：2025-087 江苏神马电力股份有限公司 关于 2025 年股票期权激励计划预留授予结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●股票期权预留授予登记日：2025 年 10 月 29 日 ●股票期权预留授予登记数量：38.59 万份 ●股票期权预留授予登记人数：12 人 （二）激励对象名单及分配情况 江苏神马电力股份有限公司（以下简称"公司"）于 2025 年 10 月 13 日召开 了第五届董事会第三十二次会议，审议通过了《关于向 2025 年股票期权激励计 划激励对象预留授予股票期权的议案》，根据《江苏神马电力股份有限公司 2025 年股票期权激励计划（草案）》（以下简称"本激励计划"）的规定和公司 2025 年第二次临时股东会的授权，董事会认为 2025 年股票期权激励计划预留授予条 件已经成就，同意确定本激励计划预留授予日为 2025 年 10 月 13 日，向 12 名符 合条件的激励对象授予股票期权 38.59 万份，行权价格为 ...

Core Viewpoint - The concept of ultra-high voltage (UHV) is experiencing a significant upward trend, with several companies in the sector seeing substantial stock price increases [1] Company Performance - Changgao Electric, Sifang Co., and State Grid Yingda have reached their daily price limit increase [1] - China XD Electric, Shunma Power, TBEA, Siyuan Electric, and Hualing Cable have also shown notable price increases, indicating strong market interest in UHV-related stocks [1]

Group 1 - The core viewpoint of the articles highlights the recent trends in stock recommendations and target price adjustments by brokerages from October 20 to October 26, indicating significant movements in the market [1][2]. Group 2 - During the period, brokerages issued a total of 326 target price adjustments, with notable increases for Zhongrun Optical and Guibao Pet, showing target price increases of 74.39% and 66.37% respectively, belonging to the computer equipment and feed industries [1]. - A total of 381 listed companies received brokerage recommendations, with Yanjing Beer receiving the highest number at 21 recommendations, followed by Ningde Times with 20 and Runben Co. with 18 [1]. - Five companies had their ratings upgraded, including Huatai Securities raising Shuangliang Energy's rating from "Hold" to "Buy," and Huayuan Securities upgrading Huayou Cobalt from "Hold" to "Buy" [1]. - Conversely, five companies experienced rating downgrades, such as Zhongyou Securities lowering Shenma Power's rating from "Buy" to "Hold," and Tianfeng Securities downgrading Dirui Medical from "Buy" to "Hold" [1]. Group 3 - In terms of initial coverage, brokerages provided 65 first-time ratings, with Yanjiang Co. receiving a "Buy" rating from Tianfeng Securities, and Qianfang Technology and Zhongyao Holdings both receiving "Buy" ratings from Dongwu Securities [2]. - Other companies like Yingluohua and Yipuli also received ratings, with Yingluohua getting an "Increase" rating from Hualong Securities and Yipuli a "Buy" rating from Global Fortune Management [2].

Investment Rating - The report maintains an "Accumulate" rating for the company, reflecting a downward adjustment in expectations [6]. Core Insights - The company reported a revenue of 1.16 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 29.9%, with a net profit of 280 million yuan, up 28.5% year-on-year. In Q3 2025, revenue reached 460 million yuan, with year-on-year and quarter-on-quarter growth of 33.4% and 9.4%, respectively [3]. - The gross margin for the first three quarters of 2025 was 45.1%, a slight increase of 0.6 percentage points year-on-year, while the net margin was 23.8%, down 0.3 percentage points year-on-year. The overall increase in expense ratios was attributed to increased marketing, management, and R&D personnel to expand market reach and develop new products [4]. - Global investment in power grids is expected to rise, with a projected investment of 390 billion USD in 2024, a 9% increase year-on-year, and an anticipated surpassing of 400 billion USD in 2025. The growth in renewable energy is expected to put continuous pressure on grid security, leading to a long-term positive outlook for grid enhancement [5]. Financial Forecast and Metrics - The company’s projected net profits for 2025-2027 are 430 million, 530 million, and 670 million yuan, respectively, with corresponding price-to-earnings ratios of 37, 29, and 23 times [6]. - Revenue forecasts for 2024-2027 are 1.345 billion, 1.863 billion, 2.484 billion, and 3.177 billion yuan, with growth rates of 40.22%, 38.55%, 33.29%, and 27.92% respectively [10]. - The company’s gross margin is expected to decline slightly from 43.6% in 2024 to 41.0% in 2027, while the net margin is projected to decrease from 23.1% to 21.0% over the same period [11].

Group 1 - The A-share market in China has seen significant growth this year, attracting overseas capital due to strong economic resilience and macro policies [1][3] - QFII and northbound funds have shown a consensus by collectively increasing their positions in 11 A-shares, focusing on sectors related to new productive forces [1][3] - QFII's investment preferences are clearly directed towards technology growth stocks, particularly in lithium batteries, commercial aerospace, and semiconductor sectors [1][3] Group 2 - Among the 29 stocks newly entered or increased by QFII, 11 also saw increased holdings from northbound funds, indicating a strong alignment in investment strategies [3] - Notable stocks such as Platinum New Materials, Dazhu CNC, and China Western Power have seen over 400% increase in holdings from northbound funds, highlighting their appeal [3] - The influx of foreign capital is supported by optimistic reports from major international investment banks, predicting a potential 30% rise in major Chinese stock indices by the end of 2027 [3][4] Group 3 - Over 70% of the 37 QFII heavy stocks reported year-on-year profit growth in the third quarter, with 8 stocks doubling their earnings, showcasing the effectiveness of foreign capital's investment strategies [4] - The synchronized increase in holdings by QFII and northbound funds, particularly in the "new productive forces" sector, reflects international capital's confidence in China's economic transformation and long-term market value [4]

Core Viewpoint - The article highlights the significant increase in foreign investment in Chinese stocks, particularly by QFII and northbound funds, driven by China's economic resilience and favorable macro policies, with the Shanghai Composite Index rising over 12% in Q3 and the Shenzhen Component Index nearly 30% [4][6]. Group 1: QFII Holdings - QFII has increased its holdings in 18 stocks during Q3, with notable new positions in companies like Placo New Materials, Zhongcai Technology, and Zhongce Rubber, reflecting a total holding value of 62.71 billion yuan across 37 stocks [5][8]. - The top three stocks by QFII holding value include Enyuan Electric (12.67 billion yuan), China Western Power (8.77 billion yuan), and Haida Group (7.66 billion yuan) [5][3]. - QFII's focus on technology stocks is evident, with new or increased positions in sectors such as lithium batteries, commercial aerospace, and semiconductors [5][6]. Group 2: Northbound Fund Inflows - Northbound funds have also significantly increased their holdings in 11 stocks, with Placo New Materials seeing a remarkable 868.82% increase in holdings, making it the second-largest shareholder [8]. - The sectors with the most stocks receiving increased foreign investment include electric power equipment, with three stocks: China Western Power, Shenma Electric, and Enyuan Electric [8][4]. Group 3: Performance of QFII Stocks - Among the 37 QFII heavy stocks, 25 reported a year-on-year increase in net profit, indicating a positive performance trend, with over 70% of these stocks showing growth [9]. - Notable performers include Yongding Co., which saw a 474.3% increase in net profit, primarily due to significant investment income from its joint venture in the real estate sector [9].

Group 1 - The stock of Shenma Electric (603530) fell by 9.84% on the trading day, with a turnover rate of 2.92% and a trading volume of 478 million yuan, showing a fluctuation of 8.01% [1] - The stock was listed on the Shanghai Stock Exchange due to a daily decline deviation of -9.78%, with net selling from the Shanghai-Hong Kong Stock Connect amounting to 24.99 million yuan [2] - The top five trading departments had a total transaction volume of 108 million yuan, with a net selling amount of 26.84 million yuan, indicating a significant outflow of funds [2] Group 2 - The latest margin trading data shows that as of October 21, the margin balance for Shenma Electric was 163 million yuan, with a financing balance of 162 million yuan and a securities lending balance of 1.13 million yuan [2] - The company reported a revenue of 1.163 billion yuan for the first three quarters, representing a year-on-year growth of 29.91%, and a net profit of 277 million yuan, with a year-on-year increase of 28.49% [2]

Core Viewpoint - QFII has increased its holdings in several listed companies during the third quarter of 2025, with many of these companies reporting strong performance in their financial results [2][4][8]. Group 1: QFII Holdings and Increases - As of the end of the third quarter of 2025, over 30 listed companies have QFII among their top ten shareholders, involving more than ten different QFII institutions [4]. - J.P. Morgan Securities PLC increased its holdings in China Western Power from approximately 56.82 million shares at the end of Q2 to about 129.67 million shares by the end of Q3, an increase of approximately 7.285 million shares [4]. - J.P. Morgan also increased its stake in Ruixin Technology from about 777,800 shares to 1,223,800 shares, adding approximately 446,000 shares [5]. - Morgan Stanley raised its holdings in Siyuan Electric from about 8.1067 million shares to approximately 11.6187 million shares, an increase of about 3.512 million shares [5]. - Morgan Stanley also increased its stake in Shunma Power from the previous quarter, holding approximately 3.4073 million shares, up by about 776,000 shares [5]. - Goldman Sachs held 1.8317 million shares of Xingwang Yuda, a slight increase of about 13,900 shares [6]. Group 2: Performance of Companies Favored by QFII - Companies that received increased QFII investments generally reported good performance, with most showing year-on-year growth in revenue and profit for the first three quarters of 2025 [8]. - China Western Power reported a revenue of 16.959 billion yuan for the first three quarters, a year-on-year increase of 11.85%, and a net profit of 939 million yuan, up 19.29% [9]. - Siyuan Electric's revenue for the first three quarters was approximately 13.827 billion yuan, a year-on-year increase of 32.86%, with a net profit of about 2.191 billion yuan, up 46.94% [9]. - Shunma Power reported a revenue of 1.163 billion yuan for the first three quarters, a year-on-year increase of 29.91%, and a net profit of 277 million yuan, up 28.49% [9].

Group 1 - The ultra-high voltage sector has experienced significant adjustments, with Shenneng Power hitting the daily limit down [1] - Other companies such as Dongfang Tower, Jingwei Huitai, Baiyun Electric, Guodian Nanzi, Pinggao Electric, and Tebian Electric also saw declines [1]

Core Insights - The company reported a total revenue of 1.163 billion yuan for Q3 2025, with a net profit attributable to shareholders of 277 million yuan [1] - Operating cash flow showed a significant decline, with a net inflow of 28.35 million yuan, down 67.55% year-on-year [1] - The company's latest debt-to-asset ratio stands at 39.43%, an increase of 8.10 percentage points from the previous quarter and 13.25 percentage points from the same period last year [3] Financial Performance - The gross profit margin is reported at 45.06% [4] - Return on equity (ROE) is at 16.97% [4] - The diluted earnings per share (EPS) is 0.66 yuan [5] Operational Efficiency - The total asset turnover ratio is 0.45 times [5] - The inventory turnover ratio is 1.63 times, which represents a decrease of 0.24 times or 12.61% compared to the same period last year [5] Shareholder Structure - The number of shareholders is 11,300, with the top ten shareholders holding 373 million shares, accounting for 86.31% of the total share capital [5] - The largest shareholder is Shanghai Shenma Power Holdings Co., Ltd., with a holding ratio of 62.55% [5]