Investment Rating - The report assigns a rating of "Buy" to the company with a current price of 9.98 CNY and a fair value of 11.52 CNY [3]. Core Views - The company is expected to benefit from the recovery in aerospace demand, with a strong positioning in the special cable sector and significant profit elasticity due to product structure optimization [1][36]. - The company plans to achieve a revenue growth of 0-50% and a net profit growth of 0-100% in 2025 compared to 2024 [7][8]. - The aerospace and fusion equipment cable revenue has shown a significant improvement, with a 232.07% increase in early 2025 compared to the same period in 2024 [7][8]. Financial Forecast - Revenue is projected to grow from 34.70 billion CNY in 2023 to 74.76 billion CNY by 2027, with annual growth rates of 15.1%, 19.8%, 24.4%, 21.6%, and 18.8% respectively [2][40]. - The company's EBITDA is expected to increase from 161 million CNY in 2023 to 560 million CNY in 2027, reflecting a strong upward trend [2]. - Net profit is forecasted to rise from 87 million CNY in 2023 to 336 million CNY in 2027, with significant growth rates of -21.2%, 26.1%, 61.2%, 42.2%, and 34.3% [2][40]. Business Overview - The company is a leading manufacturer of special cables, with a strong focus on aerospace, data communication, and other high-end applications [10][25]. - It has established a competitive advantage in the special cable market, particularly in aerospace and fusion equipment, with over 70 years of technical experience [7][36]. - The company has been recognized as one of the top 50 in the "China Cable Industry 100" and has consistently been rated among the "Top Ten Brands of Special Cables" in China [10][25]. Market Opportunities - The aerospace and fusion equipment sector is expected to see increased demand due to modernization efforts in military and defense spending, with projections indicating a market demand exceeding 10 billion CNY by 2027 [28]. - The company is also actively expanding into emerging markets such as commercial aerospace, low-altitude economy, and robotics, which are anticipated to drive future growth [36][31]. - The electric power sector is poised for growth due to infrastructure upgrades and increased capital expenditures, with significant investments planned by state-owned enterprises [30][39].

Core Viewpoint - The company, Hualing Cable, has demonstrated significant growth in its operating performance, driven by strong demand in its core business areas, particularly in aerospace and special equipment cables [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 1.005 billion yuan, a year-on-year increase of 11.38%, and a net profit of 32.16 million yuan, up 55.54% [1]. - For the year 2024, the company reported revenue exceeding 4 billion yuan for the first time, reaching 4.158 billion yuan, a growth of 19.82%, with a net profit of 109 million yuan, up 26.07% [2]. - The company's total assets as of the end of Q1 2025 were 4.71 billion yuan, a 1.5% increase from the previous year, while net assets grew by 2.4% to 1.657 billion yuan [1]. Group 2: Business Segments - The power cable and special cable businesses showed strong growth in 2024, generating revenues of 1.579 billion yuan and 2.136 billion yuan, respectively, with year-on-year increases of 26.47% and 18.44% [2]. - Special cables accounted for over 50% of the company's revenue for two consecutive years, with proportions of 51.96% in 2023 and 51.37% in 2024 [2]. Group 3: Market Expansion and Innovation - The company has been actively expanding its market presence through new product promotions, long-term contract renewals, and customer base expansion, particularly in the power new energy sector [2]. - In terms of technological innovation, the company's R&D expenses have increased annually, totaling 347 million yuan over the past three years, with 345 authorized patents as of the end of 2024 [3]. - The company has undertaken over 50 national, provincial, and municipal technology projects, focusing on solving key technical challenges in military and special cable fields [3].

Group 1: Industry Focus and Growth Areas - The company identifies key growth areas in the aerospace and integrated equipment sector, metallurgy and mining, and strategic emerging industries such as robotics and high-performance data transmission cables [2][3] - The demand for special cables in the metallurgy and mining sector is increasing due to heightened safety requirements [2][3] Group 2: Competitive Advantages - The company maintains a stable customer base, with over 80% of clients being large state-owned enterprises or listed companies, ensuring sustained profitability [3] - The company has 74 years of technical expertise in the special cable sector, particularly in aerospace and integrated equipment, which contributes to its competitive edge [3] Group 3: Acquisition Plans - The company has signed a letter of intent for the acquisition of Xingxin Aerospace, with the completion timeline dependent on due diligence and necessary approvals [3] - Mergers and acquisitions are part of the company's ongoing strategy to enhance its position as a leading enterprise in high-end cable integration and intelligent composite transmission [3] Group 4: Product Applications and Orders - The company's products are primarily used in aerospace, metallurgy, rail transportation, petrochemicals, and renewable energy sectors, with significant growth expected in metallurgy and rail transportation in 2024 [4] - The company has a substantial backlog of orders, significantly increased compared to the same period last year, primarily from large state-owned enterprises [5] Group 5: Cost Reduction and Efficiency Measures - The company is implementing measures to reduce costs and improve efficiency, including advancing digitalization and smart manufacturing, and optimizing raw material procurement [5] - Production cycles for different products range from 7 to 15 days, subject to adjustments based on customer orders and internal scheduling [5]

Core Viewpoint - 华菱线缆 reported strong financial performance in Q1 2025, with significant growth in revenue and net profit, driven by increased demand in various sectors, particularly aerospace and special engineering machinery [1][2]. Financial Performance - The company achieved operating revenue of 1.005 billion yuan, a year-on-year increase of 11.38% [1] - Net profit reached 32.16 million yuan, up 55.54% year-on-year [1] - Deducted non-recurring net profit was 27.95 million yuan, reflecting a substantial growth of 101.34% [1] Business Development - The company has secured contracts worth approximately 423 million yuan in the power and rail transit sectors, accounting for 10.18% of the audited revenue for 2024 [1] - In the power sector, contracts include 120 million yuan for 10kV copper core cross-linked polyethylene insulated power cables and 130 million yuan for low-voltage cables [1] - In the rail transit sector, contracts include 58.97 million yuan for fire-resistant cables and 114 million yuan for flame-retardant wires and cables [1] Market Recognition and Future Growth - The recent contract wins reflect market recognition of the company's product quality and service [2] - Key growth drivers identified include increased demand in aerospace and special equipment, safety requirements in metallurgy and mining, emerging strategic sectors like robotics, and potential from mergers and acquisitions [2] Order and Production Capacity - The company has a substantial backlog of orders, significantly higher than the previous year [3] - Four investment projects have been initiated to expand production capacity to meet growing business demands [3] - The theoretical production cycle for different products ranges from 7 to 15 days, subject to various operational factors [3]

Financial Performance - The company reported a basic earnings per share of 0.0600 yuan for Q1 2025, representing a 50% increase compared to 0.0400 yuan in Q1 2024 [1] - Net profit for Q1 2025 was 0.32 billion yuan, up 52.38% from 0.21 billion yuan in Q1 2024 [1] - Operating revenue reached 10.05 billion yuan in Q1 2025, an increase of 11.3% from 9.03 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to 1.96% in Q1 2025, compared to 1.33% in Q1 2024, marking a 47.37% increase [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 60.3943 million shares, accounting for 22.35% of the circulating shares, which is a decrease of 21.4416 million shares from the previous period [2] - Notable shareholders include Hunan Xingxiang Investment Holding Group Co., Ltd. with 24.8571 million shares (9.20%) and Hunan Provincial State-owned Enterprise M&A Fund Management Co., Ltd. with 20.6673 million shares (7.65%), both remaining unchanged [2] - Several new shareholders have entered the top ten, including Ma Sen with 1.8704 million shares (0.69%) and He Jie with 1.5000 million shares (0.56%) [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

证券代码：001208 证券简称：华菱线缆 公告编号：2025-042 一、监事会会议召开情况 湖南华菱线缆股份有限公司（以下简称"公司"）第五届监事会 第二十次会议于 2025 年 4 月 25 日以现场结合通讯方式召开，会议通 知已于 2025 年 4 月 20 日以电子邮件的方式送达各位监事。 本次监事会由公司监事会主席张明先生主持，应出席会议的监事 3 人，实到出席监事 3 人，董事会秘书列席了本次会议，会议符合《中 华人民共和国公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 1、审议通过《公司 2025 年第一季度报告》 湖南华菱线缆股份有限公司 第五届监事会第二十次会议决议公告 本公司及监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。 公司2025 年第一季度报告真实反映了公司2025年第一季度的财 务状况和经营成果，不存在虚假记载、误导性陈述或重大遗漏。 具 体 内 容 详 见 公 司 于 同 日 刊 载 于 巨 潮 资 讯 网 （www.cninfo.com.cn）的《湖南华菱线缆股份有限公司 2025 年第一 季度报告》（公告编号：2025 ...

证券代码：001208 证券简称：华菱线缆 公告编号：2025-041 一、董事会会议召开情况 湖南华菱线缆股份有限公司（以下简称"公司"）第五届董事会 第二十八次会议于 2025 年 4 月 25 日以现场结合通讯方式召开，会议 通知已于 2025 年 4 月 20 日以电子邮件的方式送达各位董事。 本次董事会由公司董事长张志钢先生主持，应出席会议的董事 9 人，实到出席董事 9 人，董事会秘书、监事和其他高级管理人员列席 了本次会议，会议程序符合《中华人民共和国公司法》和《公司章程》 的有关规定。 二、董事会会议审议情况 1、审议通过《公司 2025 年第一季度报告》 公司2025 年第一季度报告真实反映了公司2025年第一季度的财 务状况和经营成果，不存在虚假记载、误导性陈述或重大遗漏。 具 体 内 容 详 见 公 司 于 同 日 刊 载 于 巨 潮 资 讯 网 （www.cninfo.com.cn）的《湖南华菱线缆股份有限公司 2025 年第一 季度报告》（公告编号：2025-043）。 表决结果：9 票赞成，0 票反对，0 票弃权。 本议案已经审计委员会审议通过。 湖南华菱线缆股份有限公司 第五届董 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,005,332,159.31, representing an increase of 11.38% compared to ¥902,589,344.74 in the same period last year[4] - Net profit attributable to shareholders was ¥32,161,408.30, a significant increase of 55.54% from ¥20,676,760.06 year-on-year[4] - The net profit after deducting non-recurring gains and losses reached ¥27,953,825.30, up 101.34% from ¥13,883,881.51 in the previous year[4] - Basic and diluted earnings per share were both ¥0.06, reflecting a 50.00% increase from ¥0.04 in the same period last year[4] - The weighted average return on equity improved to 1.96%, up from 1.33% year-on-year[4] - The company reported a comprehensive income total of ¥39,568,053.91, compared to ¥21,321,321.31 in the previous period, indicating a growth of 85.5%[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,710,475,422.31, an increase of 1.47% from ¥4,642,391,972.42 at the end of the previous year[4] - The equity attributable to shareholders increased to ¥1,656,916,491.11, a rise of 2.45% from ¥1,617,348,437.20 at the end of the last year[4] - Total liabilities amounted to ¥3,053,558,931.20, compared to ¥3,025,043,535.22, showing a slight increase of 0.9%[14] - The company's long-term equity investments rose to ¥26,444,108.36 from ¥25,582,309.06, reflecting a growth of 3.4%[13] Cash Flow - The net cash flow from operating activities was -¥116,524,424.85, a decline of 6.16% compared to -¥109,760,257.83 in the same period last year[4] - Operating cash inflow for the current period was CNY 888,563,031.67, an increase of 19.99% from CNY 740,310,742.52 in the previous period[19] - Operating cash outflow for the current period was CNY 1,005,087,456.52, up from CNY 850,071,000.35, resulting in a net cash flow from operating activities of CNY -116,524,424.85[19] - Investment activities generated a net cash flow of CNY -28,733,146.96, compared to CNY -17,618,470.67 in the previous period, indicating increased investment outflows[20] - Financing activities produced a net cash flow of CNY 45,521,610.75, down from CNY 65,678,094.96, reflecting a decrease in financing efficiency[20] Operational Insights - The increase in net profit was primarily attributed to enhanced marketing scale and optimized product mix during the reporting period[7] - Future guidance indicates a cautious but optimistic outlook for revenue growth, driven by improved accounts receivable management and strategic investments[12] - The company is exploring new market opportunities and potential mergers and acquisitions to expand its operational footprint[10] Shareholder and Investment Structure - The company has a significant shareholder structure, with Hunan Xingxiang Investment Holding Group Co., Ltd. holding 24,857,054 shares, accounting for 4.65% of total shares[10] - The company’s total liabilities and equity structure remains stable, with no significant changes reported in the shareholder composition[11] - The company is actively involved in strategic partnerships and investments, particularly with Hunan Provincial State-owned Enterprise M&A Reorganization Fund Management Co., Ltd.[10] Current Assets - The company reported a total current assets of CNY 3,710,491,403.18 as of March 31, 2025, compared to CNY 3,669,060,121.23 at the beginning of the period, reflecting an increase of approximately 1.14%[12] - Cash and cash equivalents decreased from CNY 674,981,728.14 to CNY 582,996,198.28, a decline of about 13.6%[12] - Accounts receivable increased from CNY 1,208,970,143.93 to CNY 1,455,675,552.42, representing a growth of approximately 20.4%[12] - The company’s inventory slightly decreased from CNY 492,060,953.91 to CNY 489,674,064.18, a reduction of about 0.78%[12] Research and Development - Research and development expenses increased to ¥32,093,103.56, up from ¥28,710,974.58, marking a rise of 11.6%[16] Audit Status - The company has not yet audited the first quarter report for 2025[21]

证券代码：001208 证券简称：华菱线缆 公告编号：2025-040 湖南华菱线缆股份有限公司 2024 年年度股东大会会议决议公告 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。 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 （2）网络投票时间：2025 年 4 月 21 日（星期一） 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 4 月 21 日的交易时间，即 9:15-9:25，9:30-11:30 和 13:00- 15:00；通过互联网投票系统投票的具体时间为 2025 年 4 月 21 日上 午 9:15 至下午 15:00 期间的任意时间。 2、现场会议召开地点：湘潭市高新区建设南路 1 号华菱线缆技 术中心 216 室 3、会议召开方式：现场投票及网络投票相结合 4、会议召集人：公司董事会 5、现场会议主持人：公司董事长张志钢 6、本次股东大会会议的召开符合《公司法》《公司章程》以及有 关法律法规及规章的规定。 二、会议的出席情况 一、会议召开情况 1、召开 ...

国浩律师（长沙）事务所 关于 湖南华菱线缆股份有限公司 2024 年年度股东大会 之 法律意见书 长沙市湘江中路保利国际广场 B3 栋 17 楼 邮编：410000 17/F, Building B3, Poly International Plaza, Middle Xiangjiang Road, Changsha 410000, China 电话/Tel: +86 731 8868 1999 传真/Fax: +86 731 8868 1999 网址/Website: http://www.grandall.com.cn 2025 年 4 月 国浩律师（长沙）事务所 关于湖南华菱线缆股份有限公司 2024 年年度股东大会之 法律意见书 （2025）国浩长律见字第 20250421-1-2 号 致：湖南华菱线缆股份有限公司 国浩律师（长沙）事务所（以下简称"本所"）依法接受湖南华菱线缆股份有 限公司（以下简称"公司"）的委托，指派本所张超文律师、刘丹律师(以下简称"本 所律师")列席公司 2024 年年度股东大会(以下简称"本次股东大会")并依法进行 见证。 根据《中华人民共和国公司法》（以下简称"《公司法 ...