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【国都证券】中超电缆新股研究:从中低压向超高压跃进的电缆生产商

國都證券 ·  Aug 24, 2010 00:00  · Researches

1. China Super Cable is mainly engaged in the R&D, production, sales and service of wires and cables. The products required are 35 kV and below, including three major categories of power cables, wires and cables for electrical equipment, and bare wires, involving more than 500 types and 10,000 specifications. In 2009, the company's power cable sales revenue accounted for 81.64% of the main business revenue, sales revenue of wires and cables for electrical equipment accounted for 9.57% of the main business revenue, and revenue from bare wires such as copper wire and steel-cored aluminum wire accounted for 8.79% of the company's main business revenue. 2. Power grid construction, distribution grid construction and cable entry have brought great demand to the cable industry. For every 10,000 kilowatts of power generation equipment, high-voltage and ultra-high voltage cross-linked cables must be used 0.4 to 0.5 km. Railway traffic, especially the rapid construction of high-speed railways, electrified railways, and double-track railways, will bring huge development opportunities for rail transit wires and cables. From 2010 to 2020, the total demand for locomotive cables is 640 million yuan, and the total demand for vehicle cables is 2.21 billion yuan. In terms of demand in the real estate industry, the demand for intelligent housing and the construction of various professional networks will also bring a huge market for wires and cables. It is estimated that the output value of construction wiring will account for about 15% of the wire and cable industry in the next 3 to 5 years. 3. The company makes full use of external R&D resources and cooperates with research institutes such as the Shanghai Cable Engineering Design Institute, Harbin Institute of Technology, and the State Grid Institute of Electronics to provide R&D technical support for the company to enter ultra-high voltage cables. The 500kV environmentally friendly flame retardant ultra-high voltage cross-linked cable production line in this fund-raising project will produce 110kV, 220kV, and 500kV resource-saving aluminum alloy overhead cables. As a high-tech product, it is a high added value, environmentally friendly cable, which avoids product price competition. It is expected that the entire production period of the project will add an average annual sales revenue of 8476.818 million yuan (tax included), adding an average annual net profit of 102.2549 million yuan. The profitability of the company's main business will be greatly increased. A comprehensive product system for low pressure, high pressure and ultra-high pressure.

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