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【国都证券】远程电缆新股研究:防火环保型电缆引领公司未来增长

國都證券 ·  Jul 23, 2012 00:00  · Researches

Main basis: Cable manufacturers with competitive advantages in multiple sub-industries. The company is an enterprise specializing in the production of wires and cables. Its main products are power cables of 35kv and below, special cables, bare wires, and wires and cables for electrical equipment, and has more than 200 types of cable products. The company has many product varieties with competitive advantages in the industry. The company's nuclear power plant cables have already obtained national qualification certificates and orders from many domestic nuclear power plants. Mineral fire-resistant insulated cables are widely used in important public facilities, and optoelectronic composite cables have been used in the intelligent transformation of Shandong power grids. Building fire safety standards have been upgraded to promote the rapid development of mineral-insulated cables. Demand for mineral-insulated cables for the power supply of important loads in major domestic projects such as airports, high-rise buildings, and large-scale public buildings is also growing. In 2009, the total national demand was nearly 4 billion yuan, and domestic market demand is increasing at a rate of 15-20% per year. By 2015, the market for mineral-insulated cables will exceed 7.7 billion yuan. The company's moisture-proof technology for mineral insulated cables solved the problem of reduced electrical performance of the magnesium oxide insulation layer after moisture absorption, and improved the working voltage level of the product. The company's product sales increased rapidly, with sales revenue of nearly 400 million yuan in 2011, with a share of nearly 10%. It has been used in important places such as Pudong Airport, Capital Airport, Beijing Metro, Beijing-Shanghai High Speed Rail, and Shanghai World Expo. Ultra high voltage intelligent environmentally friendly cables will become the company's new growth engine. Since the 11th Five-Year Plan, the use of high-voltage cross-linked cables in China has soared, with an annual growth rate of over 26.5% and an average annual growth rate of over 27.4%. Demand is expected to be around 27,000 km in 2015, with a market capacity of about 23 billion yuan. The company's ultra-high voltage intelligent environmentally friendly cable is the only domestic enterprise other than the Japanese-funded Furukawa Cable that has obtained the National Grid's ultra-high voltage intelligent environmentally friendly cable qualification certification. Fund-raising projects expand production capacity. The company has now publicly issued 45.35 million shares. The capital raised mainly invests in two investment projects: ultra-high voltage environmentally friendly intelligent cross-linked cable technology transformation and 4,800 km of mineral-insulated special cables. The projects reached an additional sales revenue of 318.08 million yuan and net profit of 22.41 million yuan after delivery. Risk warning: Loss of core technology poses a risk of declining competitiveness.

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