深度报告：盘活存量土地，业务增长可期助力公司减亏

投资要点 ➢ 一、盘活存量土地，转型供应链与综合资产运营..........................................................................41.华能集团控股公司，踔厉奋发三十载..........................................................................................................42.借力国企改革东风，转型供应链与综合资产运营........................................................................................53.归母净利润同比减亏，资产负债率相对稳健...............................................................................................6二、政策扶持不断强化，产业园业务有望深度受益......................................................................81.产业园政策支持持续增强，业务场景逐渐增加............................................................................................82.多元发展加深产业链厚度，产业园业务和招商出租率有望提升................................................................11三、电缆行业规模增长迅速，公司电缆业务有望受益.................................................................131.多场景应用带动电缆需求，电缆行业规模增长迅速..................................................................................132.电缆业务营收稳定，毛利率显著改善........................................................................................................17四、盈利预测.............................................................................................................................18五、风险提示.............................................................................................................................20 ...............................................................................................................................................4........................................................................................................................................5...................................................................................................................................................6..................................................................................................................................6..............................................................................................................................6....................................................................................................................................7...................................................................................................................................................7.........................................................................................................................7........................................................................................................................................................13............................................................................................................................13................................................................14.......................................................................................................14.......................................................................................................................15.....................................................................................................................15.....................................................................................................................16...................................................................16......................................................................................17...................................................................................................................17 ....................................................................................................................................8...................................................................................................................................................9 .................................................................................................................................................11..................................................................................................................................11............................................................................................................................12................................................................................................................................12..................................................................................................18...........................................................................................19....................................................................................................................................................21 ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫⚫⚫ ⚫ ⚫ ⚫