分析师及联系人 丨证券研究报告丨 [Table_Author] [Table_scode 公司研究丨点评报告丨四方股份（ Msg1] 601126.SH） [Table_Title] 主业经营稳健增长，积极布局电力电子新产品 报告要点 [Table_Summary] 公司发布 2025 年年度报告。2025 年，公司全年营业收入 81.9 亿元，同比+17.9%；归母净利 润 8.3 亿元，同比+15.8%；扣非净利润 8.0 亿元，同比+14.6%。单季度看，公司 2025Q4 营 业收入 20.6 亿元，同比+11.0%，环比-2.3%；归母净利润 1.2 亿元，同比+17.4%，环比-45.1%； 扣非净利润 1.2 亿元，同比+15.5%，环比-45.1%。 %% %% %% %% research.95579.com 1 邬博华 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 [Table_scodeM ...

电力设备及新能源周报 20260329 SpaceX 拟 1.75 万亿估值 IPO，2026 年国网输变电设备 1 批中标公示 glmszqdatemark 本周（20260323-20260327）板块行情 电力设备与新能源板块：本周上涨 0.05%，涨跌幅排名第 9，强于上证指数。本周风 力发电指数涨幅最大，太阳能指数跌幅最大。风力发电指数上涨 4.33%，锂电池指数 上涨1.17%，储能指数上涨0.51%，核电指数上涨0.17%，新能源汽车指数下跌0.31%， 工控自动化指数下跌 0.79%，太阳能指数下跌 3.79%。 新能源车：新一代小米 SU7 正式上市，产业链配套机遇有望持续显现 2026 年 3 月 19 日，小米集团正式发布新一代 SU7，标准版、Pro 版、Max 版售价 分别为 21.99 万元、24.99 万元、30.39 万元，上市 34 分钟锁单量突破 1.5 万台，72 小时累计锁单超 3 万台。新车相较初代产品进行超 100 项技术升级，材料成本增加约 2 万元，最终定价仅上调 4000 元。智能化方面全系标配激光雷达、4D 毫米波雷达及 700TOPS 算力的英伟达 Tho ...

Group 1: High-end Manufacturing - In January-February 2026, the export value of electric tools, hand tools, and lawn mowers increased by 7%, 53%, and 38% year-on-year, respectively, with lawn mower exports to Europe rising by 57% [1] - Exports of forklifts, machine tools, industrial sewing machines, and mining machinery grew by 25%, 16%, 13%, and 32% year-on-year, indicating a strong performance in the high-end machinery sector [1] - The report suggests focusing on companies like Juxing Technology and Jingjin Equipment due to their strong export performance in the European market [1] Group 2: Petrochemical Industry - Satellite Chemical's profitability is enhanced by rising oil prices, leading to an upward revision of net profit forecasts for 2026-2028 to 7.588 billion, 8.739 billion, and 9.292 billion yuan, respectively [2] - The report maintains a "buy" rating for Satellite Chemical, reflecting confidence in its supply chain advantages amid high oil prices [2] - CNOOC Development reported a 6.2% year-on-year increase in net profit for 2025, with expectations for net profits of 4.465 billion, 4.938 billion, and 5.337 billion yuan for 2026-2028 [3] Group 3: Steel Industry - Fangda Special Steel's revenue for 2025 was 18.233 billion yuan, down 15.43% year-on-year, but the company is focusing on high-margin products and optimizing its product structure [4] - The forecast for net profit from 2026 to 2028 is set at 1.13 billion, 1.24 billion, and 1.36 billion yuan, maintaining an "overweight" rating due to its unique position in the rebar market [4] Group 4: Automotive and Robotics - Shuanglin Co., Ltd. met performance expectations for 2025 and plans to fully enter the humanoid robot and intelligent chassis markets in 2026 [5] - The net profit forecast for 2026-2028 has been adjusted to 610 million, 720 million, and 840 million yuan, reflecting a cautious outlook amid increasing competition [5] Group 5: Electric and New Energy - Sifang Co., Ltd. achieved a revenue increase of 17.87% to 8.193 billion yuan in 2025, with a net profit rise of 15.84% to 829 million yuan [7] - The company is actively expanding into the AIDC market and international markets, which is expected to support future growth [7] Group 6: TMT Sector - Changfei Optical Fiber and Cable, a global leader, is well-positioned for growth driven by AI demand and has a strong production capacity [8] - The company is expected to see significant revenue growth from its subsidiaries, indicating a positive outlook for its business [8] - SenseTime reported a 32.9% increase in revenue for 2025, with a substantial reduction in net losses, driven by growth in its generative AI business [9] - The revenue forecast for 2026-2028 has been adjusted to 6.43 billion, 8.28 billion, and 10.74 billion yuan, reflecting strong growth potential [9]

2026 年 3 月 25 日 公司研究 要点 事件：公司发布 2025 年年报，2025 年实现营业收入 81.93 亿元，同比增长 17.87%；归母净利润 8.29 亿元，同比增长 15.84%；扣非归母净利润 8.00 亿元， 同比增长 14.64%，拟向全体股东每股派发现金红利 0.72 元（含税）。2025Q4 公司实现营业收入 20.62 亿元，同比增长 10.99%，实现归母净利润 1.25 亿元， 同比增长 17.42%。 积极布局 AIDC 市场，国际化战略助力未来成长 ——四方股份（601126.SH）2025 年年报点评 网内网外同步发力，主营业务规模稳健增长。电网自动化业务：公司持续深耕电 网市场，25 年公司中标国网首个新一代高可靠可信示范站——北京 110kV 陈各 庄变电站，并实现电网内一二次设备预装式变电站首次中标、南方电网首次电鸿 专项招标项目突破。25 年该业务实现营业收入 36.79 亿元，同比增长 11.17%， 毛利率同比下降 1.49pct 至 40.05%。电厂及工业自动化业务：公司紧抓全球能 源结构转型机遇，重点开拓新能源市场，依托一二次设备集成能力和市场积累 ...

四方股份（601126.SH） 优于大市 主业稳健增长，固态变压器与出海表现亮眼 全年业绩增长 16%，新签合同增长 17%。2025 年公司实现营收 81.93 亿元， 同比+17.87%；归母净利润8.29 亿元，同比+15.84%。25 年公司毛利率30.22%， 同比-2.11pct.；净利率 10.12%，同比-0.18pct.。2025 年公司新签合同额 达 100 亿元，同比+16.7%。 四季度业绩符合预期。四季度公司实现营收 20.62 亿元，同比+10.99%，归 母净利润 1.25 亿元，同比+17.42%。四季度公司毛利率 28.61%，同比 +0.02pct.，净利率 6.09%，同比+0.40pct.。 网内外业务收入保持增长，产品结构影响毛利率。2025 年公司电网自动化实 现营收 36.79 亿元，同比+11.17%，毛利率 40.05%，同比-1.49pct.；电厂及 工业自动化实现营收 38.26 亿元，同比+22.55%，毛利率 23.92%，同比 -1.57pct.。 证券研究报告 | 2026年03月25日 新能源领域优势地位稳固，产品矩阵持续丰富。2025 年公司二 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][22]. Core Insights - The company achieved a revenue growth of 16% and a new contract growth of 17% in the past year, with projected revenue of 8.193 billion yuan for 2025, representing a year-on-year increase of 17.87% [1][9]. - The net profit attributable to shareholders is expected to reach 829 million yuan in 2025, reflecting a year-on-year growth of 15.84% [1][9]. - The company maintains a strong position in the new energy sector, with a diversified product matrix and successful bids for multiple offshore wind projects [2][21]. - The company is advancing its solid-state transformer (SST) technology, which is compatible with the 800V AIDC power supply architecture, enhancing its market presence [2][19]. - The overseas market expansion has seen significant breakthroughs, particularly in Southeast Asia and Africa, with increased penetration in countries like the Philippines, Laos, and Kenya [2][21]. Financial Summary - The company is projected to achieve revenues of 9.576 billion yuan in 2026 and 11.202 billion yuan in 2027, with net profits expected to be 985 million yuan and 1.143 billion yuan respectively [4][24]. - The gross margin for 2025 is estimated at 30.22%, a decrease of 2.11 percentage points year-on-year, while the net margin is projected at 10.12%, down by 0.18 percentage points [1][9]. - The earnings per share (EPS) is expected to be 0.99 yuan in 2025, with a dynamic PE ratio of 43.8 [4][23].

证券研究报告·公司点评报告·电网设备 四方股份（601126） 2025 年年报点评：二次设备稳扎稳打，SST+ 国际化助力成长 买入（维持） 股价走势 -12% 11% 34% 57% 80% 103% 126% 149% 172% 195% 2025/3/24 2025/7/23 2025/11/21 2026/3/22 四方股份 沪深300 | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,951 | 8,193 | 9,506 | 10,996 | 13,000 | | 同比（%） | 20.86 | 17.87 | 16.03 | 15.67 | 18.22 | | 归母净利润（百万元） | 715.59 | 828.97 | 969.89 | 1,134.39 | 1,503.46 | | 同比（%） | 14.09 | 15.84 | 17.00 | 16.96 | 32.54 | | EPS-最新摊薄（元/股 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 8.19 billion yuan in 2025, representing a year-on-year growth of 17.9%, with a net profit attributable to shareholders of 0.83 billion yuan, up 15.8% year-on-year [8] - The company is focusing on international expansion, with its SST and grid-structured products as core drivers for growth, achieving international business revenue of 0.21 billion yuan, despite a slight decline of 1% year-on-year [8] - The domestic market remains stable, with grid automation business revenue reaching 3.68 billion yuan, a year-on-year increase of 11%, while the non-grid business saw a revenue of 3.83 billion yuan, up 23% year-on-year [8] Financial Performance Summary - The company forecasts total revenue of 9.51 billion yuan in 2026, with a year-on-year growth of 16.03%, and a net profit of 0.97 billion yuan, reflecting a growth of 17% [9] - The gross profit margin for 2025 was 30.2%, with a net profit margin of 10.1% [8] - The company’s operating cash flow for 2025 was 1.22 billion yuan, significantly higher than the net profit, indicating solid operational quality [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 53.55 [6][5]. Core Insights - The company achieved a revenue of RMB 8.193 billion in 2025, representing a year-on-year growth of 17.87%, and a net profit attributable to shareholders of RMB 829 million, up 15.84% year-on-year [1][2]. - The company is a leader in the domestic secondary equipment industry for power grids, with steady growth in both internal and external business segments. The introduction of solid-state transformers (SST) aimed at the AIDC sector is expected to provide new profit growth points [1][4]. - The company signed new contracts worth RMB 10 billion in 2025, a 16.7% increase year-on-year, with significant growth in various business segments, including a 20% increase in the power generation sector [3]. Summary by Sections Financial Performance - In 2025, the company reported a gross margin of 30.22% and a net margin of 10.12%, with a slight decline in margins due to product mix effects. The operating expense ratio was 18.46%, down 2.05 percentage points year-on-year [2]. - The company forecasts a net profit of RMB 990 million for 2026, with a slight increase in the 2027 forecast to RMB 1.17 billion [5][10]. Business Development - The company has launched SST prototypes for the AIDC sector, which are expected to enhance profitability. The SST products have high efficiency and reliability, with several benchmark projects already in place [4]. - The international business segment has shown robust growth, with new orders reaching RMB 500 million, a 60% increase year-on-year, driven by power electronics and integrated products [3]. Market Position and Valuation - The company is positioned to benefit from the growing demand in the power grid and renewable energy sectors, with a projected revenue growth of 19.48% in 2026 and 18.35% in 2027 [10]. - The report assigns a PE ratio of 45 times for 2026, reflecting the company's leading position in SST technology and its growth potential in the AIDC market [5].

证券代码：601126 证券简称：四方股份 公告编号：2026-007 北京四方继保自动化股份有限公司 关于回购注销部分激励对象已获授但尚未解除限售 的限制性股票的公告 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个别及连带责任。 重要内容提示： 4、2023 年 10 月 16 日，公司召开第七届董事会第八次会议、第七届监事会 第八次会议，审议通过了《关于向启航 2 号限制性股票激励计划激励对象首次授 予限制性股票的议案》，公司独立董事对此发表了独立意见，认为授予条件已经 成就，激励对象主体资格合法、有效，确定的首次授予日符合相关规定。监事会 对首次授予日的激励对象名单进行核实并发表了核查意见。 5、2023 年 11 月 14 日，公司收到中国证券登记结算有限责任公司上海分公 司出具的《证券变更登记证明》。本次授予登记的限制性股票共计 1,907.90 万股， 已在中国证券登记结算有限责任公司上海分公司办理完成登记手续。 北京四方继保自动化股份有限公司（以下简称"公司"）于 2026 年 3 月 20 日召开了第八届董事会第六次会 ...