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 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [6][7]. Core Insights - The electric equipment and new energy sector saw a slight increase of 0.05% in the past week, outperforming the Shanghai Composite Index. Wind power indices showed the highest growth at 4.33%, while solar energy indices experienced the largest decline at 3.79% [1]. - Xiaomi's new generation SU7 electric vehicle was launched with strong market demand, achieving over 30,000 pre-orders within 72 hours. The vehicle features significant technological upgrades and competitive pricing [2][14]. - SpaceX's launch of a mini AI satellite with a power output of 100kW is expected to create a surge in demand for high-power, lightweight photovoltaic components, particularly P-type HJT batteries [3][39]. - The State Grid's recent tender for transmission and transformation equipment totaled 9.834 billion yuan, with major contracts awarded to companies like China West Electric and Siyi Electric [4][55]. Summary by Sections New Energy Vehicles - Xiaomi's SU7 was launched on March 19, 2026, with three versions priced at 219,900 yuan, 249,900 yuan, and 303,900 yuan. The vehicle features over 100 technical upgrades and a minimal price increase of 4,000 yuan [2][14]. - The vehicle's intelligent features include full standard configurations such as laser radar and advanced computing capabilities, marking a shift to a cognitive-driven approach in smart driving [16][18]. New Energy Generation - SpaceX's AI satellite launch is projected to drive demand for lightweight and radiation-resistant photovoltaic components, with plans to deploy 1 million satellites in the future [3][39]. - The P-type HJT battery technology is highlighted as a key solution for the anticipated large-scale deployment of satellites, with significant cost advantages over traditional solar batteries [41][42]. Electric Equipment and Automation - The State Grid's tender for transmission and transformation equipment reached 9.834 billion yuan, with the top three categories being switchgear, transformers, and power cables [4][55]. - The report indicates a robust demand for electric equipment, with significant contracts awarded to leading companies in the sector [4][55]. Commercial Aerospace - SpaceX is preparing for an IPO with a target valuation of approximately 1.75 trillion USD, aiming to raise between 50 billion to 75 billion USD [5]. - The establishment of China's first commercial aerospace "star alliance" in Wuxi aims to enhance satellite network efficiency and support economic development [5]. Market Trends - The electric equipment and new energy sector's performance is closely tied to market demand and technological advancements, with a focus on sustainable growth and innovation [1][28].

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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a revenue growth of 16% and a new contract growth of 17% in the past year. For 2025, the expected revenue is 8.193 billion yuan, representing a year-on-year increase of 17.87%, with a net profit of 829 million yuan, up 15.84% year-on-year [1][9] - The fourth quarter performance met expectations, with revenue of 2.062 billion yuan, a year-on-year increase of 10.99%, and a net profit of 125 million yuan, up 17.42% year-on-year [1][18] - The company maintains a strong position in the renewable energy sector, with a continuous expansion of its product matrix, including multiple successful bids for offshore wind projects [2][21] - The company is leading in solid-state transformer (SST) development, fully adapting to the 800V AIDC power supply architecture, enhancing its market presence in both domestic and international markets [2][19] Financial Performance Summary - For 2025, the company expects to achieve a gross margin of 30.22%, down 2.11 percentage points year-on-year, and a net margin of 10.12%, down 0.18 percentage points year-on-year [1][9] - The company’s revenue from grid automation is projected to be 3.679 billion yuan, up 11.17% year-on-year, while revenue from power plant and industrial automation is expected to reach 3.826 billion yuan, up 22.55% year-on-year [1][18] - The financial forecast for 2026-2028 includes net profits of 985 million yuan, 1.143 billion yuan, and 1.450 billion yuan, respectively, with year-on-year growth rates of 18.8%, 16.1%, and 26.8% [3][22] Valuation Metrics - The company’s projected earnings per share (EPS) for 2025 is 0.99 yuan, with a price-to-earnings (P/E) ratio of 43.8 [4][23] - The return on equity (ROE) is expected to be 17.5% in 2025, increasing to 24.5% by 2028 [4][24] - The company’s market capitalization is approximately 36.293 billion yuan, with a circulating market value of 35.941 billion yuan [5]

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 ...