证券研究报告 四方股份 (601126 CH) 二次设备领军者，源网荷储筑空间 2025 年 6 月 30 日│中国内地 电气设备 首次覆盖四方股份并给予"买入"评级，给予 2025 年 20XPE，目标价 20.2 元。公司为国内电网二次设备行业领军者，技术积淀深厚，网内基本盘稳定 增长，网外有望打开市场空间。公司 2018-2024 年营业收入 CAGR 达 11.8%， 显著快于电网基本建设投资增速的 1.9%，我们预计 25-27 年有望达 18.1%。 近年来 ROE 持续攀升，股息率连续 3 年维持在 4.2%以上，预计 2025 年股 息率有望达 5.0%。 电网端：主网二次基本盘稳固，配网投资有望提速 主网方面，我们预计 2024-2026 年主网整体投资 CAGR 有望达 10.1%， 2025 年以来主网二次设备招标增速显著快于整体。主网二次设备市场集 中，头部五家企业合计占比超 8 成，公司 2023/2024 年/2025 年 1-2 批中 标份额分别为 14.2%、15.1%、16.2%，稳中有升。配网方面，我们看好 配网高质量发展与投资提速，公司在配网二次设备基础上，持续扩大一次 ...

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing power load is expected to grow significantly, with estimates of 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030. The demand for AIDC power equipment is projected to reach 29/48/60/67/70/74 GW during the same period, with an average annual growth rate of 20% [5][13] - The market potential for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is estimated to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - The domestic data center industry is expected to see increased capital expenditure from major cloud providers, with 2025 anticipated to be a pivotal year for AIDC construction [5][18] AIDC Power Equipment Summary - The AIDC power equipment sector has seen a recent overall increase, with notable gains in backup diesel power sources (+12.3%), lead-acid batteries (+6.9%), and server power supplies (+6.1%) [5] - Key companies in the transformer/switchgear segment include Jinpan Technology, Mingyang Electric, and Eaton, while UPS/HVDC businesses include Zhongheng Electric and Keda Technology [5] - The industry is witnessing a shift towards domestic companies gaining competitive advantages in various segments, with a focus on providing comprehensive solutions [5] Grid Industry Summary - The national power engineering investment completion amount for May 2025 was 645 billion yuan, a year-on-year decrease of 3.1%, while the grid engineering investment completion amount was 632 billion yuan, a year-on-year increase of 33.3% [31][32] - The second batch of bidding results for the State Grid's ultra-high voltage equipment in May 2025 showed a total bid amount of 5.2 billion yuan, a year-on-year decrease of 38% [57] - The grid equipment sector has shown varied performance, with distribution equipment (+5.3%) and grid automation equipment (+2.1%) leading the gains [5] Market Trends and Opportunities - The report suggests focusing on four key areas within AIDC power equipment: transformer/switchgear, UPS/HVDC, active filter APF, and server power supply [5] - For the grid sector, attention is recommended on ultra-high voltage orders and deliveries, virtual power plants, and the international expansion of power equipment [5]

Investment Rating - The industry investment rating is "Positive" (维持) [6] Core Viewpoints - The report is optimistic about the development of the electricity market, which brings new opportunities for the electricity system [3] - The transition from passive reliance on natural conditions to active participation in market operations is a core variable for optimizing economic efficiency in the industry [8] - The report highlights the importance of electricity market trading capabilities, especially in regions like Xinjiang and Inner Mongolia, where new projects will rely heavily on market transactions [8] Summary by Relevant Sections - **Electricity Market Development**: The report emphasizes the positive outlook for the electricity market, driven by reforms that enhance market participation and efficiency [3][8] - **New Energy Projects**: New energy projects in regions like Xinjiang and Inner Mongolia are expected to shift from subsidy-dependent models to market-driven mechanisms, with specific pricing structures outlined for different project types [8] - **Software and Hardware Opportunities**: The report suggests focusing on companies involved in software applications for electricity trading and hardware that supports market transactions, recommending specific companies for investment [8] - **Active Value Creation**: The shift from passive to active value creation in the new energy sector is expected to unlock significant investment opportunities, with several companies identified as potential beneficiaries [8]

Market Overview - On June 23, the A-share market saw all three major indices rise, with a total trading volume of 1,146.922 billion yuan, an increase of over 55 billion yuan compared to the previous Friday [1] - A total of 84 stocks hit the daily limit up [1] Concept Sectors - The military equipment restructuring concept led the gains, with stocks like Hunan Tianyan and Changcheng Military Industry hitting the limit up [1] - Other notable sectors included electronic ID cards, digital currency, and cross-border payments, which also saw significant increases [1] Institutional Trading - According to statistics, institutional seats on the Dragon and Tiger list had a net buying of 54 million yuan on June 23, with 11 stocks being net bought and 8 stocks being net sold [1] - The stocks with the highest net buying included Microchip Biotech, Shenzhou Cell, and Haike New Source, with net buying amounts accounting for 12.34%, 11.15%, and 3.11% of the day's trading volume, respectively [1][2] - The stocks with the highest net selling included Rongzhi Rixin, Youyou Food, and Beifang Changlong, with net selling amounts accounting for 29.30%, 19.05%, and 2.52% of the day's trading volume, respectively [1][2] Northbound Capital - On June 23, nine stocks received net buying from northbound funds, with Jinlongyu leading at 85.9124 million yuan [3] - Other stocks with significant net buying included Rongfa Nuclear Power and Boshang Optoelectronics, both exceeding 40 million yuan [3] Institutional Ratings - A total of 15 stocks received buy ratings from institutions, with an average increase of 1.75% for these stocks, outperforming the Shanghai Composite Index [5] - The computer industry was the most favored, with three stocks making it to the institutional buy rating list, while the coal and electric equipment industries also saw two stocks each on the list [5] Corporate Announcements - Tianyi Ma plans to acquire 100% equity of a target company specializing in IoT smart hardware and SaaS cloud platform solutions through a combination of stock issuance and cash payment [8] - Zhongda An is planning a stock issuance to specific investors, which may lead to a change in the actual controller of the company [8] - Guotou Zhonglu is planning a major asset restructuring involving the acquisition of shares from China Electronics Engineering Design Institute [8] - Huasheng Co. is planning to acquire 100% of Shenzhen Yixin Technology Co., which operates multiple high-performance computing centers [9]

公司研究丨深度报告丨四方股份（601126.SH） [Table_Title] 四方股份：电网二次龙头迈上新征程 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司由中国工程院首批院士杨奇逊创办于 1994 年，至今已有 30 余年历史。公司以继保技术起 家，目前业务已经覆盖电力的发、输、配、用、储等各个细分环节。公司在过去的 19 年里营收 复合增长率达 12.8%，归母净利润复合增长率也达 12.8%，发展十分稳健。当前公司的在任高 管团队具备丰富的从业经历和专业背景，正在借助新型电力系统背景走向新的发展征程。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SFC：BQK482 SFC：BUD284 袁澎 SAC：S0490524010001 请阅读最后评级说明和重要声明 2 / 33 %% %% %% %% research.95579.com 2 四方股份（601126.SH） cjzq ...

四方股份 20250610 摘要 国家电网投资加速，2025 年一季度电网投资同比增长 27.7%，达 172 亿元，特高压工程全面复工。下半年预计加快五条特高压直流线路建设， 以满足"十四五"规划，利好相关设备供应商。 配网面临高比例可再生能源接入挑战，政策开放分布式光伏，加速消耗 灵活性调节资源，未来两三年或将迎来配网智能化改造高峰期，智能化、 柔性化调节转型成趋势。 四方股份在国网特高压二次设备品类市占率为 2.7%，输变电设备继电 保护品类市占率 14.2%，虽市占率不高，但在分散的二次设备市场中位 居前五，技术人员占比超 62%。 四方股份 2024 年营收 69.51 亿元，同比增长 20.86%，归母净利润 17.16 亿元，同比增长 14.09%。2020-2024 年收入和归母净利润复 合增长率分别为 15.82%和 20.11%。 四方股份在二次设备领域技术领先，拥有 866 项授权发明专利和 647 项软件著作权，参与 526 项国家及行业标准制定，并积极参与国家重点 研发项目，具备技术优势。 四方股份由中国工程院首聘院士杨清宇创办于 1994 年，是一家电力设备企业， 主要产品包括机电 ...

山东省青岛市市北区杭州路16号，中车青岛四方机车车辆股份有限公司（下称：中车四方）老厂区。1925年2月18日，1500多名青岛四方机厂 的工人在这里，拍下了一张胶济铁路总工会四方分会全体罢工胜利纪念的合影。这次由中国共产党组织领导的胜利罢工，推动青岛工人运动持续 高涨。 图为新中国第一台自主制造的蒸汽机车"八一号"。新华社记者王凯 摄 从青岛第一个工会诞生地到中国现代化轨道交通装备研制基地，中车四方成为青岛红色轨迹的起点。 《中共青岛地方史》第一卷记载，青岛党组织开展工人运动是从改造四方机厂工人自发组织——圣诞会开始的。1923年1月，圣诞会在四方机 厂成立，有数百名技工参加。后来，圣诞会领导人的觉悟不断提高，诚心接受党的领导。 青岛市委党史研究院研究二处二级主任科员付雅琳表示，圣诞会成为党领导下的青岛第一个工会组织，有力推动了青岛工人运动的发展。在 圣诞会的影响下，青岛其他行业工人纷纷觉醒，联合起来反对压迫。 新中国成立后，中车四方继续在党的领导下传承发扬工人运动的红色精神。 在位于城阳区锦宏东路88号的中车四方总部新厂区，一台黑体红轮的机车车头引人注目。这是1952年7月26日由四方的工人试制成功的新中 ...

来源：大众网·海报新闻 大众网·海报新闻报道（记者 刘佳琦）位于济南市历城区的一间列车实训室内，来自中国中车的工程师 吕存习，正在指导学生维护列车的制动系统，学生们4人一组在列车下方全神贯注地对真实列车进行上 手操作，有人操作有人测量有人记录，他们是山东职业学院与中车青岛四方机车车辆股份有限公司联合 培养的"现场工程师"，是未来企业生产一线的高技能人才储备力量，而吕存习，正是他们的企业师傅。 山东职业学院与国铁济南局签署战略合作协议 在国家大力发展现代职业教育、深化产教融合的战略背景下，山东职业学院以服务国家重大战略和区域 经济发展为己任，积极探索中国特色学徒制创新实践。学校与国铁济南局、中车青岛四方、山东铁投集 团、中石化十建、江苏企想科技等龙头企业深度合作，构建了"校企协同、工学交替、多维赋能"的高技 能人才培养体系，形成了具有示范效应的职业教育改革样本，为新时代产业转型升级注入强劲人才动 能。 多维协同构建育人新生态 山东职业学院聚焦"产教融合、工学一体"核心理念，创新推出"三段递进、四双五共、双群同频"等特色 培养模式，形成了覆盖轨道交通、信息技术、高端装备制造、能源化工等领域的立体化人才培养矩阵。 ...

青岛祥鹏通用航空有限公司在城阳开展试飞活动。张 新摄 5月24日，青岛市城阳区鹏辉能源储能电池零碳制造基地内，一期项目电芯生产车间成功实现投料试产，生产 线全速运转，工人们在进行最后阶段的参数优化调试。这座总投资约130亿元、规划产能36吉瓦时的"超级工 厂"，是广州鹏辉能源（青岛）有限公司在华东地区的最大生产基地，其中电芯厂房是鹏辉规模最大、产能最 高的单体厂房。 轨道交通产业曾是城阳经济的"顶梁柱"。2020年，轨道交通装备产业的龙头企业中车四方股份公司营收达 382.5亿元，占城阳区高新技术企业总营收的34.5%，轨道交通全产业链产值突破1100亿元。然而，过度依赖 单一产业的隐忧逐渐显现。2021年，受国家轨道交通发展周期波动影响，城阳区规模以上工业增加值同比下 降4.8%。"面对这样的困境，产业结构优化升级迫在眉睫。"城阳区工信局产业规划创新科负责人宋清轩说。 而转型的关键，在于将轨道交通积累的"工业基因"转化为跨界创新的跳板。 这种"引进一个龙头、激活一条链条、辐射一个集群"的模式，正在集成电路、低空经济等领域加速复制。规 划总投资110亿元的物元半导体一期项目，已带动10余家上下游企业签约落地， ...

证券代码：601126 证券简称：四方股份 公告编号：2025-032 北京四方继保自动化股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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： ? 会议召开时间：2025 年 6 月 5 日（星期四）09:00-10:00 ? 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ? 投资者可于 2025 年 5 月 28 日（星期三）至 6 月 4 日（星期三） 公司邮箱 ir@sf-auto.com 进行提问。公司将在说明会上对投资者普遍 关注的问题进行回答。 北京四方继保自动化股份有限公司（以下简称"公司" 年 4 月 29 日在上海证券交易所（www.sse.com.cn）及指定信息披露 媒体发布《四方股份 2025 年第一季度报告》 。为便于广大投资者更全 面深入地了解公司 2025 年第一季度经营成果、财务状况，公司计划 于 2025 年 6 ...