中国西电今年以来股价跌13.15%，近5个交易日跌0.15%，近20日跌0.76%，近60日涨6.54%。 责任编辑：小浪快报 9月8日，中国西电盘中上涨2.02%，截至13:10，报6.55元/股，成交3.25亿元，换手率0.98%，总市值 335.75亿元。 分红方面，中国西电A股上市后累计派现44.29亿元。近三年，累计派现9.94亿元。 资金流向方面，主力资金净流入221.12万元，特大单买入3737.07万元，占比11.51%，卖出2589.95万 元，占比7.98%；大单买入7141.71万元，占比22.01%，卖出8067.71万元，占比24.86%。 机构持仓方面，截止2025年6月30日，中国西电十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1.13亿股，相比上期减少83.53万股。南方中证500ETF（510500）位居第六大流通股东， 持股3044.01万股，相比上期增加421.12万股。中欧时代先锋股票A（001938）位居第九大流通股东，持 股2000.00万股，相比上期减少285.58万股。 资料显示，中国西电电气股份有限公司位于陕西省西安市高新区唐兴路7号A座，成 ...

内容概要：中国高压直流输电系统（HVDCS）凭借直流电远距离、大功率传输优势，已成为构建新型 能源体系的核心技术。当前，我国已建成全球规模最大的特高压电网网络，形成"西电东送、北电南 供"能源大通道，2024年HVDC市场规模达892亿元，预计2028年突破3000亿元。随着风电、光伏装机规 模扩大及AI算力需求爆发，HVDC技术加速向800V高压平台迭代，支撑数据中心1MW级超高功率机架 供电，预计2030年全球AI数据中心800V HVDC市场规模达354亿元，年复合增长率46%。其中，中国市 场增长潜力巨大，随着"东数西算"工程全面落地及智算中心建设提速，800V HVDC需求预计自2028年 起集中释放，市场规模从20亿元跃升至2030年的64亿元，年复合增长率达47%，成为驱动全球市场扩容 的核心增长极。 上市企业：中恒电气（002364.SZ）、动力源（600405.SH）、铭普光磁（002902.SZ）、茂硕电源 （002660.SZ）、柘中股份（002346.SZ）、万控智造（603070.SH）、麦格米特（002851.SZ）、禾望电 气（603063.SH）、国电南瑞（600406.SH） ...

电力设备：国内外需求共振，筑中期成长空间 202509004 摘要 特高压项目加速核准，预计下半年核准多条交流线路，显著高于上半年， 陕西到河南、南江到川渝直流项目总投资超 300 亿元，2025 年交流线 路核准数量预计提升，但部分 2025 年交付量已被 2024 年透支，2026 年交付量有望显著增长。 配网行业区域联采降价对头部企业毛利率造成压力，但提升了市场份额， 许继电气、三星医疗和东方电子等企业受益。2025 年配网投资预算增 速约为 5%，聚焦智能化、老旧设备替换及节能改造，电网智能化投资 同比增加 60%，农配台区智能终端覆盖率提升是投资重点。 欧洲电力市场电网改造投资巨大，欧盟计划投入 5,840 亿欧元，其中输 配电改造分别占 1/3 和 2/3。西班牙、德国、意大利等国推出储能补贴， 投资集中在陈旧设施升级改造和主网投资，以实现邻国间统一调度。 欧洲市场对低压变压器和特高压设备需求增加，中国制造的变压器在转 换效率和功率密度方面具有优势。北美数据中心建设推动变压器开关需 求，但供给紧张，为国内企业带来机遇。 Q&A 2025 年下半年国内特高压项目的核准开工情况如何？ 2025 年下半 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a significant improvement in gross margin and achieved rapid growth in performance, with total revenue of 11.33 billion yuan in the first half of 2025, representing a year-on-year increase of 8.9%. The net profit attributable to shareholders reached 600 million yuan, up 30.1% year-on-year [3][8]. - In Q2 2025, the company achieved a total revenue of 6.07 billion yuan, a year-on-year increase of 7.2% and a quarter-on-quarter increase of 15.4%. The net profit attributable to shareholders was 300 million yuan, reflecting a year-on-year increase of 20.2% and a quarter-on-quarter increase of 2.9% [3][8]. Revenue Analysis - In the first half of 2025, the company's revenue from transformers was 4.935 billion yuan, up 10.5% year-on-year; switch revenue was 4.245 billion yuan, up 4.0%; power electronics revenue was 399 million yuan, up 517.5%; R&D and testing revenue was 371 million yuan, up 51.1%; capacitor revenue was 291 million yuan, up 5.3%; and insulators and lightning arresters revenue was 110 million yuan, down 29.8%. The significant increase in power electronics revenue is mainly attributed to the delivery of ultra-high voltage direct current converter stations [8]. - The company's overseas revenue reached 2.171 billion yuan, a year-on-year increase of 64.0%, indicating strong growth [8]. Margin and Cost Management - The gross margin for the first half of 2025 was 21.82%, an increase of 2.15 percentage points year-on-year. In Q2 2025, the gross margin was 22.29%, up 1.82 percentage points year-on-year and 1.02 percentage points quarter-on-quarter. The improvement in gross margin is expected to be due to product mix optimization and cost reduction in transformer products [8]. - The company's expense ratio for the first half of 2025 was 12.55%, a decrease of 0.41 percentage points year-on-year, with the sales expense ratio at 2.87%, down 0.57 percentage points; management expense ratio at 6.29%, roughly unchanged; R&D expense ratio at 3.81%, up 0.25 percentage points; and financial expense ratio at -0.42%, down 0.10 percentage points [8]. Inventory and Contract Liabilities - As of the end of Q2 2025, the company's inventory was 4.998 billion yuan, a year-on-year increase of 29.2% and a quarter-on-quarter increase of 2.7%. Contract liabilities reached 5.319 billion yuan, up 38.1% year-on-year and 28.3% quarter-on-quarter, indicating a positive trend in future deliveries [8]. Future Outlook - With the delivery of ultra-high voltage orders in the second half of the year and ongoing cost reduction and efficiency improvements, the company is expected to achieve sustained rapid growth in operations. The estimated net profit attributable to shareholders for 2025 is approximately 1.5 billion yuan, corresponding to a PE ratio of about 23 times [8].

Core Insights - The Chinese zinc oxide varistor industry is experiencing rapid growth, becoming one of the largest producers and consumers globally, with a market size of approximately 2.487 billion yuan in 2024, reflecting a year-on-year growth of 10.63% [1][4] - The primary drivers of this growth include the rapid development of the power industry, particularly in smart grid construction and renewable energy integration, as well as advancements in the electronics and communications sectors [1][4] Industry Overview - Zinc oxide varistors are critical electronic components used for overvoltage protection in power systems, characterized by their nonlinear voltage-current properties [2] - The industry is segmented into multilayer chip and disc/radial lead types [3] Industry Chain - The upstream of the zinc oxide varistor industry includes raw materials such as zinc oxide, bismuth oxide, cobalt oxide, and production equipment [3] - The downstream applications encompass power systems, electronic engineering, communication devices, new energy vehicles, and photovoltaic inverters [3] Market Size - The global zinc oxide varistor market is projected to reach approximately 9.157 billion USD in 2024, with a year-on-year growth of 6.64% [4] - The demand for zinc oxide varistors is closely linked to the upgrades and new projects in the power industry, as well as the rapid development of 5G communication, electric vehicles, and industrial automation [4] Key Companies - Major players in the Chinese zinc oxide varistor industry include China XD Group, Jinguang Electric, and Yikun Electric, which hold significant market shares and brand influence [5] - China XD Group has notable technological advantages and market position, contributing to significant projects in high-voltage direct current transmission [5][6] - Jinguang Electric is recognized for its innovations in high-voltage varistor formulations and has achieved breakthroughs in various product lines [8] Industry Development Trends 1. **Improving Voltage Gradient**: Higher voltage gradients in zinc oxide varistors allow for smaller, more efficient devices, achieved through advanced material and structural innovations [9] 2. **Enhancing Energy Tolerance**: Increasing the energy tolerance of varistors is crucial for meeting the demands of modern power systems, focusing on material optimization and structural improvements [10] 3. **Reducing Residual Voltage**: Lowering the residual voltage enhances protection performance, with ongoing research aimed at developing new materials and designs [11] 4. **Developing AC/DC Universal Varistors**: There is a growing trend towards creating varistors that can function in both AC and DC systems, expanding their application range and market competitiveness [11]

Group 1 - The fourth-generation semiconductor sector experienced a decline of 1.0% [1] - Among the companies, Quzhou Development fell by 2.2% [1] - Blue Sky Technology decreased by 0.84% [1] - China West Electric saw a decline of 0.44% [1]

Core Viewpoint - The report from Minsheng Securities highlights that China Xidian's net profit attributable to shareholders for the first half of 2025 reached 598 million yuan, representing a year-on-year increase of 30.08% [1] - The company's continuous cost reduction and efficiency improvement have led to enhancements in gross and net profit margins [1] Financial Performance - In Q2 of 2025, the net profit attributable to shareholders was 303 million yuan, showing a year-on-year growth of 20.19% [1] - As of the end of the first half of 2025, the company's inventory and contract assets were 4.998 billion yuan and 1.854 billion yuan, respectively, reflecting year-on-year increases of 29.16% and 15.45% [1] Business Outlook - The company is positioned as a leader in domestic primary equipment and is benefiting from the global power grid infrastructure cycle while actively expanding into external markets [1] - The ongoing optimization of the company's core business structure is contributing to its positive performance outlook [1]

Core Viewpoint - Minmetals Securities report indicates that China Xidian's net profit attributable to shareholders for H1 2025 reached 598 million yuan, representing a year-on-year increase of 30.08% [1] - The company's Q2 2025 net profit attributable to shareholders was 303 million yuan, showing a year-on-year growth of 20.19% [1] - Continuous cost reduction and efficiency improvement are driving the company's gross and net profit margins [1] Financial Performance - As of the end of H1 2025, the company's inventory and contract assets were 4.998 billion yuan and 1.854 billion yuan, respectively, with year-on-year growth of 29.16% and 15.45% [1] - These figures provide strong support for the company's future performance growth [1] Market Position and Strategy - The company is a leader in domestic primary equipment and benefits from the global power grid infrastructure cycle [1] - It is actively expanding its market presence outside of China, which is contributing to its positive outlook [1] - The recommendation rating for the company is maintained as "recommended" [1]

中国西电（601179.SH）2025 年半年报点评 降本增效成果显著，核心业务结构持续优化 2025 年 08 月 26 日 ➢ 事件：2025 年 8 月 20 日，公司发布 2025 年中报。公司 25H1 实现收入 113.31 亿元，同比+8.91%；归母净利润 5.98 亿元，同比+30.08%；扣非归母 净利润 6.09 亿元，同比+29.25%。单 25Q2 实现收入 60.70 亿元，同比+7.22%； 归母净利润 3.03 亿元，同比+20.19%；扣非归母净利润 3.16 亿元，同比 +12.43%。 ➢ 降本增效持续推动，公司毛利率、净利率不断改善。25H1 公司毛利率提升 至 21.61%，分别较 24A、24H1 提升 0.86Pct、2.68Pcts；25H1 公司净利率提 升至 6.55%，分别较 24A、24H1 提升 1.05Pcts、1.04Pcts，公司降本增效持续 推进，盈利能力不断改善。同时，公司借助子公司销售模式调整有效降低销售费 用，25H1 公司销售费用 3.25 亿元，同比下降 9.06%，销售费用率为 2.87%， 较 24A 下降 0.6Pct；管理费用 ...

QFI重仓股名单出炉 外资加仓调研双线发力 □Choice数据显示，根据已披露的半年报，截至二季度末，合计263家A股公司前十大流通股股东名单上 出现了QFI（包括QFII、RQFII）。其中，生益科技、中国西电、东方雨虹等34只标的被外资持股超过 1000万股。 □今年以来，外资机构在A股市场的调研热情依然高涨。Wind数据显示，截至8月22日，外资机构年内 合计调研A股上市公司5644次，涉及4695只标的。 ◎记者 王彭 QFI（包括QFII、RQFII）的持仓动向一直备受市场关注。截至8月22日已披露的上市公司半年报显示， 263家A股公司前十大流通股股东名单中出现QFI身影，生益科技、中国西电等34只个股外资持股数量超 千万。巴克莱银行、瑞银、高盛等外资巨头新进多只A股，或对部分标的进行加仓。与此同时，外资调 研热情依然高涨，年内调研频次超5600次，汇川技术、迈瑞医疗等成为其重点关注标的。 QFI持股版图曝光 Choice数据显示，根据已披露的半年报，截至二季度末，合计263家A股公司前十大流通股股东名单上 出现了QFI。其中，生益科技、中国西电、东方雨虹等34只标的外资持股数量超过1000万股。 ...