中国西电（601179） 公司点评 业务结构持续优化，盈利能力改善明显 | 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-04-17 | | 收盘价（元） | 6.18 | | 近 12 个月最高/最低（元） | 9.54/6.08 | | 总股本（百万股） | 5,126 | | 流通股本（百万股） | 5,126 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 317 | | 流通市值（亿元） | 317 | 公司价格与沪深 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 04-17 05-17 06-17 07-17 08-17 09-17 10-17 11-17 12-17 01-17 02-17 03-17 04-17 中国西电 沪深300 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 相关报告 1.业绩快速增长，特高压高景气度支 撑快速发展 ...

证券研究报告·公司点评报告·电网设备 中国西电（601179） 2024 年年报及 2025 年一季报点评：盈利能 力持续提升，业绩超市场预期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21,204 | 22,281 | 26,093 | 28,785 | 31,908 | | 同比（%） | 13.02 | 5.07 | 17.11 | 10.32 | 10.85 | | 归母净利润（百万元） | 897.17 | 1,054.15 | 1,701.11 | 2,074.92 | 2,546.28 | | 同比（%） | 44.92 | 17.50 | 61.37 | 21.97 | 22.72 | | EPS-最新摊薄（元/股） | 0.18 | 0.21 | 0.33 | 0.40 | 0.50 | | P/E（现价&最新摊薄） | 35.31 | 30.05 | 18.62 | 15.27 | 12 ...

Core Viewpoint - The company reported a revenue of 22.28 billion yuan for 2024, representing a year-on-year increase of 5.1%, with a net profit attributable to shareholders of 1.05 billion yuan, up 17.5% year-on-year, and a non-recurring net profit of 1.00 billion yuan, up 55.5% year-on-year [1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 5.26 billion yuan, a year-on-year increase of 10.9%, and a net profit of 290 million yuan, up 42.1% year-on-year [1] - The gross margin for 2024 was 20.8%, an increase of 2.9 percentage points, while the net margin was 5.5%, up 0.6 percentage points [1] - The company reported a significant improvement in cash flow, with net cash inflow from operating activities reaching 3.499 billion yuan, a year-on-year increase of 177% [4] Group 2: Business Segments - The transformer business generated revenue of 9.218 billion yuan in 2024, up 18% year-on-year, with a gross margin of 14.25%, an increase of 5.88 percentage points [2] - The switchgear business achieved revenue of 8.504 billion yuan, a year-on-year increase of 11%, with a gross margin of 26.52%, up 1.29 percentage points [2] - The power electronics and international trade segment saw a revenue decline to 2.456 billion yuan, down 33% year-on-year, with a gross margin of 15% [3] Group 3: Market Position and Outlook - The company secured a market share of approximately 27% in the converter transformer segment, ranking first, and is expected to see high growth in orders for the "6 Direct 5 AC" project in 2025 [2] - The company made significant progress in international markets, with revenue from international business accounting for about 66%, and has expanded its operations to countries like Turkey, Italy, and Sweden [3] - The company has revised its profit forecasts for 2025 and 2026, expecting net profits of 1.70 billion yuan and 2.07 billion yuan respectively, with a projected net profit of 2.55 billion yuan for 2027 [4]

2024 年年报及 2025 年一季报点评：盈利能 力持续提升，业绩超市场预期 买入（维持） 证券研究报告·公司点评报告·电网设备 中国西电（601179） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21,204 | 22,281 | 26,093 | 28,785 | 31,908 | | 同比（%） | 13.02 | 5.07 | 17.11 | 10.32 | 10.85 | | 归母净利润（百万元） | 897.17 | 1,054.15 | 1,701.11 | 2,074.92 | 2,546.28 | | 同比（%） | 44.92 | 17.50 | 61.37 | 21.97 | 22.72 | | EPS-最新摊薄（元/股） | 0.18 | 0.21 | 0.33 | 0.40 | 0.50 | | P/E（现价&最新摊薄） | 35.31 | 30.05 | 18.62 | 15.27 | 12 ...

Core Viewpoint - China XD Electric's operating performance continues to improve, with significant increases in revenue and net profit in Q1 2025 compared to the previous year [2][4][5]. Financial Performance - In Q1 2025, the company reported revenue of 5.245 billion yuan, an increase of 11.27% year-on-year; net profit reached 295 million yuan, up 42.10%; and the net profit excluding non-recurring gains and losses was 293 million yuan, a rise of 54.14% [2][4][6]. - The growth in performance is attributed to increased sales in the transformer and switch sectors, as well as a higher proportion of high-margin products [6][9]. Business Overview - China XD Electric specializes in the research, design, manufacturing, sales, and testing of power transmission and distribution equipment, including high-voltage switches and transformers [3][4]. - The company has a comprehensive product line and is actively expanding into emerging sectors such as smart grids and offshore wind power [2][7]. Market Position and Orders - As of Q1 2025, the company had contract liabilities of 4.147 billion yuan, indicating a strong order backlog that supports future revenue growth [10]. - Recent major contracts include a 1.707 billion yuan project with the State Grid and additional contracts totaling approximately 1.443 billion yuan, bringing the total to over 3 billion yuan [9]. Research and Development - China XD Electric has invested a total of 2.945 billion yuan in R&D over the past three years, with annual investments increasing from 797 million yuan in 2022 to 1.127 billion yuan in 2024 [7][8]. - The company has successfully applied for several national-level projects and has developed numerous products that meet international standards [8].

伴随着全球特高压需求释放，中国西电（601179）(601179.SH)步入红利收获期。 4月14日，国内特高压装备龙头中国西电交出的2024年财报。数据显示，该公司营业收入为221.7亿元， 同比上升6.4%；归母净利润为10.5亿元，同比上升19.1%；扣非归母净利润为9.97亿元，同比上升 55.5%。 比如去年旗下子公司收购了河南省高压电器研究所有限公司55%的股权，同时承诺三年业绩净利不低于 1.9亿元；控股检测机构西高院成为沙特国家电网唯一非欧美背景的指定实验室。这意味着，我国首次 实现对海湾国家电力标准的系统性渗入。 在电力能源转型趋势下，绿电输送与配送、保供电网安全稳定运行成为行业发展与国家战略的必走之 路。而作为"特高压国家队"，中国西电成为电力输送与分配的重要抓手。 值得一提的是，中国西电与智利KiIo高压直流输电换流站EPC项目、国网2023年第三十三批采购(特高压 项目第三次设备招标采购)两份合同订单中，累计待履行金额供给超39亿元。该笔金额或将体现在未来 的年度业绩中。 在最新财报中，中国西电一组有关海外业务的数据引发关注。 数据显示，2024年，该公司国外业务营收28.25亿元，毛 ...

市场业绩可圈可点 报告期内，公司一方面网内市场提质扩量。特高压市场占有率持续保持行业领先，实现了"柔直阀"首次 突破。国网总部集采中标市场占有率稳居行业第一，中标量、占有率再创历史新高。配网市场显著提 升，累计在7个省份实现中标。南网市场份额不断提升，成功中标南网抽水蓄能电站项目设备。蒙网市 场组合电器、隔离开关产品市场占有率领先。 另一方面，网外市场加速推进。电源、工业市场中标量稳步提升，中标华电新能源主变、华能箱变等框 架标。核电市场斩获国内首台百万核电机组主变项目，海上风电市场连续中标多个海上升压站，抽水蓄 能市场中标三峡集团多个电站发断产品。 国际市场再创新高，取得佳绩。新签合同额稳步提升，国际业务范围扩大至土耳其、意大利、瑞典等国 家。设备类出口占比提升，中标巴西东北部新能源送出特高压直流项目换流变设备、土耳其阿库尤550 千伏组合电器项目。西高院成为中国唯一沙特电力公司认可高压GIS报告的实验室。 4月14日晚间，中国西电（601179.SH）发布2024年年度报告，公司2024年全年实现营业收入221.75亿 元，同比增长5.59%；实现归母净利润10.54亿元，同比增长17.50%；扣非净利润 ...

证券研究报告 中国西电 (601179 CH) Q1 利润高增，有望迎订单与交付大年 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 15 日│中国内地 | 电气设备 | 公司 25 年 Q1 实现总营收 52.61 亿元（+10.93%yoy），归母净利润 2.95 亿 元（42.10%yoy），同比高增。我们认为 25 年有望迎来特高压订单与交付大 年，带来公司收入与结构的进一步改善，同时公司市场开拓效果显著、提质 增效持续深化，看好公司盈利能力持续提升。 现金流同比高增，两级营销成效显著 公司 24 年实现总营收 222.81 亿元（+5.07%yoy），归母净利润 10.54 亿元 （+17.50%yoy），扣非净利润 9.97 亿元（+55.52%yoy），经营活动产生的 现金流量净额 34.99 亿元（+176.57%yoy）。公司两级营销成效显著，国南 网中标份额持续提升，实现"柔直阀"首次突破；网外市场加速推进，在核 电、海风、抽蓄等多个领域连续突破；海外新签合同额稳步提升。同时，公 司提级管理配网业务，启动西安配网 ...

4 月 14 日，公司披露 2024 年报及 2025 年一季报，2024 年实现营 收 222.8 亿元，同比+5.1%，实现归母净利 10.5 亿元，同比+17.5%， 实现毛利率 20.7%，同比+2.9pct。25Q1 实现营收 52.6 亿元，同 比+10.9%，实现归母净利 2.9 亿元，同比+42.1%，实现毛利率 21.0%，同比+3.2pct，25Q1 业绩超预期。 一次设备龙头地位稳固，多元市场持续突破。1）网内：2024 年公 司在国网输变电/特高压项目招标份额分别为 9.3%/20.4%，稳居行 业第一；配网市场显著提升，24 年累计中标 2.6 亿元，同比+76.7%； 南网市场份额不断提升，成功中标南网抽水蓄能电站项目设备；蒙 网市场组合电器、隔离开关产品市场占有率领先；2）网外：电源、 工业市场中标量稳步提升，核电市场斩获国内首台百万核电机组 主变项目，海上风电市场连续中标多个海上升压站；3）海外：新 签合同额稳步提升，国际业务范围扩大至土耳其、意大利、瑞典等 国家，设备类出口占比提升至 50%以上。 主网景气驱动变压器、开关、电容器等稳健增长，工程贸易相对承 压。2024 年： ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant profit growth in the coming years [5]. Core Insights - The company achieved a revenue of 22.28 billion RMB in 2024, a year-on-year increase of 5.1%, with a net profit of 1.05 billion RMB, up 17.5% year-on-year [2]. - The company is a leader in the first equipment sector, with a strong market presence in both domestic and international markets, benefiting from accelerated domestic grid expansion and increased overseas investments [5]. - The company is expected to achieve net profits of 1.58 billion RMB, 2.02 billion RMB, and 2.49 billion RMB in 2025, 2026, and 2027 respectively, reflecting growth rates of 50%, 28%, and 23% [5]. Revenue and Profitability - In 2024, the company reported revenue of 92.2 billion RMB from transformers, a 17.8% increase year-on-year, and a gross margin of 14.4%, up 5.9 percentage points [4]. - The switch segment generated revenue of 85.0 billion RMB, an 11.0% increase year-on-year, with a gross margin of 26.5%, up 1.3 percentage points [4]. - The company’s operating cash flow improved significantly, reaching 3.5 billion RMB in 2024, a year-on-year increase of 176.6% [4]. Market Position and Growth - The company holds a leading position in the domestic market, with a 9.3% share in the State Grid's power transmission and transformation projects and a 20.4% share in ultra-high voltage projects [3]. - The company has expanded its international business, signing contracts in countries such as Turkey, Italy, and Sweden, with equipment exports now accounting for over 50% of its international business [3]. - The company’s revenue from the capacitor and lightning arrester segment reached 980 million RMB in 2024, a 22.6% increase year-on-year, with a gross margin of 23.2% [4]. Financial Projections - The company is projected to achieve revenues of 25.52 billion RMB, 30.25 billion RMB, and 33.52 billion RMB in 2025, 2026, and 2027 respectively, with corresponding growth rates of 14.56%, 18.53%, and 10.80% [9]. - The diluted earnings per share are expected to increase from 0.206 RMB in 2024 to 0.485 RMB in 2027 [9]. - The return on equity (ROE) is projected to rise from 4.79% in 2024 to 9.68% in 2027 [9].