证券之星消息，截至2026年2月5日收盘，三星医疗(601567)报收于23.68元，下跌3.78%，换手率 1.33%，成交量18.69万手，成交额4.47亿元。 2月5日的资金流向数据方面，主力资金净流入1560.21万元，占总成交额3.49%，游资资金净流出519.39 万元，占总成交额1.16%，散户资金净流出1040.82万元，占总成交额2.33%。 近5日资金流向一览见下表： | 指标 | 三星医疗 | 电网设备行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 332.75亿元 | 135.48亿元 | 681 16 | | 净资产 | 126.67亿元 | 43.91亿元 | 8 139 | | 净利润 | 15.28亿元 | 2.85亿元 | 681 15 | | 市盈率(动) | 16.33 | 146.91 | 6 139 | | 市净率 | 2.68 | 6.08 | 38 139 | | 毛利率 | 28.46% | 23.12% | 42 139 | | 净利率 | 13.6% | 7.43% | 23 139 | | ROE | 12. ...

1月15日，国家电网正式披露"十五五"期间固定资产投资规划，预计总投资额将达到4万亿元，相较于"十四五"期间增长约40%。从宏观数据看，中国电 网投资已经进入了一个明确的高增长通道，市场对于"电网周期"的期待达到了前所未有的高度。 来源：国家能源局、国家统计局 然而，复盘上一个电网周期，我们会发现一个奇怪的现象：尽管市场习惯将国家能源局发布的"电网工程投资完成额"视为行业晴雨表，但不同电网设备 公司的净利润与"电网工程投资完成额"的增长趋势并非完全一致，而是会呈现出比较大的差异。 事实上，电网并不是铁板一块，不同的环节赚的是完全不同的钱。 来源：各公司财报、国家能源局 0 1 三大维度 我们知道，电力系统可以分为发—输—变—配—用，其中输配电网（含变电）是电网的核心主体。更进一步，电网工程的投资可以被拆解为三个不同维 度：主干网/特高压、智能电网/数智化以及配用电侧设备。 主干网/特高压更偏向于一次设备，即物理上的输电通道建设，用来直接承载和传输电能。电压等级从低压（380V/220V）到特高压（1000kV交流、 ±800/±1100kV 直流）均有对应设备，最典型的就是变压器和开关设备。这类投资的特点是单 ...

（文章来源：证券日报） 证券日报网讯 2月3日，三星医疗在互动平台回答投资者提问时表示，公司存货以原材料、周转材料、 在产品、库存商品等为主，存货增加主要受公司客户项目、交付节奏需求等综合影响。短期、长期贷款 增加主要是公司出于经营管理需要。同时，围绕销售订单合同、采购付款、存货管理、销售收款、资产 管理、资金管理等各环节，公司建立了精细化管理体系和自动化风控管理系统，为公司业务发展提供保 障和支撑。 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **grid and electrical equipment** sector, particularly in the context of global investment trends and structural demand drivers across regions including **China, ASEAN, the US, and the EU** [2][3][10]. Core Insights and Arguments - **Structural Upcycle**: Analysts believe the current upcycle in grid equipment is structural rather than cyclical, supported by high manufacturing utilization and multi-year order visibility across **APAC** [3][10]. - **Investment Needs**: Global grid investment reached approximately **$450 billion** in 2025, but this is still below the estimated **$1 trillion** needed annually by 2050 to meet demand [4]. - **Aging Infrastructure**: About **45%** of global grid assets are over **20 years old**, with significant replacement needs emerging, particularly in the US where the average transformer is around **40 years old** [4][10]. - **OEM Backlogs**: Equipment suppliers are experiencing unprecedented demand, with average selling prices for transformers increasing by approximately **75%** since 2019, and high-voltage cable costs nearly doubling [5][10]. Regional Developments - **China**: The 15th Five-Year Plan mandates a record investment of **RMB 4 trillion** by 2030, a **40%** increase from previous plans, focusing on high-voltage expansion to support renewable energy [7]. - **ASEAN**: Leaders have agreed to accelerate the ASEAN Power Grid, aiming to double cross-border capacity by 2040, supported by an **$800 billion** financing initiative [7]. - **US**: Federal programs, including a **$65 billion** grid modernization fund, are pushing utilities to enhance and expand networks [7]. - **Europe**: The European Commission has introduced a new Grid Package requiring **€584 billion** in transmission investment by 2030 [7]. Capacity and Constraints - Manufacturing capacity for grid equipment is tight across APAC, with Japan operating at nearly **100%** utilization. Expansion plans are in place, but skilled labor shortages and input constraints remain significant challenges [12]. - Orderbooks are strong, particularly in Korea, where companies report **30%** year-over-year growth in orderbooks, with lead times extending to **3-4 years** [13]. Pricing Dynamics - Anticipated price increases in China due to potential tariff adjustments in the 2026 regulatory cycle are expected to support average selling price hikes and margin expansion [14]. - Japan's Hitachi aims to increase EBITDA margins from **13-15%** to **16-20%** by FY30, indicating a focus on disciplined pricing and higher-value products [14]. Demand Drivers - Demand is driven by a multi-year structural grid upgrade cycle across APAC, with significant needs for replacement and modernization of aging infrastructure, as well as the integration of digital automation and smart grid technologies [15][16]. Investment Recommendations - Companies positioned at the core of structural grid equipment demands, such as **NARI Technology**, **Hitachi**, and **Hyundai Electric**, are highlighted as key beneficiaries of the ongoing investment cycle [18][19]. - NARI Technology is particularly noted for its alignment with China's domestic grid investment priorities, with expectations of sustained pricing uplift and market share gains [18]. Conclusion - The combination of aging infrastructure, rising demand from renewable energy, and the need for modernization and digitalization in grid systems suggests a robust growth outlook for the grid equipment sector across APAC, with favorable pricing power and earnings durability anticipated [10][11].

We turn more bullish on China's power grid equipment names, underpinned by our assumed 11% China grid CAPEX CAGR in 2026-30E, up from 9% previously. While we highlighted upside to grid CAPEX (volume) and T&D tariffs (price) in our previous note, we now believe actual grid CAPEX could again exceed official plans, driven by accelerated backbone and distribution grid build-out enhancing system stability and reliability. This could translate into earnings upgrades and valuation re-ratings for power grid equipme ...

截至10月31日，三星医疗股东户数3.35万，较上期增加0.00%；人均流通股41941股，较上期增加 0.00%。2025年1月-9月，三星医疗实现营业收入110.80亿元，同比增长6.19%；归母净利润15.28亿元， 同比减少15.85%。 分红方面，三星医疗A股上市后累计派现64.07亿元。近三年，累计派现33.29亿元。 1月30日，三星医疗跌3.51%，成交额4.63亿元。两融数据显示，当日三星医疗获融资买入额3649.60万 元，融资偿还4469.93万元，融资净买入-820.33万元。截至1月30日，三星医疗融资融券余额合计2.99亿 元。 融资方面，三星医疗当日融资买入3649.60万元。当前融资余额2.93亿元，占流通市值的0.88%，融资余 额超过近一年50%分位水平，处于较高位。 融券方面，三星医疗1月30日融券偿还7.48万股，融券卖出5.57万股，按当日收盘价计算，卖出金额 131.62万元；融券余量22.89万股，融券余额540.89万元，超过近一年60%分位水平，处于较高位。 资料显示，宁波三星医疗电气股份有限公司位于浙江省宁波市鄞州工业园区(宁波市鄞州区姜山镇)，成 立日期2 ...

深 度 研 究 超配（维持） 电力设备及新能源行业之电网设备专题报告 铁塔凌云起，智电写春秋 2026 年 1 月 28 日 投资要点： SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱：liuxingwen@dgzq.com.cn 行业指数走势 资料来源：东莞证券研究所，iFinD 券 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 电力设备及新能源行业 分析师：刘兴文 电网设备行业迈入新发展阶段。电网建设是电力行业发展的重要基 础，电网建设包括变电站和电力线路建设，当前我国智能电网、西 电东送、城乡电网改造等重要项目都需要大量的电网设备，并提出 了新的要求，高效、节能、环保的电网设备将成为未来市场的主流， 电源电网的转型升级为我国的电网设备制造业创造了巨大的发展机 遇。近年来，大数据、人工智能、物联网等技术的快速迭代，加速 了电网数字化转型的进程，智能开关设备、智能电表、数据采集终 端等智能电力设备产品在新型电力系统各个环节中得到广泛应用。 行 业 研 相关报告 ...

证券代码：601567 证券简称：三星医疗 公告编号：临2026-003 宁波三星医疗电气股份有限公司 关于为子公司提供担保的进展公告 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法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | Ningbo | Sanxing Electric (Sweden) 下简称"三星瑞典"） | AB（以 | | --- | --- | --- | --- | --- | | | 本次担保金额 | 124.90 | 万欧元（约 1,020.90 | 万人民币） | | 担保对象 | 实际为其提供的担保余额 | 2,334.18 | 万元（含本次担保） | | | | 是否在前期预计额度内 | 是 | □否 □不适用：_________ | | | | 本次担保是否有反担保 | □是 | 否 □不适用：_________ | | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | ...

Core Viewpoint - Samsung Medical (601567) is focusing on the rehabilitation medical sector, which is still in its early development stage in China, capitalizing on the growing demand driven by an aging population [1] Group 1: Industry Development - The company is one of the early entrants in the rehabilitation medical field in China, aiming to expand its network of rehabilitation hospitals [1] - The company is actively addressing the increasing rehabilitation needs resulting from the aging trend [1] Group 2: Strategic Response to Policy Changes - The company is closely monitoring changes in industry policies, particularly the ongoing reforms in medical insurance payment systems [1] - The company is implementing national policy requirements and establishing mechanisms for policy prediction and response to mitigate potential risks [1] Group 3: Operational Management - The company emphasizes the importance of information technology in its operations, utilizing self-developed systems for comprehensive process control [1] - A closed-loop management mechanism is in place, which includes pre-warning, intervention during operations, and post-event tracing to ensure compliance with medical insurance regulations [1]

证券日报网讯 1月22日，三星医疗在互动平台回答投资者提问时表示，公司高度重视市值管理工作，并 将市值管理贯穿于日常经营与战略发展中，不断提升公司经营效率和竞争力。公司股价波动受宏观经 济、行业和市场形势等多种复杂因素综合影响。未来，公司将持续通过战略引领、经营优化、完善公司 治理结构、优化股东回报、增强投资者互动等综合举措，努力促进公司内在价值和市场价值的双向提 升。如将来有变更证券简称计划，公司将严格按照相关法律、法规及公司章程的相关约定，及时履行信 息披露义务。 （文章来源：证券日报） ...