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） ...

证券日报网讯1月22日，三星医疗（601567）在互动平台回答投资者提问时表示，公司在医疗服务领域 深耕多年，围绕实体医疗机构的建设、运营、投资并购，持续布局长三角、珠三角等重点区域，打造以 重症康复为特色，神经康复与功能康复为核心，老年康复为基础的高品质康复连锁专科。截至目前，公 司下属医院共38家，其中康复医院32家，总床位数已超万张。 ...

（记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：公司证券简称为"三星医疗"，但近年来智能配用电业务 的营收占比持续超过75%。请问公司未来是否有计划通过进一步的资产整合或并购，显著提升医疗服务 业务的营收和利润贡献，以使公司名称更能反映核心业务构成？ 三星医疗（601567.SH）1月22日在投资者互动平台表示，公司在医疗服务领域深耕多年，围绕实体医 疗机构的建设、运营、投资并购，持续布局长三角、珠三角等重点区域，打造以重症康复为特色，神经 康复与功能康复为核心，老年康复为基础的高品质康复连锁专科。截至目前，公司下属医院共38家，其 中康复医院32家，总床位数已超万张。感谢您对公司的建议，后续如有相关计划，公司将严格按照相关 法律、法规及公司章程的相关规定，及时履行信息披露义务。 ...

Investment Rating - The report maintains a strong buy rating for several key companies in the power equipment sector, including Guodian Nanrui, Siyuan Electric, and TBEA, while recommending an increase in holdings for others like Sifang Co. and China XD Electric [2][3]. Core Insights - The State Grid's planned investment of 4 trillion yuan during the 14th Five-Year Plan period represents a 40% increase compared to the previous plan, with an expected compound annual growth rate (CAGR) of 7% [1][9]. - The focus of this investment will be on green transformation, ultra-high voltage, distribution networks, energy storage, and digitalization, which is expected to significantly support the performance of related companies [1][9]. - The report highlights the increasing pressure on power consumption and the need for a new power system, emphasizing ultra-high voltage and energy storage as critical solutions to address this challenge [1][13][21]. Industry Overview - The total number of listed companies in the power equipment sector is 308, with a total market capitalization of 7,728.9 billion yuan [3]. - The absolute performance of the power equipment and new energy sector has shown significant growth, with a 63.1% increase over 12 months [5]. Key Company Analysis - Guodian Nanrui is recognized as a leader in secondary equipment with strong technology barriers and stable operations, expected to see significant growth in high-voltage and system stability businesses [26]. - Siyuan Electric has established a comprehensive product system and service network in overseas markets, with a notable increase in overseas revenue [26]. - China XD Electric benefits from increased capital expenditure in domestic main networks and ultra-high voltage projects, with a growing presence in international markets [27]. - TBEA is experiencing rapid growth in orders, particularly in the Middle East and Europe, and is expected to benefit from ongoing power construction projects [28]. - Other notable companies include XJ Electric, Pinggao Electric, and Igor, each with unique strengths and growth prospects in the evolving power equipment landscape [29][30][31].

Key Points Summary Industry Overview - The report focuses on the power equipment sector, specifically highlighting the recovery in domestic and international demand for electric meters and the significant contributions from distribution and renewable energy sectors [1][2]. Core Insights and Arguments 1. **Valuation Concerns**: - Current low valuation levels are attributed to concerns over the cyclical nature of electric meters and the absence of AIDC product labels, leading to reliance on traditional business valuations [1]. 2. **Business Development Outlook for 2026/2027**: - The domestic electric meter market experienced its lowest point in five years in 2025, with only 50 million units sold and prices dropping approximately 20% compared to 2024. A significant recovery is expected in 2026, with a projected 20%+ increase in volume and a 30%+ increase in new meter prices [1]. 3. **International Demand Recovery**: - Demand in Southeast Asia and Europe for electric meters is anticipated to gradually recover [2]. Distribution Sector Insights 1. **New Orders and Growth**: - Samsung's new domestic distribution orders in 2025 increased by nearly 20%, demonstrating resilience. The company is expected to see a doubling of overseas distribution orders, with the overseas share projected to rise from over 10% to 20-30% [3]. 2. **Haixing's Performance**: - Haixing achieved a breakthrough in overseas distribution, renewable energy, and water meter businesses in 2025, with new business revenue exceeding 300 million, doubling year-on-year and accounting for 15-16% of total revenue. The company anticipates further doubling of overseas new business revenue in 2026, increasing its revenue share to over 20% [3]. Investment Recommendations - Both Samsung and Haixing are positioned well due to their extensive overseas factory layouts (Haixing with 9 factories and Samsung with 6) and superior overseas channel capabilities compared to other domestic companies. This positions them for long-term growth through regional expansion, market share increase, and product diversification [3]. - Profit projections for 2026 are 2.5 billion for Samsung (target market cap of 50 billion at 20X) and 1.2 billion for Haixing (target market cap of 24 billion at 20X, with 70% of profits from overseas) [3].

Core Viewpoint - Samsung Medical (601567) has shown a positive stock performance, with a closing price of 24.95 yuan on January 16, 2026, reflecting a 2.04% increase from the previous week [1] Company Announcements - Samsung Medical provided a performance guarantee for its wholly-owned subsidiary, Brazil Nansen, amounting to approximately 44.07 million yuan, with the guarantee period extended to January 30, 2027 [1] - The guarantee for Brazil Nansen is 33.90 million Brazilian Reais (approximately 44.07 million yuan) and has been approved by the board and shareholders, falling within the previously estimated guarantee limit [1] - Brazil Nansen has a debt-to-asset ratio of 112.50%, and Samsung Medical has actual control over it, indicating that the guarantee risk is manageable [1] - As of the announcement date, the total external guarantees provided by the company amount to 975.35 million yuan, which represents 80.73% of the most recent audited net assets, with no overdue guarantees reported [1]

Core Viewpoint - Samsung Medical indicated that detailed order information for 2025 will be disclosed in future periodic reports, highlighting the company's commitment to transparency and investor communication [1] Group 1: Business Operations - Copper, a key raw material for the company's distribution products, is subject to market price fluctuations, prompting the company to engage in hedging activities authorized by the board to mitigate risks [1] - The company is focused on enhancing operational efficiency through ongoing digital transformation and refined management practices, aiming to achieve cost reduction and efficiency improvement goals [1]