Investment Rating - The report maintains a "Positive" investment rating for the power equipment industry [4] Core Insights - The dual carbon strategy emphasizes the coexistence of highly clean power generation and highly electrified power consumption, with the grid serving as a crucial link between the two [4][7] - The development of ultra-high voltage (UHV) technology is essential for achieving carbon neutrality, but progress has been slower than expected [4][8] - The distribution network is critical for renewable energy consumption, yet investment during the 14th Five-Year Plan period has fallen short of expectations [4][39] Summary by Sections Ultra-High Voltage (UHV) - UHV is a key component of the dual carbon strategy, with a planned investment of 380 billion yuan for over 30,000 kilometers of lines and a capacity of 340 million kilovolt-amperes [8] - The actual progress of UHV projects has been below expectations, with only eight projects likely to be completed by 2025 [16][18] - The shift towards flexible direct current technology is noted, as it allows for higher proportions of renewable energy to be transmitted [22][24] Distribution Network - The distribution network's role has evolved significantly post-dual carbon strategy, requiring upgrades to accommodate distributed energy resources [39][40] - Despite a consensus on the need for increased investment in the distribution network, actual investment levels have been lower than anticipated during the 14th Five-Year Plan [47] - The rapid growth of distributed solar power has led to challenges in the capacity of the distribution network, necessitating further enhancements [50]

Group 1 - Samsung Medical's stock closed at 22.06 yuan on July 4, 2025, up 0.14% from the previous week [1] - The company's market capitalization is currently 31.127 billion yuan, ranking 8th out of 121 in the power equipment sector and 480th out of 5149 in the A-share market [1] Group 2 - Samsung Medical has completed the registration capital change, increasing it to 1,411,006,571 yuan, and has expanded its business scope to include investment activities, hospital management, and engineering management services [2][3] - A subsidiary of Samsung Medical, Ningbo Aokes Intelligent Technology Co., Ltd., has been recommended as a candidate for the first batch of framework bidding projects by the Southern Power Grid Company, with an expected bid amount of approximately 306.1148 million yuan [2][3]

Group 1 - The company, Ningbo Samsung Medical Electric Co., Ltd., announced that its wholly-owned subsidiary, Ningbo Ouxis Intelligent Technology Co., Ltd., has been recommended as a candidate for the bid in the Southern Power Grid Company's 2025 distribution network equipment first batch framework bidding project, with an expected bid amount of approximately 306.11 million yuan [1][2] - The main content of the bid includes various types of transformers and switchgear, specifically 10kV oil-immersed transformers, 10kV dry-type transformers, 10kV prefabricated substations, and several types of automated switchgear [2] - The expected bid amount of approximately 306.11 million yuan will positively impact the company's operational performance, although the delivery time will depend on the actual contract requirements [2] Group 2 - The company has not yet received the official bid notification from the Southern Power Grid Company, and the contract duration will be determined based on actual contract requirements, leading to some uncertainty regarding the impact on the company's performance [2]

Financial Performance - Whirlpool expects a net profit of approximately 205 million yuan for the first half of 2025, an increase of about 174 million yuan or approximately 559% year-on-year [2] - Chipmotion Technology anticipates a net profit between 138 million to 169 million yuan for the first half of 2025, representing a year-on-year growth of approximately 144.46% to 199.37% [2] Mergers and Acquisitions - China Shipbuilding's absorption merger with China Shipbuilding Industry Corporation has been approved by the Shanghai Stock Exchange, pending further regulatory approvals [3] - Guotou Zhonglu plans to acquire 100% of China Electronic Engineering Design Institute through a share issuance, which constitutes a major asset restructuring [4] Shareholder Actions - Aotewei's actual controllers plan to transfer 4.99% of the company's shares, totaling 15.75 million shares, due to personal funding needs [5] - Yaguang Technology's chairman has been placed under detention, but the company's operations remain normal [5] Industry Developments - Ningbo Port expects a 9.8% year-on-year increase in container throughput for the first half of 2025 [8] - Three Trees anticipates a net profit growth of 80.94% to 119.04% for the first half of 2025 [8] - Zhuhai Group expects a net profit increase of 50.97% to 75.23% for the first half of 2025 [8] Project Wins - Sanxing Medical's subsidiary has pre-qualified for a 306 million yuan project with Southern Power Grid [8] - Hopu Co., Ltd. has jointly won a 449 million yuan shared energy storage demonstration project [8] - Hongsheng Huayuan's subsidiary has pre-qualified for an 1.127 billion yuan project with Southern Power Grid [8]

证券代码：601567 证券简称：三星医疗 公告编号：临 2025-050 统一社会信用代码：9133020079603386X0 住所：浙江省宁波市鄞州工业园区（宁波市鄞州区姜山镇） 法定代表人：沈国英 注册资本：1,411,006,571 元 成立日期：2007 年 02 月 01 日 宁波三星医疗电气股份有限公司 关于完成工商变更登记的公告 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法律责任。 宁波三星医疗电气股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日 召开第六届董事会第二十一次会议，审议通过了《关于公司变更注册资本、增加 经营范围、修订<公司章程>并办理工商变更登记的议案》。具体详见公司于 2025 年 4 月 25 日披露于上海证券交易所网站（www.sse.com.cn）、中国证券报、上海 证券报和证券时报的《宁波三星医疗电气股份有限公司关于公司变更注册资本、 增加经营范围、修订<公司章程>并办理工商变更登记的公告》（公告编号：临 2025-029）。 近日，公司完成了上述事宜的工商变更登记手续， ...

证券代码：601567 证券简称：三星医疗 公告编号：临 2025-051 宁波三星医疗电气股份有限公司 关于子公司经营合同预中标的提示性公告 本公司董事会及全体董事保证公告内容不存在虚假记载、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。 根据公示内容，公司为此项目10kV油浸式变压器（非晶合金型除外）、10kV非 晶合金油浸式配电变压器、10kV SCB干式变压器、10kV预装式变电站、10kV SF6全 绝缘断路器柜自动化成套柜（安全可控）、10kV户外开关箱SF6全绝缘断路器自动化 成套柜（安全可控）、10kV户外开关箱常压密封空气绝缘断路器自动化成套柜（安全 可控）、低压开关柜的中标候选人。依据公司预中标数量以及报价测算，预计中标金 额约为30,611.48万元。 本次预中标公示媒体是中国南方电网供应链统一服务平台，招标人是中国南方电 网有限责任公司，其他详细内容请查看中国南方电网网站公示： https://www.bidding.csg.cn/zbhxrgs/1200399157.jhtml 二、预中标项目对公司业绩的影响 本次公司合计中标金额约为30,611.48万元 ...

Core Viewpoint - Samsung Medical (601567) announced that its wholly-owned subsidiary, Aixs Intelligent Technology, has been recommended as a candidate for the first batch of framework bidding projects for distribution network equipment by the Southern Power Grid Company for 2025, with an expected bid amount of approximately 306 million yuan [1] Summary by Relevant Sections - Project Details - The project includes 10kV oil-immersed transformers, 10kV amorphous alloy oil-immersed distribution transformers, and 10kV SCB dry-type transformers [1] - Financial Impact - Winning the bid is expected to have a positive impact on the company's operating performance, although the independence of operations will not be affected [1] - Uncertainty Factors - The company has not yet received the official bid notification, and the contract duration will be determined based on actual contract requirements, leading to uncertainty regarding the impact on performance [1]

Investment Rating - The report initiates coverage on Samsung Medical with a "Buy" rating and a target price of RMB 30.00 [1][4][5]. Core Insights - The company is a leading domestic manufacturer of medium and low voltage electrical equipment, primarily producing distribution transformers and smart meters. Despite a 25% decline in stock price year-to-date, the report anticipates a recovery in smart meter demand starting in 2026 due to a new replacement cycle. Additionally, strong overseas demand for distribution transformers may mitigate cyclical risks [1][12][45]. - The report projects a 27% CAGR for EPS from 2025 to 2027, with a 16% growth rate expected in 2025. The current stock price corresponds to a 9x PE for 2026E, below the historical average of 13.4x. The company maintains a stable dividend payout ratio of 55%, with expected dividend yields of 5-6% for 2025-2026 [1][4][12]. Summary by Sections Smart Meter Concerns - The report acknowledges concerns regarding smart meter demand in 2024 due to high base effects but expects a rebound in 2026. Historical data indicates that new standards typically lead to a drop in demand in the year of implementation, followed by growth in subsequent years. The company is also positioned to benefit from increasing market share in overseas smart meter and distribution transformer markets [2][13][16]. Medical Services Profitability - Approximately 20% of the company's revenue comes from rehabilitation hospitals. The average length of hospital stays in tertiary hospitals has decreased significantly, indicating a rising demand for rehabilitation services. The company’s bed occupancy rate is below the national average, suggesting potential for improvement in profitability [3][31]. Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, arriving at a 12-month target price of RMB 30.00. The power equipment segment is valued at 11.5x forward PE, while the healthcare services segment is valued at 18x, aligning with industry averages. The target price implies a 12.4x PE for 2026E, with an expected EPS CAGR of 23% from 2024 to 2027 [4][46]. Revenue Growth Projections - The report forecasts a 26% CAGR for power equipment revenue from 2024 to 2027, driven by strong growth in distribution equipment (38% CAGR) and smart meters (8% CAGR). The overall revenue growth for the power equipment segment is expected to be supported by a 26% increase in orders [8][23][24]. Dividend and Cash Position - The company is in a net cash position, which supports its ability to pay dividends. The report anticipates a stable dividend payout ratio of at least 45% from 2025 to 2027, with an average payout ratio of 54% from 2020 to 2024 [38][41].

Core Viewpoint - Samsung Medical's stock closed at 21.71 yuan, down 1.99%, with a rolling PE ratio of 12.85 times, significantly lower than the industry average of 35.02 times [1][2] Company Overview - Samsung Medical's main business segments include smart power distribution and medical services, with key products such as smart meters, high-end gateway meters, and various energy solutions [1] - The company has received multiple accolades, including being recognized as a national-level intellectual property demonstration enterprise and a provincial key enterprise research institute [1] Financial Performance - For Q1 2025, Samsung Medical reported revenue of 36.31 billion yuan, a year-on-year increase of 20.03%, and a net profit of 4.89 billion yuan, up 34.33% [2] - The company's gross profit margin stands at 28.90% [2] Market Position - Samsung Medical ranks 36th in the electric grid equipment industry based on PE ratio, with a total market capitalization of 306.33 billion yuan [1][2] - The company is held by 101 institutions, including 99 funds, with a total shareholding of 61,407.10 million shares valued at 181.58 billion yuan [1]

Group 1 - Chengjian Development received a dividend of 7.1282 million yuan from Beijing Jingcheng Jiaye Property Co., Ltd., in which it holds a 33.47% stake [1] - Shengnuo Bio expects a net profit attributable to shareholders of 77.0275 million to 94.1448 million yuan for the first half of 2025, representing a year-on-year increase of 253.54% to 332.10% [1] - JKN2301 dry mixed suspension has been approved for clinical trials, targeting children with influenza [5][6] Group 2 - Jindawei obtained a patent for a method of purifying natto kinase, with a validity of twenty years [2] - CITIC Guoan plans to increase its stake in China Broadcasting Hunan Company to approximately 5.29% through a capital increase of 278 million yuan [2] - Ji Electric announced the resignation of its general manager, Niu Guojun, due to work changes [3] Group 3 - Xintian Green Energy successfully issued 1.5 billion yuan in green medium-term notes with a term of 3+N years and an interest rate of 2.05% [7] - Hengrun Co. plans to invest 1.2 billion yuan in a project to produce 2,000 sets of wind turbine gearbox components [9] - Pulaide received a government subsidy of 10 million yuan, accounting for 15.87% of its audited net profit for the last fiscal year [10] Group 4 - Boteng Co. passed the EU QP audit, receiving a compliance statement for its CDMO services [12] - Zhou Dasheng added 7 self-operated stores in May, with total investments ranging from 900,000 to 6.5 million yuan [13] - Wantai Bio initiated a Phase III clinical trial for its live attenuated varicella vaccine [15] Group 5 - Shanghai Pharmaceuticals received a drug registration certificate for Pregabalin capsules in Thailand [19] - Sanxing Medical's subsidiary is expected to win contracts worth approximately 143 million yuan from State Grid projects [21] - Jiangsu Huachen plans to issue 460 million yuan in convertible bonds [24] Group 6 - Jian Gong Repair won a soil pollution remediation project worth 32.76 million yuan [25] - Dize Pharmaceutical completed patient enrollment for a global Phase III clinical trial of its drug [26] - Del Co. received acceptance for its application to issue shares for asset acquisition and raise matching funds [27] Group 7 - Beijing Kerui won multiple power grid projects with a total value of approximately 154 million yuan [27] - Xie Chuang Data signed financing lease contracts totaling 498 million yuan with Su Yin Financial Leasing [28] - Meige Intelligent submitted an application for H-share listing on the Hong Kong Stock Exchange [29][31] Group 8 - Aikodi plans to repurchase shares worth 100 million to 200 million yuan for employee stock ownership plans [54] - Kong Kong Industrial intends to sell 80% of Tianyuan Construction to its controlling shareholder [55] - Youyou Green Energy proposed a cash dividend of 12 yuan per 10 shares, totaling 50.4 million yuan [55]