证券研究报告：电力设备 | 公司点评报告 发布时间：2025-05-20 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 25.91 | | --- | --- | | 总股本/流通股本（亿股）4.32 | / 4.27 | | 总市值/流通市值（亿元）112 | / 111 | | 52 周内最高/最低价 | 29.95 / 19.51 | | 资产负债率(%) | 28.3% | | 市盈率 | 35.49 | | 第一大股东 | 上海神马电力控股有限 | | 公司 | | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 神马电力(603530) 业绩情况：2025Q1 公司营收 2.9 亿元，同比+23.4%；归母净利 润 0.7 亿元，同比+7.0%。 利润端：市场持续开拓，费用率提升。2025Q1 公司毛利率、净利 率分别 46.8%/23.9%，同比分别-1.6/-3.7pcts，销售/管理/财务/研 发费用率分别为 7.3%/8.2%/-1.5%/4.8%，同比分别+1.7/+ ...

证券代码：603530 证券简称：神马电力 公告编号：2025-033 二、募集资金专户的开立情况 为规范募集资金的存放、使用与管理，公司对发行的募集资金采取了专户存 储制度，公司及保荐人华泰联合证券有限责任公司与存放募集资金的银行分别签 署了募集资金监管协议。截至本公告披露日，公司开设的募集资金专项账户如下： | 序 号 | 开户银行 | 银行账户 | 备注 | | --- | --- | --- | --- | | 1 | 中国建设银行股份有限公司南通港闸支行 | 32050164263600002671 | 存续 | | 2 | 中信银行股份有限公司南通分行 | 8110501011601796461 | 本次注销 | | 3 | 招商银行股份有限公司上海天山支行 | 512903540710302 | 存续 | | 4 | 中国建设银行股份有限公司如皋支行 | 32050164723600008777 | 已注销 | | 5 | 兴业银行股份有限公司如皋支行 | 408890100100127646 | 已注销 | 关于注销部分募集资金专项账户的公告 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 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months compared to the benchmark index [9]. Core Views - The company has shown strong revenue growth, with Q1 2025 revenue reaching 285 million yuan, a year-on-year increase of 23.39%. The net profit attributable to shareholders was 68 million yuan, up 7.02% year-on-year [5]. - The company has a robust order backlog, with new orders totaling 447 million yuan in Q1 2025, including 220 million yuan from overseas, reflecting a 42% increase year-on-year. This strong order growth is expected to support future performance [5]. - The company is developing new transformer bushing products, which are anticipated to contribute to future revenue growth. These products have passed technical and product evaluations by relevant industry associations [5]. - The company’s profitability remains stable, with a gross margin of 46.78% in Q1 2025, despite a slight year-on-year decline. The increase in operating expenses is attributed to new product development and overseas market expansion [5]. Financial Projections - The company’s projected revenue for 2025 is 1,843 million yuan, with a year-on-year growth rate of 37%. The net profit attributable to shareholders is expected to reach 418 million yuan, reflecting a growth rate of 35% [3][6]. - The earnings per share (EPS) is projected to be 0.97 yuan for 2025, with a continued upward trend in subsequent years [3][6]. - The price-to-earnings (P/E) ratio is expected to decrease from 35.1 in 2024 to 25.7 in 2025, indicating improving valuation metrics as earnings grow [3][6]. Market Position and Outlook - The company is well-positioned for future growth, with a strong focus on expanding its overseas market presence and enhancing its product offerings. The anticipated increase in operational capacity and project deliveries is expected to further bolster profitability [5]. - The report suggests that the company’s long-term growth potential remains promising, supported by a solid order pipeline and ongoing product innovations [5].

证券代码：603530 证券简称：神马电力 公告编号：2025-031 江苏神马电力股份有限公司 关于 2024 年度暨 2025 年第一季度业绩说明会 召开情况的公告 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。 江苏神马电力股份有限公司（以下简称"公司"）于 2025 年 5 月 8 日披露 了《关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告》（公告编号： 2025-030）。2025 年 5 月 13 日（星期二）上午 9:00-10:00，公司通过价值在线 以网络互动方式召开 2024 年度暨 2025 年第一季度业绩说明会，现将有关情况公 告如下： 一、本次说明会召开情况 2025 年 5 月 13 日（星期二），公司通过价值在线以网络互动方式召开了公 司 2024 年度暨 2025 年第一季度业绩说明会，公司董事长马斌先生、轮值总经理 张文斌先生、独立董事徐胜利先生、董事金书渊先生、董事会秘书韩笑女士出席 了本次会议并与投资者进行了沟通交流。 二、本次说明会提出的主要问题及公司的回复情况 2、问 ...

证券代码：603530 证券简称：神马电力 公告编号：2025-032 江苏神马电力股份有限公司 关于控股股东部分股份解除质押的公告 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。 重要内容提示： ●江苏神马电力股份有限公司（以下简称"公司"）控股股东上海神马电力 控股有限公司（以下简称"神马控股"）持有公司股份 27,000 万股，占公司总股 本的 62.46%；本次部分股份解除质押后，其累计质押的股份数为 4,281 万股，占 其持股总额的 15.86%，占公司总股本的 9.90%。 ●公司控股股东神马控股及其一致行动人陈小琴女士共计持有公司股份 34,170.21 万股，占公司总股本的 79.05%；本次部分股份解除质押后，其累计质 押的股份数为 7,051 万股，占其持股总额的 20.63%，占公司总股本的 16.31%。 1 | 持股比例 | 62.46% | | | --- | --- | --- | | 剩余被质押股份数量 | 4,281 | 万股 | | 剩余被质押股份数量占其所持股份比例 | 15.86% | ...

Industry Overview - The insulation products industry in China has developed rapidly since the 1990s, establishing a comprehensive industrial system and becoming the largest insulation products market globally. The market size is projected to reach approximately 77.5 billion yuan in 2024, with a year-on-year growth of 2.79% [1][14]. - The industry has matured technologically, with leading companies capable of developing high-end insulation products, gaining competitive advantages in international markets [1][14]. Market Dynamics - The insulation products are essential components in electrical equipment and electronic devices, serving various functions such as mechanical support, heat dissipation, and moisture protection [3]. - The industry benefits from the rapid development of sectors like renewable energy, efficient energy-saving motors, and rail transportation, contributing to a relatively prosperous market environment [5]. Policy Environment - Recent policies have been introduced to support the insulation products industry, including the "Implementation Plan for Accelerating the Breakthrough of 'Six New' Manufacturing in Henan Province" and the "Implementation Plan for the Innovation and Development of the Fine Chemical Industry (2024-2027)" [5][7]. Industry Chain - The upstream of the insulation products industry includes raw materials such as phenol, formaldehyde, and epoxy resin, which are essential for production. The industry is moving towards high-quality and environmentally friendly production due to supply-side structural reforms [8][10]. - The downstream applications include generator manufacturing, power transmission, new energy vehicles, and electronic communications, with increasing demand driven by the national "dual carbon" goals [8][11]. Key Companies - Notable companies in the insulation products sector include Dongcai Technology, Huazheng New Materials, and Shunma Electric, among others. These companies are focusing on innovation and expanding their market presence [16][19][21]. - Dongcai Technology reported a revenue of 32.45 million yuan in the first quarter of 2024, while Huazheng New Materials achieved 28.24 million yuan in the same period [18]. Development Trends - The industry is expected to focus on technological innovation, particularly in high-performance and environmentally friendly insulation materials. Innovations such as nano-modification and composite insulation technologies are anticipated to gain traction [23][24]. - The shift towards green and sustainable practices is becoming a priority, with increasing demand for halogen-free and biodegradable insulation materials [24][25]. Conclusion - The insulation products industry in China is poised for growth, driven by technological advancements, supportive policies, and expanding applications across various sectors. The competitive landscape is evolving, with both international giants and domestic players striving for market share through innovation and quality improvements [16][23].

Core Insights - The average salary of top executives in A-share power grid equipment companies was approximately 1.1 million yuan in 2023, with a wide range from 100,000 to 5.8 million yuan [1] - The chairman of Zhejiang Chint Electric, Nan Cunhui, topped the salary list with 5.7994 million yuan, reflecting a 7.5% increase compared to 2023, closely aligned with the company's net profit growth of 5.1% to 3.874 billion yuan [1][2] - Significant salary increases were noted, with 75 out of 132 companies reporting higher executive salaries, and 45 of these companies (60%) also saw net profit growth [2] Company Performance - Siyi Electric's chairman, Dong Zengping, experienced a salary increase of over 51%, moving from 3.298 million yuan to 4.984 million yuan, while the company reported a 24.1% increase in revenue to 15.46 billion yuan and a 31.4% increase in net profit to 2.05 billion yuan [2] - Yubang Electric's chairman saw a nearly fourfold salary increase to 3.09 million yuan, supported by a net profit increase of nearly twofold, attributed to increased state grid investments and a surge in smart electricity product tenders [3] - Companies like Baobian Electric, Shunma Electric, and others reported significant net profit growth, with increases of 146.8%, 96.2%, and 45.7% respectively, leading to salary increases for their executives [3][4] Industry Trends - The domestic power grid investment reached 608.3 billion yuan in 2024, marking a 15.3% increase, driven by the rapid development of new energy and infrastructure investments [3] - The demand for core power grid equipment is expected to remain stable due to ongoing infrastructure investments, with companies in the industry demonstrating strong profitability and resilience [3] - The performance of companies closely related to ultra-high voltage and distribution network construction has been notably strong, indicating a positive trend in the power grid equipment sector [4]

江苏神马电力股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 证券代码：603530 证券简称：神马电力 公告编号：2025-030 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： 一、说明会类型 江苏神马电力股份有限公司（以下简称"公司"）已分别于 2025 年 04 月 03 日、2025 年 04 月 29 日发布公司 2024 年年度报告、2025 年一季度报告，为 便于广大投资者更全面深入地了解公司 2024 年度及 2025 年一季度经营成果、财 务状况，公司计划于 2025 年 05 月 13 日上午 9:00-10:00 举行 2024 年度暨 2025 年第一季度业绩说明会，在信息披露允许的范围内，就投资者关心的问题进行交 流。 二、说明会召开的时间 1 会议召开时间：2025 年 05 月 13 日（星期二）09:00-10:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会 议 问 题 征 集 ： 投 资 者 可 ...

证券代码：603530 证券简称：神马电力 公告编号：2025-029 江苏神马电力股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回并继续 进行现金管理的公告 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。 重要内容提示： ● 履行的审议程序：经江苏神马电力股份有限公司（以下简称"公司"）第 五届董事会第二十三次会议及第五届监事会第十八次会议审议通过。 一、前次使用闲置募集资金进行现金管理到期赎回情况 近日，公司使用闲置募集资金 5,800 万元购买的理财产品已到期赎回，理财 产品本金和利息已全部收回，具体情况如下： 二、本次现金管理概况 （一）现金管理目的 1 （三）现金管理产品的基本情况 | 受托方名称 | 产品类型 | 产品名称 | 金额 （万元） | 预计年化收 | 预计收益金额 （万元） | | --- | --- | --- | --- | --- | --- | | | | | | 益率 | | | 兴业银行股份有限公司 | 银行结构 性存款 | 兴业银行企业 金融人民币结 构性存款产品 | 4,500 ...

Core Viewpoint - Jiangsu Shenneng Electric Power Co., Ltd. plans to conclude the "Production Expansion and Reconstruction Project of Sealing Components for Power Transmission and Transformation Equipment" and transfer the remaining raised funds to the "Reconstruction Project of Composite External Insulation Products for Power Transmission and Transformation" [2][9] Fundraising Overview - The company raised a total of approximately RMB 424 million through a non-public offering of 32,218,837 shares at a price of RMB 13.16 per share, with a net amount of approximately RMB 418 million after deducting related issuance costs [2][3] - The remaining raised funds amount to RMB 20.54 million, which will be transferred to the new project [2][7] Project Status - The first phase of the sealing components project had a planned total investment of RMB 162.19 million, with RMB 40.50 million allocated from the raised funds [4][6] - As of April 30, 2025, the first phase of the project has been completed and is ready for conclusion, while the second phase will continue to be implemented [6][9] Reasons for Fund Surplus - The surplus in raised funds is attributed to effective cost control and resource optimization during the project implementation, leading to reduced overall construction costs [6][7] - The company also achieved some financial returns from cash management of temporarily idle raised funds [6][7] Board and Supervisory Opinions - The board of directors and the supervisory board both agree that the decision to conclude the project and reallocate the surplus funds is prudent and will not adversely affect the company's operations or shareholder interests [10][11] Regulatory Compliance - The company has followed necessary procedures for the decision-making process, and the actions taken are in compliance with relevant regulations regarding the management and use of raised funds [12][13]