Summary of Key Points Core Viewpoint - A total of 135 stocks received buy ratings from institutions today, with 17 stocks receiving initial attention from institutions, indicating a strong interest in the market and potential investment opportunities [1]. Institutional Ratings - 140 buy rating records were published today, with 29 of these providing future target prices. 13 stocks have an upside potential exceeding 20%, with AVIC Optoelectronics showing the highest potential at 61.62% [1]. - Notable stocks with high upside potential include Noli Shares at 48.46% and United Imaging Healthcare at 37.22% [1]. - 17 stocks received initial buy ratings from institutions, including Haimeixing and Hengli Hydraulic [1]. Market Performance - Stocks rated with buy ratings saw an average increase of 3.27%, outperforming the Shanghai Composite Index. 119 stocks experienced price increases, with several hitting the daily limit up [1]. - Stocks with significant declines included Noli Shares, Agricultural Bank, and Shoufang Environmental Protection, with declines of 3.23%, 2.93%, and 1.26% respectively [1]. Industry Focus - The most favored industries include power equipment and machinery, each with 17 stocks listed in the buy rating category. The pharmaceutical and communication sectors also attracted attention, with 15 and 6 stocks respectively [2]. - Specific stocks receiving multiple buy ratings include Betaini, Kebo Da, AVIC Optoelectronics, and Yunnan Baiyao, each with two buy ratings [2][3]. Detailed Stock Information - A selection of stocks with buy ratings includes: - Betaini (2 ratings, +2.22% today, PE 40.30) in beauty care - Kebo Da (2 ratings, +10.00% today, PE 27.44) in automotive - AVIC Optoelectronics (2 ratings, +0.57% today, PE 28.83) in defense and military [2][3]. - Other notable stocks include: - Yunnan Baiyao (2 ratings, +1.06% today, PE 14.56) in pharmaceuticals - Zhonglian Heavy Industry (2 ratings, +0.41% today, PE 11.39) in machinery [2][3]. Additional Stock Ratings - Additional stocks with single buy ratings include: - Xuji Electric (1 rating, +2.09% today, PE 18.44) in power equipment - Xugong Machinery (1 rating, -0.20% today, PE 13.29) in machinery - China Rare Earth (1 rating, +2.33% today, PE 174.07) in non-ferrous metals [3][4].

电力设备：国内外需求共振，筑中期成长空间 202509004 摘要 特高压项目加速核准，预计下半年核准多条交流线路，显著高于上半年， 陕西到河南、南江到川渝直流项目总投资超 300 亿元，2025 年交流线 路核准数量预计提升，但部分 2025 年交付量已被 2024 年透支，2026 年交付量有望显著增长。 配网行业区域联采降价对头部企业毛利率造成压力，但提升了市场份额， 许继电气、三星医疗和东方电子等企业受益。2025 年配网投资预算增 速约为 5%，聚焦智能化、老旧设备替换及节能改造，电网智能化投资 同比增加 60%，农配台区智能终端覆盖率提升是投资重点。 欧洲电力市场电网改造投资巨大，欧盟计划投入 5,840 亿欧元，其中输 配电改造分别占 1/3 和 2/3。西班牙、德国、意大利等国推出储能补贴， 投资集中在陈旧设施升级改造和主网投资，以实现邻国间统一调度。 欧洲市场对低压变压器和特高压设备需求增加，中国制造的变压器在转 换效率和功率密度方面具有优势。北美数据中心建设推动变压器开关需 求，但供给紧张，为国内企业带来机遇。 Q&A 2025 年下半年国内特高压项目的核准开工情况如何？ 2025 年下半 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a significant improvement in gross margin, with key project deliveries expected to support future growth [4][5]. - In the first half of 2025, the company achieved operating revenue of 6.45 billion yuan, a year-on-year decrease of 5.7%, while net profit attributable to shareholders was 630 million yuan, an increase of 1.0% [2][4]. - The second quarter of 2025 saw a recovery with operating revenue of 4.1 billion yuan, a year-on-year increase of 1.8% and a quarter-on-quarter increase of 74.6% [2][4]. Summary by Sections Revenue Performance - The company's revenue from various segments in the first half of 2025 included: - Smart distribution and transformation systems: 1.847 billion yuan, down 13.0% year-on-year - Smart meters: 1.528 billion yuan, down 4.4% year-on-year - Smart medium-voltage power supply equipment: 1.339 billion yuan, down 5.5% year-on-year - New energy and system integration: 696 million yuan, down 30.4% year-on-year - Charging and swapping equipment: 577 million yuan, up 4.9% year-on-year - DC transmission systems: 460 million yuan, up 211.7% year-on-year [9]. Gross Margin Analysis - The gross margin for the first half of 2025 reached 23.75%, an increase of 2.85 percentage points year-on-year. In Q2 2025, the gross margin was 23.91%, up 1.17 percentage points year-on-year and 0.44 percentage points quarter-on-quarter [9]. - Segment-wise gross margins included: - Smart distribution systems: 26.93%, up 3.81 percentage points year-on-year - Smart meters: 24.06%, down 3.50 percentage points year-on-year - Smart medium-voltage equipment: 23.67%, up 3.34 percentage points year-on-year - New energy systems: 10.61%, up 4.11 percentage points year-on-year - Charging equipment: 15.23%, up 2.79 percentage points year-on-year - DC transmission systems: 40.76%, down 10.74 percentage points year-on-year [9]. Expense Management - The total expense ratio for the first half of 2025 was 11.70%, an increase of 2.08 percentage points year-on-year. The breakdown included: - Selling expense ratio: 4.23%, up 1.01 percentage points - Management expense ratio: 3.14%, up 0.18 percentage points - R&D expense ratio: 4.71%, up 0.85 percentage points - Financial expense ratio: -0.39%, up 0.03 percentage points [9]. Cash Flow and Future Outlook - The company reported a net operating cash flow of 1.12 billion yuan in the first half of 2025, a year-on-year increase of 237.1%. In Q2 2025, the cash flow reached 957 million yuan, a year-on-year increase of 1232.0% [9]. - Future growth is expected to be supported by the delivery of key projects such as Qingzhou Wuhai Wind and Gan-Zhe converter valve orders, along with ongoing cost reduction and efficiency improvements. The projected net profit for 2025 is estimated to reach 1.4 billion yuan, corresponding to a PE ratio of approximately 17X [9].

Group 1 - XJ Electric's stock price fell by 2.45% on September 2, closing at 22.70 CNY per share, with a trading volume of 603 million CNY and a turnover rate of 2.61%, resulting in a total market capitalization of 23.126 billion CNY [1] - The stock has experienced a continuous decline for five consecutive days, with a cumulative drop of 5.97% during this period [1] - XJ Electric, established on December 26, 1996, and listed on April 18, 1997, is based in Xuchang, Henan Province, and its main business includes smart power distribution, smart electricity usage, DC transmission control protection, special energy-saving equipment, and intelligent power supply for industrial and transportation sectors [1] Group 2 - The main revenue composition of XJ Electric includes: smart power distribution systems (28.64%), smart meters (23.71%), smart medium-voltage power supply equipment (20.76%), new energy and system integration (10.79%), charging and swapping equipment and other manufacturing services (8.96%), and DC transmission systems (7.14%) [1] - According to data from the top ten holdings of funds, one fund under China Asset Management holds XJ Electric as a significant position, with 2,600 shares representing 0.31% of the fund's net value, ranking as the fourth-largest holding [2] - The fund, named China Asset Management Zhixuan Return Mixed A (010916), has experienced a floating loss of approximately 1,482 CNY today and a total floating loss of 3,744 CNY during the five-day decline [2]

证券研究报告 | 公司点评报告 2025 年 09 月 01 日 许继电气（000400.SZ） Q2 业绩回暖，直流业务快速增长 中游制造/电力设备及新能源 公司公告 2025H1 实现营业收入、归母净利润、扣非净利润 64.47、6.34、6.18 亿元，同比-5.68%、+0.96%、+1.13%。2025Q2 实现营业收入、归母净利润、 扣非净利润 40.99、4.26、4.15 亿元，同比增长 1.81%、9.12%、7.64%。 ❑ 风险提示：电力建设不及预期、公司中标情况不及预期、海外业务进展风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 17061 | 17089 | 18466 | 20436 | 22441 | | 同比增长 | 14% | 0% | 8% | 11% | 10% | | 营业利润(百万元) | 1217 | 1392 | 1779 | 2136 | 2407 | | 同比增长 | 14% | 14% ...

蔚来全新 ES8 开启预售，国网高压设备中标结果公示 2025 年 08 月 31 日 电力设备及新能源周报 20250831 ➢ 新能源发电：2025 年 1-7 月光伏装机容量新增 223.25GW，同比增长 80.73% 8 月 23 日，国家能源局发布 1-7 月份全国电力工业统计数据。截至 7 月底，2025 年 1-7 月太阳能发电装机容量新增 223.25GW，同比增长 80.73%。7 月单月太 阳能发电装机新增 11.04GW，同比下降 47.55%，环比下降 23.12%。 ➢ 电力设备及工控：国网 2025 年第三次特高压设备中标结果公示，总金额 13 亿元 近期，国家电网 2025 年特高压项目第三次设备招标公布推荐中标候选人，公示 金额 13 亿元，其中，公示中标标包 72 个，单包均值 1808 万元，最大标包 15392 万元。分标来看，1000kV 电抗器 2.94 亿元，1000kV 变压器 2.43 亿元，1000kV 组合电器 2.18 亿元，通信设备 7702 万元。 ➢ 本周关注：宁德时代，科达利，大金重工，海力风电，德业股份，良信股份， 盛弘股份，厦钨新能，许继电气 ...

证券之星消息，2025年8月28日许继电气（000400）发布公告称公司于2025年8月28日召开业绩说明会。 具体内容如下： 问：2025年半年度，变配电系统业务板块收入同比下滑7亿，是什么原因？是因为总订单量减少了，还是 确认收入时点延后了？ 答：智能变配电系统板块营业收入同比下降，主要原因是订单交付确认收入节奏因素的影响。 问：今年上半年销售费用仍保持较大幅度的增长，目前营销团队搭建进展什么情况？下半年是否还保持较 高增长？ 答：公司强化营销体系顶层设计，自2024年第二季度始强化二级营销体系，增加一线营销人员，缩减中后 台人员，前台营销队伍得到充实；系统部署扩充二级营销力量和支撑保障能力，强化一二级营销协同市场 开拓，协同作战优势进一步提升。 问：直流输电业务毛利率下滑较多，是什么原因？柔直的毛利率和常规直流的毛利率差异多大？差异原因 是什么？ 答：2025年上半年，公司直流输电系统板块毛利率40.76%，主要原因是受确认收入的产品业务结构影 响。 问：低毛利新能源业务剔除对业绩影响较大，目前低毛利总包业务占公司营收和利润的比例还有多大，后 续继续压降对业绩的冲击多大？ 答：公司总包业务收入主要体现在 ...

编号：2025-05 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称及 | 通过深圳证券交易所"互动易平台""云访谈"栏目，参与 | | 人员姓名 | 公司 2025 年半年度业绩说明会的投资者 | | 时间 | 2025 年 8 月 28 日 15:00——16:00 | | 方式 | 网络远程 | | | 公司董事长 李俊涛 | | | 董事、总经理 许涛 | | 上市公司接待人 | 独立董事 申香华 | | 员姓名 | 总会计师 陆飞 | | | 董事会秘书 万桂龙 1.2025 年半年度，变配电系统业务板块收入同比下滑 2.7 | | | 亿，是什么原因？是因为总订单量减少了，还是确认收入时 | | | 点延后了？ | | | 答：智能变配电系统板块营业收入同比下降，主要原因 | | | 是订单交付确认收入节奏因素的影响。 | | 投资者关系活动 | 2.今年上半年销售费用仍保持较大幅度的增长，目前营 | | 主要内容介绍 ...

证券日报网讯 许继电气（000400）8月28日在互动平台回答投资者提问时表示，电力巡检机器人是厂站 智能巡视系统的一部分，可应用于变电站、发电厂等场景。公司智能巡检业务用到的巡检机器人本体为 外采，公司根据不同应用场景进行二次开发。 ...

Core Viewpoint - Xuji Electric experienced a decline in stock price and significant net outflow of funds, indicating potential investor concerns about the company's performance and market position [1]. Group 1: Stock Performance - On August 28, Xuji Electric's stock price fell by 2.04%, reaching 23.07 CNY per share, with a trading volume of 397 million CNY and a turnover rate of 1.67%, resulting in a total market capitalization of 23.503 billion CNY [1]. - Year-to-date, Xuji Electric's stock has decreased by 15.49%, with a slight decline of 0.90% over the last five trading days, but a modest increase of 1.59% over the past 20 days and 8.51% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on July 21, where it recorded a net buy of -248 million CNY [1]. Group 2: Company Overview - Xuji Electric, established on December 26, 1996, and listed on April 18, 1997, is located in Xuchang City, Henan Province, and specializes in smart power distribution, smart electricity, DC transmission control protection, energy-saving equipment, and intelligent power supply for industrial and transportation sectors [2]. - The company's revenue composition includes: smart power distribution systems (28.64%), smart meters (23.71%), smart medium-voltage power supply equipment (20.76%), new energy and system integration (10.79%), charging and swapping equipment (8.96%), and DC transmission systems (7.14%) [2]. - As of August 20, the number of shareholders in Xuji Electric was 114,000, a decrease of 2.48% from the previous period, with an average of 8,844 circulating shares per shareholder, an increase of 2.54% [2]. Group 3: Financial Performance - For the first half of 2025, Xuji Electric reported a revenue of 6.447 billion CNY, a year-on-year decrease of 5.68%, while the net profit attributable to shareholders was 634 million CNY, reflecting a year-on-year increase of 0.96% [2]. - The company has distributed a total of 2.029 billion CNY in dividends since its A-share listing, with 870 million CNY distributed over the past three years [3]. - As of June 30, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 30.6133 million shares, a decrease of 2.4873 million shares from the previous period [3].