电力设备新能源行业点评 证券研究报告 | 2025年07月20日 国信电新观点：内蒙古、宁夏两个自治区首个新能源合作重点项目——国家电投铝电公司降碳增绿项目获 批实施，该项目是全国首个跨省区绿电直连项目。 投资建议：绿电直连项目的推进利好一二次配电设备需求。建议关注四方股份、特锐德及许继电气。 风险提示：国内电网投资不及预期；行业竞争加剧。 评论： 全国首个跨省区绿电直连项目获批实施，配电设备需求有望增长 |  | 行业研究·行业快评 | |  电力设备 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 王蔚祺 | 010-88005313 | wangweiqi2@guosen.com.cn | 执证编码：S0980520080003 | | 证券分析师： | 王晓声 | 010-88005231 | wangxiaosheng@guosen.com.cn | 执证编码：S0980523050002 | 全国首个跨省区绿电直连项目获批实施：近日，内蒙古、宁夏自治区首个新能源合作重点项目——国家电 投铝电公司降碳增绿项目获批实施。 ...

以来我们看到国内的特高压项目核准的节奏整体是比较慢的但是在六月的下旬一周之内接连核准了两条特高压节奏的项目那么根据今年市场所预期的一个核准计划我们估计下半年整体的这个核准的节奏会有一个很明显的加快那么在上周的周报当中我们也用标题来提示大家注意一下就关注一下下半年这个特高压核准提速的这样一个投资机会那么相关的电力设备的股票其实过去一段时间里面也有一些比较充分的调整 那么在当前这个位置上我们觉得伴随下半年特高压核准提速相关股票可能是一个比较好的分地布局的这样一个机会那么今天我们就有请我们电力设备的分析师王炳轩带着PPT给大家汇报一下当前时间点我们对于特高压这个主线的一些研究结论和后续的一些投资建议接下去我就把时间交给炳轩 最后的话还会再总结和提示一下下半年重要的一些时间节点的把握以及再补充说明一些风险项今天主要想汇报的内容 那么我们首先花一分钟时间对整个这个这个淘宝板块或者我们电网板块的背景做些补充方便各位领导对整体情况有些把握那么好我们以24年为例24年的话实际上我们测算整个国内的电网设备企业它所面临的市场规模有多大呢有大概18000亿那么同比增速比较快13%左右这里面我们可以拆分成网内网外海外的需求那么网内就 ...

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030. This translates to a demand for AIDC power equipment of 29/48/60/67/70/74 GW, with an average annual growth rate of 20% [5][13] - The market potential for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is estimated to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - The domestic data center industry is expected to see increased capital expenditure from major cloud providers, with 2025 anticipated to be a pivotal year for AIDC construction [5][18] Summary by Sections AIDC Power Equipment - The AIDC power equipment sector has shown a diverse range of products, with major global players like Vertiv, Eaton, and Schneider Electric having established strong product lines and solutions [5] - Domestic companies are gaining competitive advantages in various segments, with leading firms gradually building their solution-providing capabilities [5] - The recent performance of the AIDC power equipment sector has been mixed, with notable declines in backup diesel power sources and lead-acid batteries [5][24] Grid Industry - The grid sector has seen significant investment growth, with national grid engineering investment reaching 632 billion yuan in May 2025, a year-on-year increase of 33.3% [31][32] - The bidding results for high-voltage equipment have shown a strong performance, with a total bid amount of 211.89 billion yuan in July 2025, reflecting a year-on-year increase of 38.1% [64] - The grid industry is expected to benefit from the maturation of new business models such as electricity trading and virtual power plants, with a focus on high-voltage orders and deliveries in the second half of 2025 [5][58]

Group 1: Photovoltaic Silicon Material Industry - The photovoltaic silicon material industry is expected to accelerate capacity consolidation, with the Ministry of Industry and Information Technology emphasizing the need for high-quality development in the solar industry [1] - By 2027, the industry is projected to enter a stable development phase, with significant advantages in the silicon material segment due to differences in capacity costs and financial strength among companies [1] - Key companies to watch include GCL-Poly Energy, Xinte Energy, Tongwei Co., and TBEA [1] Group 2: Solid-State Battery Industry - The solid-state battery industry is witnessing continuous advancements, with equipment from Winbond Technology successfully delivered to major domestic clients [2] - Material production is ramping up, with significant capacity in oxide electrolytes and expectations for sulfide electrolytes to achieve ton-level shipments by 2025 [2] - Companies of interest in this sector include Xiamen Tungsten, Tianqi Lithium, and others involved in the solid-state battery supply chain [2] Group 3: Offshore Wind Power Development - The central government is promoting the orderly development of offshore wind power, with a focus on enhancing the marine economy and encouraging private investment [3] - Goldwind Technology has secured over 7.7GW of international orders for 2024, with significant revenue growth reported for its international subsidiary [3] - Key players in the wind power sector include Goldwind Technology, Oriental Cable, and Dajin Heavy Industry [3] Group 4: Data Center Investment - Global data center investments are accelerating, with Amazon planning to invest AUD 20 billion (approximately USD 13.1 billion) in Australia and SK Telecom collaborating with Amazon Web Services for a significant data center project in South Korea [4] - The deployment of NVIDIA's GB300 AI systems is underway, indicating a growing demand for AI computing resources [4] - Companies to monitor in the AIDC power equipment sector include Jinpan Technology, Xinte Electric, and others [4] Group 5: Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, with Goldwind Technology rated "Outperform" and projected to have an EPS of 1.28 in 2025 [5] - Jinpan Technology and other companies also received "Outperform" ratings, indicating positive market sentiment [5] Group 6: Industry Performance Overview - The electric power equipment sector outperformed the market in June, with a 6.68% increase compared to a 2.5% rise in the CSI 300 index [13] - The sector's PE ratio at the end of June was 30.3, reflecting a slight recovery in valuations [13] - The report highlights that the electric power equipment industry has shown strong performance across various sub-sectors, including lithium battery materials and wind power [23]

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 2025势银（银川）长时储能产业大会（7月14日-15日，宁夏·银川） 点此报名 重要会议： 2025势银绿氢产业大会（8月27-28日，江苏·无锡） 点此报名 添加文末微信，加 绿氢 群 近日，许继电气首个35MW柔性IGBT制氢电源项目成功落地。据悉，该项目是许继电气签约中船 （邯郸）派瑞氢科技有限公司35MW柔性IGBT制氢电源项目，也是今年国内单次招标数量最大的 柔性IGBT制氢电源项目。该产品可适用于绿电制氢，尤其适用弱并网或离网制氢系统。 值得一提的是，许继电气的供货设备为HBL200系列IGBT型制氢电源，先前已通过第三方检测、中 国电工技术学会产品鉴定，在中科院上海高等研究院PEM制氢试验系统、兰石集团绿氢制储用一 体化试验示范项目等项目中成功应用。 BC FF : III FIE China Electrical Equipment 股票代码:000400 文章 来源： 势银（TrendBank） H2 H2 ...

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]

特高压项目陆续落地，板块更新及核心推荐 20250707 摘要 特高压板块在经历三个季度的调整后，目前估值已降至 14-15 倍左右， 相较前期高点 30 倍估值，投资性价比显著提升，尤其考虑到两条直流 线路已获核准，行业逐步恢复活力。 2025 年以来，两条主要直流线路已获批，预计全年将有更多线路陆续 获批，包括五条直流、三条交流及扩建和背靠背工程，下半年或将进入 特高压线路密集核准期。 预计 2025 年特高压相关核心设备投资需求将超过 500 亿元，较去年的 300-400 亿元显著提升，受益于十四五期间国网规划建设的 24 交 14 直特高压线路。 未来几年，特高压建设强度预计保持强劲增长，十五期间预计每年新增 4-5 条直流线和 2-3 条交流线，相关核心公司订单量与业绩兑现性将逐 步提升。 许继电气在特高压直流推进过程中受益显著，其阀和控保设备在单条线 路投资中占比约 15%，中标份额约 20%-30%，预计 2025 年下半年特 高压板块收入和业绩将逐步兑现。 Q&A 特斯拉板块在去年（2024 年）9 月之后经历了哪些变化，导致其进入调整阶 段的原因是什么？ 去年（2024 年）9 月之后，特 ...

证券研究报告 25 年 6 月 26 日，经国务院同意，国家林草局、国家发展改革委、国家能源 局联合印发《三北沙漠戈壁荒漠地区光伏治沙规划（2025—2030 年）》， 规划到 2030 年，新增光伏装机规模 253GW，治理沙化土地 1010 万亩。新 能源大基地仍将持续建设，国家发改委和国家能源局目前已规划三批以沙 漠、戈壁、荒漠地区为重点的大型风电光伏基地建设项目。第一批风光大基 地清单建设规模总计 97.05GW。第二批清单计划于"十四五"时期规划建 设风光基地约 200GW，"十五五"时期约 255GW。三北（华北、西北和 东北）仍是风光后续建设的重点区域，西北电网 23 年发电量与用电量的比 值已经达到 125%，我们认为外送需求驱动以特高压为主的跨区输电建设有 望保持长周期高景气。 藏东南-粤港澳特高压线路核准，三北 光伏治沙规划获批复 华泰研究 2025 年 7 月 04 日│中国内地 动态点评 藏东南-粤港澳线路获核准，特高压板块周期向上 国家发改委 6 月 24 日发布藏东南-粤港澳大湾区+800 千伏特高压直流输电 工程的核准批复，工程额定输电容量 10GW，新建送端昌都换流站、察隅换 ...

Group 1 - The company has approved a profit distribution plan for the year 2024, which includes a cash dividend of 1.50 yuan per 10 shares, with no bonus shares issued [1][2] - The total number of shares for the distribution is 1,018,749,309, following the cancellation of 125,000 repurchased shares [1][2] - The dividend will be distributed to all shareholders registered by the cut-off date of July 8, 2025, with the ex-dividend date set for July 9, 2025 [2] Group 2 - The cash dividend will be subject to different tax treatments based on the type of shareholder, with specific rates for Hong Kong investors and mainland investors [1][2] - The company will not withhold individual income tax for certain shareholders, and tax obligations will be calculated based on the holding period upon the transfer of shares [1][2] - Shareholders can consult the company for any inquiries regarding the dividend distribution process [2][3]

1.公司 2024 年年度利润分配方案已获 2025 年 5 月 12 日召开的 2024 年度股 东大会审议通过，以 1,018,874,309 股为基数，向全体股东每 10 股派发现金红 利 1.50 元（含税），送红股 0 股（含税），不以公积金转增股本。 证券简称：许继电气 证券代码：000400 公告编号：2025-28 许继电气股份有限公司 2024 年年度分红派息实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 许继电气股份有限公司（以下简称"公司"、"本公司"）2024 年年度利 润分配方案已获 2025 年 5 月 12 日召开的 2024 年度股东大会审议通过，现将分 红派息事宜公告如下： 一、股东大会审议通过利润分配及资本公积金转增股本方案等情况 自董事会审议利润分配预案后至实施利润分配方案的股权登记日期间，若公 司总股本因股份回购、股权激励等原因发生变动的，依照未来实施权益分派时股 权登记日的总股本为基数实施，并保持上述分配比例不变对总额进行调整。 2.自分配方案披露至实施期间，因限制性股票激励计划回购注销，公司股本 减少 12 ...