许继电气（000400） 2025 年中报点评：业绩整体符合市场预期， 盈利能力显著改善 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 17,061 | 17,089 | 17,960 | 19,878 | 21,874 | | 同比（%） | 13.51 | 0.17 | 5.09 | 10.68 | 10.04 | | 归母净利润（百万元） | 1,005 | 1,117 | 1,426 | 1,705 | 2,126 | | 同比（%） | 28.03 | 11.09 | 27.67 | 19.60 | 24.64 | | EPS-最新摊薄（元/股） | 0.99 | 1.10 | 1.40 | 1.67 | 2.09 | | P/E（现价&最新摊薄） | 23.59 | 21.23 | 16.63 | 13.91 | 11.16 | 证券研究报告·公司点评报告·电网设备 [关键词： Table_Tag# ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company's revenue for the first half of 2025 was 6.447 billion yuan, a year-on-year decrease of 5.68%, while the net profit attributable to shareholders was 634 million yuan, an increase of 0.96%. The gross margin rose by 2.85 percentage points to 23.75%, and the net profit margin increased by 0.43 percentage points to 11.01% [1]. - The company's direct current transmission system business saw significant growth, with revenue increasing by 211.71% year-on-year to 460 million yuan in the first half of 2025, driven by the ongoing construction of ultra-high voltage projects in China [1]. - The company is actively expanding its international market presence, with international business revenue growing by 72.68% year-on-year to 255 million yuan in the first half of 2025 [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 4.099 billion yuan, a year-on-year increase of 1.81%, and a net profit of 426 million yuan, up 9.12% year-on-year and 105.38% quarter-on-quarter [1]. - The company's various business segments experienced mixed performance, with the smart distribution and transmission system revenue decreasing by 13.01% to 1.847 billion yuan, while the revenue from charging and swapping equipment increased by 4.92% to 577 million yuan [2]. Market Outlook - The report highlights that China's investment in power grid projects increased by 14.6% year-on-year to 291.1 billion yuan in the first half of 2025, with total investments from State Grid and Southern Power Grid expected to exceed 800 billion yuan [2]. - The ongoing development of flexible direct current transmission technology is anticipated to enhance the company's growth prospects in the direct current transmission system business [1]. Profitability and Valuation - The report projects the company's net profit attributable to shareholders for 2025 to be 1.418 billion yuan, with earnings per share (EPS) expected to be 1.39 yuan. The price-to-earnings (P/E) ratio is projected to be 17 times for 2025 [4][3]. - The company's gross margin is expected to improve gradually, reaching 22.3% in 2025, with a net profit margin of 7.6% [12].

Core Viewpoint - The distribution cabinet industry is experiencing unprecedented growth opportunities due to rapid urbanization and the development of the renewable energy sector, with China being a major consumer market for distribution cabinets [1][4][6]. Industry Definition and Classification - Distribution cabinets are electrical equipment assemblies used for centralized control, distribution of electrical energy, and protection, monitoring, and control of circuits and electrical devices. They can be classified by purpose (e.g., power distribution, lighting, control) and structure (e.g., drawer-type, fixed-type) [2][6]. Current Industry Development Status - The global distribution cabinet market is projected to grow from $30.91 billion in 2018 to $35.57 billion by 2024, with the Asia-Pacific region accounting for 49.29% of the market share [4][6]. In China, the demand for distribution cabinets is expected to reach 1,563,183 units in 2024, with a market size of 62.42 billion yuan [7][9]. Industry Demand and Market Size - In 2024, the demand for distribution cabinets in China is expected to be 1,563,183 units, with a market size of 62.42 billion yuan. By 2025, demand is projected to increase to approximately 1,665,364 units, with a market size of about 66.27 billion yuan [7][9]. Industry Production and Output - The production value of China's distribution cabinet industry is expected to reach 64.48 billion yuan in 2024, with an output of 1,588,089 units. By 2025, the production value is projected to be 68.4 billion yuan, with an output of 1,690,422 units [9][19]. Industry Supply Chain - The upstream of the distribution cabinet industry includes raw materials such as metals (copper, aluminum, steel), insulation materials, and electrical components. The midstream involves research, design, production, and sales, while the downstream applications span various sectors including power, construction, and transportation [11][16]. Industry Development Environment - Related Policies - Various policies have been issued to promote the high-quality development of the distribution network, including standards for energy efficiency and the integration of renewable energy [13][15]. Industry Competitive Landscape - The distribution cabinet market has many regional small and medium-sized enterprises in the low-end segment, leading to intense price competition. In the high-end market, leading international companies dominate due to their technological advantages [16][19]. Industry Development Trends - The industry is moving towards increased intelligence, with future distribution cabinets expected to feature real-time monitoring, fault diagnosis, and remote control capabilities [23]. Additionally, there is a trend towards green and environmentally friendly designs, focusing on energy efficiency and the use of recyclable materials [24]. The demand for smaller and more integrated distribution cabinets is also rising, driven by space efficiency requirements [25].

证券代码：000400 证券简称：许继电气 公告编号：2025-35 许继电气股份有限公司 关于2022年限制性股票激励计划第一期解除限售股份 上市流通的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： ● 公司 2022 年限制性股票激励计划（以下简称"本次激励计划"）第一 个限售期届满且解除限售条件已经成就，本次解除限售的激励对象共 440 名，解 除限售的限制性股票数量共 3,379,200 股，约占目前公司总股本的 0.3317%。 ● 本次解除限售性质股份上市流通的日期：2025 年 8 月 22 日。 许继电气股份有限公司（以下简称"公司"或"许继电气"）于2025年8月 股票激励计划第一期解除限售条件成就的议案》。根据《上市公司股权激励管理 办法》等法律法规、规范性文件及公司本次激励计划的有关规定，本次激励计划 第一期解除限售条件已经成就，公司为440名符合解锁条件的激励对象共计 一、股权激励计划实施概况 司2022年限制性股票激励计划（草案）及其摘要的议案》《关于公司2022年限制 性股票激励计划管理办法的议案》《关于公司 ...

Summary of XJ Electric's Conference Call Company Overview - **Company**: XJ Electric - **Period**: First half of 2025 Key Financial Metrics - **Revenue**: - Total revenue decreased by 389 million yuan year-on-year, with a notable decline of 462 million yuan in Q1. However, Q2 revenue reached 4.1 billion yuan, showing a year-on-year growth of 1.8%, indicating signs of recovery [2][4] - **Gross Margin**: - Gross margin for the first half was 23.75%, an increase of 2.85% year-on-year, and improved by 0.44 percentage points from Q1, reflecting continuous enhancement in profitability [2][5] - **Net Profit**: - Net profit attributable to shareholders was 636 million yuan, a year-on-year increase of 0.96%, with Q2 showing over 9% growth, offsetting a decline of 12-13% in Q1 [2][7] - **Operating Expenses**: - Operating expense ratio was 11.7%, aligning with expectations, and decreased to 10.95% in Q2, down approximately two percentage points from Q1 [2][6] Business Segment Performance - **Ultra-High Voltage Segment**: - Revenue increased significantly, reaching 460 million yuan, primarily due to the Hami-Chongqing valve project (270 million yuan) and the Ningxia-Hunan control project (80 million yuan). Gross margin was high at 40.76% [2][8] - **Smart Distribution and Transformation Segment**: - Revenue decreased by 267 million yuan due to slower collection from industrial clients, but gross margin improved significantly due to a higher proportion of high-quality orders and high-margin products [2][8] - **Smart Medium Voltage Equipment Segment**: - Revenue decreased by 77 million yuan, with Q1 showing a decline of 73 million yuan. Q2 revenue remained flat year-on-year, but gross margin improved by 3.34 percentage points due to efficiency measures [2][8] - **Smart Meter Segment**: - Revenue decreased by 72 million yuan year-on-year, with a 86 million yuan decline in Q1, but Q2 saw an increase of 24 million yuan. Gross margin fell by 3.5 percentage points due to lower bidding prices from the previous year [2][10] - **Charging and Manufacturing Services Segment**: - Revenue grew by 4.91%, with a gross margin of 15.23%, driven by a focus on high-power charging products and expansion into industrial and communication power supply orders [2][10] - **New Energy and System Integration Segment**: - Revenue decreased by 300 million yuan, primarily due to a drop in total package business. Gross margin was 10.61%, reflecting a return to normal levels [2][10] Order and Market Outlook - **New Orders**: - New signed orders increased by nearly 10% in the first half, with significant wins in the ultra-high voltage sector totaling approximately 460 million yuan, showing substantial year-on-year growth [2][11] - **International Business**: - International revenue accounted for about 4% of total revenue in the first half, with expectations for steady growth in the coming years, maintaining an annual order scale of 1 to 1.5 billion yuan [2][23] Strategic Initiatives - **Product Optimization**: - Continuous optimization of product design and processes, particularly in non-standard transformers and wind power transformers, has led to improved gross margins [2][9] - **Sales Strategy**: - Adjustments in sales structure are aimed at enhancing order acquisition and service quality, with positive effects expected to materialize gradually [2][13] Future Projections - **Gross Margin Goals**: - The target for gross margin improvement remains slightly above last year's levels, with a focus on product structure and operational details [2][14] - **Revenue Targets**: - The revenue target for the year remains at 18.3 billion yuan, with a focus on profit performance rather than just revenue growth [2][18] Additional Insights - **Impact of Collective Procurement**: - Collective procurement is expected to have a limited impact on gross margins, as it constitutes less than 10% of total revenue [2][18] - **Emerging Technologies**: - The company is involved in projects related to magnetic power sources for nuclear fusion, with ongoing efforts to secure more market opportunities [2][25]

Group 1: Financial Performance - The company achieved a revenue of 6.447 billion yuan in the first half of 2025, with an increasing proportion of equipment-related income [2] - Gross margin improved to 23.75%, up by 2.85 percentage points year-on-year and 0.44 percentage points quarter-on-quarter, indicating enhanced operational efficiency [2] - Net cash flow from operating activities reached 1.12 billion yuan, a significant increase of 237.08% year-on-year, reflecting improved efficiency in managing receivables [3] Group 2: Business Segment Performance - The direct current transmission system segment saw a revenue increase of approximately 313 million yuan, primarily due to the delivery of the Hami-Chongqing converter and the Ningxia-Hunan control protection system [4] - The smart distribution and smart medium-voltage equipment segments experienced a decline in revenue, attributed to order delivery timing and a drop in first-quarter income, although gross margins improved by 3.81 and 3.34 percentage points respectively [4] - The new energy and system integration segment's revenue decreased by 304 million yuan, as the company focused on high-quality equipment orders, reducing low-margin total package business [4] Group 3: Market Developments - The company successfully won bids for key projects, including the Lingbao renovation project and various railway projects, indicating strong market presence [5] - The company maintained a leading position in the State Grid's electric meter procurement and saw significant growth in orders from the Southern Grid [5] - Internationally, products such as mobile substations and charging stations entered markets in Saudi Arabia, Brazil, and Spain, showcasing the company's global expansion efforts [5] Group 4: Future Outlook and Strategic Initiatives - The company is actively tracking high-voltage projects, including the Ningxia-Hunan and Hami-Chongqing projects, with plans to follow up on additional major projects in the future [6] - The company aims to expand its international market presence in regions such as South America, Southeast Asia, and Europe, focusing on products like electric meters and transformers [6] - The company plans to enhance product competitiveness through improved technology, quality, and cost control in response to regional procurement trends [6]

Market Overview - The net outflow of main funds in the power equipment sector was 604 million yuan, while retail investors saw a net inflow of 697 million yuan on the same day [2][3] - The overall performance of the power equipment sector showed a slight decline of 0.13% compared to the previous trading day [1] Stock Performance - Hongyuan Co., Ltd. led the decline in the power equipment sector with a drop of 12.69%, closing at 36.67 yuan [2] - Songsheng Co., Ltd. experienced the highest increase in the sector, rising by 11.64% to close at 30.12 yuan [1] - Other notable performers included RIFENG Co., Ltd. with a 9.99% increase and TBEA Co., Ltd. with a 5.57% increase [1][2] Trading Volume and Value - The trading volume for Songsheng Co., Ltd. reached 155,600 hands with a transaction value of 459 million yuan [1] - Hongyuan Co., Ltd. had a trading volume of 189,900 hands and a transaction value of 714 million yuan [2] - The total transaction value for the power equipment sector was significant, with several companies reporting values exceeding 1 billion yuan [1][2] Fund Flow Analysis - TBEA Co., Ltd. had a main fund inflow of 370 million yuan, while retail investors showed a net outflow of 199 million yuan [3] - The fund flow data indicates a mixed sentiment among different investor types, with retail investors showing a preference for certain stocks in the sector [3]

Group 1 - The core viewpoint of the report is that XJ Electric (000400.SZ, latest price: 23.28 CNY) is given a recommended rating due to its strong performance in the ultra-high voltage sector, which is expected to continue benefiting from sustained demand [2] - The domestic market position of XJ Electric remains strong, indicating a leading status in the industry [2] - The international market shows robust growth potential for XJ Electric, contributing to its overall positive outlook [2] - The company's profitability is on a continuous upward trend, reinforcing its financial health and investment appeal [2]

Investment Rating - The report maintains a "Recommended" rating for XJ Electric (000400.SZ) [1] Core Views - The company achieved a revenue of 6.447 billion yuan in H1 2025, a year-on-year decrease of 5.68%, while the net profit attributable to shareholders was 634 million yuan, an increase of 0.96% year-on-year [4] - The company is expected to benefit from the high growth in UHV (Ultra High Voltage) projects, with significant investments planned in the coming years [4] - Domestic revenue increased by 7.41% year-on-year to 6.192 billion yuan in H1 2025, while overseas revenue surged by 72.68% to 255 million yuan [4] Summary by Sections Financial Performance - H1 2025 revenue was 6.447 billion yuan, with a net profit of 634 million yuan, reflecting a 0.96% increase year-on-year [4] - Q2 2025 saw a revenue of 4.099 billion yuan, a 1.81% increase year-on-year and a 74.56% increase quarter-on-quarter [4] - The gross profit margin for Q2 2025 was 23.91%, showing a year-on-year increase of 1.17 percentage points [4] Business Segments - Intelligent distribution systems generated 1.847 billion yuan in revenue, down 13.01% year-on-year, while smart meters brought in 1.528 billion yuan, down 4.44% [4] - The direct current transmission system revenue skyrocketed by 211.71% to 460 million yuan, indicating strong demand in this segment [4] Market Position - The company maintains a leading position in the domestic market, with significant contracts in the railway monitoring and protection sector [4] - Internationally, the company has expanded its presence in markets such as Saudi Arabia, Brazil, and Spain, with a notable increase in overseas revenue [4] Future Outlook - The company is projected to achieve revenues of 17.762 billion yuan and 18.788 billion yuan in 2025 and 2026, respectively, with net profits expected to reach 1.386 billion yuan and 1.687 billion yuan [5] - The report anticipates continued growth driven by increased investments in the power grid and the company's strong capabilities in UHV and smart grid businesses [4]

市场业绩稳步提升。公司聚焦主责主业，牵引市场结构向高质量客户、高质量订单倾斜，订单含金量持 续提高。紧密跟进直流输电项目进展，基于逆阻型IGCT的混合换相换流阀成功中标灵宝改造工程。国 网集招电能表中标保持第一。国网省招市场占有率同比提升，区域联采一二次融合成套柱上断路器及一 二次融合成套环网箱合计中标额、占有率排名均保持领先。南网市场订货同比增长显著。轨道交通领 域，中标渝昆铁路、京广铁路等综自改造项目，雄商高铁项目中标辅控产品，进一步提升公司在铁路监 控保护领域行业地位。 国际市场方面，移动变电站、直流测量、环网柜设备进入沙特、巴西、西班牙等市场，充电桩系列产品 成功入围泰国、秘鲁等国家电力公司短名单，参加中东国际能源展、南非电力能源展、欧洲智慧能源博 览会等重要展会，产品国际竞争力不断提升。 同日，许继电气还披露2025年半年度利润分配方案，公司拟以2025年6月30日总股本为基数，向全体股 东每10股派发现金红利2.38元（含税），共计分配股利2.42亿元（含税）。（王珞） 8月20日晚，许继电气披露2025年半年度报告，2025年上半年，公司实现营业收入64.47亿元；毛利率 23.75%，同比提升 ...