电力设备及新能源周报 20250629 小米 YU7 豪华高性能 SUV 发布，1-5 月光伏装机突破 190GW 2025 年 06 月 29 日 ➢ 本周（20250623-20250627）板块行情 电力设备与新能源板块：本周上涨 5.11%，涨跌幅排名第 5，强于上证指数。 本周新能源汽车指数涨幅最大，风力发电指数涨幅最小。新能源汽车指数上涨 6.53%，锂电池指数上涨6.19%，储能指数上涨5.50%，工控自动化上涨5.17%， 太阳能指数上涨 3.20%，核电指数上涨 1.02%，风力发电指数上涨 0.66%。 ➢ 新能源车：小米 YU7 豪华高性能 SUV 发布 2025 年 6 月 26 日，小米首款豪华高性能 SUV——YU7 正式推出标准版、 Pro 版、Max 版。设计上，以 3 倍轮轴比等构建低趴运动姿态，17 ㎡母婴级 材质覆盖， Max 版智能调光天幕静谧性超同级。性能与续航上，全系搭 22000rpm 超级电机，Max 版零百加速 3.23 秒，800V 高压平台使 15 分钟 最长补能 620km，晕车舒缓模式降 51% 晕车率。智能与生态上，四合一域 控制模块集成多系统，搭配 ...

Group 1 - The core concept of the new power system is to upgrade the grid to accommodate large-scale integration of renewable energy sources, moving away from a coal-dominated system to a more intelligent and flexible one [3] - The first batch of pilot projects focuses on seven key areas, including grid-structure technology, system-friendly renewable power plants, smart microgrids, and virtual power plants, with virtual power plants being particularly noteworthy [3] - The A-share market has seen an average increase of 3.43% in virtual power plant-related stocks since May, with notable performers like Weide Information rising by 56% [3][4] Group 2 - 26 virtual power plant stocks have seen increased leverage funding, with Shanghai Electric, Guodian Nari, and Zhongheng Electric each receiving over 100 million in net financing since May [4] - Institutions are actively monitoring these stocks, with 24 institutions rating Xucheng Electric and 22 for Guoneng Rixin, indicating strong institutional interest [4] - Companies like Longxin Group and Ruijun Power are expected to potentially double their net profits by 2025, reflecting optimistic forecasts from institutions [4] Group 3 - The core logic of the pilot projects includes stabilizing renewable energy generation through grid-structure technology, which could benefit equipment manufacturers [4] - Virtual power plants rely on software and algorithms for resource scheduling, making companies involved in power information technology and energy management, such as Longxin Group and Ruijun Power, worthy of attention [4] - The concept of synergy between computing power and electricity involves using big data and AI for optimizing power dispatch, which may attract funding for companies that integrate both power and computing capabilities [4] Group 4 - Companies like Guodian Nari and Xucheng Electric are well-positioned due to their strong fundamentals and alignment with policy catalysts, making them suitable for long-term investment [5] - The new power system is seen as a necessary step towards achieving carbon neutrality goals, with significant investments expected in this sector, potentially exceeding one trillion by 2030 [5] - The pilot projects aim to address bottlenecks in integrating renewable energy into the grid, highlighting the importance of understanding each company's position within the industry chain [5]

Core Insights - The establishment of the Central Plains New Smart Power Equipment Industry Group aims to create an industrial cluster with an annual output value exceeding 30 billion yuan, targeting international brand recognition and over 20% revenue from overseas markets [1][2] - The group plans to integrate more than 10 core enterprises within a year, achieving an annual output value of over 5 billion yuan, and establish a national-level electrical equipment R&D center within 2-3 years [2] - The investment group will hold a 40% stake in the new entity, with a joint venture of power equipment manufacturers also holding 40%, and research institutions holding 20%, promoting a "government-led + market operation" model [1][2] Industry Context - Xuchang is a significant production base for electrical equipment in China, housing major companies like Xuchang Group, which has a history of over 60 years and includes a listed company and multiple research and financial institutions [3] - The local government aims to solidify its leading position in the electrical equipment industry, with plans to develop a 300 billion yuan scale electrical equipment industry chain by leveraging the achievements of the Central Plains Electric Laboratory [4] - The electrical equipment industry cluster in Xuchang already comprises over 500 enterprises, covering all six major aspects of the power system, with a total output value exceeding 140 billion yuan [4][5]

Core Viewpoint - The company has completed the repurchase and cancellation of 125,000 restricted stocks under the 2022 stock incentive plan, which represents 0.0123% of the total share capital before the cancellation [6][8]. Group 1: Stock Incentive Plan Approval Process - The 2022 stock incentive plan was approved by the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council, which granted principle consent for the implementation of the plan [2]. - The plan underwent various approvals, including independent opinions from directors and the supervisory board, as well as legal and financial advisory reports [2][5]. Group 2: Repurchase and Cancellation Details - The repurchase involved 125,000 shares due to the disqualification of 6 individuals from the incentive plan, including 5 due to job changes and 1 due to resignation [6][7]. - The repurchase price was set at 11.385 yuan per share, with a total repurchase amount of approximately 1.45 million yuan [7][8]. Group 3: Changes in Share Capital Structure - Following the cancellation, the share capital structure will be adjusted, reducing the number of restricted shares from 10,552,250 to 10,427,250 and from 10,547,000 to 10,422,000 for equity incentive shares [6][8]. - The total share capital will decrease from 1,018,874,309 to 1,018,749,309 shares [6][8]. Group 4: Impact on Company - The cancellation of the restricted stocks will not significantly affect the company's financial status or operational results, nor will it harm the interests of the company and its shareholders [8]. - The company’s controlling shareholder and actual controller will remain unchanged, ensuring compliance with listing conditions [8].

证券代码：000400 证券简称：许继电气 公告编号：2025-27 许继电气股份有限公司 特别提示： 1. 许继电气股份有限公司（以下简称"公司"）本次回购注销2022年限制 性股票激励计划的限制性股票数量为125,000股，占回购注销前公司总股本的 0.0123%，涉及激励对象6人，本次回购金额合计人民币1,454,519.52元。 2. 本次回购注销完成后，公司总股本将减少至1,018,749,309股。 关于2022年限制性股票激励计划部分限制性股票 回购注销完成的公告 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。 3. 截至本公告披露日，公司已在中国证券登记结算有限责任公司深圳分公 司办理完成上述限制性股票的回购注销手续。 一、股权激励计划的相关审批程序 1. 2022年12月28日，公司召开八届四十一次董事会，审议通过了《关于公 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2022年限制性股票激励计划实施考 核管理办法的议案》《关于提请股东大会授权董事会办理股权激励计划相 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Keda Li, and others [4][5]. Core Insights - The report highlights significant growth in the photovoltaic sector, with April's new installations reaching 45.22 GW, a year-on-year increase of 214.68% and a month-on-month increase of 74.56% [3][33]. - The electric vehicle market is bolstered by the launch of Xiaomi's Yu7, a high-performance SUV with advanced features, indicating a strong consumer interest in electric vehicles [2][22]. - The overall electricity consumption in April was 772.1 billion kWh, reflecting a year-on-year growth of 4.7%, indicating a stable demand for electric power [4]. Summary by Sections New Energy Vehicles - Xiaomi Yu7 was officially launched, featuring a luxurious design and advanced technology, including an 800V silicon carbide platform and a maximum range of 835 km [2][11]. - The vehicle offers both single and dual motor options, with impressive acceleration capabilities [16][22]. Photovoltaics - In the first four months of 2025, domestic photovoltaic installations totaled 104.93 GW, a year-on-year increase of 74.6% [3][33]. - The inverter exports reached 18.029 billion yuan, with April's exports alone at 5.817 billion yuan, showing strong demand driven by seasonal factors and overseas construction [3][36]. - The report notes a decline in component exports, totaling 62.241 billion yuan, a year-on-year decrease of 26.54% [3][37]. Electric Power Equipment and Automation - The total electricity consumption for April was 772.1 billion kWh, with a cumulative total of 31,566 billion kWh for the first four months, marking a 3.1% year-on-year increase [4]. - Investment in power generation projects reached 193.3 billion yuan, a 1.6% increase year-on-year, while grid investment rose by 14.6% to 140.8 billion yuan [4]. Market Performance - The electric power equipment and new energy sector saw a weekly decline of 0.71%, underperforming compared to the Shanghai Composite Index [1]. - Lithium battery indices showed a significant increase of 2.69%, while solar energy indices experienced a decline of 3.46% [1].

Group 1: Smart Meter Business - The bidding situation for smart meters by State Grid and Southern Power Grid in 2025 is still pending, with no results published yet [1] - The company is actively expanding its smart meter business in South America, Southeast Asia, and Africa [1] Group 2: Dividend Distribution - The cash dividend for 2023 was 302 million CNY, with a dividend rate of 30% [1] - The total cash dividend for 2024 is expected to be 427 million CNY, an increase of 125 million CNY compared to 2023, with a dividend rate of 38.22%, up by 8.22 percentage points [1] Group 3: Stock Repurchase and Market Performance - The company is closely monitoring stock price fluctuations and market performance but currently has no stock repurchase plan [2] - The stock price has decreased from a high of 37 CNY to 21 CNY, prompting discussions on market value management [2] Group 4: Charging Pile Business - The charging pile market is highly fragmented, and the company provides smart charging solutions for electric vehicles [2] Group 5: Revenue Growth and Profitability - The revenue for the smart transformer and distribution system segment in 2024 is projected to grow by approximately 3% [2] - The company achieved a revenue of 4.711 billion CNY in the smart distribution system segment in 2024, maintaining growth [2] - The overall gross margin for Q1 2025 was 23.47%, an increase of 5.20 percentage points year-on-year [3]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company has a solid order backlog in ultra-high voltage projects and is continuously expanding its overseas business. The stable foundation of the power grid supports steady growth in performance [3][4]. - In 2024, the company achieved a revenue of 17.09 billion yuan, a year-on-year increase of 0.17%, with a net profit of 1.12 billion yuan, up 11.09% year-on-year. The gross margin improved to 20.77%, an increase of 2.77 percentage points [1][4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 17.09 billion yuan, with a net profit of 1.12 billion yuan and a gross margin of 20.77% [1]. - For Q1 2025, revenue was 2.35 billion yuan, down 16.42% year-on-year, while net profit was 208 million yuan, a decrease of 12.47% year-on-year. However, the gross margin increased to 23.47%, up 5.20 percentage points [1]. Business Segmentation - The revenue breakdown for 2024 includes: - Smart distribution and power supply systems: 4.71 billion yuan, up 2.93%, gross margin 24.26% - Smart meters: 3.87 billion yuan, up 11.00%, gross margin 24.66% - Smart medium voltage equipment: 3.35 billion yuan, up 6.69%, gross margin 18.77% - New energy and system integration: 2.46 billion yuan, down 37.47%, gross margin 8.14% - DC transmission systems: 1.44 billion yuan, up 101.57%, gross margin 30.92% - Charging and swapping equipment: 1.25 billion yuan, up 4.18%, gross margin 14.18% [2]. Future Growth Drivers - The company has a rich pipeline of ultra-high voltage projects, including major projects like Hami-Chongqing and Ningxia-Hunan. Ongoing projects include Yangjiang Qingzhou offshore wind and Gansu-Zhejiang [3]. - The overseas market expansion focuses on ultra-high voltage, smart meters, switchgear, transformers, and charging piles, targeting regions such as South America, the Middle East, Southeast Asia, Africa, and Europe [3]. Earnings Forecast - The revenue forecast for 2025-2027 has been adjusted to 18.29 billion yuan, 19.94 billion yuan, and 21.93 billion yuan respectively. The net profit forecast is adjusted to 1.43 billion yuan, 1.75 billion yuan, and 1.97 billion yuan respectively, corresponding to a current valuation of 16X, 13X, and 11X PE [4].

证券代码：000400 证券简称：许继电气 公告编号：2025-26 为进一步加强与投资者的互动交流，许继电气股份有限公司（以下简称"公司"） 定于 2025 年 5 月 22 日(周四)15:25-16:55 参加在全景网举办的河南辖区上市公司 2025 年投资者网上集体接待日活动，本次活动将采用网络远程的方式举行，投资者可 登录"全景·路演天下"(http://rs.p5w.net)参与本次互动交流。 许继电气股份有限公司 关于参加河南辖区上市公司 2025 年投资者网上集体接待日 活动的公告 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。 许继电气股份有限公司董事会 2025 年 5 月 19 日 出席本次网上集体接待日活动的人员有:公司董事会秘书万桂龙先生，欢迎广大 投资者积极参与。 特此公告。 ...

Summary of XJ Electric Conference Call Company Overview - **Company**: XJ Electric - **Industry**: Electric Equipment and Renewable Energy Key Points Business Structure Adjustment - XJ Electric is adjusting its business structure, leading to revenue growth in the State Grid segment while experiencing a decline in revenue from low-margin businesses in the new energy sector [2][3] - The company aims to enhance profitability and improve accounts receivable and inventory turnover rates [2][3] High Voltage Direct Current (HVDC) Projects - As of now, there are no new HVDC line announcements from the State Grid tender platform; however, XJ Electric won the Lingbao back-to-back DC transformation project in April 2025, with six planned lines expected to be released in June [2][4] - The current HVDC orders on hand amount to approximately 4 billion RMB (including tax), with expected non-tax revenue of about 2 billion RMB from these orders in 2025 and beyond [2][6] Revenue Projections - For 2025, XJ Electric anticipates total revenue of 18.3 billion RMB, representing a year-on-year growth of approximately 7% [5][20] - The HVDC segment is expected to generate 1.2 billion RMB in revenue, while the new energy and system integration segments are projected to remain stable compared to 2024 [5][20] Distribution Network Business - The company is building a secondary marketing system, which has led to a year-on-year increase in new orders despite price declines due to joint procurement policies [9] - The market share for certain products has increased by 1-2 percentage points compared to the previous year, although competition has intensified, leading to price reductions [9] New Energy Sector Developments - XJ Electric is expanding its distributed energy business with products like photovoltaic tracking systems and flexible control conversion switches, along with a digital management cloud platform for distributed energy [11][12] - The new energy segment's revenue structure is being controlled to improve margins, as the total package revenue is expected to shrink [17] International Expansion - The company expects to secure approximately 1.5 billion RMB in new overseas orders in 2025, with a growth rate of about 10% compared to 2024 [21] - Significant growth is noted in South America and Africa, particularly in smart meters, with ongoing projects in Europe [22][23] Future Plans and Strategies - XJ Electric plans to maintain a focus on single-machine business rather than EPC total package projects, with strict controls on domestic EPC projects based on scale and risk assessment [26][28] - The company has no immediate plans to establish offices or factories in Europe, focusing instead on markets in Asia, Africa, and Latin America [25] Financial Performance and Margins - The gross margin for the HVDC segment is expected to fluctuate based on final revenue and project confirmations, with a target to improve overall gross margin by one percentage point in 2025 [19][15] Market Outlook - The first batch of smart meter tenders in 2025 is expected to see a slight decrease compared to 2024, but the second batch is anticipated to positively impact volume and pricing [10] Additional Insights - The company is actively managing risks associated with overseas EPC projects, focusing on smaller, less risky projects while avoiding large-scale high-risk ventures [28]