证券研究报告 | 2025年04月15日 许继电气（000400.SZ） 优于大市 大额减值拖累 24 年业绩，25 年换流阀需求有望集中释放 全年业绩稳健增长，收入结构持续优化。2024 年公司实现营收 170.89 亿元， 同比+0.17%；归母净利润 11.17 亿元，同比+11.09%。2024 年公司销售毛利 率为 20.77%，同比+2.78pct.；销售净利率为 7.56%，同比+0.61pct。公司 持续优化收入结构，降低低毛利的新能源及系统集成业务占比，带动盈利能 力提升。 交付节奏影响一季度业绩，盈利能力明显提升。2025 年第一季度公司实现营 收 23.48 亿元，同比-16.42%，环比-68.70%；归母净利润 2.08 亿元，同比 -12.47%，环比-6.59%。一季度公司毛利率 23.47%，同比+5.20pct，环比 +4.19pct，净利率 10.06%，同比+0.68pct，环比+6.47pct。 研发投入保持高强度，全年中标多个海内外重点项目。2024 年公司研发成功 世界首台 40.5kV/4000A 气体绝缘开关设备，6.5kV/4000A IGCT 柔直换流阀 实 ...

Group 1: Zhongjian Technology - The management emphasizes high-quality and sustainable development, aligning with national strategies and the real economy [1] - Over 90% of overseas sales are from the European region, with limited and controllable impact from U.S. tariff policy adjustments [1] - The "mowing robot" developed by subsidiary Shanghai Gaike has received small batch orders, showcasing its advanced features [1] - A subsidiary in Thailand is set up in 2024, and the construction of the smart manufacturing center is progressing steadily [1] Group 2: Zhongke Lanyun - The product line has expanded to include ten categories, such as Bluetooth headset chips and Bluetooth speaker chips [2] - The non-net profit for 2024 is expected to grow by 40.44% year-on-year, driven by a rich product variety and increased sales volume [2] - In 2025, the company plans to develop audio chips for smart speakers, smartwatches, and R/VR devices, along with launching Wi-Fi and video product lines [2] - Collaborations with ByteDance's Volcano Engine have led to solutions compatible with the Doubao large model [2] Group 3: Kede CNC - The company has minimal exposure to U.S. tariffs as its core technology and components are not sourced from the U.S. [3] - Focus on independent R&D of key components has led to the successful development of five-axis CNC systems and servo drives [3] - Orders are driven by both repurchases of old models and the expansion of new products, with a 13% increase in traditional five-axis vertical machining center orders [3] Group 4: Xujie Electric - In 2024, the company achieved revenue of 17.089 billion yuan and a net profit of 1.117 billion yuan, marking an 11.09% year-on-year increase [4] - The revenue structure has been optimized, with a decline in low-margin new energy and system integration segments, while high-margin DC transmission revenue has grown [4] - The company has secured multiple State Grid DC transmission projects and increased orders in the Southern Grid market [4] - R&D investment reached 880 million yuan, focusing on key technologies like offshore wind power DC transmission systems [4]

Group 1: Keda Li - Keda Li focuses on core transmission systems for robots and aims to be a technology leader in key components for global robotics [1] - The company has developed a complete technology system from material research to intelligent manufacturing, including high-precision reducers and smart joint modules [1] - Keda Li provides financial and technical support to its partner, Kemei Innovation, which has made breakthroughs in humanoid robot core joint drive technology [1] Group 2: Aohua Endoscopy - Aohua Endoscopy will implement new accounting standards in 2024, leading to a decrease in gross margin [2] - The company reported overseas revenue of 161 million, indicating a growing focus on international markets [2] - Aohua Endoscopy is increasing R&D investment to enhance product performance and clinical recognition, particularly in the soft endoscope sector [2] Group 3: XJ Electric - XJ Electric achieved operating revenue of 17.089 billion and net profit of 1.117 billion in 2024, marking a year-on-year growth of 11.09% [3] - The company is optimizing its revenue structure, with a decline in low-margin new energy and system integration segments, while high-margin DC transmission revenue is increasing [3] - XJ Electric is expanding its international market presence, particularly in South America, the Middle East, Southeast Asia, Africa, and Europe, in line with the Belt and Road Initiative [3]

Group 1 - The core viewpoint of the article highlights that QX Electric is expected to achieve a revenue of 17.089 billion yuan and a net profit of 1.117 billion yuan in 2024, representing a year-on-year growth of 11.09% [1] - In Q1 2025, QX Electric is projected to generate a revenue of 2.348 billion yuan and a net profit of 208 million yuan [1] - The company is optimizing its revenue structure, with a decline in low-margin renewable energy and system integration segments, while the high-margin DC transmission segment is experiencing growth [1] Group 2 - The increase in gross margin is attributed to product structure optimization and cost reduction efforts, although the period expense ratio has risen due to increased sales and R&D investments [1] - QX Electric has won multiple State Grid DC transmission projects, with growing orders in the Southern Grid market, and has invested 880 million yuan in R&D, focusing on key technologies such as offshore wind DC transmission systems [1] - The company is implementing its "Belt and Road" strategy to expand into markets in South America, the Middle East, Southeast Asia, Africa, and Europe, promoting international product transformation and certification [1]

Investment Rating - The report maintains a positive investment outlook for the solar, wind, and energy storage sectors, highlighting strong demand and technological advancements [2][3][4]. Core Insights - The solar and energy storage sectors are expected to benefit from domestic demand support and supply discipline, with profitability in overseas battery and material production remaining strong [2][3]. - Wind power demand is projected to remain robust, with a significant increase in new bids for wind turbines in Q1, indicating sustained growth through 2026 [2][3]. - The development of virtual power plants is gaining momentum, with government guidance aimed at enhancing their scale and operational models [2][3][4]. Summary by Relevant Sections Solar & Energy Storage - The shift from large-scale solar projects to distributed generation is emphasized, with domestic demand and supply discipline expected to strengthen [2][3]. - Longi Green Energy launched its second-generation BC products, improving module efficiency and bifacial rates [2][3]. - The report notes that recent policy changes and market dynamics suggest a favorable environment for solar demand in the second half of the year [7][8]. Wind Power - In Q1, state-owned enterprises added 26.2 GW of new wind power capacity, a 32% year-on-year increase, reinforcing the outlook for sustained demand through 2026 [2][3]. - The report highlights the strategic value of offshore wind projects amid increasing trade tensions and domestic demand expectations [2][3]. Grid and Virtual Power Plants - The National Development and Reform Commission and the Energy Administration have issued guidelines to accelerate the development of virtual power plants, aiming for significant capacity increases by 2027 [2][3][4]. - The report indicates that the first batch of procurement agreements in the North China region has been announced, with a focus on long-term vendor capabilities [2][3][4]. New Energy Vehicles & Lithium Batteries - BYD's Q1 profit forecast indicates strong performance driven by increased exports and effective cost management [3][4]. - CATL has received approval for its Hong Kong listing, with plans to raise at least $5 billion for overseas capacity expansion [3][4]. Hydrogen and Fuel Cells - The report discusses the development of a "hydrogen corridor" in the western region, aiming to create a comprehensive hydrogen supply chain [5][10]. - The anticipated sales of hydrogen vehicles are projected to exceed 10,000 units by 2025, supported by infrastructure developments [5][10].

Group 1 - YN Holdings reported a revenue of approximately 12.155 billion yuan for 2024, a year-on-year increase of 1.43%, but still incurred a net loss of approximately 121 million yuan, an improvement from a loss of about 554 million yuan in 2023 [1] - The company generated a net cash flow from operating activities of approximately 2.369 billion yuan, a significant year-on-year increase of 214.51% [1] - YN Holdings operates in various sectors including thermal power generation, renewable energy, pumped storage, coal trading logistics, and comprehensive energy services [1] Group 2 - Guoji Precision reported a revenue of 2.658 billion yuan for 2024, a year-on-year decrease of 4.53%, primarily due to a strategic adjustment in trade business, leading to a 47.65% drop in trade revenue [2] - The company achieved a net profit of 280 million yuan, reflecting a year-on-year growth of 8.11% [2] - Guoji Precision's main business includes bearing, abrasive tools, and supply chain services [2] Group 3 - Siwei Liekong reported a revenue of 1.515 billion yuan for 2024, a year-on-year increase of 28.38%, with a net profit of 548 million yuan, up 33.08% [3] - The company's net profit after deducting non-recurring items was approximately 549 million yuan, a year-on-year increase of 35.02% [3] - Siwei Liekong focuses on information transmission, software, and IT services, primarily serving the national railway safety sector [3] Group 4 - XJ Electric reported a revenue of 17.089 billion yuan for 2024, a slight year-on-year increase of 0.17%, with a net profit of 1.117 billion yuan, up 11.09% [4] - The company invested 880 million yuan in R&D, a year-on-year increase of 10.84%, but its net cash flow from operating activities decreased by 52.74% to 1.299 billion yuan [4] - XJ Electric focuses on ultra-high voltage, smart grid, renewable energy, electric vehicle charging, rail transit, and industrial intelligence [4] Group 5 - Pinggao Electric reported a revenue of 12.402 billion yuan for 2024, a year-on-year increase of 11.96%, with a net profit of 1.023 billion yuan, up 25.43% [5] - The company generated a net cash flow from operating activities of 3.008 billion yuan, a year-on-year increase of 20.14% [5] - Pinggao Electric's business encompasses the R&D, design, manufacturing, and sales of power transmission and distribution equipment and core components [5] Group 6 - Linzhou Heavy Machinery reported a total revenue of approximately 1.684 billion yuan for 2024, a year-on-year decrease of 8.38%, with a net profit of approximately 95.344 million yuan, down 18.47% [6] - The company's comprehensive gross margin was 28.31%, an increase of 0.02 percentage points from the previous year [6] - The coal machinery and comprehensive service segment generated approximately 1.644 billion yuan in revenue, a year-on-year decline of 7.30% [6]

许继电气（000400.SZ）24 年年报及 25 年一季报点评 减值拖累 24 年业绩，盈利能力持续优化 2025 年 04 月 12 日 ➢ 事件：2025 年 4 月 10 日，公司发布 24 年年报、25 年一季报。2024 年， 公司实现营收 170.9 亿元，同比+0.2%；归母净利润 11.2 亿元，同比+11.1%； 扣非归母净利润 10.61 亿元，同比+22.2%。单 24Q4，公司实现营收 75.0 亿元， 同比+20.4%，环比+172.8%；归母净利润 2.2 亿元，同比+13.9%，环比-16.7%； 扣非归母净利润 2.0 亿元，同比+31.6%，环比-22.0%。单 25Q1，公司实现营 收 23.5 亿元，同比-16.4%，环比-68.7%；归母净利润 2.1 亿元，同比-12.5%， 环比-6.6%；扣非净利润 2.0 亿元，同比-10.0%，环比+3.1%。 ➢ 减值对公司 24 年业绩拖累较大。24 年公司计提资产减值 5944 万元（占利 润总额比例 4.2%），信用减值计提 1.41 亿元（占利润总额比例 10%），减值损 失合计约 2 亿元。 ➢ 直流输电系统业务 ...

| 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 17,089 | 18,691 | 21,393 | 24,616 | | 增长率（%） | 0.2 | 9.4 | 14.5 | 15.1 | | 归属母公司股东净利润（百万元） | 1,117 | 1,491 | 1,807 | 2,279 | | 增长率（%） | 11.1 | 33.5 | 21.2 | 26.1 | | 每股收益（元） | 1.10 | 1.46 | 1.77 | 2.24 | | PE | 21 | 16 | 13 | 10 | | PB | 2.1 | 1.9 | 1.8 | 1.6 | ➢ 减值对公司 24 年业绩拖累较大。24 年公司计提资产减值 5944 万元（占利 润总额比例 4.2%），信用减值计提 1.41 亿元（占利润总额比例 10%），减值损 失合计约 2 亿元。 ➢ 直流输电系统业务高增，新能源系统集成业务结构优化。智能变配电板块， 24 年实现收入 47.11 亿元、同比+2.93%，毛 ...

Core Viewpoint - The company reported its 2024 annual results, showing a slight revenue increase but a notable rise in net profit, indicating improved profitability despite some challenges in revenue structure and impairment impacts [1] Financial Performance - In 2024, the company achieved a revenue of 17.09 billion, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 1.12 billion, up 11.1% year-on-year [1] - The first quarter of 2025 saw revenues of 2.35 billion, down 16.4% year-on-year, while the fourth quarter of 2024 had revenues of 7.50 billion, up 20.4% year-on-year [1] - The gross margin for 2024 was 20.8%, an increase of 2.8 percentage points, and the net margin was 7.6%, up 0.6 percentage points [1] Business Segments - The smart distribution and transformation business generated 4.711 billion in revenue, a 3% increase, with a gross margin of 24.26%, up 1.6 percentage points [2] - The smart meter business reported 3.866 billion in revenue, an 11% increase, with a gross margin of 24.66%, down 0.57 percentage points [2] - The new energy business saw a revenue decline of 37% to 2.464 billion, but the gross margin improved by 2.72 percentage points [2][3] - The medium voltage supply and use equipment segment generated 3.352 billion in revenue, a 7% increase, with a gross margin of 18.77%, up 2.51 percentage points [3] - The charging and swapping equipment segment reported 1.252 billion in revenue, a 4% increase, with a gross margin of 14.18%, up 3.61 percentage points [3] Operational Insights - The company is focusing on reducing total package business, which is expected to enhance the gross margin of the segments [2] - The company has a strong order backlog in ultra-high voltage projects, with expectations for revenue growth in 2025 driven by ongoing projects [3] Cost Management - Marketing expenses increased significantly, with expense ratios of 12.54% for 2024 and 13.06% for Q1 2025, up 1.68 percentage points and 4.03 percentage points year-on-year, respectively [4] - The company plans to enhance cost control measures in 2025, aiming for a stable reduction in expense ratios [4] Profit Forecast - The company revised its net profit forecasts for 2025 and 2026 to 1.52 billion and 1.90 billion, respectively, reflecting a slight downward adjustment due to delays in ultra-high voltage project tenders [4] - The projected net profit for 2027 is 2.35 billion, indicating a year-on-year growth of 36% [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance slightly fell short of market expectations due to significant impairment provisions [1] - Revenue for 2024 is projected at 17.09 billion RMB, with a minor year-on-year growth of 0.17% [1] - The net profit attributable to the parent company for 2024 is expected to be 1.12 billion RMB, reflecting an 11.09% increase year-on-year [1] - The company is expected to benefit from the high demand in the power grid construction sector, with a projected net profit of 2.35 billion RMB by 2027, representing a 24.09% growth [1] Financial Summary - Total revenue forecast for 2023A is 17.06 billion RMB, with a year-on-year growth of 13.51% [1] - The projected earnings per share (EPS) for 2025E is 1.49 RMB, with a corresponding P/E ratio of 15.72 [1] - The company anticipates a gross margin of 20.77% for 2024, improving to 24.21% by 2027 [9] - The total assets are expected to reach 25.24 billion RMB in 2025E, with total liabilities of 11.09 billion RMB [9] Business Segments - The smart distribution and transformation business is projected to generate 4.71 billion RMB in revenue for 2024, with a gross margin of 24.26% [8] - The smart meter business is expected to achieve 3.87 billion RMB in revenue, maintaining a leading market share [8] - The company plans to continue reducing its contracting business, focusing on stable growth in its core segments [8] - The high-voltage direct current (HVDC) business is anticipated to see significant revenue growth, with a 102% increase to 1.44 billion RMB in 2024 [8]