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海上风电迎来密集开工,英联股份持续拓宽复合集流体合作版图
GOLDEN SUN SECURITIES· 2025-05-05 09:20
电力设备 海上风电迎来密集开工,英联股份持续拓宽复合集流体合作版图 光伏:硅料价格继续下跌,成交价环比下降 2.6~2.7%。根据硅料分会报道, 随着 5、6 月下游排产开始下调,本周硅料价格继续下跌。n 型复投料成交价 格区间为 3.70-4.50 万元/吨,成交均价为 3.92 万元/吨,环比下降 2.73%;n 型颗粒硅成交价格区间为 3.60-3.80 万元/吨,成交均价为 3.70 万元/吨,环比 下降 2.63%;p 型多晶硅成交价格区间为 3.10-3.50 万元/吨,成交均价为 3.23 万元/吨,环比下降 2.12%。目前预计 5 月硅料排产在 10 万吨左右,关注后 续降排产情况。核心关注两大方向:1)供给侧偏刚性、后续需求复苏后价格 弹性更大的硅料和玻璃,核心关注协鑫科技、通威股份、福莱特等。2)新技 术背景下带来的中长期成长性机会,核心关注爱旭股份、聚和材料等。 风电&电网:海上风电迎来密集开工。包括华能山东半岛北 L 场址海上风电项 目、浙江舟山普陀 2#海上风电场项目开工、瑞安 2 号 600MW。风电板块, 关注海缆:东方电缆、中天科技、亨通光电、起帆电缆,桩基:天顺风能、海 力 ...
电力设备与新能源行业研究:电力设备(电网)板块业绩总结:网内和网外并举,出海进入收获期
SINOLINK SECURITIES· 2025-05-04 11:37
Investment Rating - The report indicates a positive investment outlook for the power equipment industry, highlighting the sustained demand both domestically and internationally [6]. Core Insights - The industry is structured around six core business segments, addressing three major market demands, and fostering 13 prosperous sub-sectors [12][24]. - Approximately 80% of the selected 40 listed companies are expected to meet or exceed performance expectations for 2024 and Q1 2025, with over half showing continuous profit growth over the past three years [3][28]. - The report emphasizes the importance of domestic grid investments and the growth of overseas markets, particularly in high-pressure equipment and smart technology [6][19]. Summary by Sections Industry Framework - The power equipment industry is categorized into six core business segments: smart/information systems, high-pressure equipment, medium and low-pressure equipment, metering devices, materials, and low-voltage electrical appliances [12][13]. - The demand landscape has diversified, with significant contributions from both internal grid needs and external markets, including overseas expansions [16][19]. Revenue Growth Attribution and Financial Analysis - Revenue growth for 2024 is attributed to three main factors: internal grid investments, overseas business expansion, and proactive exploration of external markets [4][21]. - Financial performance for 2024 shows a revenue of 464.3 billion yuan, a year-on-year increase of 10.2%, while net profit decreased by 6.1% to 37.1 billion yuan [5][28]. - The operational efficiency metrics indicate a slight decline in accounts receivable and inventory turnover rates, with total accounts receivable reaching 156.8 billion yuan, up 14% year-on-year [5][27]. Investment Recommendations and Valuation - The report recommends key companies such as Siyi Electric, Samsung Medical, Mingyang Electric, Pinggao Electric, and China West Electric, citing their strong positioning in the market and growth potential [6][25]. - The anticipated investment from the State Grid and Southern Grid is projected to exceed 800 billion yuan in 2025, indicating a robust outlook for domestic grid investments [19][21].
许继电气(000400):费用提升和减值计提影响盈利 经营具备持续增长支撑
Xin Lang Cai Jing· 2025-04-29 02:37
公司发布2024 年年报和2025 年一季报。2024 年全年营业收入170.9 亿元,同比+0.2%;归母净利润11.2 亿元,同比+11.1%;扣非净利润10.6 亿元,同比+22.2%。单季度看,公司2024Q4营业收入75.0 亿元, 同比+17.3%,环比+172.8%;归母净利润2.2 亿元,同比-4.7%,环比-16.7%;扣非净利润2.0 亿元,同 比+31.6%,环比-22.0%。公司2025 一季度营业收入23.5 亿元,同比-16.4%;归母净利润2.1 亿元,同 比-12.5%;扣非净利润2.0 亿元,同比-10.0%。 事件评论 事件描述 分板块看,公司2024 年全年智能变配电系统收入47.11 亿元,同比+2.9%;智能电表收入38.66 亿元,同 比+11.0%;智能中压供用电设备收入33.52 亿元,同比+6.7%;新能源及系统集成收入24.64 亿元,同 比-37.5%;直流输电系统收入14.44 亿元,同比+101.6%;充换电设备及其它制造服务收入12.52 亿元, 同比+4.2%。其中,直流输电系统收入大增预计主要系2024 年确认较多在建特高压工程换流阀和直流控 制 ...
许继电气(000400):盈利符合预期 持续受益于特高压建设
Xin Lang Cai Jing· 2025-04-29 02:37
公司为国内特高压换流阀头部企业,充分受益于行业需求放量。2024 年公司直流输电系统业务实现营 收14.4亿元,同比增长101.6%,主要受2023 年"四直"相继核准开工,2024 年交付增加,且2024-2025 年 亦为特高压直流核准大年,支撑公司直流业务在未来几年增长。此外,柔性直流换流阀价值量约为常规 直流的2-3 倍,伴随柔直渗透率提升,公司亦充分受益。 网内产品稳中有升,网外业务快速增长。2024 年,公司智能电表业务实现收入38.7 亿元,同比增长 11%,毛利率为24.7%,电能表份额在国网集招排名领先;智能中压供用电设备实现收入33.5 亿元,同 比增长6.7%,毛利率为18.8%。 2024 年,公司充换电业务实现收入12.5 亿元,同比增长4.2%,毛利率为14.2%,同比增长3.6pp,显著 上升;新能源及系统集成实现收入24.6 亿元,同比变化-37.5%。公司积极拓展数据中心、氢能等赛道, 实现多行业发展。 事件:公司2024 年实现营收170.89 亿元,同比增长0.2%;实现归母净利润11.17 亿元,同比增长 11.1%;扣非归母净利润10.62 亿元,同比增长22.2%。 ...
许继电气(000400):费用提升和减值计提影响盈利,经营具备持续增长支撑
Changjiang Securities· 2025-04-27 11:15
Investment Rating - The investment rating for the company is "Buy" and it is maintained [7] Core Views - The company reported a slight increase in revenue for 2024, with total revenue of 17.09 billion yuan, up 0.2% year-on-year. The net profit attributable to shareholders was 1.12 billion yuan, an increase of 11.1% year-on-year, while the net profit excluding non-recurring items was 1.06 billion yuan, up 22.2% year-on-year [2][4] - In Q4 2024, the company achieved a revenue of 7.50 billion yuan, representing a year-on-year increase of 17.3% and a quarter-on-quarter increase of 172.8%. However, the net profit attributable to shareholders decreased by 4.7% year-on-year to 220 million yuan [2][4] - For Q1 2025, the company reported a revenue of 2.35 billion yuan, down 16.4% year-on-year, and a net profit of 210 million yuan, down 12.5% year-on-year [2][4] Financial Performance - The company's revenue from various segments in 2024 included: - Smart distribution and transformation systems: 4.71 billion yuan, up 2.9% - Smart meters: 3.87 billion yuan, up 11.0% - Smart medium-voltage power supply equipment: 3.35 billion yuan, up 6.7% - New energy and system integration: 2.46 billion yuan, down 37.5% - DC transmission systems: 1.44 billion yuan, up 101.6% - Charging and swapping equipment and other manufacturing services: 1.25 billion yuan, up 4.2% [10] - The overall gross margin for 2024 was 20.77%, an increase of 2.78 percentage points year-on-year. The gross margin for Q4 2024 was 19.28%, up 2.50 percentage points year-on-year but down 5.24 percentage points quarter-on-quarter [10] - The company’s total expenses ratio for 2024 was 12.54%, an increase of 1.68 percentage points year-on-year, with the sales expense ratio at 4.22%, up 1.34 percentage points [10] Future Outlook - The company has set a financial target for 2025 to achieve a revenue of 18.3 billion yuan. The expected net profit attributable to shareholders for 2025 is projected to reach 1.45 billion yuan, corresponding to a PE ratio of approximately 15 times [10]
许继电气股份有限公司 关于2024年度股东大会增加临时提案暨股东大会补充通知的公告
Group 1 - The company announced an additional temporary proposal for the 2024 Annual General Meeting, recommending Ding Gengxin as a candidate for the ninth Supervisory Board [1][27] - The original notice for the shareholders' meeting remains unchanged, with the meeting being convened by the company's board of directors [2] - The meeting will take place on May 12, 2025, with both on-site and online voting options available for shareholders [3][4] Group 2 - The meeting's equity registration date is set for May 6, 2025, allowing all shareholders registered by that date to attend [4] - The meeting will include various proposals, including a report from independent directors [7] - The company will provide a platform for online voting through the Shenzhen Stock Exchange [13][22] Group 3 - The resignation of the Supervisory Board Chairman and a supervisor was announced, with the company expressing gratitude for their contributions [25][26] - Ding Gengxin has been recommended as a candidate for the Supervisory Board, pending approval at the shareholders' meeting [27][30] - The candidate's qualifications and background were detailed, confirming compliance with relevant regulations [29][33]
电力设备行业周报:宁德时代首次科技日超预期,2025Q2国网将加快推进特高压投运-20250426
Guohai Securities· 2025-04-26 15:39
Investment Rating - The report maintains a "Recommended" rating for the industry [1] Core Views - The report highlights that the power equipment industry is experiencing positive fundamental changes and potential catalysts, maintaining an overall "Recommended" rating for the sector [9] Summary by Sections Recent Trends - In March, the domestic photovoltaic (PV) installed capacity reached 20.24GW, with a year-on-year growth of 79.9%. The report notes that component prices are declining due to supply-demand imbalances and inventory pressures, with expectations of a "bottom oscillation" trend in prices [5][6] Photovoltaic Sector - The report emphasizes the importance of supply-side reforms and suggests focusing on companies like LONGi Green Energy, JinkoSolar, and others involved in high-efficiency battery technology [6][7] Wind Power Sector - The report indicates that the wind power sector is entering a peak bidding season, with significant growth in the first quarter of 2025 for several companies. It suggests monitoring companies like Xinjiang Goldwind and others involved in offshore wind projects [7][8] Energy Storage - The report discusses the acceleration of policies in Europe regarding energy storage, highlighting Italy's €17.7 billion aid for energy storage projects and Bulgaria's approval of numerous renewable energy storage projects [8] Lithium Battery Sector - The report details CATL's recent technology day, showcasing new battery products, including the second-generation "Shenxing" battery and sodium-ion batteries, which are expected to enhance the company's competitive edge [8] Overall Industry Outlook - The report concludes that the power equipment industry is poised for growth, driven by advancements in technology and supportive policies, recommending a focus on key players in the sector [9]
许继电气(000400) - 关于监事会主席、监事辞职及补选监事的公告
2025-04-25 12:17
关于监事会主席、监事辞职及补选监事的公告 本公司及监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。 一、监事会主席、监事辞职情况 许继电气股份有限公司(以下简称"公司")监事会近日收到监事会主席李 卫东先生、监事常勇先生提交的书面辞职报告,因工作变动,李卫东先生提出辞 去公司监事会主席职务,常勇先生提出辞去公司监事职务。辞去以上职务后,李 卫东先生仍任公司监事,常勇先生仍在公司任职。 截止本公告日,常勇先生未持有公司股份。因常勇先生辞职将导致公司监事 会人数低于《公司法》及《公司章程》规定的监事人数,在公司完成增补监事前, 常勇先生将继续履行监事职务。 证券代码:000400 证券简称:许继电气 公告编号:2025-21 许继电气股份有限公司 公司监事会对常勇先生在任职期间的勤勉工作和为公司发展做出的贡献表 示衷心感谢! 第九届监事会监事候选人简历 二、补选监事情况 2.许继电气股份有限公司九届十六次监事会决议。 特此公告。 许继电气股份有限公司监事会 2025 年 4 月 26 日 附件: 鉴于公司监事常勇先生提出辞职申请,根据《公司法》《公司章程》等相关 规定,经公 ...
许继电气(000400) - 关于2024年度股东大会增加临时提案暨股东大会补充通知的公告
2025-04-25 12:09
证券代码:000400 证券简称:许继电气 公告编号:2025-22 许继电气股份有限公司 关于 2024 年度股东大会增加临时提案暨股东大会补充通知 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(以下简称"公司")于 2025 年 4 月 11 日在巨潮资 讯网(http://www.cninfo.com.cn)公告了《关于召开 2024 年度股东大会的通 知》。 2025 年 4 月 25 日,公司董事会(即本次股东大会召集人)收到单独持有公 司 37.91%股份的股东中国电气装备集团有限公司发来的《关于在许继电气股份 有限公司 2024 年度股东大会上增加临时提案的函》。中国电气装备集团有限公 司提议在公司 2024 年度股东大会上增加《关于增补第九届监事会监事候选人的 议案》,议案的主要内容为推荐丁庚鑫先生为公司第九届监事会监事候选人,并 提交公司 2024 年度股东大会审议。经核查,上述临时提案属于股东大会职权范 围,有明确议题和具体决议事项,提案内容及程序符合法律、行政法规、部门规 章、规范性文件和公司章程等相关规定 ...
许继电气(000400) - 九届十六次监事会决议公告
2025-04-25 12:08
证券代码:000400 证券简称:许继电气 公告编号:2025-20 二、监事会会议审议情况 会议以 3 票同意、0 票反对、0 票弃权审议通过公司《关于增补第九届监事会 监事候选人的议案》。 鉴于公司监事常勇先生提出辞职申请,根据《公司法》《公司章程》等相关规 定,经公司控股股东中国电气装备集团有限公司推荐,公司监事会同意丁庚鑫先 生(简历附后)为公司第九届监事会监事候选人,任期至本届监事会届满。 上述议案尚需公司股东大会审议通过。 公司《关于监事会主席、监事辞职及补选监事的公告》刊登于巨潮资讯网 (http://www.cninfo.com.cn)、《中国证券报》《证券时报》《上海证券报》及《证 券日报》上。 三、备查文件 许继电气股份有限公司 九届十六次监事会决议公告 本公司及监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。 一、监事会会议召开情况 许继电气股份有限公司(以下简称"公司")九届十六次监事会会议于 2025 年 4 月 22 日以电话和邮件方式发出会议通知,在保障监事充分表达意见的前提下, 于 2025 年 4 月 25 日以通讯表决方式召开,应参加 ...