Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][6]. Core Views - The National Grid's planned fixed asset investment of 4 trillion yuan during the "14th Five-Year Plan" period represents a 40% increase compared to the previous plan, marking a historical high. This investment will focus on the construction of a new power system, including smart grid and energy storage, which is expected to benefit the company significantly [3][4][9]. - The company is expected to focus on smart grid and new electrochemical energy storage businesses, which are projected to thrive due to the high demand in these sectors. Profit forecasts for the company from 2025 to 2027 are 260 million, 640 million, and 830 million yuan, respectively, indicating a turnaround from losses and growth rates of +149% and +30% year-on-year [3][9]. Summary by Relevant Sections Investment Overview - The National Grid's investment will primarily target the intelligent transformation of distribution networks and the construction of new energy storage and regulation capabilities [3][9]. - The company is well-positioned to benefit from the high growth potential in the smart grid and energy storage sectors, with a focus on these areas since 2023 [3][9]. Financial Forecasts - The company's profit forecasts for 2025, 2026, and 2027 are 260 million, 640 million, and 830 million yuan, respectively, with corresponding price-to-earnings ratios of 52.1, 20.9, and 16.1 times [3][9]. - The company is expected to achieve a turnaround in profitability, with significant year-on-year growth anticipated [3][9].

证券研究报告 | 2026年01月16日 科陆电子（002121.SZ） 国网"十五五"计划投资 4 万亿元，公司智能电网及储能业务有望受益 公司研究·公司快评 电力设备·电网设备 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 事项： 国家电网宣布"十五五"期间固定资产投资预计达 4 万亿元，较"十四五"增长 40%，创历史新高，重点 投向新型电力系统建设。"十五五"期间，国家电网将初步建成主干电网、配电网和智能微电网协同的新 型电网平台；加快推进城市、农村、边远地区配网建设，探索末端保供型、离网型微电网模式；夯实数智 基础设施，实施"人工智能+"专项行动，强化电网数字赋能。此外，国家电网将提升系统调节能力，优 化抽蓄站点布局，支持新型储能规模化发展，提高新能源运行支撑和并网消纳水平。 国信电新观点：国家电网"十五五"期间 4 万亿投资是我国能源转型和新型电力系统建设的关键举措，重 点投资方向包括配电网智能化改造、新型储能与调节能力建设等。2023 年以来科陆电子聚焦智能电网与新 型电化学储 ...

Group 1 - The core viewpoint of the article is that Kelu Electronics (002121) has confirmed its involvement in the smart grid and energy storage sectors through its subsidiary, Guangdong Kelu Zhibo Information Technology Co., Ltd [1] Group 2 - Kelu Electronics' main business focuses on smart grid operations and energy storage solutions [1]

Core Viewpoint - The news highlights a significant increase in the power equipment sector, with a notable rise in stock prices for several companies, particularly XinFengGuang, which led the gains with a 15.55% increase [1]. Group 1: Market Performance - The power equipment sector rose by 1.87% on the trading day, while the Shanghai Composite Index fell by 0.26% to close at 4101.91, and the Shenzhen Component Index decreased by 0.18% to 14281.08 [1]. - XinFengGuang (688663) closed at 55.00, up 15.55%, with a trading volume of 117,200 shares and a transaction value of 608 million yuan [1]. - Other notable gainers included Hongxiang Co. (300427) with an 11.33% increase, Hanlan Co. (002498) and Guangdian Electric (601616) both up by 10.10%, and several others showing increases around 10% [1]. Group 2: Fund Flow Analysis - The power equipment sector experienced a net outflow of 3.512 billion yuan from institutional investors, while retail investors saw a net inflow of 2.207 billion yuan [2]. - The data indicates that speculative funds had a net inflow of 1.305 billion yuan into the sector [2]. - Specific stocks like SiYuan Electric (002028) and Guangdian Electric (601616) showed varying levels of net inflow and outflow from different investor types, with SiYuan Electric having a net inflow of 2.57 billion yuan from institutional investors [3].

证券日报网讯1月16日，科陆电子（002121）在互动平台回答投资者提问时表示，印尼工厂计划2026年 正式投产。公司储能业务主要为大储及工商储。 ...

Group 1 - The company, Kelu Electronics (002121.SZ), stated on its interactive platform that it currently does not engage in products related to ultra-high voltage [1]

Group 1 - The core viewpoint of the news is that the power equipment sector experienced a rise of 1.35% on the previous trading day, with Baobian Electric leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] - Baobian Electric's stock price increased by 10.00% to 13.86, with a trading volume of 2.0946 million shares and a transaction value of 2.679 billion [1] Group 2 - The power equipment sector saw significant individual stock movements, with Sanbian Technology and Xinlian Electronics also showing strong gains of 9.98% and 9.97% respectively [1] - The sector's main funds experienced a net outflow of 1.692 billion, while retail investors saw a net inflow of 1.771 billion [2] - The table of individual stock performances indicates that stocks like Kelu Electronics and Jinda Co. also had notable trading activity, with Kelu Electronics seeing a net inflow of 316 million from main funds [3]

Group 1 - The A-share market showed mixed performance on January 15, with the electric grid equipment sector experiencing a strong rally, particularly the electric grid equipment ETF (159326), which rose by 1.79% and achieved a trading volume of 9.04 billion yuan [1] - The electric grid equipment ETF has seen a net inflow of funds for five consecutive trading days, totaling over 1.9 billion yuan, reaching a new high of 6.216 billion yuan, making it the largest power-related ETF in the market [1] - Elon Musk highlighted the explosive growth in power demand for AI supercomputing clusters and data centers, emphasizing the critical role of high-performance transformers in energy conversion, with current supply shortages exceeding expectations [1] Group 2 - The electric grid equipment ETF (159326) is the only ETF tracking the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as power transmission and transformation equipment, grid automation equipment, and cable components [2] - The smart grid sector holds a significant weight of 88% in the index, while ultra-high voltage equipment accounts for 65%, both being the highest in the market [2] Group 3 - China's electric grid equipment companies possess technological and cost advantages, positioning them to benefit directly from the urgent need for upgrades in aging power grid systems in Europe and the U.S. [1] - According to the General Administration of Customs, the export performance of power equipment has been stable, with a cumulative export value of 65.596 billion yuan from January to September, reflecting a year-on-year growth of 36.33% [1]

证券代码：002121 证券简称：科陆电子 公告编号：2026004 深圳市科陆电子科技股份有限公司 二〇二六年第一次临时股东会决议公告 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。 特别提示： 1、本次股东会未出现否决提案的情形。 （一）会议召开情况 1、会议召开时间 现场会议召开时间为：2026 年 1 月 14 日下午 14:30 开始，会期半天； 网络投票时间为：2026 年 1 月 14 日，其中，通过深圳证券交易所交易系统 进行网络投票的具体时间为 2026 年 1 月 14 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2026 年 1 月 14 日上午 9:15 至下午 15:00 的任意时间。 2、股权登记日：2026 年 1 月 7 日 3、会议召开地点 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 现场会议地点：深圳市南山区高新技术产业园北区宝深路科陆大厦行政会议 室 网络投票平台：深圳证券交易所交易系统和互联网投票系 ...

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。 深圳市科陆电子科技股份有限公司（以下简称"公司"）第九届董事会第二十 二次（临时）会议通知已于 2026 年 1 月 8 日以即时通讯工具、电子邮件及书面等 方式送达各位董事，会议于 2026 年 1 月 14 日以通讯表决方式召开。本次会议应参 加表决的董事 11 名，实际参加表决的董事 11 名。本次会议的召集、召开和表决程 序符合《中华人民共和国公司法》和《公司章程》的有关规定。 与会董事经过讨论，审议通过了以下议案： 一、审议通过了《关于调整第九届董事会专门委员会委员的议案》。 为完善公司治理结构，保证董事会专门委员会能够顺利高效开展工作，充分 发挥其职能，公司对第九届董事会专门委员会委员进行调整，任期自董事会审议 通过之日起至第九届董事会任期届满。 本次调整后，公司第九届董事会各专门委员会组成情况如下： 审计委员会：谢东明先生（独立董事）、姜齐荣先生（独立董事）、沙小兰女 士，谢东明先生为召集人； 证券代码：002121 证券简称：科陆电子 公告编号：2026005 深圳市科陆电子科技股份有限公司 第九 ...