特高压出海小尝甜头 中国西电卡位电力装备竞赛

Core Viewpoint - The demand for ultra-high voltage (UHV) technology is increasing globally, leading China XD Electric (601179.SH) to enter a period of significant growth, as evidenced by its 2024 financial report showing revenue and profit increases [1][2]. Group 1: Financial Performance - In 2024, China XD Electric reported a revenue of 22.17 billion yuan, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 1.05 billion yuan, up 19.1% [1]. - The company's net profit excluding non-recurring items reached 999 million yuan, reflecting a substantial year-on-year increase of 55.5% [1]. Group 2: Overseas Market Expansion - China XD Electric has made strategic adjustments, including acquiring 55% of Henan High Voltage Electrical Research Institute and becoming the only non-European and American designated laboratory for Saudi Arabia's national grid [2]. - The company has secured contracts worth over 3.9 billion yuan in projects such as the Chile KiLo high-voltage direct current converter station and the State Grid's third batch of procurement for UHV projects [2]. Group 3: International Business Growth - In 2024, the company's overseas business revenue reached 2.825 billion yuan, with a gross margin of 13.79%, marking a year-on-year growth of 6.52% [3]. - The aging of electrical grid equipment in developed economies like Europe and Japan presents opportunities for China XD Electric, as over 50% of existing facilities have been in operation for more than 20 years [3]. Group 4: Strategic Opportunities - The global energy transition is driving demand for new energy integration, with China XD Electric winning projects in Turkey, Italy, Sweden, and other countries, expanding its engineering business [4]. - The company is positioned to benefit from national policies promoting the construction of new power systems and the ongoing upgrades of electrical grids in Europe and the Americas [4].