板块经营业绩稳健，关注新兴下游及出海

Core Viewpoint - The electric power equipment sector shows steady growth in revenue and profit, driven by increased demand both domestically and internationally, with key companies benefiting from high profitability in overseas markets [1][2][3]. Financial Analysis - In the first half of 2025, key companies in the sector achieved revenue of 170.1 billion yuan, a year-on-year increase of 13%, and a net profit attributable to shareholders of 14 billion yuan, up 14% [1][2]. - In Q2 2024, revenue reached 99.4 billion yuan, reflecting a 14% year-on-year growth, with net profit of 8.9 billion yuan, a 13% increase [2]. - The overall gross margin and net margin for key companies improved to 21.2% and 8.6%, respectively, with Q2 2025 margins further increasing to 22% and 9% [2]. Operational Capability - Accounts receivable increased by 9% year-on-year, while inventory rose by 18%, indicating stable cash flow and inventory management [3]. - The overseas segment saw accounts receivable and inventory grow by 18% and 35%, respectively, reflecting a longer settlement cycle for overseas projects [3]. Capital Expenditure - Capital expenditure for key companies remained stable, with a year-on-year increase of 6% in cash flow, while the overseas segment's capital expenditure grew by 21% due to expanded overseas capacity [3]. Industry Overview - By Q2 2025, the market capitalization of the electric power equipment industry reached 1.2 trillion yuan, a year-on-year increase of 8% [4]. - The industry's market capitalization accounted for 1.2% of the total A-share market, a slight decrease of 0.2 percentage points year-on-year [4]. Company Insights - Companies such as Dongfang Cable, Siyuan Electric, and Macro-Fa have gained favor among institutional investors, particularly in overseas and leading segments [4]. Export Dynamics - The overseas segment is experiencing long-cycle prosperity, with high growth in high-voltage equipment exports and strong demand from North American data centers [5]. - Domestic exports of transformers and isolating switches showed significant growth rates of 37% and 30%, respectively, from January to July 2025 [5]. Domestic Network Developments - The actual completion of grid infrastructure investment reached 331.5 billion yuan from January to July 2025, a 13% year-on-year increase [6]. - The first three rounds of bidding for transmission and transformation equipment totaled 54.1 billion yuan, reflecting a 25% year-on-year increase [6]. Investment Recommendations - The industry is expected to maintain high prosperity, with emerging demands diversifying, particularly in global grid investments and data centers [7]. - Recommended investment directions include AIDC, transformer exports, main grid construction, and ultra-high voltage projects [7].