特高压中的盈利标杆，毛利率40%净利率20%，全国仅8家，外资就重仓4家

Core Insights - The State Grid is investing 4 trillion yuan in power grid upgrades, with only 8 companies in the A-share market achieving a gross margin over 40% and a net margin over 20%, indicating significant profitability in the ultra-high voltage (UHV) sector [1] - Foreign capital has heavily invested in 4 of these 8 companies, including Bill Gates' fund, highlighting the attractiveness of these firms [1] Company Performance - The first company, Huaneng Equipment, boasts a gross margin of 68% and a net margin of 22%, specializing in smart sensors for substations [3] - Kaipu Testing has a gross margin of 67% and a net margin of 35%, providing extreme pressure testing for power grids and renewable energy stations [3] - Guokai Testing holds a gross margin of 60% and a net margin of 27%, focusing on cable testing [3] - Huaming Equipment has a gross margin of 55% and a net margin of 32%, known for its tap changers used in UHV lines [5] - Zhongyuan Co. has a gross margin of 50% and a net margin of 27%, specializing in secondary equipment for power [5] - Shima Power has a gross margin of 45% and a net margin of 23%, recognized for its insulators [5] - Yifan Transmission has a gross margin of 43% and a net margin of 28%, producing reduction motors [7] - Dongfang Tower maintains a gross margin of 40% and a net margin of 24%, with a unique production license for 750kV transmission towers [7] Investment Trends - Foreign institutions like J.P. Morgan and UBS have increased their holdings in these companies, indicating strong confidence in their business models [4][9] - The companies are categorized into three types: those relying on technology, those with essential qualifications, and those with global market ambitions [7][9] Market Outlook - The UHV sector is expected to continue growing, with plans to build 12 more lines by 2025, ensuring ongoing revenue for these companies [9][10] - The companies are well-capitalized, with significant cash reserves, allowing them to invest in R&D and maintain competitive advantages [9]