申港证券近日发布电力设备行业研究周报：根据国家能源局数据，1-3月份，全国主要 发电企业电源工程完成投资1322亿元，同比下降2.5%；电网工程完成投资956亿元，同比增 长24.8%。我们认为，在构建"新型电力系统"及"双碳目标"的背景下，非化石能源发电将逐 步转变为装机主体和电量主体，而其中风电和光伏发电的不稳定性、随机性、波动性势必需 要储能系统协调运行，来保障电力系统安全稳定运行。 以下为研究报告摘要： 投资摘要： 每周一谈：风电和光伏装机量超过火电 行情回顾： 电力设备行业本周涨跌幅为2.4%，在申万31个一级行业中，排在第6位。电力设备行业 本周跑赢沪深300。本周上证指数、沪深300、深证成指、创业板指的涨跌幅分别为0.56%、 0.38%、1.38%、1.74%。 在细分行业中，电机II、其他电源设备II、光伏设备、风电设备、电池和电网设备涨跌 幅分别为7.14%、0.27%、0.74%、4.05%、3.38%、1.54%。 电力设备行业周涨幅前五个股分别为：金杨股份、方正电机、灿能电力、震裕科技、电 气风电。 近期，国家能源局发布了今年1-3月份全国电力工业统计数据。 风电装机情况：今年3月 ...

Core Viewpoint - The company reported its Q1 2025 earnings, showing revenue of 510 million yuan, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of 60 million yuan, up 35.7% year-on-year, indicating performance in line with market expectations [1] Financial Performance - Q1 2025 revenue was 510 million yuan, with a net profit of 60 million yuan, and a gross margin of 32.5%, reflecting a year-on-year increase of 0.4 percentage points [1] - The net profit margin was 11.2%, up 2.9 percentage points year-on-year [1] - Operating expenses for Q1 2025 were 110 million yuan, down 0.8% year-on-year, with an expense ratio of 22.4%, a decrease of 0.4 percentage points [2] - Operating cash flow showed a net outflow of 370 million yuan, which was an increase of 130 million yuan compared to the same period last year [2] Business Segments - The energy storage segment has a strong order backlog, with 800 million yuan in hand orders by the end of 2024 and over 6 billion yuan in projects registered with the National Energy Storage Research Institute, indicating significant growth potential [1] - The smart devices segment is expected to grow, with the company collaborating with leading robotics firms to develop applications such as inspection robots and humanoid robots for the power grid [1] - The company has completed acquisitions in three provinces for testing services and established a national research institute for energy storage, enhancing its business capabilities [1] Leadership Changes - The company has appointed a new chairman, who has a strong background in the industry and market influence, marking a new starting point for the company [1] Profit Forecast - The company maintains its profit forecast for 2025-2027, expecting net profits of 459 million yuan, 629 million yuan, and 861 million yuan, representing year-on-year growth of 26%, 37%, and 37% respectively [2] - Corresponding price-to-earnings ratios are projected at 36x, 27x, and 19x for the respective years [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by more than 15% over the next 6-12 months [12]. Core Views - The company achieved a significant year-on-year increase in net profit, primarily due to improved profit margins. In Q1 2025, the net profit attributable to the parent company was 0.57 billion yuan, up 35.66% year-on-year [2]. - The company is expanding its market presence in the technical services sector, particularly in energy storage system services and testing services. Notable projects include winning bids for major energy storage projects totaling approximately 3.7 billion yuan [2]. - In the smart devices sector, the company is focusing on the development of robotics and drones, offering various inspection and operational robots, as well as specialized drones for the power industry [3]. Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 5.1 billion yuan, a year-on-year increase of 0.87% but a quarter-on-quarter decrease of 43.61%. The net profit attributable to the parent company was 0.57 billion yuan, reflecting a year-on-year increase of 35.66% [1][2]. - The gross profit margin for Q1 2025 was 32.51%, up 0.36 percentage points year-on-year, while the net profit margin was 11.46%, an increase of 3.03 percentage points year-on-year [2]. Business Segments - The technical services segment includes energy storage system services and testing services. The company has secured significant contracts in energy storage, with a total scale exceeding 400MWh [2]. - The smart devices segment includes smart monitoring equipment, smart distribution equipment, and robotics. The company has developed a range of inspection robots and drones, enhancing operational capabilities in various industries [3]. Profit Forecast and Valuation - The company’s profit forecasts for 2025-2027 have been adjusted, with expected net profits of 4.81 billion yuan, 6.23 billion yuan, and 7.74 billion yuan respectively. The forecasts have been revised down by 23% for 2025 and 2026 [4][5]. - The company is backed by the Southern Power Grid, with significant growth potential in technical services and smart devices [5].

Group 1 - The report highlights the release of Guangzhou's "Mergers and Acquisitions Ten Articles," aiming to promote industrial development through mergers and acquisitions, targeting at least 60 deals by 2027 [3][35][38] - In the recent period, eight companies disclosed significant restructuring events, maintaining the same level as the previous period, with an equal number of companies involved in changes of actual controllers [3][12] - The restructuring index fell by 5.68%, underperforming compared to the Shanghai Composite Index (-3.37%) and the CSI 300 (-4.21%), while slightly outperforming the CSI 1000 (-6.48%) [3][25][29] Group 2 - The report analyzes key merger cases, including the acquisition of New潮传媒 by 分众传媒, valued at 8.3 billion yuan, which aims to integrate high-end urban resources with community resources in lower-tier cities [4][12] - The acquisition of 映日科技 by 呈和科技, valued at 1.8 billion yuan, focuses on technological synergy in the high-performance sputtering target materials sector, enhancing competitiveness in the display industry [4][12] - 湖南发展 plans to acquire four hydropower companies, increasing its installed capacity to 778,000 kilowatts, aligning with national carbon neutrality goals and enhancing operational synergy [5][12] Group 3 - The report identifies investment opportunities based on the "12218" industrial map, including strategic industry clusters such as 广汽集团 and 冠昊生物, and modern service industries like 广电计量 and 山水比德 [6][12][35] - The report emphasizes the encouragement of mergers and acquisitions in the biopharmaceutical and sports sectors, with various government departments advocating for financial support for these initiatives [35][36][38] - The report outlines the strategic focus on integrating upstream and downstream assets in key industries, aiming for significant mergers and acquisitions to enhance technological capabilities and market competitiveness [38]

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by 5% to 15% over the next 6-12 months [5][12]. Core Insights - The company's net profit increased significantly by 35.66% year-on-year in Q1 2025, primarily due to improved profit margins. The gross profit margin was 32.51%, up by 0.36 percentage points year-on-year, while the net profit margin rose to 11.46%, an increase of 3.03 percentage points [2][3]. - The company is expanding its market presence in the technical services sector, particularly in energy storage system services and testing services. Notable projects include winning bids for major energy storage projects totaling approximately 3.7 billion yuan [2][3]. - In the smart equipment sector, the company focuses on the development of robots and drones, introducing innovative solutions for outdoor inspections and operations in various industries [3]. Financial Performance Summary - For Q1 2025, the company reported revenue of 510 million yuan, a year-on-year increase of 0.87%, but a quarter-on-quarter decrease of 43.61%. The net profit attributable to shareholders was 57 million yuan, with a year-on-year increase of 35.66% and a quarter-on-quarter decrease of 33.31% [1][2]. - The company expects net profits for 2025, 2026, and 2027 to be 481 million yuan, 623 million yuan, and 774 million yuan, respectively, reflecting a downward revision of 23% for 2025 and 2026 [4][5]. Profitability and Valuation Metrics - The report provides a detailed forecast of key financial metrics, including revenue growth rates and net profit margins, with expected revenue growth of 33.04% in 2025 and a net profit margin of 12.0% [4][10]. - The company's P/E ratio is projected to decrease from 59 in 2023 to 22 in 2027, indicating an improving valuation as earnings grow [4][11]. Market Position and Future Outlook - The company is well-positioned within the energy sector, backed by the South Grid Group, with significant growth potential in both technical services and smart equipment [2][3]. - The report highlights the company's innovative approaches and successful project acquisitions as key drivers for future growth [2][3].

1 、 《 光通信模块核心标的 》摘要 ■ 随着AI大模型爆发性增长（如GPT、Sora），数据中心对 高速光模块 （800G/1.6T）和相关光器件 需求激增。 ■ 中际旭创 800G产品已批量出货， 1.6T模块研发进度全球领先 ，预计2025年量产。 ■ 新易盛 400G及以下已规模化交付，800G小批量，1.6T样品发布。 3、 《 华为5G通信设备出海 》摘要 5、《 2024年全国发电设备行业十大科技创新 》摘要 ■ 作为中国首个 完全自主知识产权 的三代非能动压水堆技术，"国和一号"标志着中国在高端核电装备 领域打破技术封锁，反应堆压力容器、主泵、堆芯仪表等关键设备全面国产化，未来有望 批量化复 制 。 ■ 德国新政府取消"可信国家"限制 ，转而采用"可信技术标准"，核心逻辑从"政治标签"转向"技术标 准"，为华为扫清合规障碍。 ■ 华为在5G设备领域 技术先进+成本优势明显 ，替代厂商有限（如诺基亚、爱立信产能与性价比不 足）。 4 、 《 跨国巨头的数亿美元订单，被这家中国企业拿下了 》摘要 ■ 在净利率本就不高（3~5%）的背景下，供应链成本动辄占运营成本的四分之一以上，任何微小效 率的提 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance aligns with market expectations, driven by the dual engines of smart devices and energy storage [2][8] - The company has a robust order backlog in the energy storage sector, with orders amounting to 800 million and projects exceeding 6 billion registered with the National Energy Storage Research Institute [8] - The new chairman brings significant industry experience and is expected to drive innovation and growth within the company [8] Financial Performance Summary - Total revenue for 2023 is projected at 2,537 million, with a year-on-year growth of 41.77% [1] - Net profit attributable to shareholders is expected to reach 281.27 million in 2023, reflecting a 36.71% increase year-on-year [1] - The company anticipates substantial revenue growth in the energy storage segment, with projections of 4,423 million in 2025, representing a 46.78% increase [1][9] Earnings Forecast and Valuation - The report forecasts net profits of 4.59 billion, 6.29 billion, and 8.61 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 36x, 27x, and 19x [8][9] - The latest diluted EPS is projected to be 0.81, 1.11, and 1.52 for the years 2025, 2026, and 2027 respectively [1][9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance aligns with market expectations, driven by intelligent devices and energy storage [2][8] - The energy storage segment shows significant growth potential, with a backlog of orders amounting to 800 million and projects exceeding 6 billion registered with the National Energy Research Institute [8] - The intelligent devices segment is expected to grow, with innovative products like drones and robots being developed in collaboration with leading companies [8] - The new chairman brings extensive industry experience and is expected to drive further growth and innovation [8] Financial Summary - Total revenue for 2023 is projected at 2,537 million, with a year-on-year growth of 41.77% [1] - Net profit attributable to shareholders is forecasted to be 281.27 million in 2023, reflecting a 36.71% increase year-on-year [1] - The earnings per share (EPS) is expected to reach 0.50 in 2023, with a projected P/E ratio of 59.43 [1] - Revenue is expected to grow significantly, reaching 4,423 million by 2025, with a year-on-year growth of 46.78% [1] - Net profit is projected to increase to 458.65 million by 2025, with a growth rate of 25.64% [1] - The company’s operating cash flow is expected to improve, with a net outflow of 3.7 billion in Q1 2025, primarily due to supplier payments [8]

二、关于聘任副总经理的情况 根据《中华人民共和国公司法》（以下简称《公司法》）和《南方电网电力 科技股份有限公司章程》（以下简称《公司章程》）的规定，经公司董事长姜海 龙先生（代行总经理职责）提名，经公司提名委员会审查通过，公司于 2025 年 4 月 25 日召开第二届董事会第十四次会议，审议通过了《关于聘任副总经理的 议案》，同意聘任胡政先生、吴昊先生为公司副总经理（简历详见附件），任期 自本次董事会审议通过之日起至第二届董事会任期届满之日止。 1 证券代码：688248 证券简称：南网科技 公告编号：2025-012 南方电网电力科技股份有限公司 关于副总经理辞职及聘任副总经理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、关于副总经理辞职的情况 南方电网电力科技股份有限公司（以下简称"公司"）董事会于 2025 年 4 月 24 日收到公司副总经理廖宏楷先生递交的书面辞职报告，由于中国南方电网 有限责任公司（以下简称"南方电网"）集团内部工作安排调整，廖宏楷先生申 请辞去公司副总经理职务，辞职后将不在公 ...

证券代码：688248 证券简称：南网科技 公告编号：2025-013 南方电网电力科技股份有限公司 截至本公告披露日，冯永新先生未直接持有公司股份。 重要内容提示： 南方电网电力科技股份有限公司（以下简称"公司"或"南网科技"） 综合考虑公司核心技术研发等实际情况，经公司管理层研究，因冯永新先生在中 国南方电网有限责任公司（以下简称"南方电网"）集团内部发生工作调动，不 再在公司任职，因此不再认定为公司核心技术人员。 冯永新先生工作变动后，其负责的工作已完成交接，不会对公司技术研 发、核心竞争力和持续经营能力产生实质性影响，不会影响公司现有核心技术及 研发项目的工作开展。 一、核心技术人员工作变动的具体情况 公司核心技术人员冯永新先生因在南方电网集团内部发生工作调动，不再在 公司任职，因此不再担任公司核心技术人员。冯永新先生在公司任职期间恪尽职 守、勤勉尽责，为公司发展发挥了积极作用，公司及公司董事会对冯永新先生为 公司发展所做出的贡献表示衷心感谢! （一）核心技术人员具体情况 关于公司核心技术人员变动的公告 冯永新先生，1968 年出生，中国国籍，无境外永久居留权，研究生学历， 博士学位，正高级工程师。1 ...