Core Viewpoint - The successful establishment of the first single-wave 400G wavelength division system for ultra-long-distance transmission in the domestic power sector marks a significant advancement towards high-capacity, high-speed, and long-distance integration in power communication networks [1][2] Group 1: Technological Advancements - The project achieved a stable operation of a 400G optical transmission link over a distance of 355 kilometers, utilizing advanced technologies to address the challenges of long-distance and high-capacity transmission [1][2] - The construction of a high-order Raman large-capacity ultra-long-distance optical transmission system model was completed, optimizing key technologies such as optical power balancing and non-linear effect suppression [2] Group 2: Industry Context - The current 10G SDH and 100G OTN networks are insufficient to meet the future demands of large-capacity power services, including panoramic video monitoring and data collection [1] - The development of a new generation of ultra-large-capacity optical networks is essential for supporting the modern energy system and the construction of new power systems [1]

Core Viewpoint - The global power system is facing new challenges, leading to an increased demand for grid expansion and upgrades, which is expected to directly benefit the power equipment industry [1] Group 1: Main Grid Developments - The demand for ultra-high voltage (UHV) construction is increasing due to the growth of inter-provincial electricity flow and the pressure of renewable energy consumption. As of December 2024, China has built and put into operation 41 UHV transmission lines, including 20 AC lines and 21 DC lines [2] - During the 14th Five-Year Plan period, China is expected to start construction on "three AC and nine DC" UHV lines, with over 20 lines anticipated to be operational in the 15th Five-Year Plan period, which will boost demand for related equipment [2] - Flexible DC technology is expected to become mainstream due to its advantages in large-scale renewable energy transmission, especially as the prices of core components like IGBT decrease. Investment in this area is projected to reach 380 billion yuan from 2021 to 2025 [2] Group 2: Distribution Network Developments - Both domestic and international plans for distribution network upgrades are expected to increase demand for transformers. China emphasizes high-quality development in distribution networks, while the EU plans to invest 584 billion euros for grid modernization [3] - China's transformer production accounts for 35% of the global market, and with overseas production facing constraints, there is an opportunity for Chinese companies to benefit from rising global demand [3] Group 3: Investment Recommendations - The emergence of new electricity consumption scenarios, represented by computing power, is driving greater electricity demand and necessitating grid upgrades. The main grid sector is expected to benefit from the acceleration of UHV construction and the growing number of flexible DC projects [4] - The distribution network sector is also poised for growth due to ongoing domestic upgrades and strong overseas demand for transformers. Companies such as Huaming Equipment, Haixing Electric Power, and others are recommended for investment [4]

电力设备 | 证券研究报告 — 行业专题 2025 年 5 月 8 日 强于大市 电力设备系列报告之一 电网升级改造拉动需求，产业链有望受益 随着全球新能源装机比例提升以及算力等新型用电场景的不断涌现，对于电 网的扩容升级提出了更高的要求，电力设备有望直接受益。主电网方面，电 力跨区域传输以及新能源发电外送需求提升推动特高压建设，柔性直流技术 有望提升渗透率；配电网方面，国内配网改造提速，海外纷纷推出电网改造 计划，对于变压器的需求提升，产业链有望受益，维持行业 强于大市 评级。 支撑评级的要点 投资建议 以算力为代表的新型用电场景不断涌现，催生出更大的用电需求，也对电网 升级扩容提出更高要求。主电网方面，新能源发电外送推动特高压建设提速， 直流特高压开工条数增长，柔性直流特高压具备优势，随着 IGBT 成本降低有 望逐步提升渗透率，相关产业链企业有望受益。配电网方面，国内持续推动 配电网改造，海外电网改造需求旺盛，对于变压器有较大需求。建议关注受 益于特高压高景气的主网环节相关标的，以及具备出海逻辑的变压器环节。 推荐华明装备、海兴电力，建议关注中国西电、国电南瑞、思源电气、平高 电气、明阳电气、四方股份、 ...

证券研究报告：电力设备 | 公司点评报告 发布时间：2025-05-08 股票投资评级 买入 |维持 个股表现 2024-05 2024-07 2024-09 2024-12 2025-02 2025-04 -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 21% 国电南瑞 电力设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 22.15 | | --- | --- | | 总股本/流通股本（亿股）80.32 | / 79.96 | | 总市值/流通市值（亿元）1,779 | / 1,771 | | 周内最高/最低价 52 | 27.90 / 21.86 | | 资产负债率(%) | 43.1% | | 市盈率 | 23.32 | | 第一大股东 | 南瑞集团有限公司 | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 国电南瑞(600406) 业绩符合预期，持续受益电网和抽蓄设备景气度提 升 l 投资要点 事件：2025 年 4 月 29 日，公司发布 2024 年年报 ...

Group 1 - The core viewpoint of the article highlights the accelerated construction of the main grid and the upgrade of distribution networks, driving multi-dimensional development in the power grid equipment industry [1] - The second batch of winning bids for State Grid's transmission and transformation equipment reached 17.64 billion, marking a year-on-year increase of 13%, and setting a new record for a single batch [1] - Cumulatively, the first two batches of bids have seen a year-on-year growth of 17% [1] Group 2 - In the distribution network sector, the State Grid has announced four batches of procurement for distribution transformers and five batches for integrated products, with an expected total amount exceeding 6.5 billion [1] - The National Development and Reform Commission and the Energy Administration have issued the "Basic Rules for the Electricity Auxiliary Service Market," indicating that the market-oriented reform of auxiliary services has entered a systematic implementation phase [1] - The overall industry is characterized by "accelerated main grid construction, upgraded distribution networks, and deepened market-oriented reforms" [1] Group 3 - The Electric Grid ETF (561380) tracks the Hang Seng A-Share Electric Grid Equipment Index (code: HSCAUPG), which reflects the overall performance of listed companies in the electric grid equipment sector in China [1] - Investors without stock accounts can consider the Guotai Hang Seng A-Share Electric Grid Equipment ETF Initiated Link A (023638) and Link C (023639) [1]

Group 1 - The UK sovereign wealth fund has committed to providing £600 million to Iberdrola, a private multinational electrical company based in Bilbao, Spain, for the upgrade and modernization of the electricity grid [1]

Core Insights - The average salary of top executives in A-share power grid equipment companies was approximately 1.1 million yuan in 2023, with a wide range from 100,000 to 5.8 million yuan [1] - The chairman of Zhejiang Chint Electric, Nan Cunhui, topped the salary list with 5.7994 million yuan, reflecting a 7.5% increase compared to 2023, closely aligned with the company's net profit growth of 5.1% to 3.874 billion yuan [1][2] - Significant salary increases were noted, with 75 out of 132 companies reporting higher executive salaries, and 45 of these companies (60%) also saw net profit growth [2] Company Performance - Siyi Electric's chairman, Dong Zengping, experienced a salary increase of over 51%, moving from 3.298 million yuan to 4.984 million yuan, while the company reported a 24.1% increase in revenue to 15.46 billion yuan and a 31.4% increase in net profit to 2.05 billion yuan [2] - Yubang Electric's chairman saw a nearly fourfold salary increase to 3.09 million yuan, supported by a net profit increase of nearly twofold, attributed to increased state grid investments and a surge in smart electricity product tenders [3] - Companies like Baobian Electric, Shunma Electric, and others reported significant net profit growth, with increases of 146.8%, 96.2%, and 45.7% respectively, leading to salary increases for their executives [3][4] Industry Trends - The domestic power grid investment reached 608.3 billion yuan in 2024, marking a 15.3% increase, driven by the rapid development of new energy and infrastructure investments [3] - The demand for core power grid equipment is expected to remain stable due to ongoing infrastructure investments, with companies in the industry demonstrating strong profitability and resilience [3] - The performance of companies closely related to ultra-high voltage and distribution network construction has been notably strong, indicating a positive trend in the power grid equipment sector [4]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Views - The company reported a revenue of 2.29 billion yuan in Q1 2025, a year-on-year decrease of 9.3%. However, the net profit attributable to shareholders reached 90 million yuan, reflecting a significant year-on-year increase of 113.1%. The net profit excluding non-recurring items was 80 million yuan, up 133.7% year-on-year [3][9]. Financial Performance Summary - The gross margin for Q1 2025 was 11.19%, an increase of 4.20 percentage points year-on-year, attributed to optimized production processes and reduced raw material costs [9]. - The total inventory at the end of Q1 2025 was 1.996 billion yuan, down 18.6% year-on-year and 12.9% quarter-on-quarter. Contract assets were 327 million yuan, down 58.3% year-on-year but up 8.8% quarter-on-quarter. Contract liabilities were 393 million yuan, down 29.8% year-on-year and up 6.2% quarter-on-quarter. Accounts receivable stood at 2.998 billion yuan, up 2.1% year-on-year and 26.8% quarter-on-quarter [9]. - The company's asset-liability ratio at the end of Q1 2025 was 51.92%, a decrease of 1.65 percentage points year-on-year and 0.86 percentage points quarter-on-quarter [9]. - The net profit margin for Q1 reached 3.87%, marking a new quarterly high since the company went public. The estimated net profit for the full year 2025 is approximately 360 million yuan, corresponding to a PE ratio of about 30 times [9].

【环球时报驻西班牙特约记者 王方 环球时报记者 李迅典 陈欣】编者的话：西班牙和葡萄牙4月28日遭 遇大规模停电后，事件的调查结果至今仍未公布。一些媒体将停电原因指向西班牙对可再生能源的依 赖，不过西班牙政府和相关专家否定了这一说法。西班牙《国家报》《世界报》等媒体分析认为，为保 证能源的安全性和可靠性，相关机构应继续投资电网基础设施并创新运营方式。这一"黑天鹅"事件也引 发一些国家的担忧，如美国官员5月3日警告称，今年夏天美国可能面临大规模停电。 大停电前已发生三起事故 西班牙和葡萄牙上周经历了一场前所未有的大规模停电，导致两国交通瘫痪、医疗系统告急、社会几近 停摆。 据西班牙《国家报》5月5日报道，初步调查显示，在大停电发生前，西班牙的电力系统已经经历了3起 断电事故，第三起事故发生在大停电前19秒。 西班牙电网公司官员发布的信息表明，尽管系统成功控制了第二起断电事故，但未能阻止第三起事故的 发生，最终导致整个伊比利亚半岛停电。在一些地方，停电持续了10多个小时。信用评级机构 Morningstar DBRS估计，这次停电给西班牙带来的保险损失可能在1亿至3亿欧元之间，其中超市因冷链 中断而损失的金额就高 ...

西班牙部长：西班牙正与法国、葡萄牙合作，增强电网的韧性。 ...