证券研究报告：电力设备 | 公司点评报告 发布时间：2025-05-06 股票投资评级 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） | 6.90 | | --- | --- | | 总股本/流通股本（亿股）6.20 | / 5.16 | | 总市值/流通市值（亿元）43 | / 36 | | 52 周内最高/最低价 | 8.98 / 6.63 | | 资产负债率(%) | 31.5% | | 市盈率 | 16.98 | | 第一大股东 | 马孝武 | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 分析师:侯若雪 SAC 登记编号:S1340524100002 Email:houruoxue@cnpsec.com 长高电新(002452) 新产品持续推出，有望充分受益电网景气度提升 电网投资景气度持续提升。2025年1-3月，电网工程完成投资956 亿元，同比增长 24.8%。我们认为随着风光渗透率的持续提升，电网 的安全风险持续累计，需要投资补强，同时电网具有逆周期属性，因 此电网景气度有望进一步提升。 ...

导语 ：西班牙上周的全国性停电事件突显了其系统中潜在的脆弱性，这为其他国家提供了借鉴 意义。随着快速的电气化和向清洁能源的转型，对全球电网提出了新的要求。 根据彭博新能源财经的一项分析，西班牙在电网投资相对于可再生能源投资方面落后于其他欧洲国 家。过去五年间，西班牙的太阳能发电能力增长超过一倍，常常出现发电量远超需求的情况。然 而，西班牙的大部分电网设备是在数十年前安装和建造的，早于太阳能的广泛应用。 向可再生能源的转型带来了特殊挑战。太阳能和风能的供给具有间歇性，必须进行精细管理，而以 可再生能源为主的电网需要额外措施来维持稳定。加剧这一挑战的是，西班牙是一个"电力孤岛"， 缺乏能够在电网发生问题时帮助其他国家稳定系统的跨境输电线路。 当局仍在追寻周一这一前所未有的停电事故的原因，而电网运营方提供的有限解释使得难以确定这 些风险是否以及如何导致了这次故障。然而，作为第一个发生大规模停电的严重依赖可再生能源的 欧洲国家，调查结果将为整个地区乃至世界各国提供重要的经验教训。 西班牙的危机只是近年来从德克萨斯到智利一系列重大电力中断事件中的最新一例。随着世界上越 来越多的能源依赖于电力，无论是用于汽车、家庭供暖还 ...

点击蓝字 关注我们 乘联分会&科瑞咨询联合发布 新能源商用车周报 (总第0101期 2025年4月第5周) ll 自录 CONTENTS 僵）行业数据 · 市场：市场：新能源商用车销量一览 企业动态 · 江淮汽车:江淮新能源轻卡ES9深圳上市140度车型预售 供应链 政策法规 · 华为数字能源：华为数字能源开启全民度电十公里时代 · 威睿电动：威睿电动首条X-PIN定子线产业化取得重大突破 交通运输部等十部门发布关于推动交通运输与能源融合发展的 指导意见 4月25日，交通运输部等十部门发布关于推动交通运输与能源融 合发展的指导意见。意见指出，到2027年，交通沿线非化石能 源装机≥500万千瓦,到2035年,纯电动成为新车销售主流,新 能源重卡规模化运营。 国家能源局关于促进能源领域民营经济发展若干举措的通知 . 4月28日，国家能源局发布关于促进能源领域民营经济发展若干 举措的通知。通知指出：加快发展虚拟电厂，有序推动发展绿 电直连模式，研究出台支持智能微电网健康发展的意见，制定 推动大功率充电、提升充电基础设施运营服务质量等政策,支 持民营企业积极投资新型储能、虚拟电厂、充电基础设施、智 能微电网等能源新 ...

Core Viewpoint - The company reported mixed financial results for 2024, with revenue growth but a decline in net profit, while the first quarter of 2025 showed a recovery in net profit despite a decrease in revenue [1][2]. Financial Performance - In 2024, the company achieved revenue of 4.196 billion yuan, a year-on-year increase of 4.79%, but the net profit attributable to shareholders decreased by 10.97% to 564 million yuan [1] - For Q4 2024, the company reported a revenue of 1.085 billion yuan, a year-on-year decrease of 16.63%, and a net profit of 98 million yuan, down 22.01% year-on-year [1] - In Q1 2025, the company recorded revenue of 954 million yuan, a year-on-year increase of 6.48%, and a net profit of 206 million yuan, up 22.70% year-on-year [1] Business Segments - The potassium chloride business generated revenue of 2.364 billion yuan in 2024, a year-on-year increase of 16.3%, with production rising by 35% to 1.2 million tons and sales increasing by 39% to 1.21 million tons [2] - The construction segment, which includes steel structures and related services, reported revenue of 1.783 billion yuan, a year-on-year decrease of 7.4%, but the gross margin improved by 2.1 percentage points to 9.0% [2] Cost and Expenses - In 2024, the company's sales, management, and R&D expenses increased by 3.5%, 22.0%, and 11.0% respectively, while financial expenses decreased by 64.88 million yuan due to foreign exchange gains from a subsidiary [2] Future Projects and Market Position - The company is actively advancing the construction of a second 1 million tons/year potassium fertilizer project and maintains a leading market share in the steel structure business for power grid procurement [3] - The company holds potassium salt mining rights in Laos with over 400 million tons of pure potassium chloride resources and has a current production capacity of 1 million tons/year [3] - The company has secured contracts worth 383 million yuan from the State Grid and Southern Power Grid for various procurement projects in early 2025 [3] Profit Forecast and Valuation - The company maintains its profit forecast for 2025 but has adjusted the 2026 forecast downward due to slower-than-expected potassium chloride capacity construction, while a new forecast for 2027 has been added [4] - Expected net profits for 2025, 2026, and 2027 are 817 million yuan, 852 million yuan (previously 968 million yuan), and 1.032 billion yuan respectively [4]

2025 年 5 月 6 日 ——东方铁塔（002545.SZ）2024 年报及 2025 一季报点评 增持（维持） 分析师：周家诺 公司研究 执业证书编号：S0930523070007 021-52523675 zhoujianuo@ebscn.com 24 年氯化钾产销量显著提升，积极推进第二个百万吨项目建设 市场数据 当前价：7.62 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com | 总股本(亿股) | 12.44 | | --- | --- | | 总市值(亿元)： | 94.80 | | 一年最低/最高(元)： | 5.66/8.48 | | 近 3 月换手率： | 91.10% | 股价相对走势 -17% -8% 2% 12% 21% 04/24 07/24 10/24 01/25 东方铁塔 沪深300 收益表现 | % | 1M | 3M | 1Y | | --- | --- | --- | --- | | 相对 | 6.03 | 9.66 | -2.89 | | 绝对 | 11.08 | 9.01 | 0.19 ...

光伏行业周报（20250428-20250504） 欧洲停电或刺激光储需求释放，5 月产业链 推荐（维持） 排产预计环降 证 券 研 究 报 告 ❑ 光伏产业链价格： （1）主材环节：据 InfoLink Consulting，本周多晶硅致密料/颗粒料平均价 40.0/36.0 元/kg，环比上周持平/-5.3%。182-183.75mm 单晶 P 型硅片平均价 1.15 元/片，环比上周持平；182-183.75mm/182*210mm /210mm 单晶 N 型硅片平均 价 1.05/1.18/1.38 元/片，环比上周-8.7%/-12.6%/-68.0%。182-183.75mm 单晶 PERC 电 池 片 平 均 价 0.29 元 /W ， 环 比 上 周 -1.7% 。 182- 183.75mm/182*210mm/210mm TOPCon 电池片价格报 0.27/0.275/0.285 元/W， 环比上周-5.3%/-1.8%/-5.0%。182*182-210mm 双面双玻 PERC 组件价格报 0.65 元/W，环比上周持平。本周 182-183.75mm TOPCon 双玻组件价格报 0 ...

Group 1 - Trina Storage, a subsidiary of Trina Solar, has partnered with US-based FlexGen to deliver a grid-scale battery storage system in Houston, Texas, with a capacity of 371 MWh, utilizing Trina's Elementa King Kong 2 storage solution to enhance system efficiency and reduce cost per kilowatt-hour [1] - The University of Southampton in the UK has opened the world's second electron beam lithography factory, which is the first of its kind outside Japan and the first advanced semiconductor factory in Europe, utilizing high-energy electrons for direct writing of semiconductor circuit patterns [1] - The Zhejiang Songyang Pumped Storage Power Station in China has successfully completed the precision drilling of the country's deepest pumped storage vertical shaft, achieving a directional drilling length of 516 meters with a maximum daily advance of 85.5 meters, demonstrating industry-leading standards in drilling accuracy [1] Group 2 - A Chinese research team has successfully developed a new generation of lunar laser retroreflectors, enabling satellite laser ranging to measure the distance to the moon, marking a significant achievement in space technology [1]

Group 1: Energy Supply and Consumption - The National Energy Administration reported that energy supply is sufficient, consumption is growing, and the overall supply-demand situation is relaxed with stable prices showing a downward trend [1] - In the first quarter, renewable energy accounted for 90% of new installed capacity, with an increase of 76.75 million kilowatts, representing a year-on-year growth of 21% [1] - Renewable energy generation reached 816 billion kilowatt-hours in the first quarter, a year-on-year increase of 18.7%, making up 35.9% of total electricity generation [1] Group 2: Nuclear Energy Development - The operational and approved nuclear power installed capacity in China exceeds 120 million kilowatts, with a projected nuclear power generation of 450.9 billion kilowatt-hours in 2024, accounting for 4.5% of total generation [1] - The government plans to support the development of advanced nuclear technologies, including fourth-generation reactors and small modular reactors [1] Group 3: Hydrogen Energy Sector - Hydrogen energy is a key focus, with a projected production and consumption scale exceeding 36.5 million tons in 2024, making China the world's largest producer [2] - Over 600 renewable energy electrolysis hydrogen production projects are planned, and more than 540 hydrogen refueling stations have been established [2] - Approximately 24,000 fuel cell vehicles have been promoted as part of the ongoing demonstration applications [2] Group 4: Investment in Energy Sector - Energy investments have shown rapid growth, with a 12.9% year-on-year increase in investment in key energy projects in the first two months [2] - Investments in offshore wind, new energy storage, power grids, and nuclear power are growing quickly [2] Group 5: Support for Private Enterprises - The National Energy Administration has issued a notice to support private enterprises in enhancing development momentum and fair market participation [3] - Private enterprises account for over 80% of operators with more than 10,000 charging facilities, indicating their significant role in the energy sector [3] - New nuclear power projects approved recently have at least 10% shareholding from private enterprises, highlighting their increasing involvement in energy infrastructure [3]

Core Viewpoint - The article discusses the evolution of electricity supply in China, highlighting the transition from a time of frequent power outages to a modern society with stable electricity access, particularly in rural areas [1][21]. Historical Development - The history of electricity in China dates back to 1879 when Shanghai lit the first electric lamp, establishing a foundation for the country's power development [1]. - Large-scale construction of the national power grid began after the establishment of the People's Republic of China, with significant projects like the 506 transmission line from the Fuling Hydropower Station to Lishizhai, spanning 370 kilometers [2][4]. Challenges in Early Development - The construction faced numerous challenges, including a lack of experience and manpower, requiring workers to rely on manual labor for tasks such as erecting towers and laying cables [4][6]. - The first 220 kV transmission line was completed in 1954, but rural electrification was not prioritized until after the economic reforms [6][8]. Rural Electrification - Initially, rural electrification only met basic lighting needs, with limited power supply and high costs based on the number of light bulbs [8][9]. - By 1997, Hunan Province achieved "village electrification," and by 2006, "household electrification" was completed, although some remote areas still relied on candles and kerosene lamps [13]. Modern Power Generation - China's power generation primarily relies on thermal power, which poses environmental challenges and high costs due to coal transportation [15]. - The government has shifted focus to clean energy sources like hydropower, with significant projects such as the Three Gorges Dam, capable of generating 70 million kilowatt-hours during peak water levels [17]. Infrastructure Investment - Between 1998 and 2004, over 210 billion RMB was invested to ensure stable electricity for 150 million farmers, marking a significant improvement in rural power supply [17]. - Ongoing upgrades to power towers and infrastructure are crucial for maintaining stability against extreme weather events [17]. Recent Challenges - Despite advancements, incidents like the 2022 power restrictions in Sichuan, caused by extreme weather and over-reliance on hydropower, highlight ongoing vulnerabilities in the electricity supply system [21][23]. - The article emphasizes that while the frequency of power outages has decreased, challenges remain to ensure that power supply becomes consistently reliable across all regions [21][23].

丨证券研究报告丨 报告要点 [Table_Summary] 公司发布 2024 年年报和 2025 年一季报。公司 2024 年全年营业收入 73.2 亿元，同比-4.7%； 归母净利润 6.8 亿元，同比-17.6%；扣非净利润 6.9 亿元，同比-11.6%。单季度看，公司 2024Q4 营业收入 35.7 亿元，同比-4.4%；归母净利润 3.8 亿元，同比-20.8%；扣非净利润 4.0 亿元， 同比-16.9%。公司 2025 一季度营业收入 11.1 亿元，同比+9.1%；归母净利润 0.3 亿元，同比 +117.2%；扣非净利润 0.3 亿元，同比+116.2%。 分析师及联系人 联合研究丨公司点评丨国网信通（600131.SH） [Table_Title] 数字化业务节奏影响全年表现，电网 AI 需求蓄 势向前 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] 邬博华 宗建树 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490520030004 SAC：S0490522030001 SAC： ...