电新行业 24 年报及 25 年一季报业绩总结 20250507 摘要 • 2025 年一季度新能源行业营收小幅增长，但盈利能力持续下滑，主要受 光伏板块拖累，需关注光伏行业产能过剩及政策调控对市场的影响。 • 新能源车板块复苏势头良好，一季度营收和净利润均实现显著增长，其中 电池子行业表现稳健，但三元正极材料和电解液子行业盈利承压。 • 风电行业迎来拐点，产能利用率上升，订单充足，但主机厂盈利修复滞后， 需关注二三季度主机厂制造业务盈利拐点。 • 储能板块需求良好，一季度收入和利润均实现正增长，是新能源发电板块 中表现相对较好的子行业。 • 电力设备行业整体稳健增长，特高压和智能化是主要驱动力，出海业务潜 力巨大，相关公司值得关注。 • 工控领域业绩显著提升，人形机器人领域展现良好市场潜力，但各子行业 发展不平衡，需关注特斯拉供应商及国内迭代速度快的企业。 • 风电产业链价格趋稳，海上风电装机预计翻倍，海外需求旺盛，长期逻辑 明确，关注头部企业及海缆管桩相关公司。 Q&A 请介绍一下去年（2024 年）和今年（2025 年）一季度新能源行业的整体业 绩情况。 去年（2024 年），新能源行业整体营收同比下滑 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a 2024 annual revenue of 12.4 billion yuan, representing a year-on-year increase of 12.0% - The net profit attributable to shareholders for 2024 was 1.02 billion yuan, up 25.4% year-on-year - The non-recurring net profit for 2024 was 990 million yuan, reflecting a 23.0% year-on-year increase - For Q4 2024, the revenue was 4.52 billion yuan, showing a year-on-year increase of 24.4% and a quarter-on-quarter increase of 58.8% - The net profit attributable to shareholders for Q4 2024 was 170 million yuan, down 36.9% year-on-year and down 48.6% quarter-on-quarter - The non-recurring net profit for Q4 2024 was 140 million yuan, down 44.4% year-on-year and down 54.3% quarter-on-quarter - In Q1 2025, the revenue was 2.51 billion yuan, up 22.8% year-on-year, with a net profit of 360 million yuan, up 55.9% year-on-year [2][4][5]. Financial Performance - The high-voltage segment contributed significantly to the company's revenue, with 2024 annual revenue of 7.698 billion yuan, a year-on-year increase of 25.1% - The medium and low-voltage segment revenue was 3.242 billion yuan, up 11.4% year-on-year - The operation and maintenance services and other revenue totaled 1.164 billion yuan, down 0.9% year-on-year - The international business segment revenue was 204 million yuan, down 71.8% year-on-year - The overall gross margin for 2024 was 22.36%, an increase of 0.97 percentage points year-on-year - The gross margin for the high-voltage segment was 25.53%, up 2.66 percentage points year-on-year [9][10]. Future Outlook - The company expects to achieve a revenue of 12.5 to 13.5 billion yuan in 2025, representing a year-on-year growth of approximately 1% to 9% - The estimated net profit attributable to shareholders for 2025 is projected to be 1.467 billion yuan, corresponding to a valuation of about 15 times [9][10].

Core Viewpoint - The construction of the Ningxia-Hunan ±800 kV UHVDC transmission project represents a significant advancement in China's UHV industry, showcasing the country's technological leadership and innovation in high-capacity power transmission [3][4][10]. Group 1: Project Overview - The Ningxia-Hunan UHVDC project spans 1634 kilometers, connecting a renewable energy base with a total installed capacity of 17,640 MW to Hunan Province, which has a population of 66.04 million [2][4]. - Upon successful operation, the project is expected to deliver at least 36 billion kilowatt-hours of electricity annually [4]. Group 2: Technological Achievements - The Hunan-based Hengbian Company has successfully manufactured 14 high-end converter transformers, which are critical for UHVDC projects, achieving a one-time pass rate in testing [5][10]. - The precision required for these transformers is extremely high, with insulation paper thickness tolerances of ±0.5 mm and assembly errors of less than 1 mm [5][11]. Group 3: Industry Leadership - The Heng-Chang-Zhu-Tan UHV transmission equipment industrial cluster has evolved from following international standards to leading in the field, with 27 out of 31 operational UHV lines in China utilizing equipment from this cluster [7][8]. - The cluster's annual output value exceeds 220 billion yuan, and it is projected to account for over 25% of the national total by 2024 [7][8]. Group 4: Future Goals - The cluster aims to create a world-class UHV transmission equipment industrial cluster, with expected total revenue of 270 billion yuan by 2026 and over 400 billion yuan by 2030 [10][12]. - Key focuses for future development include enhancing equipment safety and efficiency, as well as increasing capabilities in smart manufacturing and original technology development [10][11].

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of 27.20 CNY, based on a projected 2025 PE of 30 times [1][5]. Core Insights - The company is expected to benefit from the acquisition of Yili Technology, which will enhance resource integration and eliminate competition in the telecommunications procurement sector [5][26]. - The company is positioned to take advantage of the ongoing digital transformation in the energy sector, with significant investments in the power grid projected to exceed 650 billion CNY in 2025 [5][34]. - The report highlights the company's diversified business strategy aimed at reducing reliance on related party transactions, with a commitment to lower such transactions to below 50% by 2029 [5][31]. Financial Summary - Revenue is projected to grow from 7,673 million CNY in 2023 to 11,339 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15% [3][12]. - Net profit attributable to the parent company is expected to increase from 828 million CNY in 2023 to 1,275 million CNY in 2026, with a CAGR of about 17.1% [3][12]. - The company's earnings per share (EPS) is forecasted to rise from 0.69 CNY in 2023 to 1.06 CNY in 2026 [3][12]. Business Development - The acquisition of Yili Technology is anticipated to significantly enhance the company's scale and operational performance, with Yili contributing approximately 38.7% of the company's revenue and 34.2% of its net profit in the first three quarters of 2024 [5][30]. - The company is actively pursuing a diversified business model to capitalize on opportunities in the digital transformation of the energy sector, focusing on areas such as smart energy and digital infrastructure [5][42]. - The report emphasizes the importance of digital technology in the new power system, which is crucial for achieving carbon neutrality goals and managing the complexities of energy supply and demand [8][41]. Market Position - The company is recognized as a key player in supporting the digital transformation of the State Grid, leveraging its extensive experience in the energy sector [5][42]. - The ongoing investment in high-voltage power transmission and digital infrastructure is expected to drive significant growth opportunities for the company [5][34]. - The report notes that the company has established a comprehensive business framework that includes foundational network infrastructure, computing resources, and energy application services, enhancing its competitive advantage [5][42].

Core Viewpoint - In 2024, the company achieved operating revenue of 26.692 billion yuan, a year-on-year increase of 0.41%, while net profit attributable to shareholders decreased by 33.64% to 1.740 billion yuan. The company anticipates a promising outlook for the organic silicon industry in 2025, driven by emerging applications and the gradual replacement of traditional petroleum-based materials [1][2]. Group 1: Financial Performance - In 2024, the company reported operating revenue of 26.692 billion yuan, reflecting a slight increase of 0.41% year-on-year [2]. - The net profit attributable to shareholders for 2024 was 1.740 billion yuan, representing a significant decline of 33.64% compared to the previous year [1][2]. Group 2: Industry Outlook - The company expects the silicon industry to experience a slowdown in demand growth in 2025 due to self-regulatory measures and capacity adjustments within the crystalline silicon photovoltaic industry [1]. - The organic silicon sector is projected to maintain high growth rates in 2025, supported by the rapid development of emerging industries such as renewable energy, 5G, and ultra-high voltage [1]. Group 3: Production and Cost Management - The company maintains an industrial silicon inventory level of approximately one month as of the end of Q1 2025, demonstrating flexibility in responding to market changes [2]. - The production costs of industrial silicon are influenced by various factors, including electricity prices and raw material costs, with the company benefiting from its integrated business model and self-sufficient power supply [2]. - As of the end of 2024, the company had an industrial silicon production capacity of 1.22 million tons per year and an organic silicon monomer capacity of 1.73 million tons per year [4]. Group 4: Market Dynamics - In 2024, industrial silicon prices faced downward pressure due to supply-demand imbalances, with a gradual recovery expected as industry players collaborate to address pricing challenges [3]. - The company has successfully maintained stable gross margins and increased sales volume through refined management and technological innovation, despite price fluctuations [3].

Group 1: Financial Performance - In Q1 2025, the company achieved a total revenue of 33,908.49 million CNY, with total operating costs of 31,071.54 million CNY, resulting in an operating profit of 4,012.08 million CNY and a net profit attributable to shareholders of 3,344.91 million CNY [3] - The proposed cash dividend for the 2024 fiscal year is 0.8 CNY per 10 shares, totaling 49,626,566.80 CNY, pending approval at the annual shareholders' meeting [6] Group 2: Strategic Focus and R&D - The company will focus on R&D in the field of power transmission and transformation equipment, with key projects including the development of 1000kV GIS and 35kV transformers [4] - Future R&D efforts will also include expanding the product line to cover various voltage levels and applications, emphasizing ultra-high voltage, green technology, and smart solutions [4] Group 3: Market Strategy and Customer Base - The company aims to diversify its customer base to mitigate risks associated with high concentration, currently serving major clients like State Grid and Southern Power Grid [2] - Plans to strengthen market presence in provincial and municipal power grid markets while expanding into external markets are in place [2] Group 4: Production and Expansion Plans - The company has three major production expansion projects scheduled, including a 1000kV GIS facility expected to start construction in June 2025 and be operational by the following year [8] - The company plans to optimize its business structure by consolidating underperforming subsidiaries and focusing on core competencies [5] Group 5: Market Position and Value Management - The company is committed to enhancing its market value through solid operational performance and effective investor relations management [8] - The company has received approval for a convertible bond issuance, with due diligence currently underway [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a continuous optimization of its revenue structure, with the cable business accelerating the cultivation of new growth curves [1] - In 2024, the company achieved a revenue of 17.669 billion yuan, a year-on-year increase of 15.54%, and a net profit attributable to shareholders of 569 million yuan, up 8.78% year-on-year [4] - The electromagnetic wire business has seen a revenue increase of 30.69% year-on-year, contributing significantly to the overall revenue growth [5] - The company is expected to achieve revenues of 20.033 billion yuan, 22.598 billion yuan, and 25.444 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 706 million yuan, 786 million yuan, and 877 million yuan [6] Financial Performance - In Q1 2025, the company reported a revenue of 4.097 billion yuan, a year-on-year increase of 16.32%, and a net profit of 136 million yuan, up 1.85% year-on-year [4] - The gross profit margin for 2024 was 10.37%, a decrease of 0.92 percentage points year-on-year, while the gross profit margin for Q1 2025 was 10.00%, down 0.46 percentage points year-on-year [4] - The revenue from the electromagnetic wire segment reached 6.561 billion yuan in 2024, with a shipment of approximately 85,000 tons, a year-on-year increase of about 20% [5] - The wire and cable business generated a revenue of 10.971 billion yuan in 2024, reflecting an 8.63% year-on-year growth [5] Future Projections - The company anticipates a revenue growth rate of 13.4% in 2025, 12.8% in 2026, and 12.6% in 2027 [8] - The projected net profit growth rates are 24.2% for 2025, 11.3% for 2026, and 11.6% for 2027 [8] - The expected earnings per share (EPS) are 0.96 yuan in 2025, 1.07 yuan in 2026, and 1.20 yuan in 2027 [8]

Core Insights - The company reported a revenue of 22.28 billion yuan for 2024, representing a year-on-year increase of 5.1% [1] - The net profit attributable to shareholders for 2024 was 1.05 billion yuan, up 17.5% year-on-year, while the non-recurring net profit reached 1.00 billion yuan, a significant increase of 55.5% [1] - In Q4 2024, the company experienced a revenue of 7.04 billion yuan, a 2.7% increase year-on-year, but the net profit dropped by 24.9% to 270 million yuan [1] Financial Performance - The company faced a foreign exchange loss of 241 million yuan in 2024, which increased by 190 million yuan year-on-year, primarily impacting Q4 profits [2] - Transformer revenue for 2024 was 9.218 billion yuan, up 17.8% year-on-year, while switch revenue was 8.504 billion yuan, increasing by 11.0% [2] - Domestic revenue reached 19.002 billion yuan, a 5.9% increase, while international revenue was 2.825 billion yuan, up 6.5%, accounting for approximately 13% of total revenue [2] Profitability and Margins - The gross margin for transformers was 14.35%, an increase of 5.88 percentage points year-on-year, while the gross margin for switches was 26.52%, up 1.29 percentage points [3] - The overall net profit margin for 2024 was 4.73%, a 0.5 percentage point increase year-on-year, with Q1 2025 reaching 5.6%, the highest since 2019 [3] Cash Flow and Inventory - The company reported a net operating cash flow of 3.499 billion yuan for 2024, a significant increase of 176.6% year-on-year [3] - As of Q1 2025, inventory stood at 4.868 billion yuan, a 51.2% increase year-on-year, indicating a strong delivery capacity [3] Future Outlook - The company expects to achieve a net profit of approximately 1.785 billion yuan in 2025, corresponding to a PE ratio of about 18 times, driven by continued delivery of ultra-high voltage products and enhanced manufacturing capabilities [4]

Group 1 - The company reported a revenue of 359 million yuan and a net profit of 8.61 million yuan for Q1 2025, marking a year-on-year growth of 4.83% [1] - As of the end of the reporting period, the company's total assets reached 3.456 billion yuan, reflecting a 0.85% increase from the beginning of the period [1] - The company has been involved in the oil products industry since 2003 and is one of the early enterprises in Xinjiang with fuel oil and heavy oil import qualifications [1] Group 2 - In 2024, the company focused on the manufacturing sector, with its subsidiary Zhongda Ganta participating in 12 successful bids for iron tower projects on the State Grid ECP platform [2] - The company signed 19 new orders in the photovoltaic sector in 2024, achieving a contract fulfillment rate of 95% [2] - The company invested in the construction of five hot-dip galvanizing production lines, with three already in operation, aiming to enhance production capacity and meet increasing external orders [2] Group 3 - The company is actively exploring new profit growth points, having signed a letter of intent for asset acquisition with Shanghai Hengshi Mining Investment Co., Ltd. to acquire mining rights [3] - The mining resources involved have an ore volume of 14.9897 million tons and a copper metal volume of 101,460.65 tons, with a grade between 0.63% and 0.7% [3] - The mining resources are reported to have high reliability and favorable development conditions, indicating low development difficulty [3]

Core Viewpoint - The development of ultra-high voltage (UHV) technology is crucial for seizing strategic opportunities in the energy transformation era, with Dalian Electric Porcelain emerging as a leader in this field due to its technological advantages and market share [1][2]. Industry Overview - The Chinese government has introduced multiple policies to promote UHV technology development, with a planned investment of nearly 3 trillion yuan during the 14th Five-Year Plan period, focusing on UHV projects [2]. - In 2023, the construction of UHV projects accelerated, with the total investment in power engineering reaching 1.78 trillion yuan, a year-on-year increase of 13.2%, marking the highest level in nearly a decade [2]. - By 2025, investments in UHV projects are expected to continue to grow, with State Grid's investment projected to exceed 650 billion yuan and Southern Grid's investment at 175 billion yuan, totaling 825 billion yuan [2]. Company Positioning - Dalian Electric Porcelain holds a nearly 50% market share in the UHV insulator sector, benefiting from over a century of technological accumulation and a strong position in high-end markets [3]. - The company has a significant presence in the production of suspension porcelain insulators, which account for approximately 80% of its revenue, and has achieved international leading standards in its products [3]. - In 2023, Dalian Electric Porcelain won 48.03% of the bids for UHV porcelain insulators from State Grid, significantly outpacing competitors [3]. Recent Developments - The company has recently entered the construction phase of the "Gansu-Zhejiang ±800 kV UHV DC Transmission Project," which is notable for being the world's first ±800 kV flexible DC project, addressing challenges related to renewable energy integration [4]. - Dalian Electric Porcelain's subsidiary has secured multiple contracts, including a project worth approximately 29.7 million yuan, which is expected to contribute about 35.38% to the company's 2023 revenue [3]. Global Expansion - Over the past 70 years, Dalian Electric Porcelain has expanded its global footprint, exporting products to over 100 countries and transitioning from product export to technology export [5]. - The company has adopted a dual strategy focusing on traditional markets and emerging regions, with significant orders from countries like Vietnam, Pakistan, and Saudi Arabia [5]. Financial Performance - In 2024, Dalian Electric Porcelain reported a record revenue of 1.496 billion yuan, a year-on-year increase of 78.21%, and a net profit of 211 million yuan, up 303.30% [6]. - The company’s first-quarter revenue for 2025 reached 224 million yuan, reflecting a 30.60% increase year-on-year, with a strong order backlog supporting future growth [6]. Risk Management - Dalian Electric Porcelain has established a robust risk management framework, with minimal exposure to U.S. tariffs due to its low business volume with the U.S. [7]. - The company is well-positioned to continue its growth trajectory as the new power system construction progresses [7].