证券研究报告 许继电气 (000400 CH) Q2 利润稳步提升，海外持续突破 2025 年 8 月 21 日│中国内地 电气设备 许继电气发布半年报，2025 年 Q2 实现营收 40.99 亿元（yoy+1.81%， qoq+74.56%），归母净利 4.26 亿元（yoy+9.12%，qoq+105.38%），扣 非归母净利 4.15 亿元（yoy+7.64%，qoq+103.63%）。公司是中电装骨干 企业，业务广泛覆盖新型电力系统输变配用核心环节，业绩有望伴随国网总 投资稳步增长。公司的直流输电业务收入伴随特高压周期建设高峰实现高 增，毛利率伴随收入结构优化实现提升，费率稳中有降，我们看好公司盈利 能力持续提升，维持"买入"评级。 毛利率明显提升，费用率稳中有降 SAC No. S0570523110003 SFC No. AVM464 karlliu@htsc.com +(852) 3658 6000 公司 2025 年 H1 实现营收 64.47 亿元（yoy-5.68%），归母净利 6.34 亿元 （yoy+0.96%），扣非净利 6.18 亿元（yoy+1.13%）。我们预计下半年交 付节 ...

8月20日12时35分，江苏电网最高用电负荷今夏第四次突破历史极值，达到1.55亿千瓦，较去年最高值 同比增长5.99%。得益于新型电力系统承载能力的不断提升，江苏电网运行平稳、供电安全可靠，全面 满足用电需求，全力支撑经济大省安全度夏。作为江苏第一大电源，江苏新能源装机已达1.1亿千瓦， 在今夏保供中发挥关键作用。8月20日，江苏风电、光伏累计最高出力5547万千瓦，占当时发电出力的 40%。 ...

内容概要：微电网监控系统作为衔接分布式能源与智能电网的核心枢纽，通过实时数据采集、智能控制 等技术，实现"源网荷储"一体化协同控制，保障微电网安全稳定运行。其分类多样，可按应用场景、规 模及功能侧重划分，满足不同场景需求。"十四五"以来，我国加速构建新型能源体系，国家密集出台政 策文件，推动微电网监控系统产业全链条布局，2025年行业市场规模有望突破120亿元，市场潜力巨 大。同时，我国电力建设结构性调整，电网智能化升级催生智能监测设备需求；能源结构转型中，非化 石能源发展成效显著，但新能源发电特性对电网提出更高要求，进一步拓展智能电力产品市场空间。此 外，电网规模扩张使传统检修模式难以为继，推动监测方式向智能化转变。近年来，该系统技术多维度 突破，企业类型多样且各具竞争力，区域上形成产业集群。未来，行业将呈现技术智能化、场景多元化 与模式全球化趋势，形成可持续发展格局。 上市企业：安科瑞(300286.SZ)、永福股份（300712.SZ）、特锐德(300001.SZ)、中恒电气(002364.SZ)、 山大电力（301609.SZ）、科汇股份（688681.SH）、中元股份（300018.SZ）、国电南瑞 ...

NO.1中信建投：三季度业绩增量明显，重申游戏作为全年主线 ｜2025年8月21日星期四｜ 8月21日，华泰证券研报认为，钴长期供需格局优化，钴价或在2025~2027年迎来周期性上行机会。从 平衡表来看，2026年、2027年钴供需关系大概率延续短缺状态，参考上一轮周期中钴短缺幅度以及价格 反弹高度，钴行业的大周期价格反转或已经到来，钴价未来两年有望迎来持续的上涨趋势，价格中枢或 在35万元/吨以上。 NO.3中信建投：光热发电对构建新型电力系统具有重要意义 中信建投表示，光热发电是通过聚光系统将太阳能聚焦到吸热器，加热工作介质(如熔盐)产生高温蒸汽 驱动汽轮机发电，光热发电机组配置储热系统后，可实现24小时连续稳定发电。光热发电作为高稳定性 的可再生能源，对构建新型电力系统具有重要意义。光热发电兼具调峰电源和储能的双重功能，能够在 电力系统中提供长周期的调峰能力和转动惯量，具备在部分区域作为调峰和基础性电源的潜力。从光热 系统价值量分布来看，聚光系统、吸热系统、热力系统和储热系统价值量占比较大。 中信建投（601066）研报称，回顾2023年AI驱动游戏整体到30x，今年其实是更落地的EPS上修+景气度 ...

Group 1: Gaming Industry - The gaming sector is expected to see significant performance growth in Q3 2023, driven by high earnings per share (EPS) revisions and improved market conditions [1] - Domestic self-developed online games in the first half of the year experienced a 20% increase, primarily due to enhanced average revenue per user (ARPPU) [1] - Major titles set to launch include "Valorant," "Famous Generals," "Nine Muses of the Wild," "Iser" domestic version, and "Eternal Ring," contributing to a strong Q3 performance [1] Group 2: Cobalt Market - Cobalt prices are anticipated to experience a cyclical upward trend between 2025 and 2027 due to an optimized long-term supply-demand balance [2] - The cobalt supply-demand relationship is likely to remain in a state of shortage in 2026 and 2027, suggesting a potential price rebound similar to previous cycles [2] - Future cobalt prices may stabilize above 350,000 yuan per ton, indicating a sustained increase in the coming years [2] Group 3: Solar Thermal Power - Solar thermal power is recognized for its significant role in constructing a new type of power system, providing stable and continuous electricity generation [3] - This energy source combines peak-shaving capabilities and energy storage, offering long-term peak regulation and inertia in the power system [3] - The value distribution of solar thermal systems highlights that the concentrator system, heat absorption system, thermal system, and storage system hold substantial value [3]

中信建投表示，光热发电是通过聚光系统将太阳能聚焦到吸热器，加热工作介质（如熔盐）产生高温蒸 汽驱动汽轮机发电，光热发电机组配置储热系统后，可实现24小时连续稳定发电。光热发电作为高稳定 性的可再生能源，对构建新型电力系统具有重要意义。光热发电兼具调峰电源和储能的双重功能，能够 在电力系统中提供长周期的调峰能力和转动惯量，具备在部分区域作为调峰和基础性电源的潜力。从光 热系统价值量分布来看，聚光系统、吸热系统、热力系统和储热系统价值量占比较大。 （文章来源：第一财经） ...

中信建投表示，光热发电是通过聚光系统将太阳能聚焦到吸热器，加热工作介质（如熔盐）产生高温蒸 汽驱动汽轮机发电，光热发电机组配置储热系统后，可实现24小时连续稳定发电。光热发电作为高稳定 性的可再生能源，对构建新型电力系统具有重要意义。光热发电兼具调峰电源和储能的双重功能，能够 在电力系统中提供长周期的调峰能力和转动惯量，具备在部分区域作为调峰和基础性电源的潜力。从光 热系统价值量分布来看，聚光系统、吸热系统、热力系统和储热系统价值量占比较大。 ...

Group 1 - The highest electricity load in Jiangsu reached 155 million kilowatts, marking a 5.99% increase compared to last year's peak [1] - The increase in electricity demand is driven by high temperatures, with air conditioning being the main contributor, alongside the growing needs from data centers, electric vehicle charging, and nighttime economy [1] - Jiangsu's coal power output reached a maximum of 78.71 million kilowatts, a 7.14% year-on-year increase, contributing 45% during peak hours [1] Group 2 - Jiangsu's installed capacity of renewable energy has reached 110 million kilowatts, playing a crucial role in power supply this summer [2] - Wind and solar power combined reached a maximum output of 55.47 million kilowatts, accounting for 40% of the total generation output [2] - The implementation of the first "AC to DC" transmission project in Jiangsu has significantly enhanced the interconnection capabilities of the power grid across the Yangtze River, facilitating the transfer of renewable energy [2]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved significant revenue growth in overseas markets, with a 37.80% year-on-year increase in total revenue to 8.497 billion yuan in H1 2025, and a 45.71% increase in net profit attributable to shareholders to 1.293 billion yuan [1] - The company is actively expanding its overseas business, with overseas revenue reaching 2.862 billion yuan, a year-on-year increase of 88.95%, indicating strong growth potential in international markets [3] - The company has set ambitious operational targets for 2025, aiming for new contract orders of 26.8 billion yuan and total revenue of 18.5 billion yuan, reflecting confidence in its growth trajectory [3] Summary by Sections Financial Performance - In H1 2025, the company reported a total revenue of 8.497 billion yuan, with a 37.80% increase year-on-year, and a net profit of 1.293 billion yuan, up 45.71% year-on-year [1] - The second quarter of 2025 saw even stronger performance, with revenue of 5.270 billion yuan, a 50.21% increase year-on-year, and a net profit of 846 million yuan, up 61.53% year-on-year [1] Subsidiary Performance - Key subsidiaries showed steady growth, with Shanghai Siyuan High Voltage Switch Co., Ltd. achieving a revenue increase of 9.02% to 2.399 billion yuan, and Jiangsu Ruga High Voltage Electrical Co., Ltd. reporting a 31.10% revenue increase to 1.141 billion yuan [2] Cost Control and Profitability - The company demonstrated effective cost control, with a sales expense ratio of 5.24%, up 0.49 percentage points year-on-year, while the management expense ratio decreased to 2.21%, down 0.55 percentage points year-on-year [3] - The gross profit margin slightly decreased to 31.74%, while the net profit margin increased to 15.64%, up 1.10 percentage points year-on-year [3] Future Outlook - The company has revised its profit forecasts for 2025-2027, expecting net profits of 2.722 billion yuan, 3.339 billion yuan, and 4.032 billion yuan respectively, reflecting a 5% upward adjustment for each year [4] - The current stock price corresponds to a price-to-earnings ratio of 24, 19, and 16 for 2025-2027, indicating a favorable valuation [4]

Core Viewpoint - The report emphasizes the critical role of new energy storage in national energy transition and the construction of a new power system, highlighting its importance for achieving the "dual carbon" strategy and ensuring a good start for the new energy storage industry during the 14th Five-Year Plan period [2] Group 1: Legal and Policy Framework - The Energy Law incorporates "promoting high-quality development of new energy storage" into the legal framework, marking new energy storage as a key technology for supporting the new power system [3] - The National Energy Administration has established a management system through over 20 special policies, clarifying the top-level design for the new power system [3] Group 2: Installation Structure and Quality Development - In 2024, China's new energy storage installed capacity reached a historic breakthrough of 73.76 million kilowatts, a 130% increase from the end of 2023 [4] - The trend towards larger and longer-duration energy storage systems is evident, with projects of ≥100,000 kilowatts accounting for 62% and projects with storage duration ≥2 hours making up 86% [4] - The average annual equivalent utilization hours reached 911 hours, an increase of 300 hours compared to 2023, indicating improved efficiency [4] Group 3: Technological Innovation - A clear diversified technology development roadmap has emerged, with a tiered development ecosystem for new energy storage, including application, demonstration, and pre-research generations [5] - Breakthroughs in various technologies such as compressed air storage and flow battery storage have laid the foundation for long-duration regulation and inertia support needed for high-proportion renewable energy systems [5][6] Group 4: Market Mechanism Breakthroughs - In 2024, significant progress was made in the market mechanisms for energy storage, including the official operation of the electricity spot market, which guides new energy storage participation in system regulation [7] - The auxiliary service market has diversified, clarifying entry conditions, trading models, and pricing mechanisms for new energy storage [7] Group 5: Standard System Improvement - In 2024, 26 national standards and 18 industry standards for new energy storage were released, covering all aspects from planning and design to operation and evaluation [8] - The establishment of a comprehensive standard system enhances the safety and quality of the new energy storage industry, guiding its orderly development [8]