Group 1 - The State Grid plans to procure 32 million smart meters in 2025, representing a year-on-year decrease of 27.5% but a quarter-on-quarter increase of 7.8% [1] - The total bid amount for metering devices is 7.5 billion yuan, down 39.4% year-on-year and 6.3% quarter-on-quarter [1] - The domestic smart meter market is mature, primarily driven by replacement and upgrade demands [1] Group 2 - The peak bidding volume for smart meters occurred in 2014-2015, exceeding 90 million units in a single year [1] - In 2024, the total bidding volume for smart meters is expected to be 89.39 million units, with a total bid amount of 24.92 billion yuan [1] - The bidding demand for smart meters is projected to remain around 90 million units for the year, with a replacement peak expected to continue until 2026 [1] Group 3 - The price of smart meters is on a downward trend, with an overall quarter-on-quarter decline of approximately 9.6% [1] - The market concentration remains relatively stable, with increasing demand for smart meter module upgrades and IoT meter requirements driven by distributed energy policies [1] - Metering companies have shown good dividend payment situations, and their valuations are currently considered low [1] Group 4 - Wasion Group (03393) is a leading company in the energy metering and efficiency management sector, maintaining stable domestic market share while expanding overseas [2] - The company's overseas market revenue is projected to reach 2.397 billion yuan in 2024, a year-on-year increase of 50%, accounting for 27% of total revenue [2] - The revenue from smart distribution and utilization systems is expected to be 2.9 billion yuan in 2024, with a year-on-year growth of 17% [2]

公司25 年Q1 实现营收4.33 亿元（yoy-7.40%、qoq-10.29%），归母净利1.75 亿元（ yoy+56.05% 、 qoq+42.18% ）； 扣非归母净利1.46 亿元（yoy+5.84%、qoq+76.89%）。当前国内处于智能电表替换周 期高峰，叠加配网"四可"要求升级下，电表需求有望受到带动。同时公司海外市场开拓顺利，我们看好 公司收入、利润持续向上，维持"增持"评级。 费率控制优异，盈利能力显著提升 公司25 年Q1 实现毛、净利率分别为42.52%、40.67%，同比提升1.13%、17.36%，盈利能力显著提升。 公司25 年Q1 期间费用率为5.00%，其中销售、管理、财务、研发费用率分别为2.67%、 3.01%、-5.76%、5.09%，同比变化-0.23、-0.04、-2.98、+1.47pct。其中，财务费用率显著下降主要系银 行存款利息增加所致；研发费用率提升主要系持续加大研发投入所致。同时，公司25 年Q1 实现其他收 益0.40 亿元，主要系收到的政府补助增加；实现公允价值变动收益926 万元，去年同期为-4062 万元， 同比提升主要系金融资产的公允价值变 ...

证券研究报告 炬华科技 (300360 CH) 一季度净利润高增，费率控制优异 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 电气设备 | 公司 25 年 Q1 实现营收 4.33 亿元（yoy-7.40%、qoq-10.29%），归母净利 1.75 亿 元（ yoy+56.05%、 qoq+42.18%）；扣非归母净利 1.46 亿 元 （yoy+5.84%、qoq+76.89%）。当前国内处于智能电表替换周期高峰，叠加 配网"四可"要求升级下，电表需求有望受到带动。同时公司海外市场开拓 顺利，我们看好公司收入、利润持续向上，维持"增持"评级。 费率控制优异，盈利能力显著提升 公司 25 年 Q1 实现毛、净利率分别为 42.52%、40.67%，同比提升 1.13%、 17.36%，盈利能力显著提升。公司 25 年 Q1 期间费用率为 5.00%，其中销 售、管理、财务、研发费用率分别为 2.67%、3.01%、-5.76%、5.09%，同 比变化-0.23、-0.04、-2.98、+1.47pct。其 ...