查看完整报告 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2025年半年报，2025年上半年实现营业收入64.47亿元，同比减少5.68%；归母净利润6.34亿元，同比 增长0.96%；毛利率同比上升2.85pct至23.75%，净利率同比上升0.43pct至11.01%；拟每10股派发现金红利2.38 元（含税）。其中2025Q2实现营业收入40.99亿元，同比增长1.81%；归母净利润4.26亿元，同比增长9.12%， 环比增长105.38%。 我国特高压建设持续推进，25H1公司直流输电系统业务迎来放量 25H1公司直流输电系统营业收入同比增长211.71%至4.60亿元，毛利率同比下降10.74pct至40.76%。我国仍有 多条储备的特高压项目，未来特高压工 ...

Summary of Key Points from Conference Call Records Industry Overview: Power Equipment Key Insights and Arguments - **Investment Growth**: The State Grid's fixed asset investment growth is expected to increase from an initial budget of 8% to 11.5%, with ultra-high voltage (UHV) investment growth nearing 20% and main network investment (excluding UHV) growing by 9% [1][2] - **First Quarter Performance**: National grid engineering investment grew by 25% year-on-year, with State Grid investment increasing by 28%, attributed to accelerated project progress and a low base from the previous year [1][3] - **UHV Construction Acceleration**: In the second quarter, the construction speed of UHV projects is expected to accelerate, with the State Grid aiming to start 6 DC and 5 AC UHV lines, significantly higher than last year's 2 DC and 3 AC lines [1][4][6] - **Flexible Transmission Technology**: The State Grid has become more positive about flexible DC transmission technology due to the rise of domestic high-voltage IGBT, alleviating supply bottlenecks [2][9] Market Dynamics - **Regional Joint Procurement**: The implementation of regional joint procurement in the distribution network is expected to impact prices and profitability, with transformer prices dropping by an average of 10% and other equipment prices dropping by about 20% [2][5][10] - **Export Growth**: Power equipment exports remain robust, with transformer exports increasing by nearly 40% year-on-year in the first quarter, and North American market growth approaching 100% [1][11] Company-Specific Performance - **Pinggao Electric**: Growth driven by improved gross margins, increased delivery of 750kV GIS, and overseas loss reduction. Expected net profit growth of 35% in 2025 [13][15] - **China XD Electric**: Growth primarily from reduced period rates and improved gross margins, with expected net profit growth of around 30% [16][17] - **XJ Electric**: Growth driven by gross margin improvement and reversal of impairment losses, with expected net profit growth of nearly 30% [18] - **State Grid's Investment Strategy**: The State Grid's investment target for the year includes starting 6 DC and 5 AC UHV lines, with a focus on enhancing the construction pace [6][7] Emerging Trends - **Domestic Power Demand**: Domestic power demand growth is expected to remain stable, while distribution business growth is projected to reach around 20% [22] - **International Market Expansion**: Companies like Sanyuan Electric and others are seeing significant growth in overseas markets, particularly in emerging markets in Asia, Africa, and Latin America [21][28] Additional Considerations - **Impact of Tariffs**: Many companies have low exposure to the U.S. market, making the impact of tariffs negligible. For instance, companies like Sanyuan Medical and Huaming Equipment have minimal U.S. revenue [12] - **Overall Industry Sentiment**: The power equipment industry is experiencing high demand and favorable conditions, with a low valuation making it a focus for investment [29]