事件描述 公司发布2025 年半年报。上半年，公司实现营业收入57.0 亿元，同比+13.0%；归母净利润6.6 亿元，同 比+24.6%；扣非净利润6.6 亿元，同比+24.2%。单季度看，公司2025Q2 营业收入31.9 亿元，同比 +6.2%，环比+26.9%；归母净利润3.1 亿元，同比+0.9%，环比-14.5%；扣非净利润3.1 亿元，同比 +0.3%，环比-14.1%。 事件评论 上半年费用端主要系研发费用有所提升。 其他方面，公司2025Q2 末存货达22.40 亿元，同比+21.1%，环比上季度末+7.6%。合同负债达17.15 亿 元，同比+40.0%，环比上季度末+28.5%，预示后续增长潜力较强。 未来，特高压工程的持续推进及雅下水电工程将给公司持续带来增量，我们预计公司2025年归母净利润 可达13.4 亿元，对应PE 约16 倍。维持"买入"评级。 风险提示 1、电网投资不及预期； 2、特高压建设不及预期； 3、财务及汇率风险。 收入端，公司2025 上半年高压板块收入32.64 亿元，同比+7.6%；中低压及配网板块收入15.96 亿元，同 比+14.6%；运维服务板块及其他收 ...

丨证券研究报告丨 公司研究丨点评报告丨平高电气（600312.SH） [Table_Title] 持续加强降本增效，毛利率有所提升 [Table_Summary] 公司发布 2025 年半年报。上半年，公司实现营业收入 57.0 亿元，同比+13.0%；归母净利润 6.6 亿元，同比+24.6%；扣非净利润 6.6 亿元，同比+24.2%。单季度看，公司 2025Q2 营业收 入 31.9 亿元，同比+6.2%，环比+26.9%；归母净利润 3.1 亿元，同比+0.9%，环比-14.5%；扣 非净利润 3.1 亿元，同比+0.3%，环比-14.1%。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 %% %% 报告要点 %% %% research.95579.com 1 平高电气（600312.SH） cjzqdt11111 [Table_Title2] 持 ...

行业研究丨深度报告丨电气设备 [Table_Title] 高压一二次设备持续增长，多品种出口迭创新高 ——电网 2025 年 1-7 月招标总结 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 请阅读最后评级说明和重要声明 2 / 38 %% %% %% %% research.95579.com 2 电气设备 cjzqdt11111 [Table_Summary] 国网：2025 年 1-7 月的招标中，特高压设备完成 107.05 亿元，同比+4.9%，特高压材料完成 178.7 亿元，同比+405%，输变电设备完成 547.7 亿元，同比+25%，输变电材料完成 241.7 亿 元，同比-17.6%，计量设备完成 75.0 亿元，同比-43.6%，数字化完成 33.14 亿元，同比+30.5%。 南网：主网二次保持高增，配网和计量下降。 出口：上半年持续高增，多品种迭创新高。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 ...

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。 今 日 聚 焦 【中油工程（600339.SH）】毛利率承压25H1业绩小幅下滑，海外市场开拓稳步推进——2025年半年报点评 2025H1公司实现营业总收入363亿元，同比+12.2%，实现归母净利润4.7亿元，同比-10.9%。预计公 司25-27年归母净利润分别为7.38、8.25、9.29亿元，公司背靠中国石油集团资源优势，"一带一路"背 景下石化行业对外合作进一步加深，公司有望持续受益。 （赵乃迪/蔡嘉豪/王礼沫）2025-08-22 您可点击今日推送内容的第1条查看 【许继电气（000400.SZ）】直流业务实现高增，持续突破国际市场——2025年半年报点评 公司25H1营收同比-5.68%至64.47亿元，归母净利润同比+0.96%至6.34亿元。我国 ...

2025 年 08 月 22 日 龙源电力 (00916) ——电价及利用小时承压 特高压投产提升消纳信心 报告原因：有业绩公布需要点评 买入（维持） 0916 上 市 公 司 公用事业 | 投资要点： | | --- | 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元人民币） | 37,638 | 31,370 | 31,736 | 32,156 | 34,304 | | 同比增长率（%） | -5.6 | -16.7 | 1.2 | 1.3 | 6.7 | | 归母净利润（百万元人民币） | 6,355 | 6,425 | 6,441 | 7,056 | 7,985 | | 同比增长率（%） | 23.8 | 1.1 | 0.3 | 9.6 | 13.2 | | 每股收益（元/股） | 0.74 | 0.76 | 0.77 | 0.84 | 0.96 | | 净资产收益率（%） | 9.0 | 8.8 | 8.1 | 8.2 | 8.5 | | 市盈率 ...

Core Viewpoint - Qingdao Huijintong Power Equipment Co., Ltd. reported a decrease in revenue but an increase in net profit for the first half of 2025, indicating a resilient performance despite market challenges [2][11]. Company Overview and Financial Indicators - The company’s main business includes the research, production, and sales of transmission line towers, fasteners, and communication towers, serving industries such as electricity, communications, and new energy [3][4]. - Key financial data for the first half of 2025 includes: - Revenue: CNY 2,000,477,414.39, a decrease of 2.68% compared to the same period last year [2]. - Total profit: CNY 81,994,228.32, an increase of 20.57% year-on-year [2]. - Net profit attributable to shareholders: CNY 61,452,840.62, up 11.87% from the previous year [2]. - Operating cash flow: CNY 174,290,872.07, down 18.59% year-on-year [2]. Industry Situation - The company operates in the "metal structure manufacturing" sector, specifically in the production of transmission line towers, which are crucial for the power grid construction [5][11]. - China's electricity consumption reached 48,418 billion kWh in the first half of 2025, indicating a growing demand for electricity and related infrastructure [6][11]. - The national grid plans to invest CNY 2.4 trillion during the "14th Five-Year Plan" period to upgrade the grid, with expected investments exceeding CNY 650 billion in 2025 [6][7]. - The dual carbon goals and new infrastructure initiatives are expected to create significant opportunities for the transmission line tower industry, particularly through high-voltage projects [7][9]. Competitive Advantages - The company has established a national strategic layout with four major production bases, enhancing its ability to respond to customer needs and improve service [12]. - The company emphasizes quality control and has implemented a comprehensive quality management system, contributing to its strong market reputation [13][14]. - The company has a robust international presence, having sold products to 62 countries and regions, and is expanding its international market footprint [15][10]. Future Outlook - The ongoing global demand for electricity infrastructure upgrades, coupled with China's Belt and Road Initiative, presents new opportunities for the company to expand its international business [10][9]. - The company is well-positioned to benefit from the increasing investments in the power sector, driven by the need for sustainable energy solutions and infrastructure development [11][6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first half of 2025 met market expectations, with revenue of 11.33 billion and a year-on-year increase of 8.9%, while net profit attributable to shareholders reached 600 million, up 30.1% year-on-year [9] - The growth foundation is built on UHV (Ultra High Voltage) and power transmission and transformation, with transformer profitability continuously improving [9] - The company is actively expanding its overseas market, achieving a 64% year-on-year increase in overseas revenue to 2.171 billion [9] - High R&D investment is maintained, with inventory growth attributed to a backlog of finished products [9] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 21.204 billion, with a year-on-year growth of 13.02% [1] - Net profit attributable to shareholders for 2023 is estimated at 897.17 million, reflecting a 44.92% increase year-on-year [1] - The latest diluted EPS for 2023 is expected to be 0.18 yuan per share [1] Revenue and Profit Forecast - Revenue is forecasted to grow to 24.476 billion in 2025, with a year-on-year increase of 9.85% [1] - Net profit attributable to shareholders is projected to reach 1.497 billion in 2025, representing a 42.04% increase year-on-year [1] - The P/E ratio for 2025 is estimated at 22.97 [1] Market Position and Growth Drivers - The company has a solid order backlog in the UHV sector, with multiple projects expected to start bidding in the second half of the year [9] - The company is also focusing on the distribution network and international expansion as key growth drivers [9] - The gross margin for the first half of 2025 was reported at 21.6%, an increase of 2.7 percentage points year-on-year [9]

许继电气（000400） 2025 年中报点评：业绩整体符合市场预期， 盈利能力显著改善 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 17,061 | 17,089 | 17,960 | 19,878 | 21,874 | | 同比（%） | 13.51 | 0.17 | 5.09 | 10.68 | 10.04 | | 归母净利润（百万元） | 1,005 | 1,117 | 1,426 | 1,705 | 2,126 | | 同比（%） | 28.03 | 11.09 | 27.67 | 19.60 | 24.64 | | EPS-最新摊薄（元/股） | 0.99 | 1.10 | 1.40 | 1.67 | 2.09 | | P/E（现价&最新摊薄） | 23.59 | 21.23 | 16.63 | 13.91 | 11.16 | 证券研究报告·公司点评报告·电网设备 [关键词： Table_Tag# ...

Core Viewpoint - The launch of the Ningxia-Hunan ±800 kV UHVDC project marks a significant advancement in China's renewable energy transmission capabilities, with over 36 billion kWh of electricity expected to be delivered annually, meeting the needs of over 10 million households, and more than 50% of this power coming from renewable sources [1] Industry Overview - The UHV construction boom is driving high growth in the performance of related listed companies, with the industry entering a high prosperity cycle due to the increasing demand for renewable energy transmission [1][4] - China's UHV construction capabilities are globally leading, covering the entire spectrum from original technology to complete equipment, and from engineering design to operation and maintenance [1] Company Performance - Baoding Tianwei Baobian Electric Co., Ltd. reported a revenue of 2.995 billion yuan, a year-on-year increase of 60.89%, and a net profit of 75.37 million yuan, up 230.76% [2] - Henan Tongda Cable Co., Ltd. achieved a revenue of 3.618 billion yuan, a year-on-year increase of 37.28%, and a net profit of 61.87 million yuan, up 68.42%, with significant growth in new orders across various sectors [2] - Pinggao Group Co., Ltd. reported a revenue of 5.696 billion yuan, a year-on-year increase of 12.96%, and a net profit of 666 million yuan, up 24.59%, with a notable increase in market share [3] Future Outlook - The investment in the UHV sector is expected to continue increasing in the coming years, driving high prosperity in the high-end equipment, key materials, and construction segments of the industry [5]

从已经披露的2025年半年报来看，保定天威保变电气股份有限公司（以下简称"保变电气"）、河南通达 电缆股份有限公司（以下简称"通达股份"）、河南平高电气股份有限公司（以下简称"平高电气"）、思 源电气股份有限公司、中国西电电气股份有限公司、宏发科技股份有限公司等多家产业链上市公司，在 今年上半年均实现归属于上市公司股东的净利润同比增长。 输变电装备制造企业保变电气8月21日披露的2025年半年报显示，报告期内，公司实现营业收入29.95亿 元，同比增长60.89%；实现归属于上市公司股东的净利润7536.67万元，同比增长230.76%。保变电气产 品谱系齐全，在高电压、大容量变压器以及特高压交、直流变压器制造领域具备技术优势。依托国家重 点工程机遇，公司不断加强科技创新自主研发能力，为国家重点重大工程建设提供了技术装备支撑。 特高压、超高压工程用线缆生产企业通达股份今年上半年实现营业收入36.18亿元，同比增长37.28%； 实现归属于上市公司股东的净利润6187.33万元，同比增长68.42%。通达股份半年报显示，公司电线电 缆业务新签订单同比增长80.17%，其中国家电网有限公司（以下简称"国家电网"） ...