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 ...

2025 年 8 月 22 日 公司研究 直流业务实现高增，持续突破国际市场 ——许继电气（000400.SZ）2025 年半年报点评 要点 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，未来特高压工程建设有 望延续高景气。叠加我国柔性直流输电技术持续发展，渗透率将迎来快速提升， 公司直流输电系统业务有望实现高增长。 电网投资力度加大有望推动公司各项业务加速发展。25H1 公司 ...

证券研究报告 提质增效拓市场，上半年利润高增 2025 年 8 月 21 日│中国内地 电气设备 中国西电发布半年报，Q2 实现营业总收入 60.70 亿元（yoy+7.22%， qoq+15.38%），归母净利 3.03 亿元（yoy+20.19%，qoq+2.85%），扣非 归母净利 3.16 亿元（yoy+12.43%，qoq+7.92%），Q2 利润同比实现较好 增长。当前非特高压主网招标需求强劲，特高压规划与建设持续推进，同时 公司市场开拓效果显著、提质增效持续深化，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，费率稳步下降 中国西电 (601179 CH) 公司 2025 年 H1 实现营业总收入 113.31 亿元（yoy+8.91%），归母净利 5.98 亿元（yoy+30.08%），扣非净利 6.09 亿元（yoy+29.25%）。分业务 来看，变压器/开关/电力电子、工程及贸易/电容器、绝缘子及避雷器/研发检 测 及 二次 设 备分 别实 现收 入 49.35/42.45/3.99/4.01/3.87 亿 元 ， 同比 +10.45%/+4.04%/+517.45%/ ...

8 月 20 日，公司披露 2025 年半年报，1H25 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%，毛利率 24.7%，同比+1.2pct；Q2 实现营业收入 31.9 亿元，同比+6.2%， 归母净利润 3.1 亿元，同比+0.9%，毛利率 21.6%，同比-0.8pct。 高压板块行业领先地位稳固，盈利能力持续提升。 1）网内：25H1 国网输变电设备招标 540.6 亿，同比增长 25%，公 司累计中标 44.6 亿元，同比+52%，市占率上升至 8.2%；②网外： 市场开拓显著，中标 3 家央企大客户框架，再次中标中广核项目， 实现 1000 千伏 GIL 网外市场首次应用。近期公司 GIL 厂房扩建项 目已完工，具备年生产 550 千伏 GIL 母线 100 公里以上的能力。 高压产品占比提升带动板块营收、盈利能力持续提升，25H1 公司 高压板块实现营收 32.6 亿元，同比+7.5%，实现毛利率 29.8%，同 比+2.2pct。 25 年电网投资维持高景气，公司订单储备充足。 25 年初国南网规划总投资超 8250 亿元，创历史新高。25H1 ...

Summary of High Voltage Direct Current (HVDC) Conference Call Industry Overview - The HVDC industry is entering a new construction cycle with the approval of two major projects: the Tibet to Guangdong-Hong Kong-Macao and the Inner Mongolia to Beijing-Tianjin-Hebei lines, with a target of four approvals for the year 2025 [1][3] - Six ongoing DC projects are nearing completion, with two expected to be operational by mid to late 2026, providing support for future HVDC construction [1][5] Key Points and Arguments - **Upcoming Projects**: Several projects are expected to enter the approval phase in the second half of 2025, including the Datarat to Inner Mongolia and Zhejiang HVDC ring network [6] - **Market Demand**: The total bidding amount for HVDC equipment in the first half of 2025 was 2.48 billion yuan, with an anticipated total of 71 billion yuan in bids for the second half, including approximately 16.6 billion yuan for converter valves [7] - **Unstarted Projects**: There are numerous unstarted projects from the 14th Five-Year Plan, which are expected to create significant demand in the early stages of the 15th Five-Year Plan [8] - **Back-to-Back Projects**: Six back-to-back DC projects have been bid on, with a total capacity of approximately 3GW, indicating a positive trend for DC project development [4][9] Additional Important Content - **Market Share**: As of 2023, major players in the HVDC equipment market include China XD Group with a 26% share in converter transformers, and State Grid Corporation with nearly 50% in converter valve systems [12] - **Future Expectations**: The overall sentiment for the second half of 2025 is optimistic, with expectations of improved stock performance for companies involved in HVDC projects, as they are likely to benefit from the release of new orders [13]

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the ultra-high voltage (UHV) power transmission industry in China, discussing the current status, challenges, and future trends of UHV projects and technologies. Core Insights and Arguments 1. **Construction Progress and Challenges** UHV construction is experiencing delays due to multiple factors, including slow approval processes, low utilization rates of existing lines (generally below 50%), adjustments in energy transition policies, long technology iteration cycles, and economic considerations. Human resources have also been diverted to new energy infrastructure projects [1][2][3]. 2. **Demand for Cross-Regional Transmission** Despite short-term suppression of UHV demand due to declining photovoltaic (PV) station returns, the uneven distribution of energy resources and policy direction ensure a rigid demand for cross-regional transmission. The government will continue to promote UHV network interconnections, particularly transporting energy from the western and northern regions to central and eastern load centers [1][6]. 3. **Increased Proportion of Renewable Energy in New Projects** The proportion of renewable energy bundled in new UHV projects is expected to increase, with a greater reliance on hydropower and other renewable sources for bundled transmission. However, thermal power remains competitive due to its stability in large-capacity power supply [1][7]. 4. **Flexible DC Technology (FDC) Prospects** The application of flexible DC technology is anticipated to grow significantly, with projections indicating that 60%-70% of new DC line converter stations will adopt this technology by 2030. The penetration rate of new lines is expected to exceed 80% [1][12]. 5. **Cost Reduction in Key Components** The cost of flexible DC converter valves is expected to decrease from approximately 5 billion yuan to around 3.5 billion yuan by 2030, primarily due to advancements in domestic production of key components like IGBT and silicon carbide materials [2][13]. 6. **Supply Chain Bottlenecks** The production of UHV transformers faces significant bottlenecks due to a shortage of high-end imported insulation materials, particularly T4 grade paperboard. Domestic companies are expanding capacity but still rely on expensive imports [2][21][19]. 7. **Future UHV Project Plans** Several UHV lines are scheduled to commence construction between late 2025 and 2026, including routes from southeastern Tibet to the Guangdong-Hong Kong-Macao Greater Bay Area and from Inner Mongolia to Beijing-Tianjin-Hebei [2][28][29]. 8. **Impact of PV Station Returns on UHV Projects** The decline in PV station returns has temporarily suppressed UHV external demand, particularly in regions like Qinghai and Gansu. However, long-term cross-regional transmission remains a necessity due to resource distribution and policy needs [6]. 9. **Market Growth for Renewable Energy** The renewable energy market is projected to reach a scale of 100 billion yuan by 2025, with a compound annual growth rate of 13%. Despite reductions in wind and solar power, hydropower and nuclear energy are expected to continue growing [7]. 10. **Domestic Production and Market Dynamics** Domestic brands currently supply about 5% of the UHV transformer market, with expectations for gradual increases in localization rates as new capacities come online by 2026-2027 [21][23]. Other Important but Potentially Overlooked Content - The internal rate of return for some projects has decreased due to market trading developments, leading to project delays. Local financial conditions and social resistance also impact project timelines [3]. - The competitive advantage of thermal power remains significant, especially in scenarios of water scarcity, highlighting the need for a balanced energy supply system [8]. - The development of large hydropower projects, such as the Yaxia Hydropower Station, is expected to significantly enhance China's overall power generation capacity [9]. This summary encapsulates the critical insights and projections regarding the UHV industry, emphasizing the interplay between technology, market dynamics, and policy influences.

Core Insights - Weidmann, a leading global manufacturer of electrical insulation technology and materials, has commenced construction of its new facility in Wuhan, China, marking a significant investment in the region's electrical equipment manufacturing sector [5][10]. Company Overview - Weidmann has nearly 150 years of history and is headquartered in Switzerland, specializing in high and ultra-high voltage transformer insulation materials [5]. - The company is recognized as a key supplier of insulation products for the State Grid of China, maintaining a strong market share in the high voltage and ultra-high voltage sectors [5]. Project Details - The Weidmann Electrical Insulation Technology (Wuhan) Co., Ltd. project has a total investment of approximately $91 million, with an expected annual production capacity of over 10,000 tons of insulation materials, generating an estimated annual output value of around 300 million yuan [10]. - The project is set to be completed and operational by January 2027 [10]. Strategic Importance - The establishment of the facility aligns with China's "14th Five-Year Plan" for ultra-high voltage construction, which is expected to significantly impact the energy infrastructure landscape in the Asia-Pacific region [12]. - Wuhan's strategic location in the central part of China and its logistical advantages through the Yangtze River New Area will facilitate the distribution of high-quality insulation materials across the central and southwestern energy corridors [12]. Industry Context - The project is part of a broader trend in the Yangtze River New Area, which has been actively cultivating the electrical equipment manufacturing industry by attracting leading companies such as Siemens Energy and Chint Electric [12]. - The integration of Weidmann's project with existing enterprises in the region will create a complete industrial chain from materials to equipment and applications [12].

Investment Rating - The report maintains a "Buy" rating for key companies in the energy sector, specifically for hydropower equipment and new energy [6]. Core Insights - The launch of the Yarlung Tsangpo River downstream hydropower project is expected to create significant investment opportunities, particularly benefiting leading companies in hydropower and transmission equipment [1][2]. - The project is anticipated to generate over 720 billion yuan in new orders for hydropower equipment and around 500 billion yuan for transmission equipment, positively impacting companies like Harbin Electric and Dongfang Electric [1][4]. - The construction of the Yarlung Tsangpo project is projected to last over 10 years, with new orders expected to peak around 2028-2029, providing a steady revenue stream for involved companies [3]. Summary by Sections Project Overview - The Yarlung Tsangpo project will have an installed capacity exceeding 60 million kilowatts and an annual generation capacity of approximately 300 billion kilowatt-hours, which is three times that of the Three Gorges project [1][2]. - The total investment for the Yarlung Tsangpo project is estimated at 1.2 trillion yuan, five times that of the Three Gorges project [1]. Equipment Demand - The project is expected to drive demand for hydropower equipment, with an estimated 720 billion yuan in new orders, benefiting companies like Harbin Electric and Dongfang Electric [1][3]. - The focus on long-distance power transmission will lead to increased demand for ultra-high voltage direct current (UHVDC) transmission lines, with an estimated investment of 500 billion yuan in related equipment [4]. Timeline and Revenue Impact - The timeline for the Yarlung Tsangpo project indicates that equipment tenders will begin 2-3 years after the project starts, with order confirmations occurring in the following years [3]. - The expected annual revenue from the project could average 14.4 billion yuan from 2031 to 2035, which is double the combined revenue of Harbin Electric and Dongfang Electric in 2024 [3]. Recommended Companies - The report highlights several companies as key beneficiaries of the Yarlung Tsangpo project, including: - Harbin Electric (1133 HK) with a target price of 10.50 yuan - Dongfang Electric (600875 CH) with a target price of 18.22 yuan - Guodian NARI (600406 CH) with a target price of 27.04 yuan - China XD Electric (601179 CH) with a target price of 8.16 yuan - Pinggao Electric (600312 CH) with a target price of 21.28 yuan - XJ Electric (000400 CH) with a target price of 26.41 yuan [8][24].

Group 1 - The Ganjian-Gannan UHV AC project has been officially included in the national power development plan, marking a significant step in upgrading the backbone network in the Central China region [1] - UHV technology is essential for China's energy transition, with both AC and DC technologies expected to form a synergistic ecosystem, maintaining steady development during the 14th Five-Year Plan period [1] - The ongoing construction of the main grid will drive demand for related equipment, indicating positive changes in the industry fundamentals [1] Group 2 - The Electric Power ETF (561380) tracks the Hang Seng A-Share Electric Power Equipment Index (HSCAUPG), which is compiled by Hang Seng Index Company and reflects the overall performance of listed companies involved in power grid construction and operation [1] - The index focuses on the electric equipment sector, selecting representative companies in the industry to provide investors with an important benchmark for measuring the development of the electric power equipment industry [1] - Investors without stock accounts can consider the Guotai Hang Seng A-Share Electric Power Equipment ETF Initiated Link A (023638) and Link C (023639) [1]

Group 1 - Multiple QDII funds have resumed normal subscription or increased subscription limits, driven by growing investor demand for diversified investments and new investment quotas [1] - The first batch of 10 science and technology innovation bond ETFs raised a total of 30 billion yuan in a single day, indicating strong institutional interest and strategic significance for public funds [1] - Short-term financial products have seen rising yields, with some achieving annualized returns around 10%, attributed to favorable short-term bond market conditions and innovative strategies by financial companies [1] Group 2 - In the first half of the year, 653 A-share listed companies collectively invested over 410 billion yuan in various financial products, including structured deposits and bank wealth management products, although the total scale has decreased compared to the previous year [2] - Nearly 3,000 companies have completed their annual profit distribution, with over 300 planning mid-term dividends for 2025, indicating a proactive approach to shareholder returns [2] - The approval of major UHV (Ultra High Voltage) projects is expected to significantly boost the performance of power equipment manufacturers, with a series of projects set to commence by 2025 [2] Group 3 - The listing of pure benzene futures and options on the Dalian Commodity Exchange is expected to provide effective risk management tools for the industry and enhance China's influence on international pricing [3] - Mercedes-Benz reported a 9% decline in vehicle sales in Q2 due to tariffs, with electric vehicle sales dropping by 18%, reflecting challenges in the automotive market [4] - Nestlé's chairman is stepping down amid growing investor concerns about the company's direction and governance, highlighting potential instability in leadership [4] Group 4 - Bubble Mart has applied for the "LAFUFU" trademark as a defensive measure against piracy, following discussions about counterfeit products related to its "Labubu" brand [5] - ByteDance has denied reports of selling TikTok's U.S. operations to Oracle-led consortium, maintaining its ownership structure [5] - Dadi Insurance has faced multiple regulatory penalties this year, totaling over 4 million yuan, indicating ongoing compliance issues within the company [5] Group 5 - Dog Not Group has been listed as operating abnormally due to failure to disclose annual reports on time, raising concerns about corporate governance [6] - Changxin Storage has initiated the listing guidance process, with major financial institutions involved, signaling a move towards public offering [6] - The chairman of Ruiskanda Technology has been subjected to criminal coercive measures due to allegations of information disclosure violations, impacting the company's management [7] Group 6 - U.S. stock indices collectively declined, with the Dow Jones falling by 0.94% and the Nasdaq by 0.92%, influenced by Trump's new tariff plans [8] - Tesla shares dropped over 8% due to concerns surrounding Elon Musk's new political party, while other tech stocks also experienced volatility [8] - The yield on 10-year U.S. Treasury bonds rose nearly 7 basis points, reflecting market reactions to economic signals [8]