国电南自（600268）11月25日举行2025年第三季度业绩说明会，公司董事长经海林、总经理刘颖、董事 会秘书董文等人出席会议，并就投资者关心的热点问题进行了回应。 据了解，国电南自将通过"聚焦战略赛道"与"优化研发模式"来提升研发效能。在聚焦方面，研发资源坚 决投向自主可控工控系统、电力AI等核心领域。在优化模式方面，公司将通过"华电睿思"数字底座和开 发平台，实现低代码开发和组件复用。 据介绍，国电南自围绕国家能源安全战略，全面应用国产软硬件生态，成功构建了覆盖全类型发电机 组、全电压等级输变电设备的"华电睿"系列电力工控系统，在国内率先构建起覆盖燃机、煤电、水电、 光伏、风电、输变电等电力全谱系且拥有完整自主知识产权的"华电睿"系列国产化电力工控系统，包 括"睿蓝"分散控制系统、"睿信"水电智能控制系统、"睿风"风电主控及监控系统、"睿思"新能源远程集 控系统、"睿智"智能变电站自动化装备，"五大类21款产品均通过公安部安全可信认证，推动电力行业 安全防御体系从传统被动防护向智能主动防御跨越式升级"。 国电南自表示，"华电睿"系列工控系统产品规模化应用于超1.2亿千瓦发电机组和1700余座变电站。 明 ...

Core Insights - The CPEEC & CPSSC is the largest event in China's power electronics sector, attracting over 100,000 attendees and 1,500 industry representatives since its inception in 1978 [1] - The upcoming 2025 event will take place from November 7 to 10 at the Shenzhen International Convention and Exhibition Center, featuring the 3rd IEEE International Power Electronics and Application Symposium [1] Conference Highlights - This year's conference accepted over 1,200 papers in both Chinese and English, with 13 top experts delivering keynote speeches [3] - The event will include 17 specialized lectures, over 110 thematic sub-sessions, and around 640 technical and industrial reports, alongside awards and competitions [3] Exhibition Details - The exhibition will utilize 10,000 square meters at the Shenzhen International Convention and Exhibition Center, featuring over 140 renowned companies and research institutions [5] - Special zones for "New Energy Vehicle Electronic Devices" and "University Research Achievements" will be established, along with multiple forums and industrial reports [5] Industry Impact - The 2025 CPEEC & CPSSC Congress aims to enhance industry collaboration, resource integration, and innovation dissemination, focusing on improving exhibition content and service levels [7] - The annual flagship meeting and exhibition will commence on November 7, inviting global professionals in the power electronics and power sectors to participate [9]

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]

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating for China Xidian (601179.SH) at a latest price of 6.68 yuan, based on several growth factors [2] - The first growth driver is the strong foundation built by UHV (Ultra High Voltage) and power transmission and transformation, leading to continuous improvement in transformer profitability [2] - The second growth curve for the company is driven by distribution networks and international expansion, with accelerated development in the power electronics business [2] - The company maintains high R&D investment and has seen significant growth in inventory levels [2]