证券研究报告 电力设备 | 电网设备 北交所|公司点评报告 hyzqdatemark 2026 年 03 月 04 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 胡文瀚 huwenhan@huayuanstock.com 市场表现： | 基本数据 | | | | 年 | 月 | | 日 | | 04 | | 2026 | 03 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | | | 84.68 | | 一 年 最 | 低 | 高 | / | | | 内 | | | | 最 | | | | | | | | | | | | | 124.00/70.79 | | | | | | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | 11,760.92 | | | | | | | 流通市值（百万元 ...

Recent Events - The company held its first extraordinary shareholders' meeting of 2026 on February 5, 2026, where it approved the proposal regarding the execution of daily related transactions for 2025 and the expected daily related transactions for 2026. This proposal involves daily related transaction arrangements, which may impact the company's operations in the future [2]. Performance and Operating Conditions - The company's distribution network energy-saving business is currently undergoing a transition between old and new projects, leading to short-term pressure on performance. For the first three quarters of 2025, the company reported operating revenue of 2.278 billion yuan, a year-on-year decrease of 5.43%, and a net profit attributable to the parent company of 296 million yuan, a year-on-year decrease of 29.58%. The power grid business remains stable, with a sales volume of 3.464 billion kilowatt-hours in 2024, representing a year-on-year increase of 7.71% [3]. Strategic Advancement - As the only listed platform for distribution network energy-saving under the State Grid, the company is actively exploring new business areas such as energy storage and smart distribution networks to align with the policy direction of grid intelligence. As of the 2025 semi-annual report, the company had total monetary funds of 2.727 billion yuan, and its asset-liability ratio decreased to 18.36%, providing support for future capital expenditures [4].

Core Viewpoint - The Chinese government emphasizes the acceleration of smart grid and microgrid construction to enhance the safety and energy security of the power system [1] Group 1: Smart Grid Development - Smart grids are essential for adapting to the rapid development of high-proportion renewable energy, comprising main grids, distribution networks, and microgrids with features of high informationization, automation, and interactivity [1] - Accelerating the construction of smart grids and microgrids will improve the grid's ability to accept, allocate, and regulate clean energy, ensuring safe, reliable, and cost-effective operations [1][2] - The transition of distribution networks from merely receiving and distributing electricity to an interactive model with integrated resources is crucial for enhancing service capabilities [2] Group 2: Microgrid Construction - Microgrids are characterized by self-balancing, safety, miniaturization, greenness, intelligence, and sharing, playing a significant role in the stable, efficient, and low-carbon development of new power systems [3] - The development of smart microgrids should be coordinated with the overall grid strategy, promoting compatibility with large grids and efficient collaboration with distribution networks [3] - Demonstration projects for smart microgrids should be established in areas with abundant renewable resources, such as rural regions and high-proportion renewable supply parks [3] Group 3: Intelligent Dispatch System - An advanced power dispatch system can significantly enhance the grid's ability to accept and flexibly dispatch renewable energy sources [4] - Optimizing the dispatch operation mechanism and building a multi-level intelligent operation system are essential for improving local balance capabilities and proactive support for the main grid [4] - Establishing a unified market trading platform for decentralized resources will encourage participation from emerging entities like virtual power plants and electric vehicles, fostering positive interactions with renewable energy [4]

Core Viewpoint - The Central Committee of the Communist Party of China emphasizes the acceleration of smart grid and microgrid construction to enhance the safety and energy security of the power system [1] Group 1: Smart Grid Development - Smart grids are essential for adapting to the rapid development of high-proportion renewable energy, comprising main grids, distribution networks, and microgrids with features of high informationization, automation, and interactivity [1] - Accelerating the construction of smart grids and microgrids will improve the grid's ability to accept, allocate, and regulate clean energy, ensuring safe, reliable, and economically efficient operations [1][2] - The transition of distribution networks from merely receiving and distributing electricity to an interactive network that integrates generation, storage, and consumption is crucial [2] Group 2: Microgrid Construction - Microgrids are characterized by self-balancing, safety, miniaturization, greenness, intelligence, and sharing, playing a significant role in the safe, stable, and low-carbon development of new power systems [3] - The development of smart microgrids should be coordinated with the overall grid development, promoting compatibility with the main grid and efficient collaboration with distribution networks [3] - Establishing demonstration projects for smart microgrids in areas lacking coverage from the main grid and in regions rich in renewable energy resources is essential [3] Group 3: Intelligent Dispatch System - An advanced power dispatch system can significantly enhance the grid's ability to accept and flexibly dispatch renewable energy sources [4] - Optimizing the grid dispatch operation mechanism and building a multi-level intelligent operation system are necessary for improving the balance capabilities of distribution networks [4] - Creating a unified market trading platform for decentralized resources will encourage participation from emerging entities like virtual power plants and electric vehicles, facilitating positive interactions with renewable energy [4]

Core Viewpoint - The company is steadily advancing its international business layout, successfully entering multiple global markets and regions [1] Group 1: International Business Expansion - The company's products have successfully penetrated various countries and regions [1] - The intelligent sensor series can be widely applied in the electric power monitoring sector, providing critical technical support for the intelligent upgrade and safe, efficient operation of power grids [1] Group 2: Future Strategy - The company plans to continue actively responding to national strategies while deepening international market expansion and technological integration innovation [1]

Core Viewpoint - The electric power sector is experiencing high growth due to significant investments in grid construction, with a notable influx of capital into the sector, particularly benefiting companies like China XD Electric [2][6]. Investment Trends - The State Grid's investment plan of 4 trillion yuan during the 14th Five-Year Plan marks a historic high, focusing on building a new type of grid platform that enhances transmission capacity and supports large-scale renewable energy projects [6][10]. - The investment is expected to drive demand for ultra-high voltage direct current projects, distribution network upgrades, and smart microgrid developments, indicating a strong market outlook [6][7]. Market Dynamics - The demand for grid equipment is being catalyzed by global energy transitions and technological advancements, with European data centers driving the need for enhanced power supply solutions [4][5]. - Domestic technological breakthroughs are also contributing to the efficiency and upgrade of power equipment, further supporting the industry's growth [4]. Company Performance - China XD Electric has secured significant contracts, including a total of 24.52 billion yuan from two major projects, positioning itself as a key player in the electric power investment chain [9][10]. - The company reported a revenue of 16.96 billion yuan for the first three quarters of 2025, reflecting an 11.85% year-on-year increase, with net profit rising by 19.29% [9][10]. Industry Outlook - The electric power equipment sector is witnessing a collective bullish trend, with companies like Siyi Electric and TBEA reporting substantial revenue growth, indicating a robust industry environment [11][12]. - The stock performance of major players in the sector has surged, with average gains of 30.39% in the transmission and distribution equipment segment since the beginning of 2026, driven by strong fundamentals and order backlogs [13].

Group 1 - The core viewpoint is that the State Grid Corporation of China plans to invest 4 trillion yuan during the 14th Five-Year Plan period, representing a 40% increase compared to the previous plan, with an average annual investment of 800 billion yuan and a compound annual growth rate (CAGR) approaching double digits [1][2] - The investment will focus on the construction of a new power system, aiming to enhance cross-regional and cross-provincial transmission capacity by over 30% compared to the end of the previous plan, supporting the development of clean energy bases [1][2] - The North American market is experiencing a surge in demand for power equipment driven by aging infrastructure and the electricity needs of AI data centers, with delivery cycles for power transformers and high-voltage cables nearly doubling in Europe and North America [1] Group 2 - Multiple institutions believe that the 4 trillion yuan investment plan by the State Grid solidifies expectations for steady industry growth during the 14th Five-Year Plan, with strong certainty in three main lines: ultra-high voltage, smart grid, and overseas expansion [2] - The Tianhong CSI Power Grid Equipment Theme Index closely tracks the performance of 80 listed companies involved in ultra-high voltage and smart grid construction, reflecting the overall performance of the power grid equipment sector [2]

Group 1: Policy and Development Goals - The National Development and Reform Commission and the National Energy Administration released guidelines to promote high-quality development of the power grid, aiming for "West-to-East Power Transmission" to exceed 420 million kilowatts by 2030, with an additional inter-provincial power mutual assistance capacity of around 40 million kilowatts [1] - The guidelines support renewable energy generation to account for approximately 30% of total generation by 2030 and aim to enhance distributed renewable energy capacity to 900 million kilowatts, along with supporting over 40 million charging infrastructure units [1] Group 2: Technological Integration and Investment - The development of a new power system requires the integration of main and distribution networks, emphasizing the need for an open attitude towards various technologies to accommodate high proportions of renewable energy [3] - There is a call for increased investment in the power grid, with a focus on appropriate preemptive planning and significant upgrades to existing grid infrastructure, while encouraging private capital participation in grid investment [3] Group 3: Company Insights - State Grid NARI Technology Co., Ltd. (国电南瑞) is a leader in the smart grid industry, with over 75% market share in provincial dispatch systems and notable performance in AI diagnostics and overseas market expansion [6] - XJ Electric Co., Ltd. (许继电气) specializes in ultra-high voltage equipment, holding over 40% market share in DC converter valves, with significant growth in orders and breakthroughs in overseas markets [6] - Sifang Automation Co., Ltd. (四方股份) is a core supplier of power automation systems, leading in domestic relay protection devices and extending into emerging areas like virtual power plants [6] - TBEA Co., Ltd. (特变电工) holds over 30% market share in ultra-high voltage transformers and has a significant presence in over 60 countries, with synergistic effects in photovoltaic inverter business and grid upgrades [6] - Siyuan Electric Co., Ltd. (思源电气) focuses on high-voltage switchgear and has a strong technological advantage in grid safety monitoring, with an AI diagnostic false positive rate below 0.1% [6]

Group 1 - The report from China Post Securities indicates that by December 31, 2025, the National Development and Reform Commission and the National Energy Administration will promote high-quality development of the power grid, with the "West-to-East Power Transmission" scale exceeding 420 million kilowatts by 2030, and an additional inter-provincial power exchange capacity of around 40 million kilowatts, supporting renewable energy generation to account for approximately 30% [1] - The report emphasizes the need for the integration of main and distribution networks in the new power system, suggesting an open attitude towards various technologies for high proportions of renewable energy consumption, while advocating for increased investment in the power grid [1] - The report highlights the importance of balancing safety and efficiency in the power grid, with a focus on enhancing transmission efficiency and economic viability while maintaining reasonable planning and construction rhythms for transmission channels [2] Group 2 - The report outlines the necessity for advanced planning of distribution facilities, indicating that the distribution network must evolve into a bidirectional interactive system, which is crucial for supporting distributed renewable energy and improving asset utilization [2] - It discusses the role of smart microgrids in reducing the complexity of flow calculations and their potential to minimize impacts on the grid, while stressing that overall safety must remain a priority [2] - The report recommends focusing on companies such as Guodian NARI (600406.SH), Sifang Co., Ltd. (601126.SH), Guodian Nanzhong (600268.SH), and Jinzhitech, as they align with the trends of grid safety and renewable energy consumption [2]

Core Viewpoint - The introduction of an intelligent protection device for transformers in high-altitude areas marks a significant advancement in ensuring the reliability of power grids in challenging environments [1][2]. Group 1: Device Development and Features - The intelligent closed-type neutral point protection device for transformers has passed on-site acceptance, specifically designed for high-altitude regions [1]. - This device addresses issues such as large discharge gap variability and high false action rates associated with traditional air-insulated protection systems [1]. - The device incorporates a closed tank filled with insulating medium, which houses protection gaps, arc sensors, and fast switches, enhancing operational reliability [1]. Group 2: Technological Innovations - The device features intelligent upgrades, including real-time monitoring and diagnostic capabilities, facilitating a shift from periodic maintenance to condition-based maintenance in substations [1]. - It has been granted four patents and has two core journal papers published, indicating a strong foundation in research and development [2]. Group 3: Future Applications and Impact - The device is expected to be applied in similar environments such as the Qinghai-Tibet Plateau and Yunnan-Guizhou Plateau, strengthening the safety of the national energy corridor in the western region [2].