2025年，混合换相换流阀获批在灵宝换流站示范应用，工程正式进入实施阶段。 ——世界首台混合换相换流阀在国网河南灵宝换流站成功投运 2025年12月28日，随着为期168小时的试运行顺利完成，世界首台基于自主可控IGCT器件的混合换相换 流阀在国网河南电力灵宝换流站正式投运，标志着我国在直流输电核心装备领域实现从跟跑到领跑的关 键跨越。国网河南省电力公司电力科学研究院（以下简称"国网河南电科院"）为首台装备顺利投运提供 了全过程技术保障。 产学研用协同攻关 成功研制世界首台混合换相换流阀 河南电网作为全国联网枢纽，是"西电东送、北电南供"的关键通道和重要支点，其稳定运行对保障华中 地区乃至全国电力可靠供应具有关键作用。但长期以来，直流输电工程的"心脏"——基于晶闸管的电网 换相换流阀，普遍存在易受交流电网扰动影响而出现"换相失败"的问题，制约了西部地区清洁能源向中 东部负荷中心大规模输送能力的提升。 为提升特高压电网运行可靠性，解决常规直流输电"换相失败"难题，在河南电力的组织下，国网河南电 科院联合清华大学等产学研多方团队开展技术攻关。2023年6月，团队成功研制了世界首台基于自主可 控IGCT器件的混合换 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [4][3]. Core Insights - The company reported a revenue of 6.447 billion yuan for H1 2025, a year-on-year decrease of 5.68%, while the net profit attributable to shareholders increased by 0.96% to 634 million yuan. The gross margin improved to 23.75%, up by 2.85 percentage points [1]. - In Q2 2025, the company achieved a revenue of 4.099 billion yuan, reflecting a year-on-year increase of 1.81%, and a net profit of 426 million yuan, up by 9.12% [1]. - The company is focusing on its core business, maintaining a strong market position and deepening regional engagement, with significant improvements in its product structure and market share [2]. - The company has made significant advancements in direct current transmission technology, with a revenue increase of 211.71% in this segment, reaching 460 million yuan in H1 2025 [2]. - R&D investment reached 263 million yuan in H1 2025, a year-on-year increase of 9.21%, leading to notable innovations in power electronics [2]. Financial Projections - Revenue projections for 2025-2027 are 18.346 billion, 20.560 billion, and 23.189 billion yuan, with corresponding growth rates of 7.4%, 12.1%, and 12.8% [3]. - Net profit attributable to shareholders is expected to be 1.375 billion, 1.676 billion, and 2.129 billion yuan for the same period, with growth rates of 23.1%, 21.9%, and 27.0% respectively [3]. - The projected PE ratios for 2025-2027 are 18X, 14X, and 11X, indicating a favorable valuation trend for the company [3].