证券分析师 张晋源 A0230525040001 zhangjy@swsresearch.com | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3510 | 0.48 | 3.69 | 1.4 | | 深证综指 | 2107 | 0.26 | 4.82 | 1.08 | | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | 0.45 | 3.62 | 7.28 | | 中盘指数 | 0.38 | 4.39 | 8.11 | | 小盘指数 | 0.32 | 3.5 | 14.46 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | --- | --- | --- | --- | | 焦炭Ⅱ | 5.97 | 11.85 | 10.99 | | 小金属Ⅱ | 3.47 | 4.96 | 19.91 | | 房地产服务 | 3. ...

abc 2025 年 06 月 26 日 Global Research 首次覆盖 三星医疗 寻找价值；首次覆盖，给予买入评级 增长轨迹清晰，但估值处于底部 估值: 首次覆盖，给予买入评级，目标价为30.00元 我们基于SOTP得出12个月目标价为30.00元；其中，电力设备业务基 于11.5x 1年期动态PE估值，医疗服务业务基于18x估值（皆与同业平均水平 相似）。目标价隐含12.4x 2026E PE， 对照2024-27E EPS CAGR为23%。 | 股票 | | | --- | --- | | 中国 | | | 电子元件与设备 | | | 12个月评级 | 买入 | | | 之前 : 没有评级 | | 12个月目标价 | Rmb30.00 | | | 之前 : | | 股价 (2025年6月25日) | Rmb22.15 | | RIC: 601567.SS BBG: 601567 CH | | | 交易数据和主要指标 | | | 52周股价波动范围 | Rmb35.45-21.21 | | 市值 | Rmb31.2b/US$4.35b | | 已发行股本 | 1,409m (ORDA) | | ...

Core Viewpoint - The demand for single-phase smart meters in China is expected to grow significantly, driven by the ongoing development of smart grids and the digital transformation of the power industry, with projections indicating a demand of 11,195,200 units in 2024, an increase of 2,820,900 units from 2023 [1][6][8]. Group 1: Industry Overview - Smart meters are essential devices for data collection in smart grids, with single-phase smart meters dominating the market, accounting for over 80% of applications [1][8]. - The market for single-phase smart meters is projected to reach a scale of 9,482,330 units in 2024, up by 2,703,340 units from 2023, with expectations to reach 10,372,130 units by 2025 [1][8]. - The industry is characterized by continuous technological advancements, leading to improved precision, communication capabilities, and overall intelligence of smart meters [22]. Group 2: Industry Development Status - The smart meter industry is a crucial component of the Advanced Metering Infrastructure (AMI) system, enhancing operational efficiency, promoting energy conservation, and improving the stability of power systems [6]. - The increasing demand for smart meters is supported by technological progress and cost reductions, which enhance their functionality and performance [6][22]. Group 3: Industry Chain - The upstream of the single-phase smart meter industry includes raw materials such as electronic components, metal terminals, and flame-retardant plastics, while the midstream involves manufacturing and system integration [10]. - The downstream applications include major power grid companies like State Grid and Southern Power Grid, as well as emerging applications in distributed photovoltaics and smart homes [10]. Group 4: Competitive Landscape - The global smart meter market is fragmented, with major overseas companies focusing on high-end markets in developed countries, while Chinese companies leverage cost advantages to capture market share in developing countries [14]. - Key players in the domestic single-phase smart meter industry include Jiangsu Linyang Energy Co., Ltd., Yantai Dongfang Weiston Electric Co., Ltd., and others, who are enhancing their competitive edge through technology development and market expansion [14][15]. Group 5: Key Companies - Jiangsu Linyang Energy Co., Ltd. reported a production of 9,449,700 smart meters in 2024, an increase of 1,759,300 units from 2023, with a revenue of 2.704 billion yuan, up by 431 million yuan [18]. - Hangzhou Haixing Electric Technology Co., Ltd. achieved a production of 15,373,700 smart products in 2024, with a revenue of 4.535 billion yuan, an increase of 534 million yuan from 2023 [20].

全力布局海外市场 根据林洋能源6月12日晚间发布的《关于子公司经营合同中标的公告》，公司全资下属子公司林洋电力 服务与中国水利电力对外有限公司组成联合体参与了毛里求斯政府性公开招标电网侧储能项目，项目内 容为设计、制造、供应、安装、测试和调试两个20MW/60MWh电池储能系统，合计40MW/120MWh电 池储能系统。联合体收到招标人毛里求斯中央电力局的中标通知函，被确认为此项目的中标人，中标金 额合计2498.89万美元（不含税），约合人民币1.79亿元，占公司2024年度营业总收入的2.66%。 长江商报消息 ●长江商报记者 张璐 "电表王"林洋能源（601222.SH）再获海外订单。 近日，林洋能源公告称，公司全资子公司组成的联合体中标毛里求斯政府性公开招标电网侧储能项目， 合同金额为2498.89万美元（不含税），约合人民币1.79亿元。 林洋能源目前拥有智能配用电、新能源发电与储能三大业务板块。其中，作为国内最大的智能电表出口 企业之一，其产品已覆盖全球50多个国家和地区。 长江商报记者注意到，海外市场是公司大力拓展的方向。2024年，公司境外业务实现营收11.26亿元， 同比增长34.22%，营 ...

Group 1 - The State Grid plans to procure 32 million smart meters in 2025, representing a year-on-year decrease of 27.5% but a quarter-on-quarter increase of 7.8% [1] - The total bid amount for metering devices is 7.5 billion yuan, down 39.4% year-on-year and 6.3% quarter-on-quarter [1] - The domestic smart meter market is mature, primarily driven by replacement and upgrade demands [1] Group 2 - The peak bidding volume for smart meters occurred in 2014-2015, exceeding 90 million units in a single year [1] - In 2024, the total bidding volume for smart meters is expected to be 89.39 million units, with a total bid amount of 24.92 billion yuan [1] - The bidding demand for smart meters is projected to remain around 90 million units for the year, with a replacement peak expected to continue until 2026 [1] Group 3 - The price of smart meters is on a downward trend, with an overall quarter-on-quarter decline of approximately 9.6% [1] - The market concentration remains relatively stable, with increasing demand for smart meter module upgrades and IoT meter requirements driven by distributed energy policies [1] - Metering companies have shown good dividend payment situations, and their valuations are currently considered low [1] Group 4 - Wasion Group (03393) is a leading company in the energy metering and efficiency management sector, maintaining stable domestic market share while expanding overseas [2] - The company's overseas market revenue is projected to reach 2.397 billion yuan in 2024, a year-on-year increase of 50%, accounting for 27% of total revenue [2] - The revenue from smart distribution and utilization systems is expected to be 2.9 billion yuan in 2024, with a year-on-year growth of 17% [2]

华泰证券研报指出，预计全年的电表招标需求或维持在9000万只左右(2024年8939万台)，本轮替换周期 高峰有望延续至2026年。价格层面，继续呈现下滑趋势，整体环比降幅约9.6%；市场集中度相对稳 定。后续分布式"四可"要求下对于智能电表模块升级要求与物联表需求提升，相关设备投资有望受到带 动。近年来电表企业股利支付情况较好，当前我们认为电表企业估值已处于低位。 ｜2025年5月30日星期五｜ NO.1中信证券：当前消费领域呈现出三条趋势主线 中信证券研报指出，当前消费领域呈现出三条趋势主线：1)回归理性、品质升级与消费平替并行；2)快 乐生活、为精神满足感和情绪价值付费；3)技术进步和迭代催生的消费新方向，这将提供诸多长期结构 性"新消费"机会，建议持续配置。维持建议从攻守兼备配置渐进至弹性配置，攻守兼备：消费互联网、 低估值高回报且经营有望率先企稳的乳制品、大众餐饮等板块。弹性配置：顺周期特征明显的餐饮供应 链、酒类、人力资源服务、酒店等行业。提振内需的政策预期将逐渐增强，消费配置表现有望迎来高 潮，再次强调增配消费。 NO.2华泰证券：电表企业估值已处于低位 NO.3中金：微盘风格可能呈现优势边际弱 ...

证券代码：300882 证券简称：万胜智能 浙江万胜智能科技股份有限公司 ——"领雁"项目。报告期内，公司研发投入达 8,312.77 万元，较上 年同期增长 41.95%，占营业收入的8.87%。基于持续的研发投入与 技术积累，公司在 2024 年度创新成果加速转化：先后荣获浙江省 科技进步三等奖、中国仪器仪表学会科技进步二等奖及中国技术市 场协会"金桥奖"等重要奖项；同时取得 CMMI5 级国际认证，标志 着软件研发实力达到国际领先水平。2025 年 2 月公司成功获批设 立国家级博士后科研工作站（全国博士后管委会备案函号：博管办 〔2025〕14 号）。公司实验室自 2020 年通过中国合格评定国家认 可委员会（CNAS）认证后，通过体系化能力建设，于 2024 年获得 吉利汽车集团供应商实验室认可证书。此外，公司建有院士专家工 作站、省级重点企业研究院、国家级博士后科研工作站等平台， 与 国内外多所高等院校、科研机构持续开展产学研合作，进一步提升 了公司的研发实力。感谢您对公司的关注，谢谢！ 8.公司目前获得了多少专利？ 投资者关系活动记录表 编号：2025 - 001 | 投资者关系活动类别 | ☐ ...

逆变器、光伏和电力设备 25M3 出口数据解读 20250428 摘要 • 阳光电源一季度业绩超预期，收入达 38 亿人民币，主要受益于美国抢出 口和中东市场。但因去年同期对美出货占比高，预计今年二三季度同比可 能下降，短期股价波动风险较高，长期投资价值仍然存在。 • 欧洲逆变器市场经历补库去库周期后，3 月开始复苏，预计需求将提升。 亚洲和非洲市场呈现稳定增长，3 月亚洲同比增长十几个点，非洲同比增 长 80%。东南亚、南亚缺电加剧，将推动光储系统需求。 • 3 月份光伏组件出口额与去年 8 月持平，约为 24-25 亿元人民币，同比有 所下滑，受春节影响发货延迟。需关注 4 月份数据以准确评估组件业务潜 力。 • 二季度是逆变器及储能板块的投资窗口期，多家公司排产和订单良好。欧 洲需求稳定释放，东南亚、南亚缺电推动光储需求，有望实现环比和同比 双重提升。 • 2025 年 3 月电力设备出口延续高景气，变压器对北美出口因关税政策提 前，同比翻倍增长，亚洲市场表现亮眼。高压开关设备出口加速，电表出 口增速稳定。 Q&A 逆变器和光伏设备在亚非拉市场的出口情况如何？ 我们对亚非拉市场的出口前景持乐观态度。尽管 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][9] Core Views - The company experienced short-term performance pressure but is actively expanding its overseas market, which is expected to create new growth points in the electric meter and energy storage businesses [2][3] - In 2024, the company achieved an operating income of 6.742 billion RMB, a year-on-year decrease of 1.89%, and a net profit attributable to shareholders of 753 million RMB, down 27% year-on-year [2][8] - The overseas revenue reached 1.126 billion RMB in 2024, marking a 34% year-on-year increase, indicating successful market expansion efforts [3] Summary by Sections Performance Overview - In 2024, the company reported an operating income of 6.742 billion RMB, a decrease of 1.89% from the previous year, and a net profit of 753 million RMB, down 27% year-on-year [2][8] - The first quarter of 2025 saw an operating income of 1.124 billion RMB, a 27% decline year-on-year, with a net profit of 124 million RMB, down 43% [2] Business Analysis - The company is focusing on overseas market expansion, with a significant partnership with global meter leader Landis+Gyr to increase market share in Western Europe and Asia-Pacific [3] - The energy storage segment generated 920 million RMB in revenue in 2024, a 39% decline, but maintained a gross margin of 17.64%, an increase of 1.55 percentage points year-on-year [3] - The company’s power station construction is progressing steadily, with power station revenue of 1.19 billion RMB in 2024, down 8%, but with a gross margin of 25.94%, up 14.46 percentage points year-on-year [3] Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 850 million RMB, 970 million RMB, and 1.1 billion RMB, respectively, with corresponding price-to-earnings ratios of 15, 13, and 12 times [4][8]

Investment Rating - The report maintains a "Buy" rating for the company [4][9]. Core Views - The company experienced short-term performance pressure but is actively expanding its overseas market, which is expected to create new growth points in the electric meter and energy storage businesses [2][3]. - In 2024, the company achieved an operating income of 6.742 billion RMB, a year-on-year decrease of 2%, and a net profit attributable to shareholders of 753 million RMB, down 27% year-on-year [2]. - The company reported a significant increase in overseas revenue, reaching 1.126 billion RMB in 2024, a growth of 34% year-on-year [3]. Summary by Relevant Sections Performance Overview - In Q1 2025, the company reported an operating income of 1.124 billion RMB, a decrease of 27% year-on-year, and a net profit of 124 million RMB, down 43% year-on-year [2]. Business Analysis - The company is focusing on expanding its overseas market, with a partnership with global meter leader Landis+Gyr to increase market share in Western Europe and Asia-Pacific [3]. - The energy storage business generated 920 million RMB in revenue in 2024, a decline of 39%, but maintained a gross margin of 17.64%, an increase of 1.55 percentage points year-on-year [3]. - The company’s power station construction is progressing steadily, with power station revenue of 1.19 billion RMB in 2024, down 8% year-on-year, but with a gross margin of 25.94%, an increase of 14.46 percentage points year-on-year [3]. Profit Forecast and Valuation - The company’s net profit is projected to be 850 million RMB in 2025, 970 million RMB in 2026, and 1.1 billion RMB in 2027, with corresponding P/E ratios of 15, 13, and 12 times [4].