证券研究报告·公司点评报告·电网设备 四方股份（601126） 2025 年一季报点评：盈利能力提升，业绩略 超市场预期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,751 | 6,951 | 8,327 | 9,809 | 11,408 | | 同比（%） | 13.24 | 20.86 | 19.80 | 17.79 | 16.31 | | 归母净利润（百万元） | 627.21 | 715.59 | 884.78 | 1,055.06 | 1,238.28 | | 同比（%） | 15.46 | 14.09 | 23.64 | 19.25 | 17.37 | | EPS-最新摊薄（元/股） | 0.75 | 0.86 | 1.06 | 1.27 | 1.49 | | P/E（现价&最新摊薄） | 21.36 | 18.72 | 15.14 | 12.70 | 10.82 | [关键词： Table_ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company achieved a revenue of 57.42 billion yuan in 2024, representing a year-on-year growth of 11.15%, and a net profit attributable to shareholders of 7.61 billion yuan, up 6.06% year-on-year [1]. - The company is expected to benefit from increased investment in China's power grid and the acceleration of digitalization in the sector, with projected revenues of 64.55 billion yuan in 2025, reflecting a growth of 12.42% [6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 57.42 billion yuan, a growth of 11.15% compared to 2023, and a net profit of 7.61 billion yuan, up 6.06% [1]. - For Q1 2025, the company achieved a revenue of 8.89 billion yuan, marking a year-on-year increase of 14.76% [1]. Business Segments - The smart grid business generated revenue of 28.47 billion yuan in 2024, growing by 10.70% year-on-year, with a gross margin increase of 0.61 percentage points to 29.52% [2]. - The energy low-carbon business saw significant growth, with revenue reaching 12.19 billion yuan, up 26.43% year-on-year, although its gross margin decreased by 0.94 percentage points to 22.98% [3]. Market Expansion - The company signed new contracts worth 66.32 billion yuan in 2024, a year-on-year increase of 13.78%, with domestic revenue growing by 7.76% to 54.04 billion yuan [4]. - Internationally, the company achieved a revenue of 3.28 billion yuan, a remarkable growth of 135.14% year-on-year [4]. Profitability and Valuation - The report forecasts net profits of 8.47 billion yuan, 9.39 billion yuan, and 10.35 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.06 yuan, 1.17 yuan, and 1.29 yuan [6]. - The projected P/E ratios for 2025, 2026, and 2027 are 22, 20, and 18 respectively, indicating a favorable valuation outlook [6].

@ JIN10.COM 金十数据 | 一个交易工具 JIN10.COM 金十图示：2025年04月28日（周一）富时中国A50指数成分股午盘收盘行情一览：银行、半导体板块走高，保险、汽车板块涨跌 不一 电力行业 互联网服务 长江电力 东方财富 (8) 中国核电 a Action B 7316.00亿市值 1947.79亿市值 3247.09亿市值 13.07亿成交额 10.36亿成交额 20.65亿成交额 29.90 9.47 20.57 +0.38(+1.29%) +0.14(+1.50%) -0.13(-0.63%) 食品饮料 证券 中信证券 国泰海通 海天味业 (D 3733.30亿市值 3030.55亿市值 2326.00亿市值 7.39亿成交额 3.53亿成交额 1.56亿成交额 25.19 17.19 41.83 -0.01(-0.04%) -0.02(-0.12%) -0.17(-0.40%) 消费电子 化学制药 工业富联 立讯精密 恒瑞医药 3572.61亿市值 2252.49亿市值 3183.76亿市值 19.58亿成交额 13.98亿成交额 5.41亿成交额 17.99 31.08 49. ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved stable performance in 2024, with revenue of 6.444 billion yuan, a year-on-year increase of 29.62%, and a net profit of 663 million yuan, up 33.8% year-on-year. The first quarter of 2025 showed revenue of 1.306 billion yuan, a 26.21% increase year-on-year [1][4] - The company is expected to benefit from the growth in offshore wind power and data center sectors, which are anticipated to contribute to incremental performance in the future [1][3] Financial Performance Summary - **2024 Financials**: Revenue reached 6.444 billion yuan, net profit was 663 million yuan, and the gross margin was 22.29% [1] - **2025 Q1 Financials**: Revenue was 1.306 billion yuan, net profit was 112 million yuan, with a gross margin of 21.78% [1] - **Revenue Growth**: The company expects revenue to grow to 8.615 billion yuan in 2025, with a year-on-year growth rate of 33.7% [4] - **Profit Forecast**: Projected net profit for 2025 is 888 million yuan, reflecting a 34% year-on-year increase [4] Business Segment Analysis - **Box-type Substation**: Revenue of 4.239 billion yuan, up 22.60% year-on-year, with a gross margin of 21.13% [2] - **Transformers**: Revenue of 1.074 billion yuan, a significant increase of 56.12%, with a gross margin of 25.42% [2] - **Complete Switchgear**: Revenue of 674 million yuan, up 32.65%, with an improved gross margin of 18.06% [2] Strategic Developments - The company has made technological breakthroughs in offshore wind power, including the launch of a 66kV prefabricated intelligent offshore booster system, which has been successfully applied in major projects [2] - The company is expanding its presence in the data center market with the MyPower module, which has secured significant orders from leading internet companies [3] - The company is pursuing a global expansion strategy, focusing on high-margin overseas markets, particularly in Europe and Southeast Asia [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met market expectations, with revenue of 3.23 billion yuan, a year-on-year increase of 21.4%, and a net profit of 450 million yuan, up 22.9% year-on-year [8] - The domestic ultra-high voltage market has seen breakthroughs, while the external market is poised for expansion with new products [8] - The overseas demand for power grid construction remains high, with exports of transformers and high-voltage switches increasing by 40% and 30% year-on-year, respectively [8] - Cost control measures are ongoing, with significant increases in inventory and contract liabilities [8] - The company is expected to achieve net profits of 2.73 billion yuan, 3.54 billion yuan, and 4.56 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 21x, 16x, and 12x [8] Financial Summary - Total revenue forecast for 2023A is 12.46 billion yuan, with a year-on-year growth of 18.25% [1] - The projected net profit for 2023A is 1.56 billion yuan, reflecting a year-on-year increase of 27.75% [1] - The latest diluted EPS for 2023A is expected to be 2.00 yuan per share [1] - The company’s total assets are projected to reach 27.04 billion yuan by 2025E [9] - The company’s total liabilities are expected to be 11.74 billion yuan by 2025E [9]

Group 1 - Jinchengxin signed a mining production contract with Western Mining for approximately 377 million yuan [1] - Weishinkang's subsidiary received a drug registration certificate for compound amino acid injection (18AA-Ⅸ) [1] - Kangyuan Pharmaceutical obtained a drug registration certificate for Yunu Jian granules [2] Group 2 - Zongheng Communication reported a net profit of 3.42 million yuan in Q1 2025, turning from loss to profit [3] - Phoenix Holdings achieved a net profit of 1.39 million yuan in Q1 2025, also turning from loss to profit [3] - Dayuan Pump Industry reported a net profit of 39.21 million yuan in Q1 2025, a decrease of 3.95% year-on-year [5] Group 3 - Shuo Beid reported a net profit of 14.53 million yuan in Q1 2025, an increase of 276.05% year-on-year [7] - Tongde Chemical reported a net profit of 10.31 million yuan in Q1 2025, a decrease of 51.51% year-on-year [8] - Vanadium Titanium Co. reported a net loss of 98 million yuan in Q1 2025, a decline of 40.84% in revenue [9] Group 4 - Xineng Taishan reported a net profit of 16.23 million yuan in Q1 2025, turning from loss to profit [10] - Andavil reported a net profit of 13.83 million yuan in 2024, a decrease of 87.82% year-on-year [12] - Xingyuan Environment reported a net loss of 302 million yuan in 2024, a reduction in loss by 69.46% [14] Group 5 - China Rare Earth reported a net loss of 287 million yuan in 2024, turning from profit to loss [15] - Zhejiang Huaye reported a net profit of 92.94 million yuan in 2024, an increase of 32.21% year-on-year [16] - Mengjie Co. reported a net profit of 24.88 million yuan in 2024, an increase of 10.99% year-on-year [18] Group 6 - Tongde Chemical reported a net loss of 71.99 million yuan in 2024, turning from profit to loss [19] - Rongsheng Development reported a net loss of 8.44 billion yuan in 2024, turning from profit to loss [21] - Sanwei Communication reported a net loss of 27.1 million yuan in 2024, turning from profit to loss [22] Group 7 - Wankang Technology reported a net loss of 16.3 million yuan in 2024, turning from profit to loss [24] - Huitian New Materials reported a net profit of 1.02 billion yuan in 2024, a decrease of 65.91% year-on-year [25] - Luzhou Laojiao reported a net profit of 13.47 billion yuan in 2024, an increase of 1.71% year-on-year [27] Group 8 - Haiyuan Composite reported a net loss of 16 million yuan in 2024 [29] - Hongchuan Wisdom reported a net profit of 15.8 million yuan in 2024, a decrease of 46.57% year-on-year [30] - Gree Electric reported a net profit of 32.18 billion yuan in 2024, an increase of 10.91% year-on-year [30]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance aligns with market expectations, driven by the dual engines of smart devices and energy storage [2][8] - The company has a robust order backlog in the energy storage sector, with orders amounting to 800 million and projects exceeding 6 billion registered with the National Energy Storage Research Institute [8] - The new chairman brings significant industry experience and is expected to drive innovation and growth within the company [8] Financial Performance Summary - Total revenue for 2023 is projected at 2,537 million, with a year-on-year growth of 41.77% [1] - Net profit attributable to shareholders is expected to reach 281.27 million in 2023, reflecting a 36.71% increase year-on-year [1] - The company anticipates substantial revenue growth in the energy storage segment, with projections of 4,423 million in 2025, representing a 46.78% increase [1][9] Earnings Forecast and Valuation - The report forecasts net profits of 4.59 billion, 6.29 billion, and 8.61 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 36x, 27x, and 19x [8][9] - The latest diluted EPS is projected to be 0.81, 1.11, and 1.52 for the years 2025, 2026, and 2027 respectively [1][9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance aligns with market expectations, driven by intelligent devices and energy storage [2][8] - The energy storage segment shows significant growth potential, with a backlog of orders amounting to 800 million and projects exceeding 6 billion registered with the National Energy Research Institute [8] - The intelligent devices segment is expected to grow, with innovative products like drones and robots being developed in collaboration with leading companies [8] - The new chairman brings extensive industry experience and is expected to drive further growth and innovation [8] Financial Summary - Total revenue for 2023 is projected at 2,537 million, with a year-on-year growth of 41.77% [1] - Net profit attributable to shareholders is forecasted to be 281.27 million in 2023, reflecting a 36.71% increase year-on-year [1] - The earnings per share (EPS) is expected to reach 0.50 in 2023, with a projected P/E ratio of 59.43 [1] - Revenue is expected to grow significantly, reaching 4,423 million by 2025, with a year-on-year growth of 46.78% [1] - Net profit is projected to increase to 458.65 million by 2025, with a growth rate of 25.64% [1] - The company’s operating cash flow is expected to improve, with a net outflow of 3.7 billion in Q1 2025, primarily due to supplier payments [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][16] Core Views - The company is expected to achieve a net profit attributable to shareholders of 917 million yuan in 2024, representing a year-on-year increase of 87%. The revenue is projected to be 15.374 billion yuan, up 21% year-on-year, with a gross margin of 25.92% and a net margin of 6.11% [1][8][12] - The electric vehicle charging network business is experiencing rapid growth, with revenue of 4.890 billion yuan in 2024, an increase of 18% year-on-year, and a net profit of 208 million yuan, up 72% year-on-year. The company has established over 290 joint ventures and partnerships with more than 70 automotive manufacturers [2][13][14] - The power equipment business is also showing robust growth, with revenue of 10.485 billion yuan in 2024, a 22% increase year-on-year, and a net profit of 709 million yuan, up 91% year-on-year. The company has secured significant contracts in both domestic and international markets, particularly in the renewable energy sector [3][15][16] Summary by Sections Financial Performance - In 2024, the company is projected to achieve total revenue of 15.374 billion yuan, with a year-on-year growth of 21%. The net profit attributable to shareholders is expected to be 917 million yuan, reflecting an 87% increase. The company’s gross margin is forecasted at 25.92%, with a net margin of 6.11% [1][8][12] - For Q4 2024, the company anticipates revenue of 6.477 billion yuan, a quarter-on-quarter increase of 83%, and a net profit of 470 million yuan, up 86% quarter-on-quarter [1][8] Electric Vehicle Charging Network - The electric vehicle charging network business is projected to generate revenue of 4.890 billion yuan in 2024, an 18% increase year-on-year, with a net profit of 208 million yuan, up 72% year-on-year. The company’s charging volume is expected to exceed 13 billion kWh, a 40% increase year-on-year, and it will operate 709,000 public charging piles by the end of 2024 [2][13][14] Power Equipment Business - The power equipment segment is expected to achieve revenue of 10.485 billion yuan in 2024, a 22% increase year-on-year, with a net profit of 709 million yuan, reflecting a 91% increase year-on-year. The company has made significant inroads in the renewable energy sector, with a contract value growth of over 70% in 2024 [3][15][16] - The company is also expanding its international presence, with overseas contracts reaching 800 million yuan in 2024, a 132% increase year-on-year [3][15]

金十图示：2025年04月23日（周三）富时中国A50指数成分股今日收盘行情一览：银行、半导体行业午后延续跌势 保险 中国太保 中国人保 中国平安 电机 3175.28亿市值 2972.69亿市值 9232.59亿市值 6.46亿成交额 15.15亿成交额 3.17亿成交额 50.70 7.18 30.90 -0.07(-0.23%) +0.13(+0.26%) +0.03(+0.42%) 酸酒行业 贵州茅台 五粮液 山西汾酒 19496.19亿市值 2620.00亿市值 5044.93亿市值 28.95亿成交额 12.47亿成交额 9.73亿成交额 1552.00 129.97 214.76 -3.19(-1.46%) +3.20(+0.21%) -0.13(-0.10%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2433.47亿市值 2860.46亿市值 3463.26亿市值 21.92亿成交额 19.14亿成交额 37.76亿成交额 455.79 685.21 149.00 -3.10(-2.04%) -6.06(-1.31%) -9.77(-1.41%) 汽车整车 铁路公路 比亚迪 长城汽 ...