Investment Rating - The report assigns a "Buy" rating for the company with a target price of 16.43 CNY, based on a PEG valuation method [6][4]. Core Viewpoints - The company is positioned as a leader in the variable frequency transformer market, benefiting from the steady growth in demand for high-voltage variable frequency drives driven by energy efficiency needs and policy support [2][40]. - The company has a strong market presence with over 25% market share in the variable frequency transformer sector, being one of the earliest manufacturers in China [2][47]. - The company is expanding into new business areas such as data centers, with products like phase-shifting transformers and solid-state transformers under development, which are expected to contribute to future revenue growth [3][50]. Summary by Sections Company Overview - Established in 1985, the company specializes in various types of special transformers, power transformers, reactors, and energy storage products, with a focus on variable frequency transformers [1][13]. - The company has a concentrated ownership structure, with the actual controllers holding 56.75% of the shares [13]. Main Business - The company is a leading manufacturer of variable frequency transformers, which are essential components of high-voltage variable frequency drives, accounting for approximately 29% of their cost structure [2][44]. - The demand for high-voltage variable frequency drives is expected to continue growing, which will drive the demand for variable frequency transformers upward [2][42]. Incremental Business - Data Centers - The company is developing products for data centers, including phase-shifting transformers and solid-state transformers, which are anticipated to enhance efficiency and meet the evolving needs of modern data centers [3][50]. - The phase-shifting transformer is already being applied in Panama's power supply systems, demonstrating significant efficiency improvements [51]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 478.3 million, 623.4 million, and 833.18 million CNY, with year-on-year growth rates of 26.9%, 30.3%, and 33.6% respectively [4][5]. - The company is expected to return to profitability in 2025, with a net profit forecast of 42.4 million CNY, following a loss in 2024 [4][36].

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Insights - The energy storage system bidding scale in August 2025 increased by over 10 times month-on-month, reaching a historical high of 17.7GW/45.7GWh, with year-on-year growth of 237.1% and 691.4% respectively [4][38] - The electric equipment sector has shown strong performance, with the sector rising 8.19% in the last two weeks, outperforming the CSI 300 index by 7.19 percentage points, and ranking second among 31 sectors [11][12] - The report highlights the significant growth in the grid-side energy storage system, which reached a bidding scale of 18.2GWh in August, reflecting a year-on-year increase of 437.2% and a month-on-month increase of 521.9% [39] Summary by Sections Market Review - As of September 25, 2025, the electric equipment sector has risen 17.13% this month, outperforming the CSI 300 index by 14.98 percentage points, ranking first among 31 sectors [11] - The wind power equipment sector increased by 8.31%, while the battery sector saw a rise of 12.48% in the last two weeks [12][16] Valuation and Industry Data - The electric equipment sector's PE (TTM) is 34.90 times, with sub-sectors like motors at 67.83 times and batteries at 37.26 times [24] - The report provides a detailed valuation comparison, indicating that the current valuation is significantly above the one-year average for most sub-sectors [24] Industry News - The report notes that the Chinese government has set ambitious targets for renewable energy, aiming for non-fossil energy consumption to account for over 30% of total energy consumption by 2035 [38] - The report emphasizes the importance of energy storage technology development, highlighting government initiatives to promote large-scale applications of energy storage equipment [38]

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Insights - The energy storage system bidding scale in August 2025 saw a month-on-month increase of over 10 times, reaching 17.7GW/45.7GWh, marking a year-on-year growth of 237.1% and 691.4% respectively [5][39] - The power equipment sector has outperformed the CSI 300 index, with a year-to-date increase of 38.91%, surpassing the index by 22.18 percentage points [12][18] - The report highlights significant growth in the grid-side energy storage system, which reached a bidding scale of 18.2GWh in August, reflecting a year-on-year increase of 437.2% and a month-on-month increase of 521.9% [40] Summary by Sections Market Review - As of September 25, 2025, the power equipment industry rose by 8.19% over the past two weeks, outperforming the CSI 300 index by 7.19 percentage points, ranking second among 31 industries [12] - The wind power equipment sector increased by 8.31%, while the battery sector saw a rise of 12.48% [18] Valuation and Industry Data - The power equipment sector's PE (TTM) is 34.90 times, with sub-sectors like the motor sector at 67.83 times and the battery sector at 37.26 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating a significant premium over historical averages [25] Industry News - The report notes China's commitment to reducing greenhouse gas emissions and increasing the share of non-fossil energy consumption to over 30% by 2035 [39] - It emphasizes the government's push for large-scale applications of energy storage equipment, focusing on safety and efficiency [39] Company Announcements - The report includes announcements from companies like Datang Group regarding a major offshore wind power project and various corporate actions from firms like Goldwind Technology and Longi Green Energy [42][43] Weekly Perspective - The report suggests focusing on leading inverter companies benefiting from the development of new energy storage technologies, highlighting specific companies such as Guodian NARI and Sunshine Power [44]

证券之星消息，9月26日电网设备板块较上一交易日下跌0.11%，杭电股份领跌。当日上证指数报收于 3828.11，下跌0.65%。深证成指报收于13209.0，下跌1.76%。电网设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301668 | N昊创 | 61.06 | 190.76% | 18.81万 | | 11.88亿 | | 002346 | 柘中股份 | 19.14 | 10.00% | 11.98万 | | 2.24亿 | | 603606 | 东方电缆 | 66.02 | 5.46% | 20.39万 | | 13.58亿 | | 601126 | 四方股份 | 19.10 | 4.83% | 52.25万 | | 10.04亿 | | 002121 | 科陆电子 | 8.55 | 4.78% | 142.90万 | | 12.41亿 | | 300018 | 中元股份 | 9.14 | 4.22% | 39.05万 | | 3.57亿 ...

（责任编辑：张晓波 ） 中信建投指出，全球进入电力设备需求上行周期，2025年全球电网投资将超过4000亿美金，高景气 度延续。AI将强势带动全球用电需求增长，预计到2030年数据中心电力消耗将增加一倍以上，配套电 气设备需求显著增加。欧美市场需求持续走强，美国变压器价格指数居高不下，中国出口美国电力变压 器金额同比增加54%。中东市场高速增长，沙特目标到2030年实现发电装机130GW，输电端将保持大规 模投入，中国出口沙特电力变压器金额同比增加超过200%，特变电工中标沙特164亿元大额订单。中国 电力设备制造水平高、产业链完整、抗风险强、产能充沛，在全球需求上行周期下，出口企业迎来黄金 窗口，2025H1头部公司出口业务实现较快增长，起量增利，出海业务已成为致胜未来的关键。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 电网E ...

国元证券近日发布电力设备新能源行业周报：2025年09月15日至09月19日，上证综指下 跌1.30%，深证成指上涨1.14%，创业板指上涨2.34%。其中申万电力设备上涨3.07%，较沪 深300跑赢3.51pct。细分子行业来看，申万光伏设备/风电设备/电池/电网设备分别涨 跌-0.84%/5.26%/5.56%/2.06%。 以下为研究报告摘要： 报告要点： 周度行情回顾 2025年09月15日至09月19日，上证综指下跌1.30%，深证成指上涨1.14%，创业板指上涨 2.34%。其中申万电力设备上涨3.07%，较沪深300跑赢3.51pct。细分子行业来看，申万光伏 设备/风电设备/电池/电网设备分别涨跌-0.84%/5.26%/5.56%/2.06%。 重点板块跟踪 根据北极星风力发电网对市场上几款主流机型的不完全统计，按不含塔筒的中标价来 看，5兆瓦机组的最低中标价从2024年的1157元/千瓦上升至今年上半年的1700元/千瓦左 右；5兆瓦—6.25兆瓦机组的最低中标价从2024年的1135元/千瓦上升至今年上半年的1400元/ 千瓦左右；市场占有率最高的6.25兆瓦—7.15兆瓦机组，202 ...

Market Performance - The electric equipment sector increased by 1.5% compared to the previous trading day, with Hualing Cable leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Top Gainers - Hualing Cable (001208) closed at 14.65, up 9.98% with a trading volume of 178,600 shares and a transaction value of 262 million [1] - Jingda Co. (600577) closed at 10.13, up 6.97% with a trading volume of 2.39 million shares and a transaction value of 2.34 billion [1] - Zhongyuan Co. (300018) closed at 8.74, up 5.94% with a trading volume of 295,900 shares and a transaction value of 254 million [1] Top Losers - Hangdian Co. (603618) closed at 11.01, down 9.98% with a trading volume of 1.14 million shares and a transaction value of 1.26 billion [2] - Wanma Co. (002276) closed at 18.67, down 9.24% with a trading volume of 2.04 million shares and a transaction value of 3.88 billion [2] - Honglida (688330) closed at 41.68, down 7.73% with a trading volume of 121,900 shares and a transaction value of 508 million [2] Fund Flow Analysis - The electric equipment sector experienced a net outflow of 521 million from institutional investors and 386 million from speculative funds, while retail investors saw a net inflow of 907 million [2][3] - The top net inflow from retail investors was observed in Jingda Co. (600577) with 155 million, while Hualing Cable (001208) saw a net outflow of 465 million from retail investors [3]

Investment Rating - The report maintains a "Buy" rating for the energy and new energy sectors, indicating a positive outlook for the industry [7]. Core Insights - The report highlights the opening of policy windows and the upgrade of domestic manufacturing in the power equipment and new energy sectors, suggesting a favorable environment for investment [2]. - The photovoltaic industry is undergoing a "de-involution" movement, which has reached the highest strategic level in the country, focusing on capacity integration in the silicon material segment and strengthening price regulation across the industry [4]. - The wind power industry is experiencing sustained high prosperity, with a reasonable supply-demand structure and good profitability for enterprises [4]. Weekly Market Review - From September 15 to September 19, 2025, the Shanghai Composite Index fell by 1.30%, while the Shenzhen Component Index rose by 1.14%, and the ChiNext Index increased by 2.34%. The Shenwan Power Equipment Index rose by 3.07%, outperforming the CSI 300 by 3.51 percentage points [12]. - Among sub-sectors, photovoltaic equipment decreased by 0.84%, wind power equipment increased by 5.26%, battery equipment rose by 5.56%, and grid equipment increased by 2.06% [12]. Key Sector Tracking - The report notes a significant increase in the bidding prices for wind turbine models, with the lowest bid price for 5 MW units rising from 1,157 RMB/kW in 2024 to approximately 1,700 RMB/kW in the first half of this year. This trend indicates that all models' bidding prices are now above their minimum cost prices, effectively curbing the industry's vicious low-price competition [3][21][22]. Investment Recommendations - For the photovoltaic sector, the report suggests focusing on silicon materials, glass, and battery segments that have undergone sufficient corrections and have clear alpha. Companies to watch include Aiko Solar, Flat Glass Group, GCL-Poly Energy, and Junda Technology [4]. - In the wind power sector, the report recommends focusing on companies like Goldwind Technology and Yunda Co., as well as cable manufacturers like Orient Cable and Zhongtian Technology [4]. - The new energy vehicle sector is experiencing rapid growth, with a recommendation to prioritize companies benefiting from low upstream raw material prices, such as CATL and EVE Energy [5]. Industry Price Data - The report provides insights into the price trends of key materials in the industry, including silicon material prices, which have shown significant fluctuations, indicating a dynamic market environment [33][35].

Market Performance - The energy storage and wind power sectors have performed relatively well, achieving positive excess returns compared to industry indices, while the photovoltaic and grid equipment sectors have underperformed [1][2] - The energy storage sector benefits from ongoing industry prosperity and rapid growth in shipment volumes, significantly outperforming industry benchmarks [2] - The wind power sector's bidding market has begun to transmit its prosperity to the revenue side of industry chain companies, leading to a noticeable recovery in their performance [2] Industry Recovery - The photovoltaic sector's performance has bottomed out and is beginning to recover, while the wind and energy storage sectors show an upward trend in their fundamentals [2] - The photovoltaic supply chain, including silicon materials, silicon wafers, and integrated components, is gradually recovering, although auxiliary materials are under pressure [3] - The domestic photovoltaic demand is expected to surge in the first half of 2025 due to the implementation of relevant policies, stabilizing industry prices [3] Supply and Demand Dynamics - The industry is experiencing a significant slowdown in expansion pace due to the enforcement of policies aimed at curbing "involution" competition, leading to an ongoing optimization of the supply-demand structure [2][3] - The wind power sector is witnessing a clear recovery, with revenue growth driven by the transmission of high bidding market conditions to the income side of the industry chain [4][5] Grid Equipment Sector - The grid equipment sector continues to show stable growth, benefiting from a long-term uptrend in global grid investment [6] - The demand for grid equipment is increasing due to the rapid growth of wind and photovoltaic industries, necessitating greater investment in grid infrastructure [6]

Group 1: Target Price Increases - The companies with the highest target price increases as of September 22 include Gaweida (300465) with a target price increase of 98.76%, SAIC Motor (600104) with 37.72%, and Haitian Flavoring (603288) with 27.18% [2][3] Group 2: Rating Changes - On September 22, the rating for TBEA (600089) was upgraded from "Hold" to "Strong Buy" by China Merchants Securities [5][6] - Conversely, the rating for JMC (000550) was downgraded from "Buy" to "Hold" by Industrial Securities [7][8] Group 3: Initial Coverage - On September 22, nine companies received initial coverage, including JMC (000550) rated "Hold" by Industrial Securities, Ximai Food (002956) rated "Hold" by Shanxi Securities, and Gaweida (300465) rated "Buy" by Dongwu Securities [8]