证券研究报告：电力设备 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 10.64 | | --- | --- | | 总股本/流通股本（亿股）6.95 | / 5.87 | | 总市值/流通市值（亿元）74 | / 62 | | 52 周内最高/最低价 | 14.12 / 8.80 | | 资产负债率(%) | 63.1% | | 市盈率 | 24.74 | | 第一大股东 | 哈尔滨电气集团有限公 | | 司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 佳电股份(000922) 电机业务略有承压，核电业务同比高增 l 投资要点 事件：公司披露 2024 年年报和 2025 年一季报。 2024 年，公司实现营收 48.99 亿元，同比-7.92%；实现归母净利 润 2.56 亿元，同比-35.78%；实现扣非归母净利润 2.27 亿元，同比- 28.68 ...

Core Viewpoint - The report indicates that while the electric motor business of the company faced some pressure, the nuclear power business showed significant growth, leading to an overall "buy" rating for the stock [1]. Group 1: Financial Performance - In 2024, the company achieved revenue of 4.899 billion yuan, a year-on-year decrease of 7.92%, and a net profit attributable to shareholders of 256 million yuan, down 35.78% year-on-year [1]. - For Q1 2025, the company reported revenue of 1.156 billion yuan, a slight increase of 0.25% year-on-year, but a net profit attributable to shareholders of 55 million yuan, down 40.75% year-on-year [1]. - The electric motor business generated revenue of 3.901 billion yuan in 2024, a decline of 13.77% year-on-year, with a gross margin of 17.94%, down 6.11 percentage points [1]. Group 2: Nuclear Power Business - The nuclear power business generated revenue of 869 million yuan in 2024, an increase of 26.67% year-on-year, with a gross margin of 37.90%, up 17.51 percentage points [2]. - The company's subsidiary, Harbin Electric Power Equipment Co., Ltd., reported revenue of 1.557 billion yuan, a year-on-year increase of 19%, and a net profit of 155 million yuan, up 76% year-on-year [2]. - The nuclear power industry is entering an accelerated development phase, with the approval of 11 nuclear power units in China in 2024, benefiting the company's growth [2]. Group 3: Profit Forecast and Valuation - The company is expected to achieve revenues of 5.039 billion yuan, 5.497 billion yuan, and 6.190 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth of 2.85%, 9.10%, and 12.61% [3]. - The forecasted net profits for the same years are 370 million yuan, 402 million yuan, and 501 million yuan, with year-on-year growth rates of 44.36%, 8.56%, and 24.70% [3]. - The corresponding price-to-earnings ratios are projected to be 19.98, 18.40, and 14.76 for 2025, 2026, and 2027, respectively, maintaining a "buy" rating [3].

证券研究报告：电力设备 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 10.64 | | --- | --- | | 总股本/流通股本（亿股）6.95 | / 5.87 | | 总市值/流通市值（亿元）74 | / 62 | | 52 周内最高/最低价 | 14.12 / 8.80 | | 资产负债率(%) | 63.1% | | 市盈率 | 24.74 | | 第一大股东 | 哈尔滨电气集团有限公 | | 司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 公司电机主业 2024 年受行业影响略有承压。2024 年，公司电机 业务收入39.01亿元，同比-13.77%，毛利率17.94%，同比-6.11pcts， 2024 年中小型电机行业企业面临需求与订单不足，材料价格波动且 高位运行、产品销售价格不涨与下降等困难，行业企业竞争加剧。 核电业务 2024 ...

编者按：推进产业有序转移，是优化生产力空间布局、促进区域协调发展的重要途径，是保持产业链供应链安全稳定、建设现代化产业体系的迫切需要。 近年来，湖南锚定"三高四新"美好蓝图，围绕改造提升传统产业、巩固延伸优势产业、培育壮大新兴产业、前瞻布局未来产业，加快构建"4×4"现代化产业 体系，在有序承接产业转移的推动下，各产业转型升级的步伐稳健而有力。 4月24日起，红网时刻新闻推出《湖南引力场——产业转移中的湖南"链"接术》系列报道，讲述湖南承接产业转移、推动企业跃迁升级的故事。本期，关注 新兴产业如何与县域经济共生共荣。 红网时刻新闻记者 汪衡 永州、长沙报道 3月29日，聚焦高端装备制造产业链的专场对接会在长沙举行。会上，湖南省永州市江华县电动工程车双电机智造基地及绿电综合开发利用项目被重点推 介。 这座曾因"四不靠"（不通江达海、无高铁通达、水运航空空白、远离中心城市辐射）而饱受区位之困的县域，曾长期面临工业底子薄、产业配套弱的"先天 不足"。 "江华毗邻大湾区，物流成本低，而且政府的服务非常周到。"陈金龙回忆道，"我们提出机器设备的搬迁和安装需要费用支持，县里很快就给了回复，并帮 助解决了问题。"正是这种贴 ...

改革，一场没有终点的征程，一次永不停歇的探索。 甘肃电气集团兰电股份（以下简称"兰电股份"）以深化国企改革三年行动为契机，锚定"精机构、提效能、强党建、促发展"目标，系统推进组织架构调整与 管理流程再造，通过精简机构打通梗阻、改革用人激发活力、优化党建凝聚合力，成功实现从"规模驱动"向"效能驱动"转型。 破除层级冗杂壁垒 助推降本增效取得"新成效" 作为西北地区电机制造领域老牌国企，兰电股份长期面临管理层级冗余、部门职能交叉、决策链条冗长等问题。为破除顽疾，公司重构组织架构，撤销冗余 部门，优化职能配置，近两年来，精简合并部门14个，减少了职能重叠，打破了层级障碍，提升了决策效率与执行速度，为企业快速响应市场需求提供了有 力支撑。公司持续优化人员结构，技术、营销、生产、管理、辅助五类人员配置比例显著改善，用工总量得到有效控制，人均劳动效率稳步提升，企业运营 成本显著降低。 一季度，该公司管理费用同比下降10%以上，通过优化设计、改进工艺、物资管控、盘活资产等多举措实现降成本近950万元，降本增效专项工作取得积极 成效。 大中型电机制造部正在装配水轮发电机（甘肃电气集团供图） 强化干部队伍建设 激活人才培养集聚 ...

Core Insights - The 2025 Cross-Strait Youth Employment and Entrepreneurship Development Exchange Conference and Industry Cooperation Promotion Conference are key events aimed at enhancing collaboration between Sichuan and Taiwan, focusing on new opportunities for integration and development [3][11] Industry Cooperation - Sichuan's economic scale has surpassed 6 trillion yuan, making it a prime destination for Taiwanese businesses looking to invest in mainland China's western region [4][10] - The region's diverse industrial base, including significant production in sectors like white liquor, solar energy, and electronics, provides a strong foundation for Taiwanese companies to explore [6][10] - Future cooperation is expected to focus on high-tech industries such as electronic information, artificial intelligence, and biopharmaceuticals, leveraging Taiwan's technological advantages and Sichuan's manufacturing capabilities [6][10] Youth Engagement - The conference highlighted the availability of 6,793 internship and employment opportunities for Taiwanese youth in Sichuan, showcasing the province's commitment to attracting young talent [7][8] - Various support measures have been implemented by Sichuan to facilitate Taiwanese youth's participation in cultural, educational, and entrepreneurial activities, enhancing the province's appeal [8][10] Strategic Vision - The collaboration between Taiwan and Sichuan is viewed as a "win-win" scenario, with both regions benefiting from their respective strengths in technology, manufacturing, and market access [10] - The theme of the conference, "Cultivating New Momentum for Development through Integration," emphasizes the importance of deepening ties and fostering mutual growth between the two regions [10][11]

Group 1 - The company has nominated Chen Liang as an independent director candidate for the seventh board of directors, ensuring that there are no relationships affecting his independence [1][34] - The company is committed to complying with relevant laws and regulations regarding the qualifications and independence of independent directors [3][4][5] - The independent director candidate has undergone qualification review and confirmed no conflicts of interest with the company [1][2] Group 2 - The company aims to become a leading supplier in the field of electric motors and drive control systems, focusing on green and intelligent solutions [38][39] - The company has two main business segments: BHM (Building Ventilation and Home Appliances) and EVBG (Electric Vehicle Business Group), with significant market potential in both segments [39][46] - The BHM segment is expected to benefit from the growing demand for energy-efficient appliances, while the EVBG segment is positioned to capitalize on the transition from traditional fuel vehicles to electric vehicles [39][51] Group 3 - The company has a production capacity of over 80 million units for building ventilation and home appliance motors, 8 million vehicle rotating electrical devices, and 1 million new energy vehicle powertrain systems annually [45] - The company is actively expanding its production capacity with new factories in Chongqing, Thailand, and Morocco [45][46] - The company emphasizes technological innovation and has established multiple R&D centers to enhance its product offerings [41][42] Group 4 - The company is benefiting from favorable government policies aimed at promoting green and intelligent home appliances and the development of the new energy vehicle market [46][47] - The hydrogen energy sector is gaining traction, with supportive policies enhancing its strategic importance in the energy landscape [48][49] - The automotive industry in China is experiencing rapid growth, with significant increases in production and sales of new energy vehicles [51][52]

证券代码：002576 证券简称：通达动力 江苏通达动力科技股份有限公司 投资者关系活动记录表 编号：2025-001 2、强化创新能力建设。紧跟市场需求，加强研发与创新，推 动技术创新与主营业务融合。 3、持续推进降本增效。强化预算管理，动态监控预算执行， 优化资源配置，严格控制成本费用，提升运营效率，合理管控成 本。 4、以技术引领市场。加强研发队伍建设，通过对产业结构的 优化和转型来不断提升科研和工艺创新能力，提升公司核心竞争 力。 感谢你的关注！ 3、请问公司如何进一步提升品牌影响力，以增强市场竞争力 和客户忠诚度？ 您好，公司作为电机行业的核心配套供应商，在电机行业中 具有很强的竞争力和市场优势，拥有专业的技术和强大的研发能 力，公司会以优质产品与服务为核心，加强与客户沟通，从而提 升公司品牌影响力，增强市场竞争力和客户忠诚度。 4、尊敬的领导，下午好！作为中小投资者，有以下问题：1、 24 年年报显示，公司业绩较同期营收持平但利润下滑，原因何在？ 2、公司在市值管理和舆情管理有没有推出相关的制度？今年会开 展哪些相关工作？3、 年报显示外贸业务占比 25，请简要介绍一 下关税和贸易战对本行业、公司 ...

证券代码：600416 证券简称：湘电股份 公告编号：2025临-031 湘潭电机股份有限公司关于全资子公司对外投资公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 投资标的名称：湖南湘电强磁科技有限公司（实际名称以工商登记机关核准的为准）（以下简称"强 磁科技"或"新公司"）。 ● 投资金额：注册资本为人民币10,000万元。其中湘潭电机股份有限公司（以下简称"公司"）之全资子 公司长沙湘电电气技术有限公司（以下简称"长研院"）以现金出资6,000万元；华中科技大学（以下简 称"华科大"）以知识产权认缴40%出资，分2期夯实到位，其中70%按政策奖励给技术团队个人持股， 30%由学校划转给其全资子公司武汉华中科大资产管理有限公司（以下简称"华科资管"）代表学校持 有。 ● 相关风险提示：本次对外投资可能会受宏观经济政策调整、行业竞争以及市场需求变化等因素的影 响，未来经营状况和收益存在不确定性。 一、对外投资概述 （一）对外投资的基本情况 磁悬浮轴承高速电机是未来电机发展趋势，也是公司确定的十大战略级 ...

在筹划重大资产重组方案仅几个月后，江苏华阳智能装备股份有限公司（以下简称"华阳智能"， 301502.SZ）即按下了"终止键"。 日前，华阳智能方面公告称，其在2025年1月披露拟支付现金收购贵州全安密灵科技有限公司（以下简 称"全安密灵"）不低于51%的股权，因交易双方未能就交易最终方案达成一致，终止本次重大资产重组 事项。 《中国经营报》记者注意到，在重大资产重组"告吹"背后，上市时间仅一年多的华阳智能业绩表现也不 容乐观。财报数据显示，2024年前三季度，华阳智能营业收入同比增长1.58%，但归母净利润同比下降 47.6%。 "终止原因已在公告中披露，以公告信息为准。"近日，华阳智能董事会秘书办公室工作人员向记者表 示。对于全安密灵与公司业务协同性问题，上述工作人员表示并不清楚，"没有参与前期事项"。 4月11日，华阳智能方面表示，经公司充分审慎研究及与相关交易对方友好协商，"同意终止本次重大资 产重组事项并与标的公司及其主要股东签署了《终止协议》"。该重大资产重组事项即购买全安密灵不 低于51%股权。 记者注意到，在发布终止收购公告前几天，华阳智能还于4月7日对外披露相关进展情况时表示，上述交 易"尚 ...