2025 年 10 月 26 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 邱迪 S0350522010002 | | | qiud@ghzq.com.cn | | 证券分析师： | 李航 S0350521120006 | | | lih11@ghzq.com.cn | | 联系人 ： | 吴亦辰 S0350125030017 | | | wuyc@ghzq.com.cn | 最近一年走势 | 相对沪深 | 表现 300 | | | 2025/10/24 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 东方电缆 | | 8.4% | 35.7% | 20.4% | | 沪深 300 | | 2.1% | 12.3% | 18.6% | | 市场数据 | 2025/10/24 | | --- | --- | | 当前价格（元） | 66.20 | | 52 周价格区间（元） | 45.22-73.94 | | 总市值（百万） | 45,526.76 | | 流通市值（百万） | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in Q1-Q3 2025 is in line with market expectations, with revenue of 17 billion and a year-on-year increase of 11.5%, and a net profit of 940 million, up 19.3% year-on-year [8] - The company's main business shows stable growth, driven by accelerated approvals for ultra-high voltage projects, which are expected to boost order growth [8] - The company is a leader in solid-state transformer technology and has begun mass production, positioning itself for future demand in data center projects [8] - The company has good cost control, with a significant backlog of orders, indicating strong future revenue potential [8] - Profit forecasts for 2025-2027 show a net profit of 1.497 billion, 1.769 billion, and 2.052 billion respectively, with corresponding P/E ratios of 24x, 21x, and 18x [8] Financial Summary - Total revenue is projected to reach 24.476 billion in 2025, with a year-on-year growth of 9.85% [1] - The net profit attributable to shareholders is expected to be 1.497 billion in 2025, reflecting a year-on-year increase of 42.04% [1] - The latest diluted EPS is forecasted to be 0.29 in 2025, with a steady increase in subsequent years [1] - The company's asset-liability ratio is 46.26%, indicating a stable financial structure [6]

证券研究报告 | 2025年10月24日 思源电气（002028.SZ） 优于大市 三季度业绩再创新高，海外业务持续放量 收入利润快速增长，盈利能力持续提升。2025 年前三季度公司实现营收 138.27 亿元，同比+32.86%；归母净利润 21.91 亿元，同比+46.94%；扣非净 利润 20.36 亿元，同比+44.87%。2025 年前三季度公司毛利率 32.32%，同比 +0.90pct.；净利率 16.42%，同比+1.82pct.。 三季度业绩超预期，盈利能力再创新高。三季度公司实现营收 53.30 亿元， 同比+25.68%，环比+1.13%；归母净利润8.99亿元，同比+48.73%，环比+6.20%。 三季度公司毛利率 33.25%，同比+2.29pct.，环比+0.63pct.；净利率 17.67%， 同比+2.99pct.，环比+1.24pct.。 海外业务持续放量，收入占比持续提升。2025 年上半年公司海外收入 28.6 亿元，同比+89%，海外收入占比高达 34%；毛利率 35.69%，同比+1.87pct.。 2022 年以来，海外电力设备供给持续偏紧，公司凭借多重优势海外业 ...

南方传媒：前三季度净利润同比增长60.73% 所属行业：传媒–出版–教育出版 中船特气：前三季度净利润同比增长3.98% 10月24日晚，中船特气（688146）发布2025年三季度报告，公司前三季度实现营业收入16.07亿元，同 比增长14.9%；实现归属于上市公司股东的净利润2.45亿元，同比增长3.98%。其中，第三季度实现营业 收入5.67亿元，同比增长19.36%；实现归属于上市公司股东的净利润6765.96万元，同比增长18.15%。 资料显示，中船特气成立于2016年12月，主营业务是电子特种气体及三氟甲磺酸系列产品的研发、生产 和销售。 所属行业：电子–半导体–半导体材料 泰禾智能：前三季度净利润同比增长46.28% 10月24日晚，泰禾智能（603656）发布2025年三季度报告，公司前三季度实现营业收入4.19亿元，同比 增长3.97%；实现归属于上市公司股东的净利润2877.93万元，同比增长46.28%。其中，第三季度实现营 业收入1.69亿元，同比下降4.81%；实现归属于上市公司股东的净利润1820.23万元，同比增长38.80%。 资料显示，泰禾智能成立于2004年12月，主营业 ...

证券之星消息，10月24日电网设备板块较上一交易日上涨1.36%，中元股份领涨。当日上证指数报收于 3950.31，上涨0.71%。深证成指报收于13289.18，上涨2.02%。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) | | --- | --- | --- | --- | --- | --- | | 300018 | 中元股份 | 11.90 | 8.58% | 64.45万 | 7.52亿 | | 002121 | 科陆电子 | 9.50 | 8.45% | 117.02万 | 10.92亿 | | 161889 | 智洋创新 | 32.25 | 8.44% | 6.51万 | 2.06亿 | | 688676 | 金盘科技 | 64.63 | 8.31% | 24.88万 | 15.68亿 | | 601126 | 四方股份 | 27.33 | 6.67% | 50.34万 | 13.60亿 | | 002546 | 新联电子 | 7.36 | 6.36% | 144.50万 | 10.43亿 | | 603829 | 溶凯股份 | ...

导读：张旭辉的蹊跷请辞，其背后的真正原因尚未让外界得以窥见，但此举，无疑是断送旭辉电气此次 北交所上市的导火线。虽然在张旭辉宣布离任旭辉电气董事长和总经理时，旭辉电气还对外坚称"此次 辞任不会对公司的生产、经营产生不利影响"，但如此重磅的人事变动，又岂是这样一句轻描淡写的言 语就可以蒙混过关的。 本文由叩叩财经（ID：koukouipo)独家原创首发 作者：方知跃@北京 编辑：翟 睿@北京 河北旭辉电气股份有限公司（下称"旭辉电气"）果然没有等来走上北交所上市委会议接受上市委员们对 其是否符合上市条件的表决机会，纵然在此之前旭辉电气就其上市事宜已耗时近两年时间完成了来自北 交所的三轮审核问询。 2025年10月23日晚间，旭辉电气发布公告称，拟终止北交所上市申请并撤回上市申报文件，而在此前的 一天，旭辉电气已悄然召开了第七届董事会第十一次会议，审议通过了其叫停北交所上市的相关议案。 旭辉电气是在2023年12月22日在民生证券的保荐下向北交所递交相关上市申请的。 最初的上市审核进展，旭辉电气还算"正常"。 2024年1月17日，即旭辉电气上市申请被监管层受理的次月，北交所即对其拉开了审核问询的大幕，向 其下发 ...

电力设备 | 电网设备 北交所|公司点评报告 hyzqdatemark 2025 年 10 月 23 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 10 | | 日 | 月 | 22 | 2025 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 89.80 | | | | | | 一 年 最 低 | 最 | | | | | | | | | 内 | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | 8,213.37 | | | | | | 流通市值（百万元） | | | | | | 2,654.87 | | | | | | 总股本（百万股） | | | | | | 91.46 | | | | | | 资产负债率（%） | | ...

Group 1 - The A-share market experienced a collective decline on October 23, with the only ETF tracking power grid equipment (159326) hitting a low before rebounding, narrowing its decline to 0.96% by 14:18. Notable stocks such as Neng Electric surged over 6% [1] - The rapid development of AI technology is driving an explosive increase in power demand from global data centers, necessitating upgrades to power grid infrastructure. The largest U.S. grid operator, PJM, warned that AI-driven demand has led to exhausted grid capacity in the most densely populated data center regions, leaving new projects without available power [1] - According to Everbright Securities, policies require the establishment of a national unified electricity market by 2025, with full completion by 2029. Over the next five years, measures to address consumption issues will be implemented, focusing on inter-provincial grid channels, digitalization, carbon markets, and electricity market construction. Trends include lower generation prices, increased adjustment costs, higher end-user prices, and internalization of carbon pricing, with a positive outlook on distribution networks, digitalization, and ultra-high voltage construction [1] Group 2 - The power grid equipment ETF (159326) is the only ETF tracking the China Securities Power Grid Equipment Theme Index. The index's constituent stocks are primarily distributed across power transmission and transformation equipment, grid automation equipment, cable components, communication cables, and distribution equipment, showcasing strong representativeness. The ultra-high voltage sector holds a significant weight of 63%, the highest in the market. The top ten holdings include industry leaders such as State Grid Nari, TBEA, Sifang Electric, and Trina Solar [2]

证券之星消息，10月23日电网设备板块较上一交易日下跌0.02%，威腾电气领跌。当日上证指数报收于 3922.41，上涨0.22%。深证成指报收于13025.45，上涨0.22%。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 | 吴创瑞通 | 69.30 | 13.61% | 15.10万 | 9.83亿 | | 300407 | 凯发电气 | 11.96 | 9.42% | 40.39万 | 4.96 Z | | 688611 | 杭州柯林 | 40.90 | 8.40% | 3.22万 | 1.31亿 | | 300062 | 中能电气 | 6.21 | 7.81% | 1 82.69万 | 5.08亿 | | 301386 | 未来电器 | 26.33 | 6.30% | 11.06万 | 2.84亿 | | 301609 | 山大电力 | 51.51 | 5.17% | 5.65万 | 2.86亿 | | 300932 | 三友联众 | 12 ...

Core Viewpoint - The article highlights the significant increase in foreign investment in Chinese stocks, particularly by QFII and northbound funds, driven by China's economic resilience and favorable macro policies, with the Shanghai Composite Index rising over 12% in Q3 and the Shenzhen Component Index nearly 30% [4][6]. Group 1: QFII Holdings - QFII has increased its holdings in 18 stocks during Q3, with notable new positions in companies like Placo New Materials, Zhongcai Technology, and Zhongce Rubber, reflecting a total holding value of 62.71 billion yuan across 37 stocks [5][8]. - The top three stocks by QFII holding value include Enyuan Electric (12.67 billion yuan), China Western Power (8.77 billion yuan), and Haida Group (7.66 billion yuan) [5][3]. - QFII's focus on technology stocks is evident, with new or increased positions in sectors such as lithium batteries, commercial aerospace, and semiconductors [5][6]. Group 2: Northbound Fund Inflows - Northbound funds have also significantly increased their holdings in 11 stocks, with Placo New Materials seeing a remarkable 868.82% increase in holdings, making it the second-largest shareholder [8]. - The sectors with the most stocks receiving increased foreign investment include electric power equipment, with three stocks: China Western Power, Shenma Electric, and Enyuan Electric [8][4]. Group 3: Performance of QFII Stocks - Among the 37 QFII heavy stocks, 25 reported a year-on-year increase in net profit, indicating a positive performance trend, with over 70% of these stocks showing growth [9]. - Notable performers include Yongding Co., which saw a 474.3% increase in net profit, primarily due to significant investment income from its joint venture in the real estate sector [9].