证券研究报告·公司点评报告·电网设备 南网科技（688248） 2025 年一季报点评：智能设备+储能双轮驱 动，业绩符合市场预期 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） | 2,537 | 3,014 | 4,423 | 5,780 | 7,596 | | 同比（%） | 41.77 | 18.77 | 46.78 | 30.68 | 31.43 | | 归母净利润（百万元） | 281.27 | 365.05 | 458.65 | 628.80 | 860.65 | | 同比（%） | 36.71 | 29.79 | 25.64 | 37.10 | 36.87 | | EPS-最新摊薄（元/股） | 0.50 | 0.65 | 0.81 | 1.11 | 1.52 | | P/E（现价&最新摊薄） | 59.43 | 45.79 | 36.44 | 26.58 | 19.42 | [关键词： Table_ ...

证券研究报告·公司点评报告·电网设备 南网科技（688248） 2025 年一季报点评：智能设备+储能双轮驱 动，业绩符合市场预期 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） | 2,537 | 3,014 | 4,423 | 5,780 | 7,596 | | 同比（%） | 41.77 | 18.77 | 46.78 | 30.68 | 31.43 | | 归母净利润（百万元） | 281.27 | 365.05 | 458.65 | 628.80 | 860.65 | | 同比（%） | 36.71 | 29.79 | 25.64 | 37.10 | 36.87 | | EPS-最新摊薄（元/股） | 0.50 | 0.65 | 0.81 | 1.11 | 1.52 | | P/E（现价&最新摊薄） | 59.43 | 45.79 | 36.44 | 26.58 | 19.42 | [关键词： Table_ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady growth in performance, with revenue reaching 7.545 billion yuan in 2024, a year-on-year increase of 16.47%, and a net profit attributable to shareholders of 684 million yuan, up 26.34% [4][5] - Emerging businesses are making multiple breakthroughs, contributing to overall growth [5][6] - The company is expanding its overseas business with localized strategies showing initial success, including contracts in Saudi Arabia and Nicaragua [7] Financial Performance Summary - In 2024, the company achieved a revenue of 75.45 billion yuan, with a gross profit margin of 33.71%, which improved by 0.01 percentage points year-on-year [4][5] - The fourth quarter of 2024 saw revenue of 29.14 billion yuan, a 22.52% increase year-on-year, and a net profit of 263 million yuan, up 33.50% [4] - The company expects revenues of 89.21 billion yuan, 106.13 billion yuan, and 126.14 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 8.52 billion yuan, 10.23 billion yuan, and 12.25 billion yuan [8][11] Business Segment Performance - Smart distribution and electricity usage business generated 4.324 billion yuan in revenue, a 17.06% increase, with a gross margin of 32.57% [5] - Dispatching and cloud services business revenue was 1.290 billion yuan, up 17.11%, with a gross margin of 37.70% [5] - The automation business for power transmission and transformation saw revenue of 857 million yuan, a 37.50% increase, with a gross margin of 38.35% [5] - Comprehensive energy and virtual power plant business generated 220 million yuan, a 12.43% increase, with a gross margin of 32.79% [5] - New energy and energy storage business revenue was 296 million yuan, a decrease of 13.90%, but with a gross margin of 25.66% [5] - Industrial internet and smart manufacturing business achieved revenue of 448 million yuan, a 12.38% increase, with a gross margin of 22.68% [6] Overseas Expansion - The company has successfully launched a localized production line in Saudi Arabia with contracts nearing 170 million yuan [7] - It has also made progress in Uzbekistan and entered the Belgian market with its ring network cabinet products [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady growth in performance, with revenue reaching 7.545 billion yuan in 2024, a year-on-year increase of 16.47%. The net profit attributable to shareholders was 684 million yuan, up 26.34% year-on-year, and the non-recurring net profit was 648 million yuan, reflecting a 37.69% increase [4][5] - The company has made significant breakthroughs in emerging businesses, with multiple segments showing growth, including smart distribution and utilization, scheduling and cloud services, and automation in transmission and transformation [5][6][7] Financial Performance Summary - In 2024, the company achieved a revenue of 75.45 billion yuan, with a gross margin of 33.71%, which improved by 0.01 percentage points year-on-year. The fourth quarter of 2024 saw a revenue of 29.14 billion yuan, a 22.52% increase year-on-year, and a net profit of 263 million yuan, up 33.50% year-on-year [4][5] - The company expects revenues of 89.21 billion yuan, 106.13 billion yuan, and 126.14 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 852 million yuan, 1.023 billion yuan, and 1.225 billion yuan [8][11] Business Segment Performance - Smart distribution and utilization business generated 4.324 billion yuan in revenue, a 17.06% increase year-on-year, with a gross margin of 32.57% [5] - Scheduling and cloud services achieved 1.290 billion yuan in revenue, up 17.11% year-on-year, with a gross margin of 37.70% [5] - Automation in transmission and transformation business saw revenue of 857 million yuan, a 37.50% increase year-on-year, with a gross margin of 38.35% [5] - Comprehensive energy and virtual power plant business generated 220 million yuan, a 12.43% increase year-on-year, with a gross margin of 32.79% [5] - New energy and storage business reported 296 million yuan in revenue, a 13.90% decrease year-on-year, but with a gross margin improvement to 25.66% [5] Overseas Business Development - The company has made progress in overseas markets, including a local production line in Saudi Arabia with contracts nearing 170 million yuan and successful bids for projects in Nicaragua and Uzbekistan [7]

4月25日下午，市委书记周红波深入高校和企业调研高校毕业生就业工作。他强调，要认真贯彻落 实习近平总书记重要指示精神，把高校毕业生等青年群体就业作为重中之重，持续完善就业创业政策体 系、服务体系，强化政校企合作，全力促进高校毕业生高质量充分就业。市委副书记李佰平参加。 江苏金智科技股份有限公司业务涵盖电网、工企、新能源等领域，目前正进行技改和扩产，近期面 向在宁高校应届毕业生提供了一批就业岗位。南京玻璃纤维研究设计院有限公司聚焦玻璃纤维工业技术 研发，构建产学研协同育人机制，实现了创新集聚人才、人才支撑创新的良性循环。周红波详细了解企 业科技创新、吸纳就业等情况，询问企业对优化就业政策举措的意见建议。他说，产业是就业的根基， 南京有众多的科技型、创新型中小企业，也有丰富的高校毕业生等高素质、高技能专业人才，要搭建平 台、拓宽渠道，完善供需对接机制，促进人力资源高效匹配。同时要紧扣产业发展导向，大力发展新业 态、新模式，积极挖掘、培育新的就业增长点，使高质量发展的过程成为就业提质扩容的过程。 调研中，周红波还来到南京工程学院校地联动警务室，了解校园安全、反电诈宣传、意识形态风险 防范等情况，要求市、区有关部门与 ...

Core Viewpoint - LinYuan Energy reported a decline in revenue and net profit for 2024, attributed to global economic changes, industry policy adjustments, and market supply-demand imbalances [1] Smart Sector - The smart sector of LinYuan Energy continued to strengthen its domestic market share while expanding overseas, achieving a total bid amount of 1.232 billion yuan in domestic tenders, a year-on-year increase of over 30% [4] - The company secured over 800 million yuan in orders in the Polish market, capturing more than 30% market share, and is actively expanding into Romania, Bulgaria, and Hungary [4] - A joint venture with Saudi ECC was established to deepen market penetration in the Middle East, with a market share exceeding 30% [4] - The company faces geopolitical risks and shipping constraints but is implementing strict credit controls and diversified supply chains to ensure safe operations [4] New Energy Sector - In the new energy sector, LinYuan Energy made significant progress in power station construction and intelligent operation and maintenance, with over 1,245 MW of projects under construction and over 1,145 MW connected to the grid [5] - The company signed cooperation agreements with major state-owned enterprises for project development and product research in the new energy sector [5] - The operation and maintenance capacity increased by 50% year-on-year, with a total installed capacity of signed projects exceeding 18 GW [5] - The company engaged in green electricity trading, achieving a settlement of 61.57 million kWh, with a price increase of 3.1 cents per kWh compared to the benchmark price [5] Energy Storage Sector - The energy storage sector saw a steady increase in delivery scale, with cumulative deliveries exceeding 4.5 GWh and project reserves over 10 GWh by the end of 2024 [6] - The company is actively expanding into core markets in Europe, the Middle East, and Southeast Asia, establishing joint ventures and local service networks [6] - Technological innovation is a core competitive advantage, with upgrades to energy management systems and a 10% reduction in unit manufacturing costs achieved through lean production [6][7] Overall Performance - Despite facing operational pressures, LinYuan Energy is focusing on technology research, cost management, and overseas market expansion to seek new growth points [7] - The company aims to continue advancing its three core business sectors—smart grid, new energy, and energy storage—toward global collaborative development [7]

Core Viewpoint - The company, Jiangsu Zhongtian Technology Co., Ltd., reported a revenue of 48.055 billion yuan for 2024, representing a year-on-year increase of 6.63%, while the net profit attributable to the parent company was 2.837 billion yuan, a decrease of 8.94% compared to the previous year [5][4]. Group 1: Company Overview - The company adheres to the operational principle of "solid foundation and innovative development," focusing on green energy and digital construction, and aims to become a global leader in energy network solutions [5][6]. - The company has a backlog of orders in the energy network sector amounting to approximately 31.2 billion yuan, with significant contributions from marine series, grid construction, and new energy projects [5]. Group 2: Business Performance - In the energy network segment, the company is actively involved in the green energy transition, emphasizing the development of high-tech, high-value products [5][6]. - The company has achieved several technological breakthroughs in the marine cable sector, contributing to the growth of the offshore wind power industry and enhancing its competitive edge [6][7]. Group 3: International Expansion - The company has seen continuous growth in its international marine business, with significant demand from offshore wind power and marine oil and gas sectors, particularly in Europe and the Asia-Pacific region [11][12]. - The company successfully delivered a 230kV submarine optical cable project in the Middle East and secured contracts for high-voltage projects, marking its position as a key supplier in the international oil and gas industry [11][12]. Group 4: Technological Innovation - The company is committed to technological innovation, with multiple products achieving international leading standards, particularly in high-performance cables and energy systems [12][13]. - The company has developed a range of new products that have passed evaluations by the China Electric Power Enterprise Federation, with five products reaching international leading levels [13][14]. Group 5: Green Energy Initiatives - The company is actively participating in the construction of new power systems and has made significant advancements in high-voltage cable technology, contributing to the global green energy transition [12][15]. - The company has established a comprehensive service capability in the photovoltaic sector, aiming to become a leading EPC service provider in the industry [16][17]. Group 6: Communication Network Development - The company is focusing on the deployment of 5G networks and the integration of AI technologies, driving innovation in the communication sector [22][23]. - The company has launched several new technologies in the optical communication field, enhancing its product offerings and market competitiveness [25][26].

Core Viewpoint - Harbin Jiuzhou Group Co., Ltd. experienced significant net losses in 2024 despite a revenue increase, attributed to various factors including industry policies, raw material price fluctuations, and goodwill impairment [1][2] Revenue Growth and Structure - The company achieved a revenue of 1.481 billion yuan in 2024, a 22.09% increase from the previous year [1] - The intelligent distribution network business generated 486 million yuan, accounting for 32.81% of total revenue, with a year-on-year growth of 20.26% [1] - The new energy power generation business reported 387 million yuan, representing 26.14% of total revenue, but saw an 8.91% decline [1] - The new energy engineering business surged to 115 million yuan, a 136.41% increase [1] - The comprehensive smart energy business reached 479 million yuan, making up 32.36% of total revenue, with a 60.30% growth [1] Net Profit Decline - The net profit attributable to shareholders was -545 million yuan, a 678.26% decrease compared to 94.21 million yuan in the same period last year [2] - Factors contributing to this decline included industry policy challenges, raw material price volatility, and goodwill impairment [2] - The biomass power generation sector faced issues such as fuel shortages and cash flow problems, leading to fixed asset impairment losses of 422 million yuan and investment income losses of 68 million yuan [2] - Goodwill impairment of 26 million yuan was recorded due to delays in the construction of new energy power stations [2] - Credit impairment losses totaled 88 million yuan, with specific provisions for biomass power accounts receivable amounting to 59 million yuan [2] Expense Trends - Sales expenses increased by 35.23% to 61.08 million yuan, reflecting a larger sales team and higher personnel and travel costs [4] - Management expenses rose by 12.01% to 123 million yuan, indicating stable operational management costs with room for optimization [5] - Financial expenses decreased by 6.01% to 144 million yuan, showing some success in controlling financing costs [6] - R&D expenses fell by 24.19% to 18.16 million yuan, which may impact future innovation and competitiveness [7] Cash Flow Analysis - Operating cash flow net amount decreased by 80.06% to 126 million yuan, indicating challenges in cash recovery [10] - Investment cash flow net amount improved to -335 million yuan from -685 million yuan, suggesting reduced investment spending [11] - Financing cash flow net amount increased by 263.17% to 170 million yuan, reflecting better fundraising outcomes [12] Future Outlook - Despite the poor performance in 2024, the company aims to improve its operational status through strategic adjustments [15] - The focus will be on cost control, operational efficiency, and enhancing market competitiveness [15]

将投中网设为"星标⭐"，第一时间收获最新推送 下一个十年，我们认为能源和科技是未来人类生活的两大主线。 整理丨 张楠 来源丨 投中网 当下全球经济格局正经历深刻变革，各类新兴技术与产业的快速轮动，为股权投资带来了前所未有的挑战，也伴随着一些与此前截然不同的机遇。 朝希资本在过去十年里，历经并购投资到创业投资的转型，积累了丰富的产业资源与深刻的行业认知，收获了诸多成果。如今，站在时代发展的新起 点，面对能源与科技这两大影响未来人类生活走向的关键领域，朝希资本有自己的独特思考。 4 月 18 日，在投中信息、投中网共同主办的第 19 届中国投资年会·年度峰会上，朝希资本惠亨玉以《双轮驱动未来：能源革命与科技创新的融合共 生》为题进行了演讲，基于朝希资本的实战经验，结合对全球能源现状、科技发展趋势的研究，为投资者和行业提供了一些新思路。 以下是现场演讲实录，投中网略作编辑： 大家下午好！我是朝希资本的惠亨玉。非常感谢投中的邀请，今天我想和大家分享一下在能源革命和科技创新背景下，我对投资机遇的一些看法。 朝希资本成立于 2015 年，今年正好是第 10 年。前 5 年，我们主要从事并购投资，基本是 30% 以上的控股 ...

在全球能源结构加速转型的背景下，中国智能电网"走出去"战略迎来关键进展。作为国家能源智能化、 绿色化、数字化发展战略的先行者，神州智电有限公司与香港电灯有限公司（HK Electric）近日正式签 署战略合作协议。双方将携手在智能电网建设、数字化配电、新能源协同调度、碳中和示范园区、绿色 金融机制、AI电力调度系统等多个关键领域展开深度合作。 本次合作不仅是企业层面的协同创新，更是国家级能源战略在区域层面的首次落地，标志着中国将在国 际能源治理格局中，进一步由技术输出者向规则引导者、市场引领者迈进。 合作的首要目标，是以香港为起点，在政策、技术、产业和金融四大维度上形成合力，打造一个"立足 香港、联动大湾区、辐射东南亚"的智能电网国际示范区。该示范区将以"柔性电网+绿色能源+人工智 能"为核心，全面推动亚洲地区能源系统由"集中、刚性、高碳"向"分布、智能、低碳"跃升，助力亚洲 加快实现碳达峰与碳中和目标。 香港作为中西交汇的门户城市、国际金融与技术枢纽，具备独特的制度优势与高效的营商环境，将成为 神州智电输出中国标准、人民币结算体系和绿色金融机制的重要桥头堡。通过这一合作，未来将实现以 下关键布局： 1. 构 ...