证券分析师 张晋源 A0230525040001 zhangjy@swsresearch.com | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3510 | 0.48 | 3.69 | 1.4 | | 深证综指 | 2107 | 0.26 | 4.82 | 1.08 | | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | 0.45 | 3.62 | 7.28 | | 中盘指数 | 0.38 | 4.39 | 8.11 | | 小盘指数 | 0.32 | 3.5 | 14.46 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | --- | --- | --- | --- | | 焦炭Ⅱ | 5.97 | 11.85 | 10.99 | | 小金属Ⅱ | 3.47 | 4.96 | 19.91 | | 房地产服务 | 3. ...

Investment Rating - The report initiates coverage on Samsung Medical with a "Buy" rating and a target price of RMB 30.00 [1][4][5]. Core Insights - The company is a leading domestic manufacturer of medium and low voltage electrical equipment, primarily producing distribution transformers and smart meters. Despite a 25% decline in stock price year-to-date, the report anticipates a recovery in smart meter demand starting in 2026 due to a new replacement cycle. Additionally, strong overseas demand for distribution transformers may mitigate cyclical risks [1][12][45]. - The report projects a 27% CAGR for EPS from 2025 to 2027, with a 16% growth rate expected in 2025. The current stock price corresponds to a 9x PE for 2026E, below the historical average of 13.4x. The company maintains a stable dividend payout ratio of 55%, with expected dividend yields of 5-6% for 2025-2026 [1][4][12]. Summary by Sections Smart Meter Concerns - The report acknowledges concerns regarding smart meter demand in 2024 due to high base effects but expects a rebound in 2026. Historical data indicates that new standards typically lead to a drop in demand in the year of implementation, followed by growth in subsequent years. The company is also positioned to benefit from increasing market share in overseas smart meter and distribution transformer markets [2][13][16]. Medical Services Profitability - Approximately 20% of the company's revenue comes from rehabilitation hospitals. The average length of hospital stays in tertiary hospitals has decreased significantly, indicating a rising demand for rehabilitation services. The company’s bed occupancy rate is below the national average, suggesting potential for improvement in profitability [3][31]. Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, arriving at a 12-month target price of RMB 30.00. The power equipment segment is valued at 11.5x forward PE, while the healthcare services segment is valued at 18x, aligning with industry averages. The target price implies a 12.4x PE for 2026E, with an expected EPS CAGR of 23% from 2024 to 2027 [4][46]. Revenue Growth Projections - The report forecasts a 26% CAGR for power equipment revenue from 2024 to 2027, driven by strong growth in distribution equipment (38% CAGR) and smart meters (8% CAGR). The overall revenue growth for the power equipment segment is expected to be supported by a 26% increase in orders [8][23][24]. Dividend and Cash Position - The company is in a net cash position, which supports its ability to pay dividends. The report anticipates a stable dividend payout ratio of at least 45% from 2025 to 2027, with an average payout ratio of 54% from 2020 to 2024 [38][41].

Core Viewpoint - The demand for single-phase smart meters in China is expected to grow significantly, driven by the ongoing development of smart grids and the digital transformation of the power industry, with projections indicating a demand of 11,195,200 units in 2024, an increase of 2,820,900 units from 2023 [1][6][8]. Group 1: Industry Overview - Smart meters are essential devices for data collection in smart grids, with single-phase smart meters dominating the market, accounting for over 80% of applications [1][8]. - The market for single-phase smart meters is projected to reach a scale of 9,482,330 units in 2024, up by 2,703,340 units from 2023, with expectations to reach 10,372,130 units by 2025 [1][8]. - The industry is characterized by continuous technological advancements, leading to improved precision, communication capabilities, and overall intelligence of smart meters [22]. Group 2: Industry Development Status - The smart meter industry is a crucial component of the Advanced Metering Infrastructure (AMI) system, enhancing operational efficiency, promoting energy conservation, and improving the stability of power systems [6]. - The increasing demand for smart meters is supported by technological progress and cost reductions, which enhance their functionality and performance [6][22]. Group 3: Industry Chain - The upstream of the single-phase smart meter industry includes raw materials such as electronic components, metal terminals, and flame-retardant plastics, while the midstream involves manufacturing and system integration [10]. - The downstream applications include major power grid companies like State Grid and Southern Power Grid, as well as emerging applications in distributed photovoltaics and smart homes [10]. Group 4: Competitive Landscape - The global smart meter market is fragmented, with major overseas companies focusing on high-end markets in developed countries, while Chinese companies leverage cost advantages to capture market share in developing countries [14]. - Key players in the domestic single-phase smart meter industry include Jiangsu Linyang Energy Co., Ltd., Yantai Dongfang Weiston Electric Co., Ltd., and others, who are enhancing their competitive edge through technology development and market expansion [14][15]. Group 5: Key Companies - Jiangsu Linyang Energy Co., Ltd. reported a production of 9,449,700 smart meters in 2024, an increase of 1,759,300 units from 2023, with a revenue of 2.704 billion yuan, up by 431 million yuan [18]. - Hangzhou Haixing Electric Technology Co., Ltd. achieved a production of 15,373,700 smart products in 2024, with a revenue of 4.535 billion yuan, an increase of 534 million yuan from 2023 [20].

全力布局海外市场 根据林洋能源6月12日晚间发布的《关于子公司经营合同中标的公告》，公司全资下属子公司林洋电力 服务与中国水利电力对外有限公司组成联合体参与了毛里求斯政府性公开招标电网侧储能项目，项目内 容为设计、制造、供应、安装、测试和调试两个20MW/60MWh电池储能系统，合计40MW/120MWh电 池储能系统。联合体收到招标人毛里求斯中央电力局的中标通知函，被确认为此项目的中标人，中标金 额合计2498.89万美元（不含税），约合人民币1.79亿元，占公司2024年度营业总收入的2.66%。 长江商报消息 ●长江商报记者 张璐 "电表王"林洋能源（601222.SH）再获海外订单。 近日，林洋能源公告称，公司全资子公司组成的联合体中标毛里求斯政府性公开招标电网侧储能项目， 合同金额为2498.89万美元（不含税），约合人民币1.79亿元。 林洋能源目前拥有智能配用电、新能源发电与储能三大业务板块。其中，作为国内最大的智能电表出口 企业之一，其产品已覆盖全球50多个国家和地区。 长江商报记者注意到，海外市场是公司大力拓展的方向。2024年，公司境外业务实现营收11.26亿元， 同比增长34.22%，营 ...

证券代码：300882 证券简称：万胜智能 浙江万胜智能科技股份有限公司 ——"领雁"项目。报告期内，公司研发投入达 8,312.77 万元，较上 年同期增长 41.95%，占营业收入的8.87%。基于持续的研发投入与 技术积累，公司在 2024 年度创新成果加速转化：先后荣获浙江省 科技进步三等奖、中国仪器仪表学会科技进步二等奖及中国技术市 场协会"金桥奖"等重要奖项；同时取得 CMMI5 级国际认证，标志 着软件研发实力达到国际领先水平。2025 年 2 月公司成功获批设 立国家级博士后科研工作站（全国博士后管委会备案函号：博管办 〔2025〕14 号）。公司实验室自 2020 年通过中国合格评定国家认 可委员会（CNAS）认证后，通过体系化能力建设，于 2024 年获得 吉利汽车集团供应商实验室认可证书。此外，公司建有院士专家工 作站、省级重点企业研究院、国家级博士后科研工作站等平台， 与 国内外多所高等院校、科研机构持续开展产学研合作，进一步提升 了公司的研发实力。感谢您对公司的关注，谢谢！ 8.公司目前获得了多少专利？ 投资者关系活动记录表 编号：2025 - 001 | 投资者关系活动类别 | ☐ ...

Core Viewpoint - The company, Juhua Technology, is focusing on expanding its overseas market presence and enhancing its product offerings in smart metering and IoT solutions while maintaining a strong emphasis on research and development. Group 1: Business Overview - The company has diversified its business beyond electric meters, including smart metering and collection systems, smart water meters, electric vehicle charging equipment, and IoT cloud platforms [2][28]. - The company plans to increase its overseas market investments, targeting regions such as Europe, Africa, Central Asia, and Southeast Asia [6][17]. Group 2: Financial Performance - In 2024, the company's main revenue reached 2.029 billion yuan, a year-on-year increase of 14.54%, while the net profit attributable to shareholders was 666 million yuan, up 9.45% [28]. - The company will disclose its Q1 2025 report on April 29, 2025, which is anticipated to reflect the impact of existing contracts worth approximately 1.576 billion yuan [3][10]. Group 3: Research and Development - The R&D expenses for 2024 are projected to increase by 12.74%, focusing on future factories, smart manufacturing, and new technologies in smart metering [4][19]. - The company aims to leverage AI technology in smart meter data analysis to enhance operational efficiency and user experience [11]. Group 4: Market Strategy - The company acknowledges a low current revenue contribution from overseas markets and plans to enhance its market penetration and product quality in Europe [7][17]. - The company is addressing customer concentration risks by diversifying its client base and increasing investments in overseas markets and smart flow measurement systems [8][24]. Group 5: Profitability and Margins - The company's gross margin has improved to 47.55%, attributed to better cost control and lean management practices [9][28]. - The decline in net profit in Q4 is linked to year-end bonuses, increased R&D expenses, and asset impairments [25].