东兴证券股份有限公司洪一,侯河清,吴征洋近期对海兴电力（603556）进行研究并发布了研究报告《2025年半 年报业绩点评：逆周期投入增加，半年报业绩低于预期》，给予海兴电力买入评级。 海兴电力 财务要点：公司披露2025年半年报，全年实现营业收入19.2亿，同比下降14.7%，实现归母净利润4.0亿元，同 比下降25.7%。 逆周期投入增加，半年报业绩低于预期。公司营收净利润均下滑，主要是由于行业周期影响，部分国内项目 履约推迟、个别海外国家需求波动导致收入下滑所致。净利润下降幅度超过营收下滑幅度，主要是由于公司 业务毛利率有所下滑，同时主动增加逆周期投入也导致费用增长，25H1综合毛利率41.56%，较去年同期减少 2.64%，25H1期间费用率17.58%，较上年同期增加0.57%。 智能配用电业务国内海外业务齐发力。国内市场，公司积极参与国南网统招、省招：1)国家电网用电计量产 品统招，公司中标1.4亿元；配网第一批区域联合招标，公司一二次融合产品合计中标1.49亿元。2)南方电网 配网设备产品统招，公司中标3,846万元；内蒙古电力集团营销设备招标，公司中标9,639万元。海外市场，公 司加快对重点 ...

本报讯 （记者邬霁霞）8月21日晚间，宁波三星医疗电气股份有限公司（以下简称"三星医疗"）发布2025年半年度报告。 上半年，公司实现营业收入79.72亿元，同比增长13.93%；归属于上市公司股东的净利润12.3亿元，同比增长6.93%。 具体来看，在智能配用电板块，三星医疗持续聚焦海外战略，报告期内海外营业收入达14.95亿元，同比增长50.89%。其 中，海外配电业务重点突破欧洲、中东、拉美等优势市场，上半年在匈牙利、罗马尼亚、吉尔吉斯斯坦实现首单突破；海外用 电业务则深耕高端市场、发力新兴领域，加强对北美、非洲潜力市场的布局。同时，公司持续深化本地化经营，新增欧洲匈牙 利销售公司，为海外配电业务拓展提供有力支撑。 国内市场方面，三星医疗在电网领域中标持续领先。非电网业务依托电网渠道优势，积极开拓行业头部客户，聚焦新能源 央国企平台大客户，重点发力地方国企、省级公司需求及风电领域并实现快速突破；同时积极储备石油化工、数据中心等新场 景客户，已陆续取得千万级订单。 截至2025年6月30日，三星医疗在手订单总计176.32亿元，同比增长18.39%，其中海外配电在手订单21.82亿元，同比增长 123.9 ...

Core Points - Jiangsu Linyang Energy Co., Ltd. is set to hold its 2024 Annual General Meeting on June 6, 2025, focusing on profit distribution and project funding [1][2] - The company aims to enhance its strategic positioning in the global smart grid, renewable energy, and energy storage sectors, with a commitment to becoming a leading provider of products and services in these fields [4][12] - The company reported a revenue of 6.742 billion yuan for the reporting period, a decrease of 1.89% year-on-year, and a net profit of 753 million yuan, down 27% year-on-year [4][5] Financial Performance - The company achieved a net cash flow from operating activities of 973 million yuan, an increase of 185.19% year-on-year [4] - As of the end of the reporting period, the company's net assets amounted to 15.665 billion yuan, a growth of 1.15%, while total assets reached 24.689 billion yuan, up 6.48% [4] - The company’s smart meter segment secured contracts worth approximately 631 million yuan from the State Grid and 601 million yuan from the Southern Grid [5] Strategic Initiatives - The company is focusing on expanding its overseas market presence, particularly in Europe, the Middle East, and Southeast Asia, while also enhancing its domestic market strategies [10][17] - The company is actively involved in the development of new energy projects, with over 1,245 MW under construction and 545 MW newly initiated projects [7] - The company is leveraging technology and innovation to improve product competitiveness, including advancements in AI applications within power systems [6][11] Research and Development - The company is increasing its R&D investments to enhance product safety, reliability, and cost-effectiveness in the energy storage sector [11] - The company is also focusing on the development of hydrogen production equipment through a joint venture, aiming to capitalize on the growing hydrogen energy market [12] Governance and Compliance - The company has established a robust internal control system, ensuring compliance with relevant laws and regulations, and has received a standard unqualified opinion from its auditing firm [27][22] - The board of directors has conducted multiple meetings to review and approve various operational and financial reports, ensuring transparency and accountability [19][21]

Investment Rating - The investment rating for Linyang Energy (601222) is not explicitly stated in the report [1]. Core Views - The company experienced a decline in total operating revenue and net profit in 2024, with total revenue at 6.742 billion yuan, down 1.89% year-on-year, and net profit at 753 million yuan, down 27% year-on-year [2]. - The first quarter of 2025 showed a significant decrease in revenue and net profit, with total revenue at 1.124 billion yuan, down 27.69% year-on-year, and net profit at 124 million yuan, down 43.26% year-on-year [2]. - The company is actively expanding its overseas market presence, particularly in the smart meter sector, with successful bids totaling approximately 6.31 billion yuan in the State Grid and 6.01 billion yuan in the Southern Grid [4]. - The company has a strong foothold in the smart meter export market, covering over 50 countries, and is focusing on increasing market share in Western Europe and the Asia-Pacific region [4]. - The renewable energy sector is progressing steadily, with over 1,245 MW of projects under construction and a signed operation and maintenance capacity exceeding 18 GW, reflecting a 50% year-on-year growth [4]. - The energy storage segment has seen a robust increase in delivery scale, with cumulative deliveries exceeding 4.5 GWh and a project reserve of over 10 GWh [5]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved total operating revenue of 6.742 billion yuan, a decrease of 1.89% year-on-year, and a net profit of 753 million yuan, down 27% year-on-year [2][6]. - The projected revenues for 2025-2027 are 7.601 billion yuan, 8.656 billion yuan, and 9.546 billion yuan, with growth rates of 12.7%, 13.9%, and 10.3% respectively [7]. Market Position and Strategy - The company is the largest smart meter exporter in China and is expanding its market share in Europe and Asia through partnerships and local strategies [4]. - The smart meter segment is expected to benefit from increasing demand in emerging markets, with a projected revenue of 28.3 billion yuan in 2024, up 14.28% year-on-year [4]. Operational Highlights - The company has made significant progress in renewable energy projects, with a total installed capacity of 1.36 GW and a generation of 1.45 billion kWh in 2024 [4]. - The energy storage segment is actively developing overseas markets, with a focus on Europe, the Middle East, and Southeast Asia, and has completed multiple projects in China [5].

Investment Rating - The investment rating for Linyang Energy (601222) is not explicitly stated in the report [1]. Core Views - The company experienced a decline in total operating revenue and net profit in 2024, with total revenue at 6.742 billion yuan, down 1.89% year-on-year, and net profit at 753 million yuan, down 27% year-on-year [2]. - The company is actively expanding its overseas market presence, particularly in the smart meter sector, with significant contracts won in both domestic and international tenders [4]. - The renewable energy sector is progressing steadily, with a total installed capacity of 1.36 GW and a generation of 1.45 billion kWh in 2024 [5]. - The energy storage segment is also growing, with cumulative deliveries exceeding 4.5 GWh and a focus on international markets [5]. Summary by Sections Financial Performance - In 2024, the company reported total operating revenue of 6.742 billion yuan, a decrease of 1.89% year-on-year, and a net profit of 753 million yuan, down 27% year-on-year [2][6]. - The first quarter of 2025 showed a further decline, with total revenue at 1.124 billion yuan, down 27.69% year-on-year, and net profit at 124 million yuan, down 43.26% year-on-year [2]. Market Position and Strategy - The company has secured contracts worth approximately 6.31 billion yuan in State Grid's 2024 electric meter procurement and 6.01 billion yuan in Southern Grid's framework tender [4]. - Linyang Energy is the largest smart meter exporter in China, with products covering over 50 countries and regions, and is expanding its market share in Western Europe and Asia-Pacific [4]. Renewable Energy Development - The company has over 1,245 MW of projects under construction and has successfully connected 350 MW of wind power projects to the grid [5]. - In 2024, the revenue from the photovoltaic sector was 2.901 billion yuan, a year-on-year increase of 3.48% [5]. Energy Storage Growth - The energy storage segment reported revenue of 919 million yuan in 2024, a decrease of 38.97% year-on-year, but with a gross margin improvement to 17.64% [5]. - The company is focusing on overseas markets, particularly in Europe, the Middle East, and Southeast Asia, with significant project deliveries and partnerships established [5].

Core Points - The company will hold its 2024 Annual General Meeting on May 15, 2025, at 14:30 in Hangzhou, Zhejiang Province, with both on-site and online voting options available [4] - The company reported a total revenue of 4.717 billion yuan for the reporting period, representing a year-on-year increase of 12.30%, and a net profit attributable to shareholders of 1.002 billion yuan, up 2.00% [4][5] - The company has made significant progress in its smart distribution and utilization of electricity business, achieving a main business revenue of 4.535 billion yuan, which is a year-on-year increase of 20.61% [5][7] - The company has expanded its overseas operations, establishing new production bases in Europe, Latin America, and Africa [5][7] - The company’s new energy business generated a revenue of 143 million yuan, a decrease of 12.32% year-on-year, while it continues to develop its capabilities in commercial microgrid design and integration [6][8] Meeting Procedures - All attendees must arrive at the venue 10 minutes before the meeting starts to complete registration and present required documents [2] - The meeting will follow a structured agenda, including the announcement of the meeting, reading of proposals, deliberation, and voting [4] - Voting will be conducted by a named ballot for each proposal, and results will be announced immediately after counting [3][4] Board and Supervisory Reports - The board of directors has held six meetings during the reporting period, addressing various proposals including amendments to the company’s articles of association and the annual work report [8][9] - The supervisory board has conducted five meetings, ensuring compliance with legal and regulatory requirements, and has actively participated in the oversight of the company's operations [12][14] - Independent directors have submitted their annual reports, confirming their adherence to independence requirements and their active participation in board meetings [16][25] Future Plans - The company aims to enhance its supply chain partnerships and expand its overseas market presence, particularly in the water industry, which is expected to become a new growth point [11][16] - The company plans to implement a comprehensive risk management strategy across its business lifecycle to ensure high-quality development [11][16]

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Viewpoints - The company is deeply engaged in the chain rehabilitation medical industry, showing stable internal growth and accelerated external expansion, with the rehabilitation segment expected to develop rapidly against the backdrop of an aging population [2]. - The intelligent power distribution segment is experiencing steady growth domestically, while overseas operations are gradually breaking through, becoming the second growth point for the segment [2]. - Revenue forecasts for 2025-2027 are projected at 177.02 billion, 211.02 billion, and 249.68 billion yuan, with year-on-year growth rates of 21.2%, 19.2%, and 18.3% respectively [2][3]. - Net profit forecasts for the same period are 27.75 billion, 33.67 billion, and 40.17 billion yuan, with growth rates of 22.8%, 21.3%, and 19.3% respectively [2][3]. Financial Performance Summary - In 2024, the company achieved a revenue of 14.6 billion yuan, a year-on-year increase of 27.38%, and a net profit of 2.26 billion yuan, up 18.69% year-on-year [1][3]. - The gross profit margin for 2024 was 34.72%, an increase of 0.73 percentage points year-on-year [1]. - The medical services segment generated revenue of 3.26 billion yuan, with a gross margin of 34.30%, while the intelligent power distribution segment achieved revenue of 11.12 billion yuan with a gross margin of 34.81% [1]. - Domestic revenue reached 11.67 billion yuan, up 25.49% year-on-year, while overseas revenue was 2.71 billion yuan, up 38.40% year-on-year [1]. Business Segmentation Insights - The intelligent power distribution business has a strong order backlog, with total orders amounting to 13.202 billion yuan, a year-on-year increase of 25.81% [6]. - The medical services business is steadily growing, with the company expanding its rehabilitation service network, adding 10 new hospitals, and increasing its total hospital count to 38 [6].