Core Viewpoint - China XD Electric (601179.SH) has secured a significant procurement project from the State Grid, amounting to 1.324 billion yuan, marking its third major contract win this year, with a total of 4.474 billion yuan in contracts announced so far [2][3][6]. Group 1: Contract Wins - On July 15, China XD Electric announced that its subsidiaries won a procurement project from the State Grid, with a total bid amount of 1.324 billion yuan for various electrical equipment [3]. - The company has reported multiple contract wins in 2025, including a 1.707 billion yuan contract in January and a 1.443 billion yuan contract in March, bringing the total contract value for the year to approximately 4.474 billion yuan, which represents about 20.2% of the company's projected revenue for 2024 [4][5][6]. Group 2: Financial Performance - China XD Electric has demonstrated stable operational performance, with revenue and net profit expected to grow for three consecutive years from 2022 to 2024. In Q1 2025, the company reported revenue of 5.245 billion yuan, a year-on-year increase of 11.27%, and a net profit of 295 million yuan, up 42.10% [6][8]. - The company's revenue for 2024 is projected to reach a historical high of 22.175 billion yuan, with a strong performance driven by increased sales in its transformer and switchboard segments [6][8]. Group 3: Market Position and Strategy - China XD Electric is a leading player in the energy and power equipment industry, with a comprehensive product range and a strong competitive advantage due to its extensive experience and market presence [2][6]. - The company is focusing on expanding its market presence and enhancing its technological innovation capabilities, with R&D investments totaling 1.127 billion yuan in 2024, representing 5.08% of its revenue [8]. - The company has a robust order backlog, with contract liabilities reaching 4.147 billion yuan as of Q1 2025, indicating a solid foundation for future revenue growth [6][8].

市场业绩可圈可点 报告期内，公司一方面网内市场提质扩量。特高压市场占有率持续保持行业领先，实现了"柔直阀"首次 突破。国网总部集采中标市场占有率稳居行业第一，中标量、占有率再创历史新高。配网市场显著提 升，累计在7个省份实现中标。南网市场份额不断提升，成功中标南网抽水蓄能电站项目设备。蒙网市 场组合电器、隔离开关产品市场占有率领先。 另一方面，网外市场加速推进。电源、工业市场中标量稳步提升，中标华电新能源主变、华能箱变等框 架标。核电市场斩获国内首台百万核电机组主变项目，海上风电市场连续中标多个海上升压站，抽水蓄 能市场中标三峡集团多个电站发断产品。 国际市场再创新高，取得佳绩。新签合同额稳步提升，国际业务范围扩大至土耳其、意大利、瑞典等国 家。设备类出口占比提升，中标巴西东北部新能源送出特高压直流项目换流变设备、土耳其阿库尤550 千伏组合电器项目。西高院成为中国唯一沙特电力公司认可高压GIS报告的实验室。 4月14日晚间，中国西电（601179.SH）发布2024年年度报告，公司2024年全年实现营业收入221.75亿 元，同比增长5.59%；实现归母净利润10.54亿元，同比增长17.50%；扣非净利润 ...