二次设备龙头业绩保持稳健增长 2025 年 10 月 31 日│中国内地 证券研究报告 国电南瑞 (600406 CH) 国电南瑞发布三季报：Q3实现营收143.33亿元（yoy+16.65%，qoq-6.61%）， 归母净利 19.03 亿元（yoy+7.81%，qoq-16.24%）。我们认为公司作为国 内二次设备龙头，有望充分受益于新型电力系统建设，网内业务伴随电网投 资实现持续稳健增长；网外与国际业务快速开拓，盈利有望持续提升，维持 "买入"评级。 业绩稳步增长，期间费用控制良好 2025 年 Q1-3 实现营收 385.77 亿元（yoy+18.45%），归母净利 48.55 亿 元（yoy+8.43%），扣非净利 46.39 亿元（yoy+7.04%）。公司 2025 年 Q1-3 毛利率为 26.47%，同比-2.79pct，净利率为 13.34%，同比-1.32pct；毛利 率下降主要系业务结构调整，毛利率相对较低的网外业务收入占比提升。公 司 2025 年 Q1-3 整体费用率为 11.96%，同比-1.20pct，其中，销售、管 理、财务、研发费用率分别为 3.91%、2.49%、-0.4 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the coming year [6]. Core Insights - The company achieved a revenue of 24.243 billion yuan in H1 2025, representing a year-on-year increase of 19.54%, with a net profit attributable to shareholders of 2.952 billion yuan, up 8.82% year-on-year [1]. - The company signed new contracts worth 35.432 billion yuan in H1 2025, reflecting a growth of 23.46% compared to the previous year, with over 50% of contracts coming from outside the State Grid [2]. - International business saw a remarkable growth of over 200% in new contracts, with significant projects in markets such as Saudi Arabia and South America, contributing to an overseas revenue of 1.987 billion yuan, a 139.18% increase year-on-year [2]. - Emerging business segments grew nearly 40% year-on-year, with advancements in energy storage solutions and new product applications in various sectors [3]. - Revenue projections for 2025-2027 are estimated at 64.518 billion, 72.045 billion, and 80.608 billion yuan, with corresponding growth rates of 12.4%, 11.7%, and 11.9% [3]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 24.243 billion yuan, with a net profit of 2.952 billion yuan, and a cash dividend of 0.147 yuan per share [1]. - For Q2 2025, revenue reached 15.348 billion yuan, marking a 22.50% increase year-on-year, while net profit was 2.272 billion yuan, up 7.33% [1]. Market Expansion - The company has strengthened its market share in domestic sectors and achieved significant project wins in both domestic and international markets, with a notable focus on energy storage and smart grid solutions [2][3]. - The international market has become a crucial growth driver, with overseas revenue now accounting for 8.20% of total revenue [2]. Future Projections - The company is expected to see steady revenue growth, with net profits projected to reach 8.204 billion yuan in 2025, growing to 10.611 billion yuan by 2027 [5]. - The report anticipates a PE ratio of 22X for 2025, decreasing to 17X by 2027, indicating a favorable valuation trend [3].