11月18日，南方电网数字电网研究院股份有限公司（简称：南网数字）在深圳证券交易所正式挂牌上 市。上市首日，南网数字开盘上涨261.51%，全天成交量1.77亿股，成交额达33.91亿元。11月19日，南 网数字盘中涨超23%，触发临停，截至收盘涨幅达到29.27%，总市值760亿元。 从6月26日向深交所提交上市申报，到11月18日正式发行上市，南网数字IPO之路仅历时145天，成为创 业板近年来最快实现上市的企业之一。 值得注意的是，南网数字亮眼的营收及利润增速背后，母公司南方电网为其第一大客户。2022年-2024 年，南网数字对南方电网的销售收入占其营业收入比重分别达到92.16%、84.93%和85.88%，对南方电 网及其关联方销售金额占比进一步达到93.70%、86.12%和86.33%。 南方财经记者注意到，就关联交易高企问题，南网数字在回复深交所问询时表示，公司对单一客户南方 电网存在重大依赖，但不存在重大不利影响，这与公司下游客户的竞争格局和市场集中度有关，符合电 力能源行业的运营特征。同时，南网数字表示，公司长期服务于电网数字化转型，与南方电网保持了长 期稳定的良好合作关系，向南方电网销 ...

11月18日，南方电网数字电网研究院股份有限公司（简称：南网数字）在深圳证券交易所正式挂牌上 市。上市首日，南网数字开盘上涨261.51%，全天成交量1.77亿股，成交额达33.91亿元。11月19日，南 网数字盘中涨超23%，触发临停，截至收盘涨幅达到29.27%，总市值760亿元。 从6月26日向深交所提交上市申报，到11月18日正式发行上市，南网数字IPO之路仅历时145天，成为创 业板近年来最快实现上市的企业之一。 招股书披露，南网数字主营业务主要覆盖电网数字化、企业数字化和数字基础设施三大体系，母公司南 方电网为其第一大客户。2024年，南网数字实现营业收入60.90亿元、净利润5.74亿元。2025年1-9月， 南网数字实现归母净利润1.58亿元，同比增长464.76%。 从整体业务结构看，南网数字的核心业务主要围绕"数字化"展开，电网数字化、企业数字化和数字基础 设施三大业务收入占比在2024年分别达到39.64%、33.77%和25.56%。 具体到产品，企业运营管理系统、云数一体的基础平台和数字电网物联感知设备是南网数字旗下收入前 三的拳头产品，2024年分别实现业务收入148173.60万 ...

南方财经记者郑玮 实习生钟宸 深圳报道 11月18日，南方电网数字电网研究院股份有限公司（简称：南网数字）在深圳证券交易所正式挂牌上 市。上市首日，南网数字开盘上涨261.51%，全天成交量1.77亿股，成交额达33.91亿元。11月19日，南 网数字盘中涨超23%，触发临停，截至收盘涨幅达到29.27%，总市值760亿元。 从6月26日向深交所提交上市申报，到11月18日正式发行上市，南网数字IPO之路仅历时145天，成为创 业板近年来最快实现上市的企业之一。 招股书披露，南网数字主营业务主要覆盖电网数字化、企业数字化和数字基础设施三大体系，母公司南 方电网为其第一大客户。2024年，南网数字实现营业收入60.90亿元、净利润5.74亿元。2025年1-9月， 南网数字实现归母净利润1.58亿元，同比增长464.76%。 南网数字也是继南网能源、南网科技、南网储能后，南方电网培育的第4家上市企业。截至11月19日收 盘，南网数字、南网能源、南网科技和南网储能4家上市公司总市值分别达到760亿元、193亿元、259亿 元和421亿元，南方电网控股上市公司总市值已超千亿元。 从"十五五"规划建议提及"着力构建新 ...

11月18日，南网数字涨224.78%，成交额33.91亿元。两融数据显示，当日南网数字获融资买入额1.35亿 元，融资偿还1156.32万元，融资净买入1.24亿元。截至11月18日，南网数字融资融券余额合计1.24亿 元。 融资方面，南网数字当日融资买入1.35亿元。当前融资余额1.24亿元，占流通市值的2.85%。 资料显示，南方电网数字电网研究院股份有限公司位于广东省广州市黄埔区光谱中路11-1号，成立日期 2017年3月31日，上市日期2025年11月18日，公司主营业务涉及公司主营业务按照业务类别可以分为电 网数字化、企业数字化、数字基础设施及其他业务。主营业务收入构成为：电网数字化-数字电网物联 感知设备30.37%，电网数字化-数字电网智能运行系统18.11%，企业数字化-企业运营管理系统15.76%， 数字基础设施-云数一体的基础平台13.48%，数字基础设施-数据中心(IDC)业务11.33%，企业数字化-企 业资产管理系统10.54%，其他(补充)0.34%，其他主营业务0.07%。 截至11月18日，南网数字股东户数20.17万，较上期增加1440400.00%；人均流通股1165股， ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the AHP score is 1.66, placing it in the 22.3% percentile, indicating a mid-to-lower tier position in the non-innovation system AHP model [3][9]. Core Insights - The company focuses on digitalization in the power energy sector, with three main business areas: digital grid, enterprise digitalization, and digital infrastructure. It has established partnerships with leading clients across various industries, including state-owned enterprises [3][10]. - The digital energy market in China is expected to reach a scale of 370 billion yuan by 2025, growing at a rate of 17.46% year-on-year, driven by increasing power demand and energy structure transformation [3][15]. - The company has developed advanced technologies, including proprietary AI-driven systems and specialized hardware, positioning itself to benefit from the ongoing transformation in the energy sector [3][16]. Summary by Sections 1. AHP Score and Expected Allocation Ratios - The AHP score for the company is 1.66, with expected allocation ratios for offline investors being 0.0227% for Class A and 0.0200% for Class B under a neutral scenario [9][10]. 2. Fundamental Highlights and Features - The company operates in three main business areas: digital grid, enterprise digitalization, and digital infrastructure, with a comprehensive product matrix covering key areas of the power system [10][11]. - It has established collaborations with major clients, including State Grid and China Three Gorges Corporation, and is expanding into other sectors such as transportation and urban construction [11][12]. 3. Comparable Company Financial Metrics - The company’s revenue for 2022, 2023, and 2024 is projected to be 56.86 billion yuan, 42.34 billion yuan, and 60.90 billion yuan, respectively, with net profits of 6.53 billion yuan, 3.77 billion yuan, and 5.70 billion yuan [19][20]. - The gross profit margins for the same years are 30.59%, 32.65%, and 30.06%, indicating a competitive position within its peer group [21][22]. 4. Fundraising Projects and Development Vision - The company plans to raise funds for six major projects, including the development of an intelligent digital twin platform and an advanced AI platform for the power industry, with expected internal rates of return ranging from 18.58% to 21.16% [32][34].

Investment Rating - The report assigns a rating of "Neutral" to the company, with an AHP score of 1.66, placing it in the 22.3% percentile of the non-technology innovation system [3][7]. Core Insights - The company, South Network Digital, focuses on digitalization in the power energy sector, offering a comprehensive range of services including digital grid, enterprise digitalization, and digital infrastructure [3][9]. - The digital energy market in China is projected to reach a scale of 370 billion yuan by 2025, with a year-on-year growth of 17.46%, indicating significant market opportunities for the company [13][14]. - The company has established partnerships with major state-owned enterprises and industry leaders, enhancing its market position and growth potential [9][15]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for South Network Digital, after excluding liquidity premium factors, is 1.66, indicating a mid-to-low tier position in the market [3][7]. - The expected allocation ratios for offline investors A and B are 0.0227% and 0.0200%, respectively, under a neutral scenario [8]. Fundamental Highlights and Features - South Network Digital operates in three main business areas: digital grid, enterprise digitalization, and digital infrastructure, leveraging AI and cloud technologies [9][10]. - The company has developed key technologies such as the "Fuxi" power control chip and the world's first micro intelligent current sensor, positioning itself as a leader in the digital transformation of the energy sector [14][15]. Financial Comparison with Peers - The company's revenue for 2022, 2023, and 2024 is projected to be 56.86 billion, 42.34 billion, and 60.90 billion yuan, respectively, with net profits of 6.53 billion, 3.77 billion, and 5.70 billion yuan [16][19]. - The gross profit margins for the same years are 30.59%, 32.65%, and 30.06%, placing the company in the middle tier compared to its peers [19][21]. - The operating cash flow for 2022, 2023, and 2024 is expected to be 5.13 billion, 24.94 billion, and 13.64 billion yuan, indicating a strong cash flow position [24][25]. Fundraising Projects and Development Vision - The company plans to raise funds for six major projects, including the construction of an intelligent digital transformation platform and an advanced AI platform for the power industry [29][30]. - The expected internal rates of return for these projects range from 18.58% to 21.16%, demonstrating the potential for profitable investments [31].

Core Viewpoint - The rapid development of the digital power energy market in China is driven by the construction of a "new power system," with the market expected to reach 315 billion yuan by 2024, and the upcoming IPO of Southern Power Grid Digital Network Research Institute Co., Ltd. (referred to as "Southern Network Digital") on the Shenzhen Stock Exchange [1][4]. Company Overview - Southern Network Digital provides comprehensive digital construction solutions for clients in the power energy sector, with projected revenue exceeding 6 billion yuan in 2024 [1][5]. - The company has a high proportion of related sales to Southern Power Grid, which poses a risk if the latter's digital construction pace slows down [5][6]. Business Segments - The company focuses on three main business systems: digital grid, enterprise digitalization, and digital infrastructure [2][4]. - Digital grid business includes intelligent operation systems and IoT sensing devices, while enterprise digitalization offers customized solutions for large enterprises [2][4]. - Digital infrastructure supports the other two segments with a flexible architecture and includes data center services [2][4]. Financial Performance - Revenue figures for Southern Network Digital during the reporting period are approximately 5.686 billion yuan (2022), 4.234 billion yuan (2023), and projected 6.09 billion yuan (2024) [6][7]. - The company has experienced revenue fluctuations, with a net profit of approximately 653 million yuan (2022) and a projected net profit of 572 million to 600 million yuan for 2025 [6][7]. Market Competition - The digital power energy sector is becoming increasingly competitive, with major players including state-owned enterprises and smaller companies focusing on niche markets [4][5]. - Southern Network Digital's competitors in the digital infrastructure space include major telecom operators and software companies [4][5]. Inventory and Risk Factors - The company faces risks related to high inventory levels, with inventory values increasing from approximately 1.269 billion yuan in 2022 to 2.827 billion yuan in 2025 [10]. - The gross profit margin for Southern Network Digital is lower than the industry average, with margins of 30.59% (2022), 30.06% (2023), and 33.18% (2025) [8][9]. IPO and Fundraising - Southern Network Digital plans to raise approximately 2.554 billion yuan through its IPO, with funds allocated to various projects including intelligent digital twin platforms and advanced AI systems [15][16].

Core Viewpoint - The rapid development of the digital power energy market in China is driven by the construction of a "new power system," with the market size expected to reach 315 billion yuan in 2024. Southern Power Grid Digital Network Research Institute Co., Ltd. (referred to as "Southern Network Digital") is set to launch its IPO on the Shenzhen Stock Exchange, backed by China Merchants Securities [1][17]. Group 1: Business Overview - Southern Network Digital provides comprehensive digital construction solutions for clients in the power energy sector, with expected revenue exceeding 6 billion yuan in 2024. Major clients include Southern Power Grid, State Grid, China Huaneng, and China General Nuclear Power [1][3]. - The company focuses on three main business systems: digital grid, enterprise digitalization, and digital infrastructure, utilizing AI and big data technologies to enhance operational efficiency [3][4]. - The revenue share from digital grid business has shown an upward trend, while the share from enterprise digitalization has slightly declined during the reporting period [3][4]. Group 2: Financial Performance - Southern Network Digital's revenue for the years 2022, 2023, 2024, and the first half of 2025 is approximately 5.686 billion yuan, 4.234 billion yuan, 6.09 billion yuan, and 1.558 billion yuan, respectively. Corresponding net profits are about 653 million yuan, 377 million yuan, 574 million yuan, and 15 million yuan [8][9]. - The company anticipates a revenue growth of 5.1% to 10.02% for 2025, projecting revenues between 6.4 billion yuan and 6.7 billion yuan [8]. Group 3: Market Competition - The digital power energy sector is experiencing intensified competition, with major players including state-owned enterprises and smaller firms focusing on niche markets. Competitors in the digital infrastructure space include major telecom operators and software companies [5][6]. - Southern Network Digital's sales to related parties, particularly Southern Power Grid, account for a significant portion of its revenue, raising concerns about dependency on a limited client base [6][12]. Group 4: Investment and Future Plans - The company plans to raise approximately 2.554 billion yuan through its IPO to fund various projects, including the development of intelligent digital twin platforms and advanced AI systems for the energy sector [18][19]. - The digitalization market in China is projected to grow, with the digital service market expected to reach 311 billion yuan by 2025, indicating a favorable environment for Southern Network Digital's growth [12].