中国西电（601179.SH）2025 年半年报点评 降本增效成果显著，核心业务结构持续优化 2025 年 08 月 26 日 ➢ 事件：2025 年 8 月 20 日，公司发布 2025 年中报。公司 25H1 实现收入 113.31 亿元，同比+8.91%；归母净利润 5.98 亿元，同比+30.08%；扣非归母 净利润 6.09 亿元，同比+29.25%。单 25Q2 实现收入 60.70 亿元，同比+7.22%； 归母净利润 3.03 亿元，同比+20.19%；扣非归母净利润 3.16 亿元，同比 +12.43%。 ➢ 降本增效持续推动，公司毛利率、净利率不断改善。25H1 公司毛利率提升 至 21.61%，分别较 24A、24H1 提升 0.86Pct、2.68Pcts；25H1 公司净利率提 升至 6.55%，分别较 24A、24H1 提升 1.05Pcts、1.04Pcts，公司降本增效持续 推进，盈利能力不断改善。同时，公司借助子公司销售模式调整有效降低销售费 用，25H1 公司销售费用 3.25 亿元，同比下降 9.06%，销售费用率为 2.87%， 较 24A 下降 0.6Pct；管理费用 ...

三变科技（002112.SZ）8月26日在投资者互动平台表示，我公司部分变压器通过外贸代理公司对外出 口。公司产品主要可用于电力转换及传输、升压、降压等，主要应用于国家电网公司、光伏企业等。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司产品是否有实际应用到数据中心？ ...

标准化地铁车厢、巨型工程装备、百余米长风电叶片……这些"巨无霸"产品的顺畅运输，是江苏制 造"造得好、运得出"的关键一环。近年来，全省大件运输审批量呈几何级暴增，2018年仅0.2万件， 2024年飙升至31.2万件。 过去，办理大件运输许可耗时费力。一场由省交通运输厅主导的"高效办成一件事"改革，正通过智 能化手段，将"多头跑""人工审"的堵点，转变为 "数据跑""系统批"的坦途，为全省制造业发展注入强劲 动能。 审批"秒办"，智能系统全国首创 7月5日晚7时，中车南京浦镇车辆有限公司车间，一列刚下生产线的地铁车厢在巨型液压平板车上 精准落位。承运企业南京金浦利轨道车辆装备有限公司员工金健在手机上轻点确认， 电子运输许可证 跃然屏上，全程耗时仅需数十秒。车队即刻启程，驶向苏州。 "零等待，高效率！"扬州市腾达物流有限公司总经理张善刚用6个字概括真实体验。"以往运输3辆 Ⅲ类大件烘干机，传统核查需等待4—5天，仅押车费每天每车就需1000元。若未能按时送达港口，单日 泊位费违约损失高达2万—5万美元，加之海轮舱位需提前预订，延误将导致巨额损失，因此必须预留一 周走程序。"张善刚激动地告诉记者，上个月，公司进入 ...

中国输配电设备（电力设备）行业发展趋势及前景规模分析报告2025～2031年 1.1 输配电设备行业界定 1.1.1 输配电设备的定义 1.1.2 输配电设备的相似概念辨析 1.1.3 输配电设备所处行业 1.1.4 输配电设备专业术语说明 1.2 输配电设备行业分类 1.3 本报告研究范围界定说明 1.4 输配电设备行业市场监管&标准体系 1.4.1 输配电设备行业监管体系及机构职能 1、中国输配电设备行业主管部门 2、中国输配电设备行业自律组织 1.4.2 输配电设备行业标准体系及建设进程 1、中国输配电设备标准体系建设 2、中国输配电设备现行标准汇总 3、中国输配电设备重点标准解读 1.5 本报告数据来源及统计标准说明 1.5.1 本报告权威数据来源 1.5.2 本报告研究方法及统计标准说明 ——现状篇—— 第2章：全球输配电设备行业发展现状及趋势洞察 2.1 全球输配电设备行业发展历程 2.2 全球输配电设备行业发展现状 2.2.1 全球输配电设备行业技术现状 2.2.2 全球输配电设备行业供需现状 2.3 全球输配电设备行业竞争格局 2.3.1 全球输配电设备行业竞争格局 2.3.2 全球输配电设备 ...

证券代码：002028.SZ 证券简称：思源电气 思源电气股份有限公司投资者关系活动记录表 编号：2025-005 | 投资者关系活 | ■特定对象调研 □媒体采访 | □分析师会议 | | --- | --- | --- | | 动类别 | □业绩说明会 □路演活动 | □新闻发布会 | | | □现场参观 □其他（请文字说明其他活动内容） | | | 参与单位名称 | 阿尔派投资管理有限公司、安联集团、东亚联丰投资管理、中银保诚资产管 | | | | 理、贝莱德、国泰证券、哥伦比亚基金管理、瀚亚投资、方瀛研究、富兰克 | | | | 林邓普顿、言教资金管理公司、新加坡投资、高盛资库管理、恒生投资、景 | | | 及人员姓名 | 顺亚洲、基石投资、凯斯博投资管理、宏利投资、橡树资本管理、施罗德投 | | | | 资管理、安本资产、中金证券、源峰基金、华福电新、汇丰前海、国泰海通 | | | | 电新等 | | | 时间 | 2025 年 8 月 19 日 15:30-16:30 | | | | 2025 年 8 月 20 日 15:30-16:30 | | | 地点 | 腾讯会议/公司会议室 | | | 上 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first half of 2025 met market expectations, with revenue of 11.33 billion and a year-on-year increase of 8.9%, while net profit attributable to shareholders reached 600 million, up 30.1% year-on-year [9] - The growth foundation is built on UHV (Ultra High Voltage) and power transmission and transformation, with transformer profitability continuously improving [9] - The company is actively expanding its overseas market, achieving a 64% year-on-year increase in overseas revenue to 2.171 billion [9] - High R&D investment is maintained, with inventory growth attributed to a backlog of finished products [9] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 21.204 billion, with a year-on-year growth of 13.02% [1] - Net profit attributable to shareholders for 2023 is estimated at 897.17 million, reflecting a 44.92% increase year-on-year [1] - The latest diluted EPS for 2023 is expected to be 0.18 yuan per share [1] Revenue and Profit Forecast - Revenue is forecasted to grow to 24.476 billion in 2025, with a year-on-year increase of 9.85% [1] - Net profit attributable to shareholders is projected to reach 1.497 billion in 2025, representing a 42.04% increase year-on-year [1] - The P/E ratio for 2025 is estimated at 22.97 [1] Market Position and Growth Drivers - The company has a solid order backlog in the UHV sector, with multiple projects expected to start bidding in the second half of the year [9] - The company is also focusing on the distribution network and international expansion as key growth drivers [9] - The gross margin for the first half of 2025 was reported at 21.6%, an increase of 2.7 percentage points year-on-year [9]

新特电气（SZ 301120，收盘价：15.73元）8月21日晚间发布公告称，公司本次计提资产减值损失约902 万元，将减少公司2025年半年度合并报表利润总额约902万元。本次计提资产减值准备数据是公司财务 部门初步测算的结果，未经会计师事务所审计，实际金额以会计师事务所年度审计确认的财务数据为 准。 （文章来源：每日经济新闻） 2024年1至12月份，新特电气的营业收入构成为：变压器和整流器和电感器制造占比100.0%。 ...

证券研究报告 提质增效拓市场，上半年利润高增 2025 年 8 月 21 日│中国内地 电气设备 中国西电发布半年报，Q2 实现营业总收入 60.70 亿元（yoy+7.22%， qoq+15.38%），归母净利 3.03 亿元（yoy+20.19%，qoq+2.85%），扣非 归母净利 3.16 亿元（yoy+12.43%，qoq+7.92%），Q2 利润同比实现较好 增长。当前非特高压主网招标需求强劲，特高压规划与建设持续推进，同时 公司市场开拓效果显著、提质增效持续深化，我们看好公司盈利能力持续提 升，维持"买入"评级。 毛利率明显提升，费率稳步下降 中国西电 (601179 CH) 公司 2025 年 H1 实现营业总收入 113.31 亿元（yoy+8.91%），归母净利 5.98 亿元（yoy+30.08%），扣非净利 6.09 亿元（yoy+29.25%）。分业务 来看，变压器/开关/电力电子、工程及贸易/电容器、绝缘子及避雷器/研发检 测 及 二次 设 备分 别实 现收 入 49.35/42.45/3.99/4.01/3.87 亿 元 ， 同比 +10.45%/+4.04%/+517.45%/ ...

Economic Overview - Liaoning Province's economy showed overall stability from January to July, with a year-on-year industrial added value growth of 3.9% [1] - High-tech manufacturing sector experienced a significant growth of 7.8% [1] Industrial Performance - Mining industry added value increased by 10.9%, while manufacturing and electricity, heat, gas, and water production and supply sectors grew by 3.0% and 1.1% respectively [1] - Among 40 major industrial categories, 23 reported year-on-year growth, resulting in a growth coverage of 57.5% [1] - Notable growth sectors included chemical fiber manufacturing (up 9.3 times), and various manufacturing sectors such as railway, shipbuilding, aerospace, and non-ferrous metal mining [1] Investment Trends - Fixed asset investment in manufacturing increased by 22.8%, with high-tech manufacturing investment rising by 37.0% [2] - First industry investment decreased by 7.1%, while second industry investment grew by 7.9% [2] - Construction project investment saw a 1.8% increase, with projects over 100 million yuan growing by 6.0% [2] Consumer Market - Retail sales of consumer goods reached 597.72 billion yuan, marking a 5.5% year-on-year increase [2] - Basic living goods sales remained stable, with significant growth in food (17.0%), daily necessities (12.9%), and tobacco and alcohol (6.6%) [2] - Upgraded consumer goods showed rapid growth, including smartphones (up 130%), wearable devices (up 98.2%), and energy-efficient home appliances (up 46.6%) [2] Trade Performance - Total import and export value reached 437.61 billion yuan, with a slight year-on-year increase of 0.4% [3] - Exports totaled 234.78 billion yuan, reflecting a growth of 13.6% [3] - Key export categories included agricultural products (18.85 billion yuan, up 9.1%), steel (22.73 billion yuan, up 11.1%), and machinery and electrical products (118.51 billion yuan, up 8.9%) [3]

Economic Overview - The overall economic operation of the province is stable from January to July, with a year-on-year industrial added value growth of 3.9% [1] - High-tech manufacturing industry shows a significant growth of 7.8% [1] Industrial Performance - Mining industry increased by 10.9%, while manufacturing and electricity, heat, gas, and water production and supply industries grew by 3.0% and 1.1% respectively [1] - Among 40 major industrial categories, 23 experienced year-on-year growth, representing a growth rate of 57.5% [1] - Notable growth in chemical fiber manufacturing (9.3 times), and double-digit growth in several sectors including pharmaceutical manufacturing and electrical machinery [1] Investment Trends - Manufacturing investment increased by 22.8%, with high-tech manufacturing investment rising by 37.0% [2] - First industry investment decreased by 7.1%, while second industry investment grew by 7.9% [2] - Construction project investment increased by 1.8%, with projects over 100 million yuan growing by 6.0% [2] Consumer Market - Retail sales of consumer goods reached 597.72 billion yuan, with a year-on-year growth of 5.5% [2] - Significant growth in essential goods, with food retail sales increasing by 17.0% and daily necessities by 12.9% [2] - Upgraded products like smartphones and wearable devices saw substantial sales growth, with smartphones increasing by 130% [2] Trade Performance - Total import and export value reached 437.61 billion yuan, with exports growing by 13.6% [3] - Agricultural product exports increased by 9.1%, while steel and electromechanical products also saw growth [3] Price Trends - A slight decline in consumer prices and a decrease in industrial producer prices were noted [4]