甘肃省750千伏沙洲全复合外绝缘变电站 青海格尔木-西藏拉萨±400千伏直流联网工程 神马电力高压试验大厅 神马电力： "三不做"原则立身 精准狙击行业痛点 ◎记者 闫婧 黄淑慧 电网是每个国家的重大基础设施。因需承受电气机械应力及风、雨、雪、污等环境影响，电力外绝缘是 决定电网安全性和经济性的关键组件。传统外绝缘产品在电网的一次建设成本中占比仅为2%到3%，但 建成后每年的电网运维检修费用却有60%至70%用在外绝缘上。全球电网每年因传统外绝缘问题造成的 损失超千亿元。 行业痛点之巨，如何破解？ 有这样一家中国企业，在20世纪90年代看到电力外绝缘这个行业核心痛点，通过新材料、新工艺自主创 新，先后研发出输变电橡胶密封件、变电站复合外绝缘产品、输配电线路复合外绝缘产品等九大类创新 型产品，这些产品的技术填补了国内国际空白，不仅解决安全可靠的问题，还显著降低电网运维成本。 而凭借过硬的技术实力，企业于2012年和2017年两度获得国家科学技术进步奖特等奖。 这，就是江苏神马电力股份有限公司（以下简称"神马电力"）。近日，上海证券报记者走进神马电力， 探寻企业的创新密钥。 "企业创新的关键一步是打开市场大门。" ...

Investment Rating - The report maintains a "Hold" rating for the company [7] Core Views - The company achieved impressive performance in 2024, with total revenue of 1.345 billion yuan, a year-on-year increase of 40.22%, and a net profit attributable to shareholders of 311 million yuan, up 96.17% year-on-year [1] - The company has a strong order backlog, with new orders amounting to 1.528 billion yuan by the end of 2024, representing a year-on-year increase of 38.31% [3] - The company is expanding its overseas market presence, with significant growth in overseas contract revenue, particularly in the U.S. and Europe [4] Financial Performance Summary - In 2024, the company reported revenue of 1.345 billion yuan, with a gross margin of 43.62% and a net margin of 23.10% [1] - The breakdown of revenue by business segment in 2024 includes: - Substation composite insulators: 879 million yuan, up 34.71% year-on-year, with a gross margin of 46.98% - Rubber seals: 223 million yuan, up 14.10% year-on-year, with a gross margin of 46.86% - Power transmission and distribution composite insulators: 209 million yuan, up 126.57% year-on-year, with a gross margin of 25.95% [2] - The company’s revenue forecast for 2025-2027 has been adjusted to 1.87 billion, 2.62 billion, and 3.53 billion yuan, respectively [5] Order Backlog and Market Expansion - As of the end of 2024, the company had a robust order backlog, with new orders of 1.528 billion yuan, including 786 million yuan from domestic markets and 742 million yuan from overseas markets [3] - The company is making significant progress in building a factory in the U.S., expected to be operational by 2027, which will further enhance its overseas market capabilities [4]