良信股份 20250822 摘要 良信股份 2025 年上半年营收 23.41 亿元，同比增长 25.47%，净利率 10.68%，同比下降 1.1 个百分点。新能源行业营收占比近半，同比增 长 39.1%，智能楼宇业务受房地产影响下滑 22%，基础设施和数字能 源分别增长 14.2%和 18.9%。 公司积极拓展设备类客户，中标阳光风电、华为储能、比亚迪车载接触 器等项目，金额从 500 万到 2000 万以上不等。智能配电和智能家居业 务也取得进展，中标多个大型项目，使用最新天启强弱电一体开关箱。 良信股份通过全系列核级认证产品深化进口替代，进入核电核心领域， 并与住建部合作推广智慧人居。杭州湾超级工厂获零碳认证，每年绿色 发电 2000 万度，降碳 2 万吨。增资汉光电气，完善智能配电解决方案 布局。 海外市场毛利率略有下降，受区域结构和价格竞争影响，全年目标 1.8 亿元。数据中心业务聚焦互联网企业、运营商和政企客户，高低压品牌 入围是主攻方向。百度在高压直流（HVDC）领域取得进展，直流系统 国内领先。 Q&A 2025 年上半年良信股份的财务表现如何？ 2025 年上半年，良信股份实现营收 23. ...

证券研究报告·公司点评报告·电网设备 良信股份（002706） 2025 年中报点评：业绩符合市场预期，AIDC 发展迅猛 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,585 | 4,238 | 4,994 | 6,344 | 8,111 | | 同比（%） | 10.30 | (7.57) | 17.84 | 27.03 | 27.86 | | 归母净利润（百万元） | 510.97 | 312.11 | 509.42 | 614.18 | 814.40 | | 同比（%） | 21.15 | (38.92) | 63.22 | 20.56 | 32.60 | | EPS-最新摊薄（元/股） | 0.45 | 0.28 | 0.45 | 0.55 | 0.73 | | P/E（现价&最新摊薄） | 24.88 | 40.73 | 24.96 | 20.70 | 15.61 | [关键词： Table_T ...

Group 1: Product Applications and Advantages - The company's Automatic Transfer Switch Equipment (ATSE) products are primarily used in high-safety and stability-demanding fields such as rail transit, data centers, hospitals, and venues [2] - Solid-state circuit breakers are widely applicable in DC distribution scenarios, including photovoltaic storage, data communication, power grids, and marine applications [2] - Solid-state circuit breakers can cut off fault currents in hundreds of microseconds without generating arcs, significantly reducing the risk of damage to power sources and loads, thus enhancing distribution safety and reliability [2] Group 2: Development and Market Strategy - The company's solid-state transformer is currently in the application scheme verification and market research phase, with the phase-shifting transformer in the prototype development stage [3] - Solid-state transformers offer efficient power conversion and control, with potential applications in renewable energy integration, grid disturbance response, data centers, electric vehicle charging, electrified shipping, and aerospace [3] - The company is actively seeking opportunities for external development, focusing on vertical expansion in related industries such as mechanical and electrical, industrial automation control, and power instruments [3] Group 3: International Expansion - The company is expanding its overseas business, particularly in Southeast Asia and Russia, focusing on smart distribution products, transformers, and charging stations [3] - A subsidiary has been established in Singapore, achieving a small number of overseas project implementations [3]

Group 1: Company Overview and Market Position - The company operates in the medium and low voltage electrical appliance industry, positioning itself as a high-end brand with a focus on technological innovation and brand strategy [4] - It has significant advantages in energy efficiency management technology, solid-state circuit breakers, and smart 1U circuit breakers compared to domestic peers [3][4] - The company aims to leverage its leading power electronics technology to accelerate product iteration and expand applications in smart grids, data communications, and new energy sectors [3] Group 2: Product Applications and Innovations - The company's power and distribution products are applied in four main areas within the new energy sector: wind power, photovoltaic systems, energy storage, and industrial distribution [2] - Solid-state circuit breakers offer advantages over traditional breakers, including microsecond-level response times and arc-free operation, enhancing safety and reliability [5] - The smart 1U circuit breaker integrates load protection, communication self-identification, and metering functions, catering to the specific needs of communication base stations [6][7] Group 3: Strategic Focus and Future Plans - In 2025, the company will focus on strategic sectors such as smart grids, data communications, intelligent industries, new energy, and rail transportation, while also exploring overseas markets [8] - The company is committed to continuous innovation and product development in digitalization and intelligence to support stable growth [8] - To address challenges such as declining profits and market competition, the company is optimizing its strategic layout and enhancing its product offerings in key sectors [9] Group 4: Financial Performance and Challenges - The company faced revenue declines in 2024 due to macroeconomic factors and increased competition, leading to adjustments in its strategic focus [9] - It aims to mitigate the impact of economic fluctuations by optimizing its performance structure and enhancing its capabilities in smart distribution solutions [9] - Future strategies include developing strategic customer relationships, accelerating product line development, and improving operational efficiency [9]