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 ...

证券日报网讯天和防务（300397）8月22日在互动平台回答投资者提问时表示，在射频芯片领域，公司 主要以子公司成都通量为业务平台，目前成都通量产品涵盖了面向基站高可靠性射频收/发前端芯片/模 组、无线通信类射频收/发芯片/模组、雷达感知芯片/模组、装备定制化产品等四大类，具体包括低噪声 放大器、驱动放大器、功率放大器、开关、开关低噪放、射频前端模组、雷达感知芯片和模组等产品。 公司子公司天和海防拥有水下无人自主航行器相关产品，是军民两用产品，携带搭载不同的传感器可以 在水下执行不同的任务。航行器是一种可以长期潜航、无人驾驶的水下机器人，能够依靠自带能源、自 主控制，通过配置任务载荷执行作战或进行海洋探测等水下作业任务并能完成自主回收和反复使用。 ...

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]

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%/ ...

Key Points Summary of the Electric Power Equipment Industry Research Industry Overview - The electric power equipment industry is divided into three main categories: transmission and transformation, distribution, and consumption, with transformers and switches being the core products, accounting for over 60% of the industry share [1][5][21] - Major companies like NARI and China XD Electric are gradually achieving full coverage, while international giants such as Siemens Energy and Hitachi Energy have covered all categories and voltage levels [1][6] Core Insights and Arguments - Downstream demand is concentrated in three areas: power generation, grid, and consumption, with the grid side dominated by the State Grid, whose capital expenditure is closely related to overall electricity consumption [1][7] - The construction of ultra-high voltage (UHV) systems is policy-driven, benefiting related companies significantly, as seen during the 2004-2008 500 kV backbone network construction period, which led to substantial revenue growth for equipment manufacturers [1][8] - The new power system faces challenges such as large deviations in generation load, poor generation stability, and a decrease in base load power sources. Solutions include energy storage, UHV, digital upgrades in grid dispatching, electricity market trading, and hybrid AC/DC distribution networks [1][10][11] Investment Trends - Grid investment is expected to continue growing, with a projected growth rate exceeding double digits in 2024 and a year-on-year increase of 14.6% in the first half of 2025, maintaining around 10% growth for the year [1][12] - The second half of 2025 will see a concentrated bidding for UHV projects, which will drive order increases [1][12] Order and Export Dynamics - In the first half of 2025, UHV bidding was limited, resulting in only a slight order growth of 5%. The transition period for metering equipment has led to a decline in bidding volume, while the export of transformers to North America, Europe, Asia, and Latin America has increased by over 50% year-on-year [1][13] Digitalization and AI in the Industry - The State Grid is continuously upgrading its dispatching system, with significant growth in new generation dispatching system application software. AI is becoming a key application area, with two rounds of AI server bidding in the first half of the year, totaling 293 units valued at 100 million to 200 million yuan [1][14] Market Changes and Future Outlook - The overseas market's reliance on Chinese manufacturing is increasing, with transformer imports to the US growing by 35% and to the EU by 15% year-on-year [1][20] - The electric power equipment industry is expected to see core changes, including significant growth in overseas markets, new equipment and business model opportunities, and progress in large engineering projects [1][21] Conclusion - The electric power equipment industry is poised for growth driven by policy support, technological advancements, and increasing global demand for Chinese manufacturing capabilities. Companies should focus on domestic and international order progress to seize investment opportunities [1][21]

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights that while new orders have slowed down, demand for data centers and gas turbines remains strong, suggesting a shift in focus within the industry [6][13]. - Companies such as Siemens Energy and Eaton Electric have reported significant revenue growth, with Siemens Energy's revenue increasing by 23% year-on-year and Eaton's by 14% [10][25]. - The report emphasizes the importance of data centers as a strategic growth area, with Eaton's data center orders growing by 55% [25]. - The long-term outlook for overseas electrical equipment remains positive, driven by AI data centers, infrastructure upgrades, and the increasing penetration of renewable energy [6][13]. Summary by Sections 1. Performance of Overseas Power Equipment Companies - Most overseas power equipment companies reported strong performance in Q2, with significant revenue growth and improved profit margins [10]. - Companies like GE Vernova and Eaton Electric achieved double-digit revenue growth, while Siemens Energy also saw a 23% increase in revenue [10][25]. 2. New Order Trends - New order growth has slowed, particularly in high-voltage transmission, but data center-related orders continue to grow robustly [13]. - Siemens Energy's new orders increased by 24%, driven by strong demand in the U.S. market, while GE Vernova experienced a 32% decline in new orders due to high base effects [10][13]. 3. Gas Turbine Orders - Gas turbine orders have seen significant growth, with GE Vernova's new orders nearly doubling year-on-year [10]. - Siemens Energy's new gas turbine orders also grew by 17%, indicating strong demand in this segment [10]. 4. Investment Recommendations - The report suggests focusing on companies that have gained a foothold in overseas markets and are entering localized operations or have integrated into the supply chains of large enterprises [6][10].

Investment Rating - The report assigns a "Buy" rating for the company [6] Core Viewpoints - The company is a leading enterprise in electric tool accessories with a diversified business layout that opens up growth space [4][6] - The global electric tool market is expected to recover, driving the development of components, with a projected 24.8% year-on-year increase in shipment volume in 2024 [4][41] - The company has established overseas subsidiaries in Vietnam, Mexico, and Singapore, enhancing its brand influence and facilitating the acquisition of overseas orders [4][49] Summary by Sections Company Overview - The company, originally established in 1976, has transformed from a cement product factory to a leading precision machinery manufacturer, particularly in the drill chuck business, which has maintained a global market share of approximately 50% for 24 consecutive years [13][14] - The company has diversified its product offerings to include electric tool accessories, high-end intelligent equipment manufacturing, and new energy solutions [16][19] Electric Tools Market - The electric tools market is anticipated to rebound after two years of decline, with a significant recovery expected in 2024, driven by urbanization and consumption upgrades [39][41] - The company is positioned as a core component supplier for major global brands, with products exported to over 80 countries [48] New Energy and High-end Intelligent Manufacturing - The new energy business focuses on lithium battery packs and has expanded into various applications, including outdoor energy storage and electric vehicle battery swap stations in collaboration with NIO [51][52] - The high-end intelligent manufacturing segment includes advanced machine tools and automation solutions, with successful overseas sales of five-axis machining centers [56][57] Financial Projections - The company is projected to achieve revenues of 25.59 billion, 29.00 billion, and 32.16 billion yuan for the years 2025 to 2027, with corresponding net profits of 3.22 billion, 3.65 billion, and 3.99 billion yuan [60]

Core Insights - The A-share market experienced a collective decline on Thursday, with the Shanghai Composite Index falling by 1.18%, the Shenzhen Component Index by 1.73%, and the ChiNext Index by 1.66% [2][7] - The total trading volume in the Shanghai and Shenzhen markets reached 1,935.75 billion yuan [2][7] - In the Shenwan industry sector, computer, communication, and comprehensive industries led the gains, while steel, non-ferrous metals, and real estate sectors faced declines [2][7] Important News - The National Internet Information Office interviewed NVIDIA regarding security risks associated with its H20 computing chips sold to China, which were reported to have serious vulnerabilities [3][8] - New regulations effective from August 1 include the Hong Kong Stablecoin Ordinance, marking the first comprehensive regulatory framework for fiat-backed stablecoins globally [3][8] Fund and Stock Allocation - In Q2 2025, the overall net value of market funds increased to 33.65 trillion yuan, with stock and mixed funds accounting for 22.28% of total fund net value [9] - The overall fund allocation ratio was 78.09%, with equity mixed funds at 78.78% and ordinary stock funds at 84.89%, showing a recovery from Q1 2025 [9][10] - The performance of various fund types varied, with QDII funds yielding 6.98%, mixed funds 2.02%, and stock funds 1.94% [9] Industry Analysis - The beauty and personal care sector saw a fund allocation ratio of 0.32% in Q2 2025, with individual care and medical beauty sectors in an overweight position, while cosmetics remained underweight [17][18] - The electrical equipment export market showed stable performance, with June exports totaling 7.896 billion yuan, a year-on-year increase of 43.01% [21][22] - The transformer export market experienced significant growth, with June exports reaching 4.221 billion yuan, a year-on-year increase of 63.04% [22][24] Investment Recommendations - The report suggests focusing on sectors benefiting from policy support, such as beauty and personal care, and electrical equipment, particularly in the context of energy transition and technological advancements [25][29] - The lithium battery industry is expected to enter a recovery phase, driven by strong demand from the electric vehicle and energy storage sectors, with solid-state battery technology breakthroughs being a key focus [29][30]

Core Viewpoint - The report from Wanlian Securities indicates that China's power equipment exports are performing steadily, with significant growth in various segments, driven by global renewable energy expansion and grid upgrades [1][2]. Export Performance Summary - In June 2025, the total export value of power equipment reached 7.896 billion yuan, with a month-on-month increase of 10.55% and a year-on-year increase of 43.01%. The cumulative export value from January to June 2025 was 41.173 billion yuan, reflecting a year-on-year growth of 36.90% [1]. Transformer Exports - The export value of transformers in June 2025 was 4.221 billion yuan, showing a month-on-month increase of 26.31% and a year-on-year increase of 63.04%. The cumulative export value for the first half of 2025 was 20.685 billion yuan, with a year-on-year growth of 49.36% [1][2]. Regional Export Breakdown for Transformers - In June 2025, transformer exports to North America reached a record high, with values of 5.89 billion yuan, while exports to Asia, Africa, and Europe were 1.660 billion, 0.341 billion, and 1.040 billion yuan respectively, showing year-on-year growth rates of 40.78%, 77.26%, 112.54%, and 110.64% [2]. Electric Meter Exports - The export value of electric meters in June 2025 was 896 million yuan, with a month-on-month decrease of 4.83% and a year-on-year decrease of 22.03%. The cumulative export value for the first half of 2025 was 5.300 billion yuan, reflecting a year-on-year growth of 3.22% [3]. Regional Export Breakdown for Electric Meters - In June 2025, electric meter exports to Latin America showed significant recovery, while exports to Asia, Africa, and Europe declined. The export values were 0.245 billion, 0.272 billion, and 0.281 billion yuan respectively, with year-on-year changes of -18.71%, -41.48%, and -8.03% [3]. Switch Exports - The export value of switches in June 2025 was 682 million yuan, with a month-on-month increase of 2.43% and a year-on-year increase of 30.90%. The cumulative export value for the first half of 2025 was 4.041 billion yuan, reflecting a year-on-year growth of 25.83% [4]. Regional Export Breakdown for Switches - In June 2025, switch exports to Latin America reached a record high, while exports to Asia and Europe saw declines. The export values were 0.422 billion, 0.029 billion, 0.081 billion, and 0.110 billion yuan respectively, with year-on-year changes of +20.79%, -4.60%, +26.23%, and +119.73% [4]. Cable Exports - The export value of cables in June 2025 was 2.097 billion yuan, with a month-on-month decrease of 4.83% but a year-on-year increase of 66.18%. The cumulative export value for the first half of 2025 was 11.147 billion yuan, reflecting a year-on-year growth of 41.46% [5]. Regional Export Breakdown for Cables - In June 2025, cable exports to Asia were 1.114 billion yuan, showing a year-on-year increase of 124.00%. Exports to North America reached 226 million yuan, with a month-on-month increase of 106.04% and a year-on-year increase of 10.99% [5][6].

Investment Rating - The industry investment rating is "Outperform the Market," indicating a projected relative increase of over 10% in the industry index compared to the broader market within the next six months [40]. Core Insights - The report highlights stable performance in the power equipment export sector, with a total export value of 7.896 billion in June 2025, reflecting a month-on-month increase of 10.55% and a year-on-year increase of 43.01% [2]. - The report anticipates continued growth in exports due to the peak season for installation and upgrading of power equipment [2]. Summary by Sections Transformers - In June 2025, transformer exports reached 4.221 billion, with a month-on-month growth of 26.31% and a year-on-year growth of 63.04% [3][13]. - Cumulative exports for the first half of 2025 totaled 20.685 billion, marking a year-on-year increase of 49.36% [3][14]. - North America showed significant growth, with exports reaching new highs, while exports to Asia, Africa, and Europe also experienced substantial year-on-year increases [3][14]. Electric Meters - Electric meter exports in June 2025 were 896 million, reflecting a month-on-month decline of 4.83% and a year-on-year decline of 22.03% [4][20]. - Cumulative exports for the first half of 2025 were 5.300 billion, with a year-on-year increase of 3.22% [4][20]. - The report notes a recovery in the Latin American market, while exports to Asia, Africa, and Europe saw declines [4][22]. Switches - Switch exports in June 2025 amounted to 682 million, with a month-on-month increase of 2.43% and a year-on-year increase of 30.90% [8][23]. - Cumulative exports for the first half of 2025 reached 4.041 billion, reflecting a year-on-year growth of 25.83% [8][23]. - The Latin American market performed exceptionally well, achieving record export levels [8][27]. Cables - Cable exports in June 2025 were 2.097 billion, with a month-on-month decline of 4.83% but a year-on-year increase of 66.18% [9][28]. - Cumulative exports for the first half of 2025 totaled 11.147 billion, marking a year-on-year increase of 41.46% [9][28]. - The Asian market showed strong performance, while North America experienced significant growth in June [9][31]. Investment Recommendations - The report suggests focusing on leading companies with strong technology and successful overseas market expansion, as they are expected to benefit from the ongoing growth in power equipment exports [10][37].