湖南大学电气与信息工程学院副院长、博士生导师黎富海对《证券日报》记者表示："'宁电入湘'打破 西部地区新能源发电产业的瓶颈，改变了'发得出、送不走、用不上'的局面，为后续新疆维吾尔自治 区、青海、甘肃等'沙戈荒'发电项目树立了标杆。从上游来看，新能源发电设备生产企业会加速生产， 助力西北新能源发电项目建设。从中游来看，输变电设备生产企业会紧紧跟随国家电网招投标脚步，助 力中西部电力通道建设。从下游来看，中部地区用电企业有望平稳迎峰度夏。企业借助绿电消费实现节 能减排，还可为工业碳配额交易创造空间。" 在"宁电入湘"的发电端上，突破瓶颈帮助企业显著减少"弃风弃光"，提升发电小时数和营收稳定性，大 大鼓舞了新能源发电设备生产企业的生产脚步。湖南能源集团有限公司携手三一重能股份有限公司在宁 夏回族自治区吴忠市红寺堡区推进300万千瓦风光基地项目，不仅带动光伏设备、风电设备需求，还带 动变压器、换流设备、储能系统、电池及集成商采购订单。湖南和宁夏回族自治区共建的新能源装备制 造产业园更吸引到多家上市公司的产业项目落地，形成本地化供应链，降低物流成本。 特变电工工作人员向《证券日报》记者表示："'宁电入湘'工程线路复杂 ...

特高压项目陆续落地，板块更新及核心推荐 20250707 摘要 特高压板块在经历三个季度的调整后，目前估值已降至 14-15 倍左右， 相较前期高点 30 倍估值，投资性价比显著提升，尤其考虑到两条直流 线路已获核准，行业逐步恢复活力。 2025 年以来，两条主要直流线路已获批，预计全年将有更多线路陆续 获批，包括五条直流、三条交流及扩建和背靠背工程，下半年或将进入 特高压线路密集核准期。 预计 2025 年特高压相关核心设备投资需求将超过 500 亿元，较去年的 300-400 亿元显著提升，受益于十四五期间国网规划建设的 24 交 14 直特高压线路。 未来几年，特高压建设强度预计保持强劲增长，十五期间预计每年新增 4-5 条直流线和 2-3 条交流线，相关核心公司订单量与业绩兑现性将逐 步提升。 许继电气在特高压直流推进过程中受益显著，其阀和控保设备在单条线 路投资中占比约 15%，中标份额约 20%-30%，预计 2025 年下半年特 高压板块收入和业绩将逐步兑现。 Q&A 特斯拉板块在去年（2024 年）9 月之后经历了哪些变化，导致其进入调整阶 段的原因是什么？ 去年（2024 年）9 月之后，特 ...

据介绍，"宁电入湘"直流工程总投资281亿元，预计9月中旬全面建成投产。据估算，"宁电入湘"直流工 程在宁夏可带动包括配套新能源、煤电、储能项目共计投资700余亿元。 同时，在"宁电入湘"直流工程建设中，不少湖南本地企业生产的设备材料成为了核心部件。其中，双极 高端换流变压器、500千伏电容器等产品均由特变电工（600089）衡阳变压器有限公司、湖南大力电力 建设集团等湖南企业供应。 另外，在"宁电入湘"直流工程稳步推进的同时，宁湘之间的能源合作也在如火如荼地展开。在宁夏吴忠 市红寺堡区，湖南能源集团正在建设300万千瓦的风光新能源基地。其中，一期100万千瓦的光伏项目， 预计7月30日将全面并网。"湘产入宁"产业园一期已完成了全部桩基施工。 6月29日，历时720天建设完成的国家电网宁夏-湖南±800千伏特高压直流输电工程(以下简称："宁电入 湘"工程)，圆满完成168小时试运行，开始向湖南送电，成为继"宁电入鲁""宁电入浙"之后，宁夏第三 条电力外送大通道。 北方民族大学经济学院教授张晓凤在接受《证券日报》记者采访时表示，"宁电入湘"直流工程开始向湖 南送电，在进一步为湖南企业用电提供保障的同时，也可以在 ...

这条横跨千里的"电力动脉"上，由国家电网首席科学家郑玉平牵头研发的特高压换流变压器主动保护系 统，如同为电网装上了"智能医生"，关键时刻精准出击，保障电力安全输送。 在广袤的华夏大地上，我国首个"风光火储一体化"外送工程——陇东至山东±800千伏特高压直流输电工 程近日投入运行。 "电网电压等级不断提升、规模和复杂度持续加大，呈现线路分布电容电流成倍增长、故障暂态电流幅 值大衰减慢等特征，极易造成保护设备误动或慢动，导致电网事故扩大和设备损坏，电网安全稳定运行 面临严峻挑战。"郑玉平说。 继电保护作为电力系统的"安全卫士"，肩负着防范大停电的重任。四十年来，郑玉平始终专注于继电保 护技术领域，以自主创新助力我国该领域技术能力水平实现从"跟跑""并跑"到"领跑"，为大电网安全稳 定运行做出突出贡献。 破茧・从技术依赖到自主突围的国产化攻坚 20世纪70至90年代，我国电网频繁"生病"，超半数稳定性破坏事故，都源于继电保护缺陷。那时，高端 电力保护设备几乎被国外企业垄断，一套进口输电线路保护设备售价七八十万元，发电机保护设备高达 两三百万元。高昂的成本，却换不来稳定供电。 出生在福建山区的郑玉平，对停电的夜晚记忆 ...

特高压直流输电作为我国能源跨区域调配的核心技术，其换流变压器网侧套管的可靠性 直接影响直流工程安全稳定运行。据了解，传统油浸纸套管因频发内部故障导致瓷套爆炸、 换流变起火等事故，不仅威胁跨区直流系统稳定运行，更对运维人员生命安全构成隐患。 国家电网直流技术中心日前透露，该中心牵头自主研发的特高压换流变网侧高性能胶浸 纸套管关键技术与工程应用，通过了中国电工技术学会科技成果鉴定。鉴定委员会认定，该 技术及成果为国际首创，综合性能达国际领先水平。 研发过程中，项目团队重点突破大尺寸芯体材料、设计及工艺等关键技术难题，构建了 完整的自主知识产权技术体系。新型胶浸纸套管在绝缘水平、局放水平和通流能力等关键技 术参数上全面超越在运套管，其型式试验考核指标更为严格，550kV、800kV已成功实现工 程应用258支，截至目前，投运154支零缺陷运行。 这一成果不仅解决了直流安全运行的技术瓶颈，为"十四五"特高压工程建设提供了有力 支撑，更对推动能源技术革命、助力实现"双碳"目标具有重要意义。 【责任编辑：王少晨 】 为突破这一技术瓶颈，国家电网直流技术中心联合西安交通大学、传奇电气（沈阳）有 限公司等产学研单位，历经7年 ...

Investment Rating - The report maintains an "Overweight" rating for the energy and power equipment sectors [7] Core Viewpoints - The acceleration of the national unified electricity market is driving the construction of ultra-high voltage (UHV) projects, which are essential for achieving interconnection within the national grid [2][19] - The construction of UHV is not only to meet renewable energy consumption but also to address long-term energy imbalances, with significant demand for long-distance transmission solutions [14][41] - The report anticipates a peak in approvals for UHV projects, with expectations of 5-6 direct current (DC) and 3-4 alternating current (AC) projects approved in 2025, a significant increase from 2024 [3][45] Summary by Sections UHV Project Acceleration - The report predicts that the pace of UHV project approvals will accelerate, with an expected average of 6-7 UHV projects starting annually during the 14th Five-Year Plan period [1][3] - The expected annual order volume for UHV projects is projected to reach approximately 46 billion yuan, a 182% increase compared to the average winning bid amount from 2020 to 2024 [3][14] Market Dynamics - The UHV equipment market is characterized by high barriers to entry and concentrated profits, with major equipment components accounting for 80% of the market share [5][15] - Key suppliers such as State Grid NARI, Pinggao Electric, China XD Electric, and XJ Electric are expected to benefit significantly from the upward cycle of the sector [6][15] Back-to-Back Projects - Back-to-back DC transmission projects are crucial for addressing the power interconnection needs of adjacent provinces with asynchronous grids, with 5-6 projects expected to be approved within the year [4][16] - The report highlights that suppliers of converter transformers and converter valves are likely to see significant benefits from these projects [4][16] Financial Projections for Key Companies - State Grid NARI is projected to generate net profits of 1.15-1.64 billion yuan from each conventional/flexible DC UHV project, with an estimated profit elasticity of 1.1-1.6% [6][18] - Pinggao Electric is expected to earn 0.84/1.05 billion yuan from each DC/AC UHV project, with a profit elasticity of 4.2%/5.3% [6][18] - China XD Electric is projected to earn 2.4/1.2 billion yuan from each DC/AC UHV project, with a profit elasticity of 10.1%/5.0% [6][18] - XJ Electric is expected to generate net profits of 0.66-0.99 billion yuan from each conventional/flexible DC UHV project, with a profit elasticity of 3.1-4.7% [6][18]

电力设备 | 证券研究报告 — 行业专题 2025 年 5 月 8 日 强于大市 电力设备系列报告之一 电网升级改造拉动需求，产业链有望受益 随着全球新能源装机比例提升以及算力等新型用电场景的不断涌现，对于电 网的扩容升级提出了更高的要求，电力设备有望直接受益。主电网方面，电 力跨区域传输以及新能源发电外送需求提升推动特高压建设，柔性直流技术 有望提升渗透率；配电网方面，国内配网改造提速，海外纷纷推出电网改造 计划，对于变压器的需求提升，产业链有望受益，维持行业 强于大市 评级。 支撑评级的要点 投资建议 以算力为代表的新型用电场景不断涌现，催生出更大的用电需求，也对电网 升级扩容提出更高要求。主电网方面，新能源发电外送推动特高压建设提速， 直流特高压开工条数增长，柔性直流特高压具备优势，随着 IGBT 成本降低有 望逐步提升渗透率，相关产业链企业有望受益。配电网方面，国内持续推动 配电网改造，海外电网改造需求旺盛，对于变压器有较大需求。建议关注受 益于特高压高景气的主网环节相关标的，以及具备出海逻辑的变压器环节。 推荐华明装备、海兴电力，建议关注中国西电、国电南瑞、思源电气、平高 电气、明阳电气、四方股份、 ...

Core Viewpoint - The construction of the Ningxia-Hunan ±800 kV UHVDC transmission project represents a significant advancement in China's UHV industry, showcasing the country's technological leadership and innovation in high-capacity power transmission [3][4][10]. Group 1: Project Overview - The Ningxia-Hunan UHVDC project spans 1634 kilometers, connecting a renewable energy base with a total installed capacity of 17,640 MW to Hunan Province, which has a population of 66.04 million [2][4]. - Upon successful operation, the project is expected to deliver at least 36 billion kilowatt-hours of electricity annually [4]. Group 2: Technological Achievements - The Hunan-based Hengbian Company has successfully manufactured 14 high-end converter transformers, which are critical for UHVDC projects, achieving a one-time pass rate in testing [5][10]. - The precision required for these transformers is extremely high, with insulation paper thickness tolerances of ±0.5 mm and assembly errors of less than 1 mm [5][11]. Group 3: Industry Leadership - The Heng-Chang-Zhu-Tan UHV transmission equipment industrial cluster has evolved from following international standards to leading in the field, with 27 out of 31 operational UHV lines in China utilizing equipment from this cluster [7][8]. - The cluster's annual output value exceeds 220 billion yuan, and it is projected to account for over 25% of the national total by 2024 [7][8]. Group 4: Future Goals - The cluster aims to create a world-class UHV transmission equipment industrial cluster, with expected total revenue of 270 billion yuan by 2026 and over 400 billion yuan by 2030 [10][12]. - Key focuses for future development include enhancing equipment safety and efficiency, as well as increasing capabilities in smart manufacturing and original technology development [10][11].

Core Insights - The company reported a revenue of 22.28 billion yuan for 2024, representing a year-on-year increase of 5.1% [1] - The net profit attributable to shareholders for 2024 was 1.05 billion yuan, up 17.5% year-on-year, while the non-recurring net profit reached 1.00 billion yuan, a significant increase of 55.5% [1] - In Q4 2024, the company experienced a revenue of 7.04 billion yuan, a 2.7% increase year-on-year, but the net profit dropped by 24.9% to 270 million yuan [1] Financial Performance - The company faced a foreign exchange loss of 241 million yuan in 2024, which increased by 190 million yuan year-on-year, primarily impacting Q4 profits [2] - Transformer revenue for 2024 was 9.218 billion yuan, up 17.8% year-on-year, while switch revenue was 8.504 billion yuan, increasing by 11.0% [2] - Domestic revenue reached 19.002 billion yuan, a 5.9% increase, while international revenue was 2.825 billion yuan, up 6.5%, accounting for approximately 13% of total revenue [2] Profitability and Margins - The gross margin for transformers was 14.35%, an increase of 5.88 percentage points year-on-year, while the gross margin for switches was 26.52%, up 1.29 percentage points [3] - The overall net profit margin for 2024 was 4.73%, a 0.5 percentage point increase year-on-year, with Q1 2025 reaching 5.6%, the highest since 2019 [3] Cash Flow and Inventory - The company reported a net operating cash flow of 3.499 billion yuan for 2024, a significant increase of 176.6% year-on-year [3] - As of Q1 2025, inventory stood at 4.868 billion yuan, a 51.2% increase year-on-year, indicating a strong delivery capacity [3] Future Outlook - The company expects to achieve a net profit of approximately 1.785 billion yuan in 2025, corresponding to a PE ratio of about 18 times, driven by continued delivery of ultra-high voltage products and enhanced manufacturing capabilities [4]

能源是国民经济的命脉。2025年一季度，在"双碳"目标和能源安全新战略引领下，我国能源保供扎实有 力，产业结构持续优化。记者调研发现，国家能源行业转型升级浪潮下，越来越多民营企业逐"绿"而 行，在加速布局能源领域中开辟发展新空间。 阳春三月，湖北大冶。特变电工集团自主研发的±800千伏特高压换流变压器在大冶换流站完成安装， 支撑"西电东送"战略实施。 千里之外，黄海之滨。我国首台"碳中和"海上大兆瓦风机——搭载全球首个整机自研自制全集成传动链 的远景能源海上大兆瓦风电机组在江苏正式下线。 从"高门槛"向"宽准入"的转变，持续激发民营企业发展新活力。 在核电领域，2020年以来已有吉利集团、万向集团等民企通过参股方式参与项目投资。记者从国家能源 局获悉，2024年8月最新核准的5个核电项目，总投资约2455亿元，均配置10%的民营企业投资比例。 江苏的神通阀门、上上电缆，浙江的久立特材、宁波天生，甘肃的方大炭素……随着我国核电装备制造 业向高端迈进，一批"专精特新"民营企业发展壮大。 记者了解到，这些民营企业专注于核级阀门、管材、电缆、密封件、石墨材料等细分产业，攻克了一 批"卡脖子"技术，与聚焦于主设备的大型 ...