网内外业务齐拓展，持续推进 SST 布局 四方股份(601126) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | 本报告导读： 公司是国内极少数能够提供数据中心交直流配电系统一二次关键设备及全套解决方 案的企业。针对 AIDC 特殊需求，公司加紧与客户建立深度合作关系。 投资要点： [Table_Summary] 盈利预测与投资评级。预计 2025-2027 年，公司归母净利润 8.43 亿 元、9.94 亿元、11.72 亿元，增速为 17.8%、17.9%、17.9%。对应 EPS 1.01 元、1.19 元、1.41 元。结合公司市场地位，以及同业估值，给 予公司 2026 年 40 倍 PE，目标价 47.6 元，维持"增持"评级。 网内、网外业务齐拓展： （1）主网业务：受益于二次设备招标规模的带动，公司中标规模明 显高于预期。 （2）配网业务：公司积极推进一二次融合、综合能源管理等技术和 产 ...

Summary of SST Industry and Key Companies Industry Overview - The SST (Solid State Transformer) industry is experiencing a significant boost in confidence due to Nvidia's white paper, which outlines the trends towards high voltage and direct current applications, highlighting the advantages of SST solutions in high voltage direct current applications [1][4] - SST technology utilizes power electronic devices to achieve arbitrary voltage input and output, significantly reducing size compared to traditional transformers while enhancing efficiency and compatibility with renewable energy sources [1][5] Key Points and Arguments - **Market Performance**: The SST sector's recent performance has been influenced by market sentiment and capital flows, particularly the pullback in AI-related stocks. However, the actual industry performance has been better than the capital market suggests, with expectations improving following Nvidia's white paper release in October [2] - **Product Launches**: December is seen as a critical catalyst month, with several manufacturers expected to launch new products by the end of the year or early 2026. For instance, New Special Electric has already achieved small batch shipments of new energy mid-frequency and amorphous alloy products [2][6] - **Technological Advancements**: Companies like Sifang Co. and Ingel have made significant strides in providing complete solutions for data center AC/DC distribution systems, with Sifang actively engaging with Nvidia's core suppliers [3][12] Company-Specific Insights - **Zhejiang Chint Electrics**: Plans to launch a new SIT product for data centers in Q3 of next year, with expectations to enter Nvidia's supply chain through acquisitions. The company is also enhancing its traditional business [1][8] - **Jinpan Technology**: Holds a competitive edge in capacity reserves and has launched the first generation SID product for data centers. The company anticipates launching a third-generation product in overseas markets by mid-next year, with an expected overall output value of 3 billion yuan [1][10] - **Sifang Co.**: Expected to achieve a profit growth rate of around 20% annually, with a projected revenue of approximately 1 billion yuan this year. The company is well-positioned as a core supplier due to its technical capabilities and customer resources [3][11] - **Ingel**: Successfully exporting products in various fields and rapidly establishing new factories in regions like Thailand and Mexico. The company is optimistic about its future growth potential in the data center sector [12] Financial Projections - **Chint Electric**: Expected profits of around 5.8 billion yuan next year, with a focus on expanding its overseas market presence [8] - **Jinpan Technology**: Anticipated traditional business performance between 700 million to 1 billion yuan this year and next [10] - **Sifang Co.**: Projected to achieve around 1 billion yuan in revenue this year, with a compound growth rate of 20% [11] - **Ingel**: Expected to generate revenues between 450 million to 500 million yuan this year, with a reasonable market valuation [12] Conclusion - The SST industry is poised for significant growth, particularly in 2026, as leading domestic manufacturers prepare to launch new products and enter benchmark project testing phases. Companies like Chint Electric, Jinpan Technology, Sifang Co., and Ingel are well-positioned to capitalize on these trends, with strong financial projections and strategic partnerships enhancing their market positions [6][8][10][11][12]