hyzqdatemark 2025 年 08 月 26 日 证券分析师 证券研究报告 电力设备 | 电网设备 非金融|公司点评报告 市场表现： | 基本数据 | | | | 2025 | 年 | 月 | 日 | 08 | 25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 23.66 | | | | | 一 年 内 最 低 | 最 | 高 | / | | | 37.60/20.20 | | | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | 24,103.61 | | | | | 流通市值（百万元） | | | | | | 23,936.85 | | | | | 总股本（百万股） | | | | | | 1,018.75 | | | | | 资产负债率（%） | | | | | | 50.48 | | | | | 每股净资产（元/股） | | | | | | 11.59 | | | | | 资料来源：聚源数据 | | | | | | ...

证券研究报告 | 2025年08月26日 | 数据日期:2025-08-25 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3883.56 | 12441.06 | 4469.22 | 13842.44 | 3697.44 | 1287.73 | | 涨跌幅度（%） | 1.51 | 2.26 | 2.08 | 1.37 | 2.37 | 3.19 | | 成交金额（亿元） | 13609.03 | 17802.33 | 8236.81 | 5936.20 | 8661.62 | 1345.40 | $\frac{\pi}{2}\pm\frac{\pi}{2}$. 【常规内容】 宏观与策略 | 晨会纪要 | | --- | 宏观快评:杰克逊霍尔会议快评-鲍威尔转鸽，9 月降息在即 固定收益周报:超长债周报——股债跷跷板 固定收益周报:公募 REITs 周报（第 31 期）-指数继续调整，各板块普跌 策略专题:价格全方位多维跟踪体系（2025.0 ...

证券研究报告 | 2025年08月25日 三星医疗（601567.SH） 优于大市 海外配电高歌猛进，提质增效静待盈利修复 上半年业绩稳健增长，毛利率阶段性下降。2025年上半年公司实现营收79.72 亿元，同比+13.93%；归母净利润 12.30 亿元，同比+6.93%；扣非净利润 11.36 亿元，同比+5.34%。上半年公司毛利率 28.97%，同比-5.64pct.；净利率 15.24%，同比-1.25pct.。我们估计，毛利率下滑主要受海外配电处于开拓 期和国内配用电产品价格阶段性下滑引起。 二季度业绩小幅下滑，医疗业务暂时承压。二季度公司实现营收 43.41 亿元， 同比+9.28%，环比+19.57%；归母净利润7.40亿元，同比-5.77%，环比+51.32%； 扣非净利润 6.76 亿元，同比-3.89%，环比+46.82%。二季度公司毛利率 29.03%，同比-8.18pct.，环比+0.13pct.；净利率 16.92%，同比-2.96pct.， 环比+3.69pct.。 配用电业务收入订单稳健增长，海外配电订单持续高增。上半年公司智能配 用电收入 63.54 亿元，同比+19.53% ...

证券研究报告 | 2025年08月25日 许继电气（000400.SZ） 优于大市 直流输电系统集中交付，海外业务持续突破 上半年业绩稳健增长，盈利能力持续提升。2025年上半年公司实现营收64.47 亿元，同比-5.68%；归母净利润 6.34 亿元，同比+0.96%。上半年公司毛利 率 23.75%，同比+2.85pct.；净利率 11.01%，同比+0.43pct.。 二季度收入环比大增，业绩同比小幅增长。2025 年第二季度实现营收 40.99 亿元，同比+1.81%，环比+74.56%；归母净利润 4.26 亿元，同比+9.12%，环 比+105.38%。2025 年第二季度毛利率 23.91%，同比+1.17pct.，环比 +0.44pct.；净利率 11.55%，同比+0.14pct.，环比+1.48pct.。 直流输电收入高增，其他主要业务收入略有下降。上半年公司智能变配电系 统实现营收 18.47 亿元，同比-13.01%，毛利率 26.93%，同比+3.81pct.；智 能电表实现营收 15.28 亿元，同比-4.44%，毛利率 24.06%，同比-3.50pct.； 直流输电系统实现营收 ...

Core Viewpoint - Samsung Medical demonstrates robust performance growth driven by the synergy of its dual main businesses: "power grid equipment + medical services" [1][4] Group 1: Financial Performance - In the first half of 2025, Samsung Medical achieved operating revenue of 7.972 billion yuan, a year-on-year increase of 13.93% [1] - The net profit attributable to shareholders reached 1.23 billion yuan, reflecting a year-on-year growth of 6.93% [1] - The company plans to distribute a cash dividend of 4.85 yuan per 10 shares, totaling approximately 679 million yuan, with a dividend payout ratio of 55.20% [5] Group 2: Business Segments - Samsung Medical's overseas business experienced explosive growth, with total orders on hand reaching 17.632 billion yuan, a year-on-year increase of 18.39%, and overseas distribution orders at 2.182 billion yuan, up 123.96% [3][4] - The company reported overseas operating revenue of 1.495 billion yuan, marking a year-on-year increase of 50.89%, becoming a key driver of performance growth [3][4] - The medical services segment generated operating revenue of 3.258 billion yuan in 2024, reflecting a year-on-year growth of 12.69% [5] Group 3: Innovation and R&D - Samsung Medical invests over 5% of its revenue annually in research and development, fostering a complete independent innovation system [5][6] - R&D expenses from 2020 to 2024 were 313 million yuan, 294 million yuan, 327 million yuan, 471 million yuan, and 523 million yuan, with 257 million yuan in the first half of 2025 [6] - The company enhances its medical services through the introduction of advanced international medical technologies and equipment, particularly in rehabilitation medicine [6]

查看完整报告 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2025年半年报，2025年上半年实现营业收入64.47亿元，同比减少5.68%；归母净利润6.34亿元，同比 增长0.96%；毛利率同比上升2.85pct至23.75%，净利率同比上升0.43pct至11.01%；拟每10股派发现金红利2.38 元（含税）。其中2025Q2实现营业收入40.99亿元，同比增长1.81%；归母净利润4.26亿元，同比增长9.12%， 环比增长105.38%。 我国特高压建设持续推进，25H1公司直流输电系统业务迎来放量 25H1公司直流输电系统营业收入同比增长211.71%至4.60亿元，毛利率同比下降10.74pct至40.76%。我国仍有 多条储备的特高压项目，未来特高压工 ...

炬华科技主营业务为智能电表及用电信息采集系统产品的研发、生产和销售。公司产品主要应用于电力 行业，涵盖智能电表、用电信息采集终端、电能计量箱等系列产品。 根据公司最新披露，截至2025年8月20日，炬华科技股东总户数为27984户。从资金流向来看，8月22日 主力资金净流出2376.09万元，近五日主力资金累计净流出9198.27万元。 截至2025年8月22日收盘，炬华科技股价报16.86元，较前一交易日上涨0.03元，涨幅0.18%。当日成交 量为9.84万手，成交金额达1.65亿元。 风险提示：以上内容仅供参考，不构成投资建议。股市有风险，投资需谨慎。 ...

2025 年 8 月 22 日 公司研究 直流业务实现高增，持续突破国际市场 ——许继电气（000400.SZ）2025 年半年报点评 要点 事件：公司发布 2025 年半年报，2025 年上半年实现营业收入 64.47 亿元，同 比减少 5.68%；归母净利润 6.34 亿元，同比增长 0.96%；毛利率同比上升 2.85pct 至 23.75%，净利率同比上升 0.43pct 至 11.01%；拟每 10 股派发现金红利 2.38 元（含税）。其中 2025Q2 实现营业收入 40.99 亿元，同比增长 1.81%；归母 净利润 4.26 亿元，同比增长 9.12%，环比增长 105.38%。 我国特高压建设持续推进，25H1 公司直流输电系统业务迎来放量。25H1 公司 直流输电系统营业收入同比增长 211.71%至 4.60 亿元，毛利率同比下降 10.74pct 至 40.76%。我国仍有多条储备的特高压项目，未来特高压工程建设有 望延续高景气。叠加我国柔性直流输电技术持续发展，渗透率将迎来快速提升， 公司直流输电系统业务有望实现高增长。 电网投资力度加大有望推动公司各项业务加速发展。25H1 公司 ...

Summary of XJ Electric's Conference Call Company Overview - **Company**: XJ Electric - **Period**: First half of 2025 Key Financial Metrics - **Revenue**: - Total revenue decreased by 389 million yuan year-on-year, with a notable decline of 462 million yuan in Q1. However, Q2 revenue reached 4.1 billion yuan, showing a year-on-year growth of 1.8%, indicating signs of recovery [2][4] - **Gross Margin**: - Gross margin for the first half was 23.75%, an increase of 2.85% year-on-year, and improved by 0.44 percentage points from Q1, reflecting continuous enhancement in profitability [2][5] - **Net Profit**: - Net profit attributable to shareholders was 636 million yuan, a year-on-year increase of 0.96%, with Q2 showing over 9% growth, offsetting a decline of 12-13% in Q1 [2][7] - **Operating Expenses**: - Operating expense ratio was 11.7%, aligning with expectations, and decreased to 10.95% in Q2, down approximately two percentage points from Q1 [2][6] Business Segment Performance - **Ultra-High Voltage Segment**: - Revenue increased significantly, reaching 460 million yuan, primarily due to the Hami-Chongqing valve project (270 million yuan) and the Ningxia-Hunan control project (80 million yuan). Gross margin was high at 40.76% [2][8] - **Smart Distribution and Transformation Segment**: - Revenue decreased by 267 million yuan due to slower collection from industrial clients, but gross margin improved significantly due to a higher proportion of high-quality orders and high-margin products [2][8] - **Smart Medium Voltage Equipment Segment**: - Revenue decreased by 77 million yuan, with Q1 showing a decline of 73 million yuan. Q2 revenue remained flat year-on-year, but gross margin improved by 3.34 percentage points due to efficiency measures [2][8] - **Smart Meter Segment**: - Revenue decreased by 72 million yuan year-on-year, with a 86 million yuan decline in Q1, but Q2 saw an increase of 24 million yuan. Gross margin fell by 3.5 percentage points due to lower bidding prices from the previous year [2][10] - **Charging and Manufacturing Services Segment**: - Revenue grew by 4.91%, with a gross margin of 15.23%, driven by a focus on high-power charging products and expansion into industrial and communication power supply orders [2][10] - **New Energy and System Integration Segment**: - Revenue decreased by 300 million yuan, primarily due to a drop in total package business. Gross margin was 10.61%, reflecting a return to normal levels [2][10] Order and Market Outlook - **New Orders**: - New signed orders increased by nearly 10% in the first half, with significant wins in the ultra-high voltage sector totaling approximately 460 million yuan, showing substantial year-on-year growth [2][11] - **International Business**: - International revenue accounted for about 4% of total revenue in the first half, with expectations for steady growth in the coming years, maintaining an annual order scale of 1 to 1.5 billion yuan [2][23] Strategic Initiatives - **Product Optimization**: - Continuous optimization of product design and processes, particularly in non-standard transformers and wind power transformers, has led to improved gross margins [2][9] - **Sales Strategy**: - Adjustments in sales structure are aimed at enhancing order acquisition and service quality, with positive effects expected to materialize gradually [2][13] Future Projections - **Gross Margin Goals**: - The target for gross margin improvement remains slightly above last year's levels, with a focus on product structure and operational details [2][14] - **Revenue Targets**: - The revenue target for the year remains at 18.3 billion yuan, with a focus on profit performance rather than just revenue growth [2][18] Additional Insights - **Impact of Collective Procurement**: - Collective procurement is expected to have a limited impact on gross margins, as it constitutes less than 10% of total revenue [2][18] - **Emerging Technologies**: - The company is involved in projects related to magnetic power sources for nuclear fusion, with ongoing efforts to secure more market opportunities [2][25]

证券代码：000400 证券简称：许继电气 3.公司上半年在市场方面取得了哪些进展？ 许继电气股份有限公司投资者关系活动记录表 编号：2025-04 | | □特定对象调研 | 分析师会议 | | --- | --- | --- | | 投 资 者 关 系 活 | □媒体采访 | 业绩说明会 | | | □新闻发布会 | □路演活动 | | 动类别 | □现场参观 | | | | □其他 | | | 参 与 单 位 名 称 | 民生证券 | 邓永康 | | | 民生证券 | 李佳 | | 及人员姓名 | 湘财基金管理有限公司 | 尤鑫 | | | 北京诚旸投资有限公司 | 潘一琛 | | | 宝盈基金管理有限公司 | 李欣 | | | 国信证券 | 延姣阳 | | | 安信证券资产管理有限公司 | 顾文博 | | | 安信证券资产管理有限公司 | 李犁 | | | 广东谢诺辰阳私募证券投资管理有限公司 | 林浩 | | | 前海开源基金管理有限公司 | 张安华 | | | 国金基金管理有限公司 | 张洪耀 | | | 广东谢诺辰阳私募证券投资管理有限公司 | 林浩 | | | 美银证券 | MattyZh ...