对电网板块可以更积极些 20250630 摘要 特高压项目加速，直流线路核准开工，预计全年核准开工 3-4 条，带动 换流阀招标金额达 120 亿，同比翻倍。高压 IGBT 技术瓶颈缓解，国电 南瑞将逐步使用自研技术，交流特高压百万伏 GIS 需求量预计超 80 间 隔，同比增长 40%。 国网年终调增 200 亿固定资产投资至 7,000 亿，同比增长近 12%，主 要投向配网，包括老旧设备更新改造和数字化投资，配网整体投资增速 接近 10%。区域联采打破壁垒，头部企业市占率提升，如三星医疗、许 继电气、东方电子等。 配网投资需求体现在老旧设备更新、城中村及二三线城市可靠性提升、 县域电网薄弱环节改造、农村电网自动化智能化建设等方面，包括智能 融合终端、分布式四可关口表安装，以及 AI 技术应用。 区域联采初期虽有降价，但不可持续。变压器价格平均降幅约 10%，一 二次融合环网箱与柱上断路器降幅 20%-30%。毛利率下降至影响产品 质量与安全稳定性的临界点，预计价格将趋于稳定。 Q&A 近期电网板块有哪些重要动态？ 近期电网板块有两个重要动态。首先是直流特高压项目的核准启动，标志着今 年直流特高压建设的开 ...

6月6日，四川九洲今日收盘15.87元，下跌1.61%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到90.28倍，总市值162.32亿元。 最新一期业绩显示，2025年一季报，公司实现营业收入8.13亿元，同比-8.16%；净利润2185.66万元，同 比-40.11%，销售毛利率17.94%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)80四川九洲90.2883.495.28162.32亿行业平均 21.6627.422.91214.63亿行业中值25.9826.282.6356.03亿1倍轻松-449.48315.178.6832.32亿2亿田智 能-353.23274.585.5572.88亿3澳柯玛-141.92-114.462.2455.54亿4火星人-66.80478.614.2253.37亿5*ST星 光-62.65-66.247.0820.52亿6康盛股份-48.36-43.352.9742.62亿7三星新材-32.50-37.612.4124.67亿8ST德 豪-17.37-15.9216.2731.72亿9小崧股份-10.05-10.532.3723.66亿10 ...

5月19日～5月25日当周（下同），沪深北交易所新增受理4单上市申请，终止审核1家企业的IPO申请。 上述4家企业分别为申报沪市主板的长裕控股集团股份有限公司（下称"长裕集团"）、申报深市主板的 洛阳盛龙矿业集团股份有限公司（下称"盛龙股份"），以及申报北交所的深圳市沛城电子科技股份有限 公司（下称"沛城科技"）、山东康华生物医疗科技股份有限公司（下称"康华股份"）。 终止审核的企业为佳源科技股份有限公司（下称"佳源科技"），过会将近2年，最终以撤单告终。该公 司主要客户为国家电网及其下属公司，对国家电网的销售收入占营收的比例在70%左右，业绩高度依赖 国家电网。 一周新增受理4单上市申请 当周新增受理的4单IPO申请，来自沪深交易所的各1单，2单来自北交所。 5月21日，沪深交易所主板同时新增受理了1单IPO申请，这2家企业分别为长裕集团、盛龙股份。其 中，长裕集团是沪市主板年内首家获受理的IPO企业。 紧接着，5月22日，沛城科技、康华股份两家公司的上市申请获得北交所受理。 其中，沛城科技从事第三方电池电源控制系统(BMS、PCS等)自主研发、生产及销售，并提供以集成电 路、分立器件为核心的元器件应用方案 ...

Core Viewpoint - JiaYuan Technology Co., Ltd. has withdrawn its application for IPO, leading to the termination of its listing review by the Shenzhen Stock Exchange [1] Company Overview - JiaYuan Technology is a high-tech enterprise focused on providing IoT terminals and digital solutions in the smart power sector, enhancing the perception, communication, and data processing capabilities of power terminal devices and systems through IoT technologies [3] - The company primarily engages in the R&D, production, and sales of smart integrated terminals (TTU) and low-voltage branch monitoring units (LTU), along with offering digital solutions such as smart substations and remote intelligent inspections [3] Market Position - JiaYuan Technology has established a significant market position in digital solutions for substations, with 2,801 integrated service substations and 1,370 standalone gateway substations procured by State Grid Jiangsu Electric Power Co., Ltd. since 2020, representing 18.90% and 9.24% of the Jiangsu smart substation market, respectively [3] Sales and Revenue - From 2021 to Q1 2023, JiaYuan Technology reported revenues of 528 million yuan, 581 million yuan, and 71.76 million yuan, with net profits of 89.29 million yuan, 91.77 million yuan, and a loss of 7.75 million yuan [4] - The company has a high customer concentration, with sales to State Grid and its subsidiaries accounting for 75.31%, 63.35%, and 79.44% of total revenue from 2020 to 2022 [4] Accounts Receivable - JiaYuan Technology has a significant accounts receivable balance, which increased from 69.69 million yuan in 2020 to 276 million yuan in 2022, attributed to revenue growth and credit terms extended to reputable clients [5] IPO History - The company initially planned to raise 911 million yuan through its IPO to fund various projects, including R&D for smart power IoT terminals and communication modules, but ultimately withdrew its application after nearly two years post-approval [5]

杭州西力智能科技股份有限公司 为积极响应交易所关于开展沪市公司"提质增效重回报"专项行动的倡议，推 动公司高质量发展和投资价值提升，保护投资者尤其是中小投资者合法权益， 增强资本市场内在稳定性，促进资本市场健康发展，结合自身发展战略和经营 情况，公司制定了 2025 年度"提质增效重回报"行动方案，具体如下： 一、 聚焦主业发展，拓展新业务领域 和提升主营业务的核心竞争力，优化业务布局，加速新产业拓展，推动企业从 单一业务向多元化业务转型，实现主营业务业绩持续稳定和增长、新产业营收 占比明显提升，打造企业长期可持续发展的核心驱动力。 公司主营业务订单主要来源为参加国家电网、南方电网及各网省公司的统 一招标，企业研发实力和科技创新成果、智能制造水平、绿色工厂和绿色供应 链打造、元器件抽检、产品验收和现场运行故障率等履约质量和供应商绩效评 价将直接决定企业在统一招标中的评价和得分、直接决定企业中标份额。 版新标准表计、南网新型智能网关电能表（单相）按时高质量完成研发送检， 取得一次性合格并全性能检测得分达 99 分以上的同时，增加新标准智能融合终 端和大用户专变终端产品的研发，进一步拓宽公司在国网统一招标中的中标 ...

Company Overview - Sichuan Jiuzhou closed at 16.03 yuan on May 8, with an increase of 1.52%, and a rolling PE ratio of 91.19 times, resulting in a total market value of 16.396 billion yuan [1] - The company operates in the home appliance industry, which has an average PE ratio of 22.07 times and a median of 26.38 times, placing Sichuan Jiuzhou at the 80th position in the industry ranking [1] - The main business includes smart terminals, air traffic control products, and microwave radio frequency, with key products such as ultra-high-definition set-top boxes and AI set-top boxes [1] Financial Performance - For Q1 2025, the company reported operating revenue of 813 million yuan, a year-on-year decrease of 8.16%, and a net profit of 21.8566 million yuan, down 40.11% year-on-year, with a gross profit margin of 17.94% [2] - The PE ratio (TTM) for Sichuan Jiuzhou is 91.19, while the industry average is 22.07 and the industry median is 26.38 [2] Market Activity - On May 8, the net inflow of main funds into Sichuan Jiuzhou was 3.4732 million yuan, although the overall trend over the past five days showed a net outflow of 51.2776 million yuan [1] - The company has been recognized as a national-level specialized and innovative "little giant" enterprise and a "national high-tech enterprise" [1] Industry Recognition - Sichuan Jiuzhou was listed among the top 100 digital economy enterprises in Sichuan Province and has been recognized as a strong intellectual property enterprise [1] - The company has joined various alliances related to low-altitude economy and is collaborating with universities to establish a comprehensive demonstration platform for artificial intelligence in the low-altitude economy [1]