2026 年 03 月 04 日 湘电股份(600416.SH) 电磁装备龙头，布局海陆空拓展成长边界 聚焦"三电"主业，成功"瘦身"盈利能力迎来修复 公司深耕电气行业 20 余年，是我国电工行业综合技术优势和产品配 套能力最强的企业之一，在我国大型国防装备、电工成套装备、风力 发电机等装备的开发应用起主导作用。2019-2020 年公司陆续退出外 贸和风电整机等业务，聚焦电机+电控+电磁（三电）主业，公司收入 自 2021 年 40 亿元增长至 2024 年 47 亿元，归母净利润自 2021 年 0.79 亿元增长至 2024 年 2.49 亿元，盈利能力实现修复。 船舶电力+电磁技术世界领先，为海上力量提供新质战斗力 公司拥有船舶综合电力系统和特种发射系统两大核心技术，主要聚焦 海军新型装备建设需求，在海军工程大学创新团队的技术引领下形成 了综合电力、电磁发射两大核心技术，并处于世界领先地位，主要为 我国未来主战舰艇提供高性能的电气动力装备。随着技术的进一步升 级，将拓展至高能装备领域，应用于海、陆、空等多领域，为我国国 防提供新质战斗力。 募投延伸发展边界，巩固"三电"领域龙头地位 公司通过 2022 ...

Core Viewpoint - Xiangdian Co., Ltd. (600416.SH) reported a revenue increase of 4.60% to 2.544 billion yuan and a net profit increase of 12.98% to 188 million yuan for the first half of 2025, while also announcing an acquisition to strengthen its core business [1][3]. Financial Performance - For the first half of 2025, the company achieved a revenue of 2.544 billion yuan, a year-on-year increase of 4.60% [1][3]. - The net profit for the same period was 188 million yuan, reflecting a year-on-year growth of 12.98% [1][3]. - Government subsidies included in the net profit amounted to 64.6916 million yuan, while the net profit excluding non-recurring gains and losses was 105 million yuan, a decrease of 28.84% year-on-year [3]. Business Segments - The company focuses on three core business segments: electromagnetic energy, electric motors, and electric control [1][3]. - In 2024, the revenue from the electric motor, electric control, and special products segments was 2.494 billion yuan, 196 million yuan, and 1.962 billion yuan, respectively, with year-on-year growth rates of 1.23%, 101.84%, and 0.86% [4]. Acquisition Details - Xiangdian Co., Ltd. plans to acquire 12.5% of Tongda Electromagnetic Energy Co., Ltd. from its controlling shareholder for 208 million yuan [1][6]. - Tongda Electromagnetic Energy is a significant player in the electromagnetic energy and electric motor industry, with projected revenues of 360 million yuan and 403 million yuan for 2023 and 2024, respectively [2][7]. - The acquisition is expected to enhance Xiangdian's participation in the electromagnetic energy industry chain, facilitating resource sharing and technological collaboration [7][8]. Research and Development - The company's R&D expenses for the first half of 2025 were 94.192 million yuan, an increase of 5.03% year-on-year [5]. - Xiangdian has been focusing on high-end and differentiated R&D strategies, with significant advancements in various technologies and products [4]. Strategic Initiatives - The company is in the process of a non-public stock issuance to raise up to 2 billion yuan for projects related to aviation electrical systems and magnetic levitation bearing high-speed motor systems [8].