证券之星消息，2025年8月28日许继电气（000400）发布公告称公司于2025年8月28日召开业绩说明会。 具体内容如下： 问：2025年半年度，变配电系统业务板块收入同比下滑7亿，是什么原因？是因为总订单量减少了，还是 确认收入时点延后了？ 答：智能变配电系统板块营业收入同比下降，主要原因是订单交付确认收入节奏因素的影响。 问：今年上半年销售费用仍保持较大幅度的增长，目前营销团队搭建进展什么情况？下半年是否还保持较 高增长？ 答：公司强化营销体系顶层设计，自2024年第二季度始强化二级营销体系，增加一线营销人员，缩减中后 台人员，前台营销队伍得到充实；系统部署扩充二级营销力量和支撑保障能力，强化一二级营销协同市场 开拓，协同作战优势进一步提升。 问：直流输电业务毛利率下滑较多，是什么原因？柔直的毛利率和常规直流的毛利率差异多大？差异原因 是什么？ 答：2025年上半年，公司直流输电系统板块毛利率40.76%，主要原因是受确认收入的产品业务结构影 响。 问：低毛利新能源业务剔除对业绩影响较大，目前低毛利总包业务占公司营收和利润的比例还有多大，后 续继续压降对业绩的冲击多大？ 答：公司总包业务收入主要体现在 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, marking its first coverage [4][7]. Core Viewpoints - The company is a leading player in the smart grid sector, with a comprehensive layout across the entire new power system, including source, network, load, storage, and data [1][11]. - The domestic grid investment is on an upward trend, with significant R&D investments supporting growth. In the first five months of 2025, grid project investments reached 204 billion, a year-on-year increase of 19.8% [2][24]. - The global grid investment is also rising, with the company's overseas business revenue growing from 920 million to 3.28 billion from 2019 to 2024, reflecting a CAGR of 29% [3][44]. Summary by Sections 1. Smart Grid Leadership and Comprehensive Layout - The company is recognized as a pioneer in the domestic power automation sector, covering all aspects of the new power system [11]. - The smart grid business is the main contributor to revenue, with projected revenue of 28.47 billion in 2024, a year-on-year increase of 10.7% [13]. 2. Domestic Grid Investment and R&D Support - The report highlights the increasing investment in the domestic grid, with expectations for 2025 to exceed 650 billion [2][24]. - The company maintains high R&D spending, which reached 4.032 billion in 2024, a year-on-year increase of 15.94% [40]. 3. Global Investment and Rapid Overseas Expansion - The company has successfully expanded its overseas business, with significant projects in Saudi Arabia, South America, and Mexico [44]. - The overseas revenue is expected to continue growing, contributing positively to overall performance [3][44]. 4. Financial Projections and Valuation - Revenue projections for 2025-2027 are 645.03 billion, 719.67 billion, and 799.99 billion, with year-on-year growth rates of 12.3%, 11.6%, and 11.2% respectively [4][47]. - The expected net profit for the same period is 84.01 billion, 94.56 billion, and 106.14 billion, with corresponding growth rates of 10.4%, 12.6%, and 11.3% [4][47].