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 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 ...

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 ...

许继电气（000400） 2025 年中报点评：业绩整体符合市场预期， 盈利能力显著改善 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 17,061 | 17,089 | 17,960 | 19,878 | 21,874 | | 同比（%） | 13.51 | 0.17 | 5.09 | 10.68 | 10.04 | | 归母净利润（百万元） | 1,005 | 1,117 | 1,426 | 1,705 | 2,126 | | 同比（%） | 28.03 | 11.09 | 27.67 | 19.60 | 24.64 | | EPS-最新摊薄（元/股） | 0.99 | 1.10 | 1.40 | 1.67 | 2.09 | | P/E（现价&最新摊薄） | 23.59 | 21.23 | 16.63 | 13.91 | 11.16 | 证券研究报告·公司点评报告·电网设备 [关键词： Table_Tag# ...

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 ...

Investment Rating - The report maintains a "Recommended" rating for XJ Electric (000400.SZ) [1] Core Views - The company achieved a revenue of 6.447 billion yuan in H1 2025, a year-on-year decrease of 5.68%, while the net profit attributable to shareholders was 634 million yuan, an increase of 0.96% year-on-year [4] - The company is expected to benefit from the high growth in UHV (Ultra High Voltage) projects, with significant investments planned in the coming years [4] - Domestic revenue increased by 7.41% year-on-year to 6.192 billion yuan in H1 2025, while overseas revenue surged by 72.68% to 255 million yuan [4] Summary by Sections Financial Performance - H1 2025 revenue was 6.447 billion yuan, with a net profit of 634 million yuan, reflecting a 0.96% increase year-on-year [4] - Q2 2025 saw a revenue of 4.099 billion yuan, a 1.81% increase year-on-year and a 74.56% increase quarter-on-quarter [4] - The gross profit margin for Q2 2025 was 23.91%, showing a year-on-year increase of 1.17 percentage points [4] Business Segments - Intelligent distribution systems generated 1.847 billion yuan in revenue, down 13.01% year-on-year, while smart meters brought in 1.528 billion yuan, down 4.44% [4] - The direct current transmission system revenue skyrocketed by 211.71% to 460 million yuan, indicating strong demand in this segment [4] Market Position - The company maintains a leading position in the domestic market, with significant contracts in the railway monitoring and protection sector [4] - Internationally, the company has expanded its presence in markets such as Saudi Arabia, Brazil, and Spain, with a notable increase in overseas revenue [4] Future Outlook - The company is projected to achieve revenues of 17.762 billion yuan and 18.788 billion yuan in 2025 and 2026, respectively, with net profits expected to reach 1.386 billion yuan and 1.687 billion yuan [5] - The report anticipates continued growth driven by increased investments in the power grid and the company's strong capabilities in UHV and smart grid businesses [4]

证券研究报告 许继电气 (000400 CH) Q2 利润稳步提升，海外持续突破 2025 年 8 月 21 日│中国内地 电气设备 许继电气发布半年报，2025 年 Q2 实现营收 40.99 亿元（yoy+1.81%， qoq+74.56%），归母净利 4.26 亿元（yoy+9.12%，qoq+105.38%），扣 非归母净利 4.15 亿元（yoy+7.64%，qoq+103.63%）。公司是中电装骨干 企业，业务广泛覆盖新型电力系统输变配用核心环节，业绩有望伴随国网总 投资稳步增长。公司的直流输电业务收入伴随特高压周期建设高峰实现高 增，毛利率伴随收入结构优化实现提升，费率稳中有降，我们看好公司盈利 能力持续提升，维持"买入"评级。 毛利率明显提升，费用率稳中有降 SAC No. S0570523110003 SFC No. AVM464 karlliu@htsc.com +(852) 3658 6000 公司 2025 年 H1 实现营收 64.47 亿元（yoy-5.68%），归母净利 6.34 亿元 （yoy+0.96%），扣非净利 6.18 亿元（yoy+1.13%）。我们预计下半年交 付节 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within six months [6][13]. Core Insights - The company reported a revenue of 17.09 billion yuan in 2024, a slight increase of 0.2% year-on-year, with a net profit attributable to shareholders of 1.12 billion yuan, reflecting an increase of 11.1% year-on-year [4]. - The revenue structure has improved, with significant growth in the smart distribution system and direct current transmission systems, while the integrated services segment has decreased in proportion [4][5]. - The company is expected to benefit from the ongoing boom in ultra-high voltage construction, with predictions of revenue growth to 18.97 billion yuan in 2025 and 21.08 billion yuan in 2026 [6][9]. Revenue and Profitability - In 2024, the revenue from various segments was as follows: smart distribution systems (4.71 billion yuan), smart meters (3.87 billion yuan), and direct current transmission systems (1.44 billion yuan), with respective year-on-year growth rates of 2.9%, 11.0%, and 101.6% [4]. - The overall gross margin for the company improved to 20.8% in 2024, up by 2.8 percentage points year-on-year, driven by product structure optimization and cost reduction efforts [5][9]. - The forecast for net profit attributable to shareholders is projected to reach 1.41 billion yuan in 2025, with a growth rate of 26.4% [9][12]. Financial Metrics - The company’s PE ratio is expected to decrease from 19.39 in 2024 to 15.34 in 2025, indicating an improving valuation as earnings grow [9][12]. - The asset-liability ratio is projected to decline from 51.0% in 2024 to 48.0% in 2025, suggesting improved financial stability [12]. - The forecasted EPS is expected to rise from 1.10 yuan in 2024 to 1.39 yuan in 2025, reflecting the anticipated growth in profitability [9][12].

Core Viewpoint - The company reported its 2024 annual and 2025 Q1 financial results, showing mixed performance with slight revenue growth in 2024 but a decline in Q1 2025 [1][2]. Financial Performance - For 2024, total revenue reached 17.09 billion, a year-on-year increase of 0.2%, while net profit attributable to shareholders was 1.12 billion, up 11.1% year-on-year [1]. - In Q4 2024, revenue was 7.50 billion, reflecting a year-on-year increase of 17.3% and a quarter-on-quarter increase of 172.8% [1]. - For Q1 2025, revenue dropped to 2.35 billion, a decrease of 16.4% year-on-year [1]. Segment Performance - In 2024, revenue from the smart distribution and transformation system was 4.71 billion, up 2.9% year-on-year; smart meters generated 3.87 billion, up 11.0% [2]. - The revenue from new energy and system integration fell significantly by 37.5% to 2.46 billion, while the direct current transmission system revenue surged by 101.6% to 1.44 billion [2]. - The company’s foreign revenue in 2024 was 309 million, an increase of 102.2% year-on-year [2]. Profitability Metrics - The overall gross margin for 2024 was 20.77%, an increase of 2.78 percentage points year-on-year [3]. - In Q4 2024, the gross margin was 19.28%, up 2.50 percentage points year-on-year but down 5.24 percentage points quarter-on-quarter [3]. - The gross margin for Q1 2025 improved to 23.47%, a year-on-year increase of 5.20 percentage points [3]. Expense Ratios - The total expense ratio for 2024 was 12.54%, an increase of 1.68 percentage points year-on-year, with the sales expense ratio at 4.22%, up 1.34 percentage points [4]. - In Q1 2025, the total expense ratio rose to 13.07%, with the sales expense ratio increasing to 4.77%, reflecting a significant rise [4]. Future Outlook - The company aims for a revenue target of 18.3 billion in 2025, with expectations of growth in the distribution and medium voltage sectors [4]. - The projected net profit for 2025 is 1.45 billion, corresponding to a price-to-earnings ratio of approximately 15 times [4].