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国网信通: 国网信息通信股份有限公司关于全资子公司重大经营合同中标的公告
Zheng Quan Zhi Xing· 2025-07-17 10:22
Core Viewpoint - Company has won a significant contract worth 966.0119 million yuan in the 43rd batch procurement by State Grid Corporation of China for transmission and transformation projects [1][2] Group 1: Contract Details - The total bid amount is 966.0119 million yuan [1] - The subsidiaries involved in the bid are Anhui Jiyuan Software Co., Ltd., Beijing Zhongdian Feihua Communication Co., Ltd., and State Grid Information Communication Yili Technology Co., Ltd. [1] - The procurement is for the third round of bidding for transmission and transformation equipment, including cables [1] Group 2: Impact on Company - Winning this contract is expected to have a positive impact on the company's future operating performance [2] - The company has received the bid notification, but the contract has not yet been signed, making the specific impact on performance uncertain [2]
输变电设备行业跟踪报告:25年国网输变电项目第二十三批采购(输变电项目第二次变电设备)中标跟踪
Huachuang Securities· 2025-05-14 10:42
Investment Rating - The report maintains a "Recommendation" rating for the power transmission and transformation equipment industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [28][29]. Core Insights - The total winning bid amount for the 2025 National Grid's 23rd batch procurement of power transmission and transformation equipment is 17.636 billion yuan, representing a year-on-year increase of 12.7% compared to the same batch in 2024 [5][6]. - Key equipment categories show varied performance: - Switchgear: 1.704 billion yuan, up 24.2% year-on-year - Power transformers: 4.129 billion yuan, down 2.19% year-on-year - Power cables: 1.647 billion yuan, up 2.26% year-on-year - Relay protection and substation computer monitoring systems: 1.520 billion yuan, up 45.97% year-on-year [6][7]. Summary by Category Winning Bid Overview - The total winning bid amount for the 2025 procurement is 17.636 billion yuan, with a breakdown as follows: - Combination electrical devices: 4.133 billion yuan, up 33.6% year-on-year - Transformers: 4.129 billion yuan, down 2.19% year-on-year - Switchgear: 1.704 billion yuan, up 24.2% year-on-year - Power cables: 1.647 billion yuan, up 2.26% year-on-year - Relay protection and monitoring systems: 1.520 billion yuan, up 45.97% year-on-year [6][7][8]. Key Equipment Winning Shares - Combination electrical devices: - Total winning amount: 4.133 billion yuan - Leading companies: Pinggao Electric (32.7%), Siyi Electric (18.6%), China West Electric (15.7%) [8][9]. - Transformers: - Total winning amount: 4.129 billion yuan - Leading companies: TBEA (23.8%), Shandong Electric (18.1%), Baobian Electric (9.8%) [8][9]. - Power cables: - Total winning amount: 1.647 billion yuan - Leading companies: Hengtong Optic-Electric (13.3%), TBEA (8.8%), Zhongtian Technology (7.6%) [9][10]. - Switchgear: - Total winning amount: 1.704 billion yuan - Leading companies: Pinggao Electric (8.8%), Shandong Taikai (7.9%), Teradyne (5.7%) [9][10]. - Relay protection and monitoring systems: - Total winning amount: 1.520 billion yuan - Leading companies: Guodian NARI (34.8%), Sifang Co. (15.4%), Changyuan Group (12.7%) [10][11].
国网信通(600131):国网通信设备份额大幅提升,同业竞争解决措施切实落地
Changjiang Securities· 2025-05-09 09:42
Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company has significantly increased its market share in communication equipment, with effective measures to resolve competition within the industry [5][6] - The company’s subsidiaries, Jiyuan Software and Zhongdian Feihua, won contracts worth 477 million yuan in the 2025 procurement by the State Grid Corporation [2][5] - The total amount of contracts won by the company and its subsidiaries in the recent bidding rounds reached 803 million yuan, accounting for 93.24% of the total [12] Summary by Sections Event Description - On May 8, the company announced that its subsidiaries won a major contract worth 477 million yuan in the State Grid's 2025 procurement for communication network equipment integration [2][5] - Additionally, the company is in the process of acquiring 100% equity of Yili Technology, which won contracts totaling 326 million yuan [2][5] Event Commentary - The recent bidding results indicate that the measures to resolve competition issues have been effectively implemented, leading to a substantial increase in the company's market share in communication equipment procurement [12] - The company is expected to achieve a net profit of approximately 864 million yuan in 2025, corresponding to a PE ratio of about 26 times, excluding the impact of Yili Technology's consolidation [12]