交通服务装备制造业务方面，公司加快产品开发力度，成功开发配电设备新产品品类，并完善充电桩产 品品类覆盖；持续发掘市场需求，推动公司配电柜、充电桩等机电产品在产业协同中建立常态化供应渠 道，为后续的市场开拓奠定坚实基础。 气体运营业务方面，工业气体领域，公司持续为四川蜀能矿产有限责任公司提供氮气供应相关设备租赁 和运维管理服务，同时与蜀道集团内部单位开展氧、氩、二氧化碳、高纯氩等工业气体合作。特种气体 领域，全面保障内蒙古雅海BOG提氦项目的稳供保供服务，确保项目运行稳定。高原氧设备产品类领 域，承建阿坝县首个光伏制氧项目—莲宝叶则高原酒店供氧系统，创新采用"集中制氧+智慧供氧"系统 解决方案，为旅客构建起海拔3300米的生命健康保障体系；完成小型医用吸氧器的市场调研与销售拓 展；积极推进蜀道集团内部产业协同单位在制氧设备产品的购销合作，拓展应用场景。 清洁能源业务方面，LNG业务领域，公司持续深化与现有上游液厂及下游终端客户的合作，积极拓展 新的上下游资源，保障供应链稳定畅通；积极拓展LNG以外的其他清洁能源销售业务，丰富业务品 类。氢能业务领域，公司配合蜀道集团完成《氢能铁路示范应用项目建议书》编制，配合蜀 ...

关键词：配电柜行业政策、配电柜产业链、配电柜产值产量、配电柜需求规模、配电柜市场竞争格局、 配电柜行业发展趋势 一、配电柜行业定义及分类 内容概要：配电柜是一种用于集中控制、分配电能，并对电路及用电设备进行保护、监测和控制的电气 设备组合体。随着全球城市化进程的加快推进，以及新能源产业的迅猛发展，配电网设备市场正迎来前 所未有的增长机遇。中国是全球主要的配电柜消费市场之一。配电柜作为输配电设备的一个组成部分， 近几年也是快速发展，配电柜广泛应用于电力、工业、交通、石油、化工等多个领域。随着新能源发电 系统的普及，配电柜在智能电网和分布式能源结合中的需求也不断增加。2024年，我国配电柜行业需求 量1563183 台/套，市场规模624.2亿元；预计2025年，我国配电柜行业需求量约1665364台/套，市场规 模约662.7亿元。得益于智能电网建设加速、新能源并网需求提升以及工业自动化升级的持续推动。随 着低压配电柜智能化改造的普及，企业通过模块化设计和精益化生产提升效率，产能利用率将进一步提 高，配电柜行业产量呈现稳步增长态势。2024年我国配电柜行业产值达到了644.8亿元，产量1588089 台/套；预 ...

Core Viewpoint - The company is taking proactive measures to ensure sufficient material supply for the upcoming summer peak electricity demand, focusing on emergency material reserves and management [1][2]. Group 1: Material Supply and Management - The company has analyzed past summer material usage and developed an emergency material reserve plan based on this analysis and current electricity demand forecasts [1]. - Key materials such as transformers and distribution cabinets are being adequately stocked to address potential power failures [1]. - Emergency materials, including lighting equipment and flood prevention sandbags, are being thoroughly checked and replenished to ensure readiness in emergencies [1]. Group 2: Quality Control and Emergency Response - The company has strengthened material acceptance management, ensuring that all materials are rigorously inspected and substandard materials are returned [2]. - An emergency response mechanism has been established, detailing material allocation plans during extreme weather events, and conducting drills to enhance emergency material allocation capabilities [2]. - A 24-hour emergency duty system has been set up, with personnel maintaining communication to promptly address material supply issues [2]. Group 3: Future Strategies - The company will continue to monitor changes in electricity load and weather conditions, dynamically adjusting material reserves and supply strategies [2]. - Efforts will be made to optimize material management processes and enhance information technology levels in material management [2]. - Collaboration with various parties will be strengthened to ensure effective material supply for stable electricity provision to users [2].

Investment Rating - The report does not explicitly state an investment rating for the power equipment industry Core Insights - The power equipment industry is experiencing significant market expansion driven by strong demand for renewable energy, urbanization, and government policy support for green development [4][20][45] - The industry is characterized by intense competition, with leading companies leveraging vertical integration to dominate the market while smaller firms focus on niche segments [15][17] - Future growth will be propelled by technological upgrades and innovations, particularly in smart grid and energy storage technologies [21][50] Industry Definition - Power equipment refers to various devices and installations used in the generation, transmission, transformation, distribution, and quality control of electrical energy [5] - The industry includes a wide range of equipment from large generators to small distribution devices, essential for the production, transmission, distribution, and control of electricity [5] Industry Classification - Power equipment can be categorized based on its application, including generation, transmission, transformation, distribution, consumption, and energy storage [6][7] - It can also be classified into primary and secondary equipment based on its functional characteristics within the power system [13][14] Industry Characteristics - The industry features diverse business models, with traditional manufacturers focusing on equipment sales and emerging companies providing customized power solutions [16] - The competitive landscape is marked by a concentration of leading firms in high-tech areas, while smaller companies maintain competitiveness through specialization [17] - Government policies are increasingly supportive, promoting the transition to smart grids and renewable energy [18] Market Demand and Trends - There is a robust growth in demand for renewable energy technologies, with solar and wind energy applications becoming more prevalent [20][45] - The industry is witnessing a shift towards digitalization and smart technologies, driven by the need for efficient energy management and sustainability [50] Industry Development History - The industry has evolved through various stages, from initial establishment to rapid growth and now to a phase of technological innovation and international competitiveness [22][24][26] Industry Scale - The power equipment market has been growing steadily, with significant contributions from renewable energy projects and ongoing upgrades to electrical infrastructure [45][46] - Future growth is expected to be fueled by the expansion of renewable energy capacity and the modernization of power grids [49]

Core Viewpoint - The construction of the 35kV Taiping Substation project by the State Grid Suixi County Power Supply Company has reached a critical phase with the arrival of smart switchgear and distribution equipment, marking the start of the electrical equipment installation stage for this significant livelihood project [1][2]. Group 1: Project Overview - The Taiping Substation project, with a total investment of 41.67 million yuan, aims to build one 35kV substation, expand two intervals, and lay 23.12 kilometers of lines [2]. - The project will significantly optimize the regional power grid structure and enhance the reliability of power supply for nearly 50,000 residents and agricultural production in areas such as Nanping Town and Sundian Town [2]. Group 2: Technological Advancements - The project employs the latest modular design concept from the State Grid Corporation, featuring fully insulated closed structures for the smart switchgear and distribution cabinets, equipped with digital monitoring units and automated control systems [2]. - The smart equipment supports remote real-time monitoring and can quickly identify and address operational issues, enhancing the efficiency and intelligence of power supply [2]. Group 3: Construction Progress - Despite challenges posed by spring rains, the construction team has completed foundational work and road hardening ahead of schedule, utilizing 3D positioning technology for precise installation of electrical equipment [4]. - The project is part of the "Three-Year Action Plan for Upgrading the Power Grid in Northern Anhui" and includes features like fault self-healing capabilities to support local tourism and modern agriculture [4]. Group 4: Community Impact - The project is expected to improve the power supply reliability to 99.98%, addressing long-standing low voltage issues in the western part of Nanping Town, thus providing stable and reliable power for regional economic and social development [2]. - The collaboration between the Suixi County Power Supply Company and local government has facilitated the smooth implementation of the project, creating a model for regional power grid construction [4][6].

Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue and net profit showing significant year-on-year growth, aligning with expectations [1] Group 1: Financial Performance - Q1 2025 revenue reached 1.089 billion yuan, representing a year-on-year increase of 15.53% [1] - The net profit attributable to shareholders was 103 million yuan, up 15.15% year-on-year [1] - The non-recurring net profit attributable to shareholders was 100 million yuan, reflecting a 15.92% increase year-on-year [1] Group 2: Development Trends - The renewable energy sector is expected to maintain high growth, while the decline in real estate-related business is anticipated to narrow [2] - As of the end of March, the installed capacity for solar and wind power in China increased by 43.4% and 17.2% year-on-year, respectively [2] - The company is likely to benefit from the high demand in wind and energy storage products, which are expected to enhance profit margins [2] - In the infrastructure and smart building sectors, the decline in housing completion area was -14.3% in Q1 2025, an improvement from -20.4% in the same period of 2024 [2] Group 3: Market Opportunities - The data center sector is experiencing accelerated domestic substitution, presenting significant growth opportunities [3] - The company has over 20 years of experience in the data center field, offering a range of products and solutions [3] - With the acceleration of AIDC construction, the company is positioned to capture market share in high-end segments [3] Group 4: Profitability and Cash Flow - The company's gross margin increased by 3.9 percentage points to 31.6% in Q1 2025, attributed to improved cost control and a higher proportion of high-margin product deliveries [3] - Operating cash flow reached 53.89 million yuan, marking an 86.94% year-on-year increase [3] Group 5: Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with the current stock price corresponding to P/E ratios of 21.0x and 17.0x for those years [4] - The target price has been raised by 12.6% to 9.8 yuan, indicating a potential upside of 20.4% from the current stock price [4]

Group 1 - The core viewpoint of the article highlights the stable growth of Liangxin Co., a leading domestic low-voltage electrical equipment supplier, in the first quarter of 2025, following performance fluctuations in 2024 [1] - Liangxin Co. reported a total operating revenue of 1.088 billion yuan, an increase of 15.53% year-on-year [2] - The net profit attributable to shareholders reached 103 million yuan, reflecting a year-on-year growth of 15.15% [2] Group 2 - The company achieved a net profit of 100 million yuan after deducting non-recurring gains and losses, marking a 15.92% increase compared to the previous year [2] - The net cash flow from operating activities was 53.89 million yuan, showing a significant increase of 86.9% year-on-year [2] - Basic and diluted earnings per share were both 0.10 yuan, representing a 25% increase from the previous year [2] Group 3 - The industry is experiencing a surge in domestic computing power demand, driven by the rapid development of the digital economy, which is becoming a powerful engine for the entire technology sector [3] - The acceleration of domestic AIDC (Artificial Intelligence Data Center) construction is creating vast market opportunities for new power distribution systems in AI data centers [3] - Liangxin Co. has been deeply involved in the data center sector for over 20 years, providing intelligent and modular power solutions, positioning itself as a key player in the evolving landscape of computing power [3]