行 业 电力设备及新能源行业 超配（维持） 电力设备及新能源行业双周报（2025/6/6-2025/6/19） 国家能源局发布《关于组织开展能源领域氢能试点工作的通知》 2025 年 6 月 20 日 投资要点： 资料来源：iFinD，东莞证券研究所 目录 | 一、行情回顾 | | 3 | | --- | --- | --- | | 二、电力设备板块估值及行业数据 | | 6 | | 三、产业新闻 | | 9 | | 四、公司公告 | 10 | | | 五、电力设备板块本周观点 | 10 | | | 六、风险提示 | 11 | | 插图目录 | 图 | 1 | ：申万电力设备行业年初至今行情走势（截至 2025 | | | | | | | | 年 | 6 月 | 19 | 日） | | 3 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 图 | 2 | ：申万电力设备板块近一年市盈率水平（截至 2025 | | | | | | | | 年 | 6 月 | ...

Group 1 - Far East Smart Energy Co., Ltd. (Far East) announced a total contract order amount of 2.646 billion yuan for April 2025, including a smart grid cable contract worth 138 million yuan from State Grid Corporation [1] - In Q1 2025, Far East achieved operating revenue of 4.874 billion yuan, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 46 million yuan, up 84.65% year-on-year [1] - The company aims to drive growth through innovation, focusing on smart cable networks, smart batteries, and smart airport sectors, with the new contracts expected to positively impact future performance [1] Group 2 - National grid investment in China reached 608.3 billion yuan in 2024, a year-on-year increase of 15.3%, with expectations for 2025 to exceed 650 billion yuan [2] - Other cable companies, such as Ningbo Orient Cable and Wanma Co., also reported significant contract wins, indicating a broader trend in the industry [2][3] - The core drivers of grid investment in 2025 include national policy support, the push towards carbon neutrality, and technological innovations in smart grids and high-voltage transmission [3] Group 3 - The cable industry is facing pressure, with 11 out of 38 listed companies reporting net profits below 10 million yuan in Q1 2025, indicating a need for transformation [4] - Traditional cable manufacturers are accelerating their smart transformation, while emerging tech companies are entering the smart cable integration and solution space [4] - Far East plans to focus on smart cable networks, smart batteries/storage, and smart airports, aiming for approximately 30 billion yuan in revenue and 600 million yuan in net profit in 2025 [4] Group 4 - The rapid development of artificial intelligence and robotics is creating new growth opportunities for the cable industry, particularly in high-performance specialty cables [5] - Companies with core technology barriers in ultra-high voltage and smart cables, specialized firms focusing on high-end product development, and globally competitive leaders are expected to gain market advantages [5]

公司报告 | 年报点评报告 亨通光电（600487） 证券研究报告 业绩持续快速增长，在手订单充沛有望受益深海科技推动 事件： 亨通光电发布 24 年报及 25 年一季报。24 年实现营业收入 600 亿元，同比 增长 25.96%；实现归母净利润 27.7 亿元，同比增长 28.57%。25Q1，公司 实现营业收入 133 亿元，同比增长 12.58%，实现归母净利润 5.57 亿元， 同比增长 8.52%，实现扣非净利润 5.46 亿元，同比增长 32.67% 24 年归母净利润逐季维持 30%左右增速： 公司 24 年 Q1-Q4 每个季度均实现归母利润接近 30%增长，业绩兑现强。 24Q4 来看，公司实现营业收入 175.9 亿元，同比增长 40.45%，实现归母净 利润 4.54 亿元，同比增长 29.82%。 分业务来看，光通信业务实现收入 65.6 亿元（YoY -10.95%），智能电网实 现 221.8 亿元（YoY +14.68%），海洋能源与通信实现收入 57.4 亿元（YoY +69.6%），工业与新能源智能实现收入 67.7 亿元（YoY +18.11%）。海洋能源 与通信业务高速 ...

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant growth in revenue and net profit, indicating robust business development across various sectors [1][2]. Financial Performance - In 2024, the company achieved a revenue of 59.984 billion yuan, a year-on-year increase of 26.0%, and a net profit attributable to shareholders of 2.769 billion yuan, up 28.6% [1]. - For Q1 2025, the company reported a revenue of 13.268 billion yuan, a year-on-year increase of 12.6%, but a quarter-on-quarter decline of 24.5%. The net profit attributable to shareholders was 557 million yuan, up 8.5% year-on-year and 22.6% quarter-on-quarter [1]. Business Segment Performance - The company's business segments showed varied performance in 2024: - Optical Communication: Revenue of 6.562 billion yuan, down 11.0%, with a gross margin of 25.59%, down 3.77 percentage points [2]. - Smart Grid: Revenue of 22.184 billion yuan, up 14.7%, with a gross margin of 12.58%, down 0.99 percentage points [2]. - Marine Energy and Communication: Revenue of 5.738 billion yuan, up 69.6%, with a gross margin of 33.53%, up 1.91 percentage points [2]. - Industrial and New Energy Intelligence: Revenue of 6.766 billion yuan, up 18.1%, with a gross margin of 13.27%, down 1.86 percentage points [2]. - Copper Conductor: Revenue of 15.007 billion yuan, up 50.9%, with a gross margin of 1.15%, down 1.16 percentage points [2]. - In Q1 2025, the company maintained steady growth in its ultra-high voltage, smart grid, industrial and new energy intelligence, and marine energy and communication sectors, contributing to a significant increase in net profit [2]. Order Backlog and Market Outlook - As of the end of Q1 2025, the company had a substantial order backlog, including approximately 18 billion yuan in orders for subsea cables, marine engineering, and land cable products, and around 8 billion yuan for marine communication projects [3]. - The offshore wind sector is expected to see a recovery in demand, with several projects ready to commence construction in 2025, which may lead to further growth for the company [3]. - The company has recently won multiple contracts in the offshore wind and marine oil and gas sectors, totaling 1.133 billion yuan [3]. Investment Outlook - The company is expected to benefit from the recovery in the offshore wind sector and the steady development of its various business lines. Projected net profits for 2025-2027 are 3.467 billion yuan, 4.246 billion yuan, and 4.772 billion yuan, respectively, with corresponding PE multiples of 11x, 9x, and 8x [4].

Key Insights - The aluminum industry is experiencing a favorable macroeconomic environment with reduced tariff pressures and positive policy signals from both the US and China [4][10] - The demand for aluminum products is showing structural recovery, driven by new orders leading to increased inventory needs ahead of the May holiday [6][7] - The supply of electrolytic aluminum remains stable, with production costs slightly increasing, while inventory levels are decreasing [5][10] - The prices of key materials such as metal chromium, polymer MDI, and acetamide are on the rise, indicating a potential boom in the chromium salt cycle [18][27] - The chemical industry is expected to enter a replenishment cycle in 2025, driven by low inventory levels and improving profitability among leading companies [22][23] Company Summaries Aluminum Industry - The average cost of electrolytic aluminum is approximately 16,582 RMB/ton, with a slight week-on-week increase [5] - Domestic aluminum ingot inventory has decreased to 658,000 tons, reflecting a 3.1% drop week-on-week [5] - The aluminum processing sector is witnessing a notable increase in inventory depletion rates, with a current inventory of aluminum rods at 177,800 tons [7] Chemical Industry - The chemical sector is seeing a tightening supply of phosphorous ore, with companies like Baitian Co. expanding production capacity significantly [21] - The chemical industry is projected to benefit from a replenishment cycle in 2025, with major companies expected to see improved performance due to cost advantages and market share growth [22][23] - The prices of key chemical products, including metal chromium and polymer MDI, have increased significantly, indicating strong demand and supply constraints [27][28] Data Center Services - Aofei Data reported a 62.18% year-on-year revenue increase in 2024, with Q1 2025 revenue up 40.62% year-on-year [11][12] - The company is expanding its IDC services, with over 43,000 operational cabinets, benefiting from increased capital expenditure in the internet sector [14][16] - The projected revenue for Aofei Data for 2025-2027 is expected to grow significantly, with a "buy" rating assigned based on its market position and growth potential [16]