网内超高压市场实现突破、网外静待新品扩大市场天花板。1）网内市场，电网投资高速增长，Q1 电网 基础建设完成额956 亿元，同比+25%，我们预计公司网内收入实现20-30%的增长；订单方面，公司成 功中标9间隔国网输变电物资招标750kV 组合电器，实现750kV 产品市场0-1 突破，看好高端产品份额 持续提升，进一步提高网内业务毛利率水平。2）网外市场，24 年公司SSC 等构网型产品开始交付并投 入使用，随着新能源装机占比的提高，构网型储能、SSC 等产品有望成为新能源并网运行的刚需，公 司卡位领先，配合变压器、高压开关以及继电保护等传统产品，进一步扩大公司网外市场天花板。 海外电网建设需求高涨、关税对公司业务无影响。海外电网建设需求保持高景气，Q1 我国变压器/高压 开关出口金额同比+40%/30%，公司24年海外收入占比提升至20%，订单占比我们预计提升至30%以 上。美国关税对我国出口产品层层加码，但由于美国内部制造业回流需求+AI 发展拉动新增负荷+老旧 电力设备亟待更新，我们认为高压电力设备在国际市场供应仍偏紧，西门子、日立能源等头部企业扩产 周期长，展望全年，我们认为公司海外收入有望维持高 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met market expectations, with revenue of 3.23 billion yuan, a year-on-year increase of 21.4%, and a net profit of 450 million yuan, up 22.9% year-on-year [8] - The domestic ultra-high voltage market has seen breakthroughs, while the external market is poised for expansion with new products [8] - The overseas demand for power grid construction remains high, with exports of transformers and high-voltage switches increasing by 40% and 30% year-on-year, respectively [8] - Cost control measures are ongoing, with significant increases in inventory and contract liabilities [8] - The company is expected to achieve net profits of 2.73 billion yuan, 3.54 billion yuan, and 4.56 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 21x, 16x, and 12x [8] Financial Summary - Total revenue forecast for 2023A is 12.46 billion yuan, with a year-on-year growth of 18.25% [1] - The projected net profit for 2023A is 1.56 billion yuan, reflecting a year-on-year increase of 27.75% [1] - The latest diluted EPS for 2023A is expected to be 2.00 yuan per share [1] - The company’s total assets are projected to reach 27.04 billion yuan by 2025E [9] - The company’s total liabilities are expected to be 11.74 billion yuan by 2025E [9]