证券日报网讯2月5日，安靠智电（300617）在互动平台回答投资者提问时表示，公司以"开变一体机"为 核心的智慧模块化变电站，通过将公司自产的变压器、GIL、GIS产品整合，凭借工厂预制、模块化设 计、占地面积小、建设周期短、全绝缘、易维护等特点，适用于数据中心变电站建设领域，已率先服务 于腾讯扬州仪征数据中心项目。未来公司将积极推动数据中心相关业务发展，具体情况请关注公司公 告。 ...

【天风电新】安靠智电交流后更新：上修26年变压器出海订单预期-0201 公司上周发布业绩预减后股价调整较多，在与公司交流后我们的观点：业绩最差时点已过，上修26年变压器出海 预期至收入5亿元、利润1亿元，调整后#看好公司作为变压器出北美稀缺标的的投资价值。 变压器出海 26年订单目标上修至约7亿元，预计2/3在26年确收、净利率20%。 【天风电新】安靠智电交流后更新：上修26年变压器出海订单预期-0201 公司上周发布业绩预减后股价调整较多，在与公司交流后我们的观点：业绩最差时点已过，上修26年变压器出海 预期至收入5亿元、利润1亿元，调整后#看好公司作为变压器出北美稀缺标的的投资价值。 北美电力公司：明确后续参与230KV及以上变压器框采、春节后定份额，预计年框采金额3000万美元。 2、非美地区：包括预计南美、欧洲、土耳其各1亿元。 3、变压器工厂产能：以全部生产35KV变压器计算年产值8-10亿元，电压等级越高、产值对应可上修。 扩产1年左右周期，26H1订单顺利将开始扩产，短期国内订单考虑外协。 主业 25年业绩预减主要受计提减值约8000万元影响（回款后冲回），加回后净利润1.5亿元+；研发费用同 ...

Core Viewpoint - Anke Intelligent Electric has successfully established sales of its cable connection products in various countries, including the United States, Mexico, Indonesia, Ecuador, Sudan, and Nigeria, while also providing cable system services in Vietnam, India, the Philippines, and Singapore [2] Group 1 - The company is expanding its market presence in North America, South America, Europe, the Middle East, and Southeast Asia through partnerships with state-owned enterprises and overseas agents [2]

Core Viewpoint - The article highlights the groundbreaking of the 4 billion yuan Wujiang Transformer Co., Ltd. ultra-high voltage GIS digital intelligent factory project, which is set to become the largest single factory in the global ultra-high voltage GIS production sector, expected to generate an annual output value of 4 billion yuan [1] Group 1: Project Overview - The project will produce 1100kV ultra-high voltage GIS products, representing the highest technical level in the country, crucial for the safety and stability of long-distance, large-capacity power transmission [1] - The factory is part of Jiangsu Province's major projects and aims to provide more reliable, environmentally friendly, and energy-efficient GIS and GIL products [1] Group 2: Company Achievements - Wujiang Transformer has successfully developed 19 internationally leading products, including the world's first megawatt-level high-temperature superconducting parallel reactor [1] - The company has established a top-tier R&D team both domestically and internationally, achieving significant breakthroughs in product technology [1] Group 3: Project Execution - The project was planned and initiated in just over three months, showcasing the "Wujiang speed" in project implementation and enterprise services [1] - Wujiang is actively promoting a "three services" initiative to support enterprises, projects, and parks, ensuring comprehensive service guarantees for various businesses [1]

Core Viewpoint - The company, Ankao Zhidian, has confirmed business interactions with several key players in the electrical industry, indicating a robust order volume and production capacity. Group 1: Business Interactions - The company has business dealings with Siyuan Electric, China West Electric, Pinggao Electric, and XJ Electric [1] Group 2: Order Volume and Production Capacity - The company currently has a full order book for cable connectors, GIL, and smart modular substations, with tight delivery schedules and sufficient production capacity [1]

Core Viewpoint - China XD Electric Co., Ltd. reported a revenue of 16.959 billion yuan for the first three quarters of 2025, reflecting an 11.85% year-on-year growth, with a net profit of 939 million yuan, up 19.29% year-on-year, indicating improved operational quality and competitive advantage in the industry [1][2]. Financial Performance - The company's gross profit margin reached 22.14% in the first three quarters, showcasing its competitive edge [1]. - The net profit growth rate outpaced revenue growth, highlighting enhanced operational efficiency [1]. Industry Context - The acceleration of domestic power grid construction is a key driver for the company's sustained growth [1]. - The China Electric Power Construction Enterprise Association reported a rise in the power construction development index from 86.5 in Q1 to 94.58 in Q4 of 2024, with major power enterprises completing investments of 1.8178 trillion yuan, a 13.9% increase year-on-year [1]. Investment Outlook - In 2025, investments in power construction are expected to accelerate, with State Grid and Southern Grid's investments exceeding 820 billion yuan [2]. - The State Grid's annual investment is projected to surpass 650 billion yuan for the first time, while Southern Grid's investment will reach 175 billion yuan [2]. - China XD Electric secured 5.6 billion yuan in bids this year, maintaining an 8.3% market share, indicating its strong position in the industry [2]. Strategic Initiatives - The management emphasized the importance of adapting product development to meet the needs of key construction projects, enhancing communication with stakeholders [3]. - The company has participated in major national power projects, demonstrating its capability to provide essential equipment for significant power engineering [3]. - The Xi'an Smart Industry Base has introduced new technologies and processes, contributing to upgrades in green equipment and manufacturing capabilities [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The demand for ultra-high voltage GIS remains robust, and the company's performance is generally in line with market expectations [2][8] - The company has a strong order backlog, with expectations for revenue growth in the high-voltage segment of 5-10% for the year [8] - The GIL business is expected to become a significant growth driver, benefiting from ongoing projects and international market opportunities [8] Financial Summary - Total revenue for 2023 is projected at 11,077 million yuan, with a year-on-year growth of 19.44% [1] - Net profit attributable to shareholders is forecasted to reach 815.71 million yuan in 2023, reflecting a substantial year-on-year increase of 284.47% [1] - The latest diluted EPS is estimated at 0.60 yuan per share for 2023, with a corresponding P/E ratio of 28.56 [1] - For 2025, total revenue is expected to be 13,320 million yuan, with a net profit of 1,285.21 million yuan, indicating a year-on-year growth of 25.61% [1][9] - The company’s cash flow from operating activities is projected to be 3,008 million yuan in 2024, with a significant improvement in cash flow management [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][11]. Core Views - The company's performance in the first half of 2025 was below expectations, with revenue of 730 million yuan, a year-on-year increase of 0.4%, and a net profit attributable to shareholders of 110 million yuan, a year-on-year decrease of 13.1% [4]. - The decline in profit is attributed to delays in product delivery cycles, while increased R&D expenses have impacted profitability [4]. - The investment climate for the power grid sector is improving, with a 12.5% year-on-year increase in completed investments in power grid projects from January to July 2025 [5]. - The company continues to secure orders and expand its product offerings, including successful bids for its 550kV GIS in national grid procurement [5]. Summary by Sections Company Overview - The latest closing price is 7.22 yuan, with a total market capitalization of 4.5 billion yuan and a circulating market capitalization of 3.7 billion yuan [3]. Financial Performance - In the first half of 2025, the company's gross margin was 37.2%, and net margin was 14.4%, with a rise in sales expense ratio to 6.4% and an increase in R&D expense ratio to 8.4% [4]. - The company forecasts revenues of 2.09 billion yuan, 2.50 billion yuan, and 3.00 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 360 million yuan, 460 million yuan, and 560 million yuan for the same years [6][9]. Market Outlook - The report highlights the ongoing development of new products, including 750kV GIS and energy-efficient transformers, which are expected to contribute positively to future revenue growth [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [6][12]. Core Insights - The company reported a revenue of 5.7 billion RMB for the first half of 2025, a year-on-year increase of 13.0%, with a net profit of 660 million RMB, up 24.6% year-on-year [2]. - The high-voltage segment remains a leader in the industry, with a revenue of 3.26 billion RMB in the first half of 2025, reflecting a 7.5% year-on-year growth and a gross margin of 29.8%, up 2.2 percentage points [3]. - The company has a strong order reserve, with a contract liability of 1.72 billion RMB, a 40% increase year-on-year, and inventory of 2.24 billion RMB, indicating robust demand in the second half of the year [4]. - The distribution network and operation maintenance businesses showed steady growth, with revenues of 1.6 billion RMB and 630 million RMB, respectively, in the first half of 2025 [5]. - The international business is expanding rapidly, with significant contracts in Saudi Arabia and Mexico, leading to a revenue increase of 284.5% year-on-year in the overseas market [5]. - The company is expected to achieve revenues of 13.39 billion RMB, 14.61 billion RMB, and 16.34 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 1.32 billion RMB, 1.52 billion RMB, and 1.76 billion RMB [6][10].

Group 1 - The company has made progress in its data center business, specifically through its GIL and smart modular substations, which are applicable to data centers [2] - In 2022, the company won the bid for Tencent's Yizheng Dongsheng Cloud Computing Data Center project, which was successfully delivered in May 2023, indicating positive demonstration and promotion significance for future data center construction [2] - The explosion of AI computing power is driving an increase in the power capacity of individual data center cabinets, and the company's smart modular substations combined with GIL products can support high-voltage, large-capacity power supply for data centers, enhancing their electricity reliability [2] Group 2 - The company plans to actively promote the development of its data center-related business in the future, with specific updates to be provided in company announcements [2]