东兴证券股份有限公司洪一,侯河清,吴征洋近期对海兴电力（603556）进行研究并发布了研究报告《2025年半 年报业绩点评：逆周期投入增加，半年报业绩低于预期》，给予海兴电力买入评级。 海兴电力 财务要点：公司披露2025年半年报，全年实现营业收入19.2亿，同比下降14.7%，实现归母净利润4.0亿元，同 比下降25.7%。 逆周期投入增加，半年报业绩低于预期。公司营收净利润均下滑，主要是由于行业周期影响，部分国内项目 履约推迟、个别海外国家需求波动导致收入下滑所致。净利润下降幅度超过营收下滑幅度，主要是由于公司 业务毛利率有所下滑，同时主动增加逆周期投入也导致费用增长，25H1综合毛利率41.56%，较去年同期减少 2.64%，25H1期间费用率17.58%，较上年同期增加0.57%。 智能配用电业务国内海外业务齐发力。国内市场，公司积极参与国南网统招、省招：1)国家电网用电计量产 品统招，公司中标1.4亿元；配网第一批区域联合招标，公司一二次融合产品合计中标1.49亿元。2)南方电网 配网设备产品统招，公司中标3,846万元；内蒙古电力集团营销设备招标，公司中标9,639万元。海外市场，公 司加快对重点 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's performance in the first half of 2025 showed a revenue of 1.924 billion yuan, a year-on-year decrease of 14.67%, and a net profit of 396 million yuan, down 25.74% year-on-year, primarily due to project delays in the domestic market, fluctuations in demand from certain overseas countries, and increased expenses from proactive counter-cyclical investments [7][10] - The company is actively expanding its smart power distribution business both domestically and internationally, with significant achievements in Africa and other regions, including the launch of a new version of its "Orca" platform, enhancing its competitive edge in the smart grid sector [10] - The company has a strong commitment to shareholder returns, having distributed a total cash dividend of 338 million yuan in 2024 and initiating a share buyback plan of 100 to 200 million yuan [10] Financial Data and Profit Forecast - The company is projected to achieve total revenue of 5.021 billion yuan in 2025, with a year-on-year growth rate of 6.4%, and a net profit of 870 million yuan, reflecting a decrease of 13.1% [9] - The earnings per share (EPS) is expected to be 1.79 yuan in 2025, with a gross margin of 43.9% and a return on equity (ROE) of 10.9% [9] - The company's price-to-earnings (PE) ratio for 2025 is estimated at 16 times, with a historical PE (TTM) of 15.69 times, indicating a favorable valuation compared to historical levels [10]

公司海外布局持续突破。1）用电方面，公司披露南非智能超声波水表工厂正式投产运营，推出"Orca" 平台 10.0 版本，显著提升系统承载力与操作性；2）配电方面，公司上半年在亚洲、非洲、拉美均实现自 有配网产品规模化中标，在中亚和非洲成功斩获变压器订单，海外市场得到持续突破。 证券研究报告 | 2025年08月19日 海兴电力（603556.SH） 二季度业绩环比回升，海外布局持续突破 公司研究·公司快评 电力设备·电网设备 投资评级：优于大市（维持） 证券分析师： 王蔚祺 010-88005313 wangweiqi2@guosen.com.cn 执证编码：S0980520080003 证券分析师： 徐文辉 021-60375426 xuwenhui@guosen.com.cn 执证编码：S0980524030001 事件：公司发布 2025 半年度业绩，公司 2025 上半年实现营收 19.24 亿元，同比-15%，实现归母净利润 3.96 亿元，同比-26%，2025 上半年毛利率 41.6%，同比-2.6pct，净利率 20.5%，同比-3.1pct。 国信电新观点：考虑到国内外电表取单、交付仍有待恢 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a total revenue of 1.92 billion RMB for the first half of 2025, a year-on-year decrease of 14.7%, and a net profit attributable to shareholders of 400 million RMB, down 25.7% year-on-year [2]. - The decline in revenue and profit is attributed to delays in domestic project execution, fluctuations in demand in certain overseas markets, and increased counter-cyclical investments leading to higher expenses [2]. - The company is a leader in the global smart meter market, with significant growth potential in smart distribution and renewable energy sectors, benefiting from the global upgrade of power grids [5]. Summary by Sections Performance Review - In Q2 2025, the company achieved total revenue of 1.14 billion RMB, a decrease of 15.8% year-on-year, with a net profit of 250 million RMB, down 20.2% [2]. Operational Analysis - The company is deepening its overseas strategic layout while maintaining a solid domestic base. In overseas markets, it has launched a smart ultrasonic water meter factory in South Africa and secured transformer orders in Central Asia and Africa [3]. - Domestically, the company has won over 400 million RMB in new orders, including significant contracts for power metering products and distribution equipment [3]. New Energy Business - The company is transitioning from product sales to system integration and scenario-based solutions in the renewable energy sector, having developed key equipment and EMS systems for microgrid projects in Africa and Latin America [3]. Investment in Sales and R&D - The company has increased its sales and R&D expenses by 11.6% and 6.1% year-on-year, respectively, highlighting its commitment to market expansion and technological innovation [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of 1.04 billion RMB, 1.16 billion RMB, and 1.38 billion RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 3%, 12%, and 19% [5]. - The current stock price corresponds to a PE valuation of 13, 11, and 10 times for the years 2025, 2026, and 2027 [5].