高压出海AIDC高景气，配用电存盈利压力 - 电力设备2025年三季报总结

Summary of Conference Call on Power Equipment Industry Industry Overview - The power equipment industry showed significant differentiation in performance during Q3 2025, with high-pressure networks, ultra-high voltage, and overseas business performing well, achieving double-digit revenue growth and profit improvements [2][3][4] - The digitalization of the power grid and low-voltage electrical equipment remained relatively stable, while the electric meter and distribution sectors faced operational pressures [2][3] Key Points High-Pressure Networks - Q3 saw a slowdown in grid investment growth, yet it maintained a high single-digit growth rate [2][3] - Companies like NARI, Xidian, and Changgao experienced rapid growth, but a decrease in ultra-high voltage deliveries led to a year-on-year decline in gross margins [2][3] - Despite this, improved expense management allowed overall profits to remain stable [2][3] Export Performance - Transformer product exports maintained a growth rate of around 50%, marking it as one of the best-performing products [3][5] - The overseas segment saw revenue growth exceeding 10% in the first three quarters, particularly for BRT-related companies like Siyuan, Huaming, and Shenma [3][4] Digitalization and Electric Meters - The digitalization of the power grid primarily focused on hardware deliveries, which have lower gross margins, resulting in weak profit responses [3][4] - An increase in software deliveries is expected to improve profitability in the future [3] - The new standard electric meter bidding is anticipated to restore prices and gross margins, with a projected operational turning point in 2026 [3][4] Distribution and Low-Voltage Equipment - Revenue in the distribution segment remained stable, but some companies faced declining growth rates due to impacts from new energy support businesses [2][3] - Overall gross margins decreased, with profit growth mainly driven by fair value changes and credit impairment reversals, indicating ongoing operational pressures [3][4] AIDC Sector - The AIDC (Artificial Intelligence Data Center) sector continued to show growth, with a clearer upward trend in Q3 [2][3] - Companies in this sector are not only rapidly developing their AIDC business but also recovering their main operations, with breakthroughs in the North American market being a key focus for future growth [2][3][6] Future Growth Prospects - The outlook for the electrical and power equipment sectors, particularly transformers, is optimistic due to rising demand in the North American market, which is experiencing severe electricity shortages [5][6] - The AIDC electrical equipment segment is expected to benefit from increased capital expenditures by major North American companies, particularly in the data center power supply segment [6] - Domestic companies are actively developing and aligning with this demand, indicating potential for significant growth [6] Investment Opportunities - The current valuations of some ultra-high voltage and electric meter-related companies have adjusted to historical lows, presenting a good opportunity for left-side positioning [7][8] - These companies have ample orders, equivalent to two to three times their annual delivery capacity, ensuring strong performance growth in the coming year [8]