電力設(shè)備2024年中期業(yè)績延續(xù)高增國內(nèi)外需求共振行業(yè)景氣度上行

電網(wǎng)設(shè)備板塊景氣度上行，2023年延續(xù)高增，一季度“淡季不淡”選取17家電網(wǎng)設(shè)備板塊公司對其2023年和2024Q1收入與利潤表現(xiàn)分析，2023年板塊合計營收同比+16.47%，海外營收占比10.46%，行業(yè)景氣度延續(xù)。2024Q1在2023Q1高增長基礎(chǔ)上繼續(xù)實現(xiàn)了較大增幅，合計營收同比+13.40%，環(huán)比-43.96%;合計歸母凈利潤同比+30.29%，環(huán)比-48.21%，多數(shù)公司歸母凈利潤同比實現(xiàn)正向增長?？紤]到四季度往往為電網(wǎng)設(shè)備企業(yè)當年確認收入與利潤的高峰期，2024Q1電網(wǎng)設(shè)備行業(yè)的整體增長動力依然強勁，延續(xù)了2023年的高增長態(tài)勢。受益于企業(yè)產(chǎn)品結(jié)構(gòu)優(yōu)化、行業(yè)下游需求提升、行業(yè)上游原材料價格趨穩(wěn)、收入規(guī)模效應(yīng)攤薄費用等因素，所選上市公司盈利能力增強，平均期間費用率同比-0.27pct，平均毛利率同比+2.19pct，平均凈利率同比+0.98pct。新型電力系統(tǒng)加速建設(shè)，帶動發(fā)、輸、變、配、用各環(huán)節(jié)設(shè)備需求建設(shè)新型能源體系和新型電力系統(tǒng)需要持續(xù)加大電力設(shè)備投入。隨著電源側(cè)清潔能源接入比例提高，電網(wǎng)調(diào)節(jié)能力和支撐能力面臨諸多掣肘；全國仍有部分地區(qū)電力供需偏緊，特高壓主網(wǎng)架建設(shè)持續(xù)推進，助力電力資源跨區(qū)配置；分布式能源與電動車等新型配網(wǎng)資源大規(guī)模接入倒逼配電網(wǎng)升級，配電網(wǎng)在形態(tài)上從傳統(tǒng)的“無源”單向輻射網(wǎng)絡(luò)向“有源”雙向交互系統(tǒng)轉(zhuǎn)變；配電網(wǎng)智能化轉(zhuǎn)型、能源消費電氣化趨勢推動用能終端計量設(shè)備需求提升。緊抓海外市場高需求機遇，出海企業(yè)2023年業(yè)績再創(chuàng)佳績?nèi)颉皟袅恪蓖苿语L(fēng)、光機組占比持續(xù)提升、海外制造業(yè)用電需求高漲、地緣政治沖突驅(qū)動電網(wǎng)升級改造，帶動海外電力設(shè)備景氣度持續(xù)向上，發(fā)達國家重構(gòu)電力網(wǎng)絡(luò)，欠發(fā)達國家基礎(chǔ)設(shè)施建設(shè)。出海企業(yè)海外業(yè)務(wù)營收同比高增，海外業(yè)務(wù)毛利率普遍高于國內(nèi)業(yè)務(wù)，海外業(yè)務(wù)占比提升有望進一步增厚企業(yè)盈利空間。4.投資建議：1、一次設(shè)備建議關(guān)注平高電氣、華明裝備，受益標的：中國西電、思源電氣、金盤科技、伊戈爾、明陽電氣等；2、二次設(shè)備建議關(guān)注東方電子，受益標的：許繼電氣、國電南瑞、四方股份等；3、計量設(shè)備受益標的：海興電力、三星醫(yī)療、威勝信息、炬華科技；4、線路裝置受益標的金杯電工、華通線纜等。5.風(fēng)險提示：電網(wǎng)投資不及預(yù)期、特高壓建設(shè)不及預(yù)期、市場競爭風(fēng)險、海外投資環(huán)境變化風(fēng)險、財務(wù)及匯率風(fēng)險。1投資建議23CONTENTS電網(wǎng)設(shè)備板塊2023年業(yè)績表現(xiàn)亮眼，2024Q1延續(xù)高景氣風(fēng)險提示選取17家電網(wǎng)設(shè)備板塊公司對其2023年和2024Q1收入與利潤表現(xiàn)分析，2023年板塊合計營收同比+16.47%，海外營收占比10.46%，行業(yè)景氣度延續(xù)。2024Q1在2023Q1高增長基礎(chǔ)上繼續(xù)實現(xiàn)了較大增幅，合計營收同比+13.40%，環(huán)比-43.96%；考慮到四季度往往為電網(wǎng)設(shè)備企業(yè)當年確認收入與利潤的高峰期，2024Q1電網(wǎng)設(shè)備行業(yè)的整體增長動力依然強勁，延續(xù)了2023年的高增長態(tài)勢，淡季不淡。表1：電網(wǎng)設(shè)備營收實現(xiàn)穩(wěn)定增長（單位：億元/%）數(shù)據(jù)來源：Wind、開源證券研究所證券代碼公司簡稱主營業(yè)務(wù)2022總營收2023總營收2023海外營收占比2023同比2024Q1同比2024Q1環(huán)比600312.SH平高電氣高壓開關(guān)92.74110.776.53%19.44%4.47%-43.69%002028.SZ思源電氣高壓開關(guān)、變壓器105.37124.6017.32%18.25%22.36%-31.49%601179.SH中國西電高壓開關(guān)、變壓器180.06208.4812.72%15.78%-0.46%-34.84%002270.SZ華明裝備變壓器分接開關(guān)17.1219.6113.99%14.57%9.40%-10.92%688676.SH金盤科技變壓器47.4666.6817.65%40.50%0.60%-31.13%002922.SZ伊戈爾變壓器、照明28.2136.3027.03%28.68%21.05%-30.40%301291.SZ明陽電氣變壓器32.3649.480.05%52.91%46.35%-37.12%002533.SZ金杯電工電纜、電磁線132.03152.932.70%15.83%19.01%-18.26%605196.SH華通線纜電纜及連接件51.9353.6465.98%3.30%7.35%6.71%000400.SZ許繼電氣控保系統(tǒng)、換流閥、智能電表149.17170.610.90%14.37%-13.92%-56.08%600406.SH國電南瑞控保系統(tǒng)、換流閥、智能電表468.29515.732.70%10.13%24.27%-66.54%601126.SH四方股份控保系統(tǒng)、電力自動化50.7857.512.78%13.24%31.21%2.00%000682.SZ東方電子智能電表、電力自動化54.6064.785.77%18.64%11.06%-46.29%603556.SH海興電力智能電表及配網(wǎng)設(shè)備33.1042.0066.46%26.91%13.66%-32.09%601567.SH三星醫(yī)療智能電表及配網(wǎng)設(shè)備、康復(fù)醫(yī)院90.98114.6317.10%25.99%34.53%-3.20%688100.SH威勝信息智能通信終端模組20.0422.2510.20%11.06%5.92%-20.43%300360.SZ炬華科技智能電表15.0617.717.35%17.59%23.88%-10.59%合計1569.311827.7210.46%16.47%13.40%-43.96%歸母凈利潤同比表現(xiàn)優(yōu)于營收增速，高質(zhì)量發(fā)展效果顯著。2023年全年板塊合計歸母凈利潤同比+33.47%；2024Q1歸母凈利潤合計同比+30.29%，合計環(huán)比-48.21%，多數(shù)公司歸母凈利潤同比實現(xiàn)正向增長。一次設(shè)備企業(yè)思源電氣、華明裝備、伊戈爾、平高電氣，二次設(shè)備企業(yè)四方股份以及智能電表企業(yè)海興電力、威勝信息等業(yè)績表現(xiàn)亮眼，單季度歸母凈利潤均處于歷史較高水平。表2：電網(wǎng)設(shè)備企業(yè)歸母凈利潤增速高于營收，降本增效效果顯著（單位：億元/%）證券代碼 公司簡稱 主營業(yè)務(wù) 2022合計利潤 2023合計利潤 2024Q1 2023同比600312.SH 平高電氣 高壓開關(guān) 2.12 8.16 2.30 284.60%002028.SZ 思源電氣 高壓開關(guān)、變壓器 12.20 15.59 3.63 27.76%601179.SH 中國西電 高壓開關(guān)、變壓器 6.12 8.85 2.03 44.55%002270.SZ 華明裝備 變壓器分接開關(guān) 3.59 5.42 1.27 50.90%688676.SH 金盤科技 變壓器 2.83 5.05 0.95 78.15%002922.SZ 伊戈爾 變壓器、照明 1.91 2.09 0.58 9.34%301291.SZ 明陽電氣 變壓器 2.65 4.98 0.90 87.67%002533.SZ 金杯電工 電纜、電磁線 3.71 5.23 1.34 41.07%605196.SH 華通線纜 電纜及連接件 2.57 3.64 0.90 41.74%000400.SZ 許繼電氣 控保系統(tǒng)、換流閥、智能電表 7.59 10.05 2.37 32.42%600406.SH 國電南瑞 控保系統(tǒng)、換流閥、智能電表 64.46 71.84 5.96 11.44%601126.SH 四方股份 控保系統(tǒng)、電力自動化 5.43 6.27 1.81 15.46%000682.SZ 東方電子 智能電表、電力自動化 4.38 5.41 1.01 23.46%603556.SH 海興電力 智能電表及配網(wǎng)設(shè)備 6.64 9.82 2.14 47.90%601567.SH 三星醫(yī)療 智能電表及配網(wǎng)設(shè)備、康復(fù)醫(yī)院 9.48 19.04 3.64 100.79%688100.SH 威勝信息 智能通信終端模組 4.00 5.25 1.11 31.26%數(shù)據(jù)來源：Wind、開源證券研究所300360.SZ 炬華科技 智能電表 4.72 6.07 1.12 28.64%合計 144.43 192.78 33.07 33.47%2024Q1同比 2024Q1環(huán)比（%） （%）52.69% -12.70%66.32% -11.59%9.44% -44.23%7.59% 52.68%8.57% -44.79%206.73% 32.96%102.42% -49.81%16.58% -18.25%83.26% 21.32%58.73% 1.65%13.30% -80.29%27.55% 71.16%32.04% -48.47%21.52% -31.84%35.15% -12.10%21.96% -37.81%-6.79% -32.09%30.29% -48.21%受益于產(chǎn)品結(jié)構(gòu)優(yōu)化、下游需求提升、上游原材料價格趨穩(wěn)等因素，所選上市公司2024Q1平均毛利率29.07%，同比提升2.19pct，環(huán)比提升0.08pct。其中，伊戈爾Q1毛利率同比提升7.05pct，海興電力Q1毛利率同比提升5.61pct，許繼電氣Q1毛利率同比提升5.06pct。表3：電網(wǎng)設(shè)備企業(yè)毛利率穩(wěn)中提升（單位：%）數(shù)據(jù)來源：Wind、開源證券研究所證券代碼公司簡稱主營業(yè)務(wù)2022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q1同比（pct）2024Q1環(huán)比（pct）600312.SH平高電氣高壓開關(guān)16.19%20.09%18.04%16.10%20.78%18.14%21.41%24.25%25.22%4.45%0.97%002028.SZ思源電氣高壓開關(guān)、變壓器23.96%26.70%26.70%26.94%26.22%31.03%31.80%28.15%30.70%4.49%2.55%601179.SH中國西電高壓開關(guān)、變壓器14.08%18.62%15.11%17.40%15.34%17.72%17.23%19.88%17.85%2.52%-2.03%002270.SZ華明裝備變壓器分接開關(guān)47.78%46.91%51.71%50.15%51.45%56.73%54.69%45.82%52.39%0.94%6.57%688676.SH金盤科技變壓器18.24%18.96%20.35%22.35%22.69%20.99%22.78%24.45%25.39%2.70%0.94%002922.SZ伊戈爾變壓器、照明17.29%21.15%23.13%18.68%17.15%21.03%24.47%24.61%24.20%7.05%-0.41%301291.SZ明陽電氣變壓器21.51%22.52%21.64%19.90%20.04%22.72%24.63%22.14%23.07%3.02%0.93%002533.SZ金杯電工電纜、電磁線11.39%11.89%10.50%12.29%11.61%11.45%11.03%11.18%10.46%-1.15%-0.72%605196.SH華通線纜電纜及連接件16.19%15.71%17.29%9.03%16.52%16.79%18.65%18.54%16.88%0.36%-1.66%000400.SZ

許繼電氣

控保系統(tǒng)、換流閥、智 15.37%23.77%21.77%16.20%13.21%23.42%18.71%16.78%18.27%5.06%1.49%600406.SH國電南瑞控保系統(tǒng)、換流閥、智能電表23.40%29.53%29.86%25.56%27.11%29.32%30.49%23.74%24.68%-2.43%0.95%601126.SH四方股份控保系統(tǒng)、電力自動化35.90%33.53%33.72%26.94%37.16%35.37%36.69%29.26%33.96%-3.20%4.70%000682.SZ東方電子智能電表、電力自動化31.58%32.12%31.50%32.81%30.98%34.16%33.33%34.99%32.36%1.38%-2.63%603556.SH海興電力智能電表及配網(wǎng)設(shè)備34.82%35.08%43.24%39.34%38.64%38.30%43.31%45.73%44.25%5.61%-1.48%601567.SH三星醫(yī)療智能電表及配網(wǎng)設(shè)備、康復(fù)醫(yī)院24.08%28.48%31.71%30.44%30.45%31.58%38.59%34.98%31.20%0.75%-3.78%688100.SH威勝信息智能通信終端模組32.47%39.88%37.11%37.46%38.83%42.12%40.57%41.14%41.89%3.06%0.75%300360.SZ炬華科技智能電表36.38%40.47%42.15%37.29%38.76%45.46%46.83%47.13%41.39%2.63%-5.74%平均24.74%27.38%27.97%25.82%26.88%29.20%30.31%28.99%29.07%2.19%0.08%能電表受益于持續(xù)精益化管理壓降費用、規(guī)模效應(yīng)攤薄費用等因素，2024Q1平均凈利率12.62%，同比提升0.98pct，環(huán)比提升0.09pct。其中，伊戈爾Q1凈利率同比提升4.91pct，許繼電氣Q1凈利率同比提升3.92pct，平高電氣Q1凈利率同比提升3.73pct。表4：電網(wǎng)設(shè)備企業(yè)凈利率穩(wěn)中有升（單位：%）數(shù)據(jù)來源：Wind、開源證券研究所證券代碼公司簡稱主營業(yè)務(wù)2022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q1同比（pct）2024Q1環(huán)比（pct）600312.SH平高電氣高壓開關(guān)3.53%4.20%4.35%1.61%8.92%7.27%9.13%8.21%12.64%3.73%4.43%002028.SZ思源電氣高壓開關(guān)、變壓器9.23%12.70%12.64%13.02%10.59%15.88%14.05%10.84%13.60%3.01%2.76%601179.SH中國西電高壓開關(guān)、變壓器3.52%5.89%2.57%3.75%4.44%5.93%3.38%5.46%5.41%0.97%-0.06%002270.SZ華明裝備變壓器分接開關(guān)20.67%28.11%22.70%14.60%29.22%34.32%32.08%16.72%28.56%-0.66%11.84%688676.SH金盤科技變壓器4.56%5.08%5.98%7.39%6.72%6.50%7.51%8.96%7.16%0.44%-1.80%002922.SZ伊戈爾變壓器、照明5.76%6.52%8.79%6.19%2.98%7.64%8.22%4.45%7.89%4.91%3.44%301291.SZ明陽電氣變壓器3.50%10.67%8.79%7.73%6.28%9.93%11.13%10.88%8.68%2.40%-2.20%002533.SZ金杯電工電纜、電磁線3.19%3.19%2.85%3.44%4.39%3.60%3.40%4.21%4.20%-0.20%-0.01%605196.SH華通線纜電纜及連接件2.42%3.62%6.42%6.22%3.82%10.46%6.44%5.77%6.53%2.72%0.76%000400.SZ

許繼電氣

控保系統(tǒng)、換流閥、智 5.23%11.54%8.36%2.90%5.46%12.14%7.33%4.37%9.38%3.92%5.01%600406.SH國電南瑞控保系統(tǒng)、換流閥、智能電表6.81%17.62%17.64%14.20%8.58%17.57%17.03%14.10%7.85%-0.73%-6.25%601126.SH四方股份控保系統(tǒng)、電力自動化12.05%13.26%11.19%7.06%12.10%12.62%12.18%6.97%11.78%-0.32%4.81%000682.SZ東方電子智能電表、電力自動化6.88%9.38%9.11%9.84%6.88%9.75%7.84%11.31%6.98%0.09%-4.33%603556.SH海興電力智能電表及配網(wǎng)設(shè)備21.09%17.10%21.26%21.14%22.17%24.05%23.31%23.64%23.69%1.53%0.06%601567.SH三星醫(yī)療智能電表及配網(wǎng)設(shè)備、康復(fù)醫(yī)院8.56%7.91%14.23%11.29%12.12%18.19%22.44%13.50%12.05%-0.08%-1.46%688100.SH威勝信息智能通信終端模組17.29%21.95%17.59%22.62%21.58%20.97%20.30%31.89%24.79%3.21%-7.10%300360.SZ炬華科技智能電表24.47%30.20%30.80%39.36%31.61%39.75%34.19%31.61%23.31%-8.30%-8.31%平均9.34%12.29%12.07%11.32%11.64%15.09%14.11%12.52%12.62%0.98%0.09%能電表表5：出海企業(yè)海外業(yè)務(wù)占比逐漸提高數(shù)據(jù)來源：Wind、開源證券研究所總營收（億元） 海外業(yè)務(wù)營收（億元） 海外業(yè)務(wù)營收占比（%）證券代碼

公司簡稱 主營業(yè)務(wù)2020202120222023同比(%)2020202120222023同比(%)2020202120222023同比(pct)002028.SZ

思源電氣

高壓開關(guān)、變壓 73.7386.95105.37124.6018.25%12.0113.7218.6521.5815.71%16.28%15.78%17.70%17.32%-0.38%002270.SZ

華明裝備

變壓器分接開關(guān) 13.6815.3217.1219.6114.57%1.321.711.532.7479.16%9.68%11.17%8.94%13.99%5.04%688676.SH

金盤科技 變壓器 24.2333.0347.4666.6840.50%4.925.946.5611.7779.47%20.29%17.99%13.82%17.65%3.83%002922.SZ

伊戈爾 變壓器、照明 14.0622.3028.2136.3028.68%6.247.739.259.816.10%44.36%34.64%32.78%27.03%-5.75%605196.SH

華通線纜

電纜及連接件 33.7643.9751.9353.643.30%18.6421.5033.1835.396.64%55.20%48.90%63.91%65.98%2.07%002533.SZ

金杯電工

電纜、電磁線 77.96128.32132.03152.9315.83%---4.13----2.70%-603556.SH

海興電力

智能電表及配網(wǎng) 28.0626.9133.1042.0026.91%17.9116.2718.4527.9151.29%63.81%60.46%55.75%66.46%10.71%601567.SH

三星醫(yī)療

智能電表及配網(wǎng) 70.9370.2390.98114.6325.99%15.4710.8016.4019.6119.55%21.82%15.38%18.03%17.10%-0.92%688100.SH

威勝信息

智能通信終端模 14.4918.2620.0422.2511.06%0.622.233.002.27-24.50%4.30%12.21%15.00%10.20%-4.80%器設(shè)備設(shè)備、康復(fù)醫(yī)院組2023年，華明裝備、海興電力海外業(yè)務(wù)營收同比高增，海外業(yè)務(wù)營收占比上升；多數(shù)企業(yè)海外業(yè)務(wù)毛利率穩(wěn)中有進，國內(nèi)外業(yè)務(wù)毛利率差值有所擴大。表6：出海企業(yè)海外業(yè)務(wù)毛利率明顯高于國內(nèi)海外業(yè)務(wù)毛利率（%） 國內(nèi)業(yè)務(wù)毛利率（%） 毛利率差值（海外毛利率-國內(nèi)毛利率，

）證券代碼

公司簡稱 主營業(yè)務(wù)2020202120222023同比(pct)2020202120222023同比(pct)2020202120222023同比(pct)002028.SZ

思源電氣

高壓開關(guān)、變壓

22.64%27.12%25.50%38.55%13.05%30.55%30.11%26.50%27.60%1.10%-7.91%-2.99%-1.00%10.95%11.95%002270.SZ

華明裝備

變壓器分接開關(guān)

57.07%58.78%56.38%65.20%8.82%46.07%47.13%48.61%50.13%1.52%11.00%11.65%7.77%15.07%7.30%688676.SH

金盤科技 變壓器 31.29%27.24%27.41%--25.33%22.53%19.09%22.80%3.71%5.96%4.71%8.32%--002922.SZ

伊戈爾 變壓器、照明 25.12%20.95%27.19%30.90%3.71%16.58%14.38%16.54%19.17%2.63%8.54%6.57%10.65%11.73%1.08%605196.SH

華通線纜 電纜連接件 22.45%13.74%15.47%19.85%4.38%19.60%14.24%11.96%12.00%0.04%2.85%-0.50%3.51%7.85%4.34%002533.SZ

金杯電工

電纜、電磁線 ---16.60%----11.14%----5.46%-603556.SH

海興電力

智能電表及配網(wǎng)

45.96%32.27%35.57%41.98%6.41%32.81%32.21%41.10%41.61%0.51%13.15%0.06%-5.53%0.37%5.90%601567.SH

三星醫(yī)療

智能電表及配網(wǎng)

32.46%31.27%29.88%32.85%2.97%27.39%23.84%28.44%33.97%5.53%5.07%7.43%1.44%-1.12%-2.56%688100.SH

威勝信息

智能通信終端模

37.83%26.20%65.44%38.27%-27.17%35.76%35.97%37.15%40.86%3.71%2.07%-9.77%28.29%-2.59%-30.88%數(shù)據(jù)來源：Wind、開源證券研究所器設(shè)備設(shè)備、康復(fù)醫(yī)院組2023年，華明裝備、海興電力海外業(yè)務(wù)營收同比高增，海外業(yè)務(wù)營收占比上升；多數(shù)企業(yè)海外業(yè)務(wù)毛利率穩(wěn)中有進，國內(nèi)外業(yè)務(wù)毛利率差值有所擴大。規(guī)模效益和精益管理顯著降低期間費用率。2024Q1所選上市公司期間費用率平均同比下降0.27pct，環(huán)比提高0.11pct。銷售費用率、管理費用率、研發(fā)費用率同比微增，財務(wù)費用率同比較大幅改善。其中，炬華科技、華明裝備、國電南瑞、華通線纜2024Q1期間費用率同比降幅居前。表7：電網(wǎng)設(shè)備企業(yè)期間費用率顯著下降（單位：%）證券代碼公司簡稱主營業(yè)務(wù)2022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q1同比（pct）2024Q1環(huán)比（pct）600312.SH平高電氣高壓開關(guān)11.30%13.10%12.98%11.98%9.39%8.75%9.51%10.88%10.41%1.02%-0.47%002028.SZ思源電氣高壓開關(guān)、變壓器13.26%10.95%11.26%12.75%16.01%13.06%14.17%14.88%16.29%0.28%1.41%601179.SH中國西電高壓開關(guān)、變壓器10.89%11.21%12.00%13.20%11.21%11.94%12.82%13.83%12.71%1.50%-1.13%002270.SZ華明裝備變壓器分接開關(guān)25.94%19.39%19.81%23.91%21.47%19.11%18.48%21.19%17.68%-3.79%-3.51%688676.SH金盤科技變壓器13.03%11.99%11.86%13.32%14.64%12.59%12.70%13.36%16.59%1.95%3.23%002922.SZ伊戈爾變壓器、照明12.02%11.99%12.58%12.49%13.35%12.14%13.16%13.80%14.68%1.33%0.88%301291.SZ明陽電氣變壓器17.98%11.68%10.60%9.95%11.96%10.35%9.55%9.39%12.10%0.14%2.71%002533.SZ金杯電工電纜、電磁線7.03%7.37%7.39%7.52%6.58%6.64%6.75%7.13%6.34%-0.24%-0.78%605196.SH華通線纜電纜及連接件11.46%9.56%8.67%7.28%11.11%6.94%7.94%8.79%8.94%-2.17%0.15%數(shù)據(jù)來源：Wind、開源證券研究所000400.SZ許繼電氣控保系統(tǒng)、換流閥、智能電表9.22%9.15%10.36%11.15%6.93%8.18%9.04%10.86%9.03%2.10%-1.83%18.01%12.37%11.80%10.28%20.63%13.07%12.36%10.84%17.89%-2.74%7.06%21.74%19.18%20.40%20.06%22.15%19.57%20.50%21.57%20.59%-1.56%-0.98%000682.SZ東方電子智能電表、電力自動化24.01%24.03%23.87%24.47%23.32%23.75%24.34%24.27%25.10%1.78%0.83%603556.SH海興電力智能電表及配網(wǎng)設(shè)備10.27%15.20%15.96%16.61%14.78%11.49%14.18%13.64%14.71%-0.07%1.07%601567.SH

三星醫(yī)療

智能電表及配網(wǎng)設(shè)備、

12.98%14.18%15.26%16.59%16.31%14.64%15.93%18.44%17.91%1.60%-0.52%688100.SH威勝信息智能通信終端模組15.62%12.81%12.20%14.35%17.31%13.30%14.65%15.63%15.69%-1.62%0.05%300360.SZ炬華科技智能電表8.76%8.48%10.41%13.89%10.87%9.86%9.72%13.08%6.78%-4.09%-6.30%平均14.32%13.10%13.38%14.11%14.59%12.67%13.28%14.21%14.32%-0.27%0.11%600406.SH國電南瑞控保系統(tǒng)、換流閥、智能電表601126.SH四方股份控保系統(tǒng)、電力自動化康復(fù)醫(yī)院所選上市公司持續(xù)加大市場和銷售投入，2024Q1銷售費用率平均同比提升0.11pct，環(huán)比下降0.44pct。表8：電網(wǎng)設(shè)備企業(yè)銷售費用率較為穩(wěn)定（單位：%）證券代碼公司簡稱主營業(yè)務(wù)2022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q1同比（pct）2024Q1環(huán)比（pct）600312.SH平高電氣高壓開關(guān)3.53%3.01%5.61%4.12%4.01%3.30%4.37%4.50%4.28%0.27%-0.22%002028.SZ思源電氣高壓開關(guān)、變壓器4.74%3.18%4.75%4.90%5.12%3.56%4.71%5.30%5.03%-0.08%-0.27%601179.SH中國西電高壓開關(guān)、變壓器2.26%2.88%3.52%4.84%2.73%3.30%4.06%4.37%3.47%0.74%-0.90%002270.SZ華明裝備變壓器分接開關(guān)11.69%6.85%8.23%18.83%10.01%8.81%8.65%15.83%8.40%-1.62%-7.43%688676.SH金盤科技變壓器3.39%2.90%3.36%3.63%3.56%3.08%3.32%3.34%4.83%1.27%1.49%002922.SZ伊戈爾變壓器、照明3.34%1.80%3.19%2.78%2.69%2.05%2.43%3.35%3.40%0.71%0.05%301291.SZ明陽電氣變壓器6.93%2.82%4.01%2.76%5.46%3.17%3.63%3.29%5.89%0.44%2.60%002533.SZ金杯電工電纜、電磁線2.04%2.03%2.23%2.46%1.82%1.92%1.95%2.59%1.86%0.04%-0.73%605196.SH華通線纜電纜及連接件1.37%1.25%1.41%2.42%1.83%1.63%3.17%1.75%1.93%0.10%0.18%平均5.16%4.32%5.25%6.17%5.16%4.65%4.99%5.71%5.27%0.11%-0.44%數(shù)據(jù)來源：Wind、開源證券研究所000400.SZ許繼電氣控保系統(tǒng)、換流閥、智能電表2.13%2.39%3.18%3.32%1.93%2.35%2.78%3.74%2.36%0.43%-1.38%6.49%3.88%4.54%2.61%7.37%3.75%4.05%3.29%6.21%-1.16%2.92%8.38%7.03%9.80%8.36%8.94%6.73%8.80%9.21%7.69%-1.25%-1.51%000682.SZ東方電子智能電表、電力自動化10.76%11.57%9.41%12.10%10.91%11.68%11.05%10.70%11.41%0.49%0.71%603556.SH海興電力智能電表及配網(wǎng)設(shè)備6.22%8.45%9.75%10.08%7.18%10.85%7.75%4.48%7.81%0.63%3.33%601567.SH

三星醫(yī)療

智能電表及配網(wǎng)設(shè)備、

5.62%5.62%6.74%10.53%6.19%5.97%6.23%10.90%7.46%1.27%-3.44%688100.SH威勝信息 智能通信終端模組5.17%3.85%4.00%5.94%4.88%3.92%4.76%5.43%4.63%-0.25%-0.80%300360.SZ炬華科技 智能電表3.56%3.85%5.46%5.27%3.07%2.95%3.05%4.97%2.90%-0.17%-2.07%600406.SH國電南瑞控保系統(tǒng)、換流閥、智能電表601126.SH四方股份控保系統(tǒng)、電力自動化康復(fù)醫(yī)院所選上市公司2024Q1管理費用率（不含研發(fā)）平均同比提升0.05pct，環(huán)比下降0.69pct。表9：電網(wǎng)設(shè)備企業(yè)管理費用率（不含研發(fā)）小幅下降（單位：%）證券代碼公司簡稱主營業(yè)務(wù)2022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q1同比（pct）2024Q1環(huán)比（pct）600312.SH平高電氣高壓開關(guān)4.08%7.33%3.48%2.57%3.29%2.12%3.03%3.25%3.21%-0.08%-0.04%002028.SZ思源電氣高壓開關(guān)、變壓器2.51%2.81%2.64%0.80%2.60%2.79%2.49%3.42%2.98%0.39%-0.44%601179.SH中國西電高壓開關(guān)、變壓器5.71%6.79%6.57%6.67%5.67%5.51%6.67%6.56%6.20%0.53%-0.36%002270.SZ華明裝備變壓器分接開關(guān)8.67%5.00%7.57%9.25%7.03%6.37%5.62%8.81%6.71%-0.32%-2.10%688676.SH金盤科技變壓器5.38%4.81%4.91%4.57%4.83%4.15%3.90%4.08%5.75%0.92%1.67%002922.SZ伊戈爾變壓器、照明4.65%5.43%6.61%5.39%5.68%4.88%6.20%5.87%6.30%0.62%0.43%301291.SZ明陽電氣變壓器4.80%2.22%2.26%2.29%3.03%2.64%2.20%2.70%2.77%-0.26%0.07%002533.SZ金杯電工電纜、電磁線1.49%1.19%1.39%2.15%1.42%1.19%1.29%2.35%1.28%-0.14%-1.06%605196.SH華通線纜電纜及連接件3.20%3.34%2.79%4.33%3.62%3.71%2.61%6.72%3.67%0.06%-3.04%4.48%4.07%4.24%4.35%4.25%3.66%3.89%4.98%4.30%0.05%-0.69%平均數(shù)據(jù)來源：Wind、開源證券研究所000400.SZ許繼電氣控保系統(tǒng)、換流閥、智能電表3.81%2.39%2.95%4.23%2.72%1.96%2.93%5.26%4.19%1.47%-1.06%4.71%2.24%2.74%1.79%4.51%2.09%2.66%2.00%3.96%-0.56%1.95%5.01%3.88%4.89%3.95%4.85%3.85%5.06%5.70%4.39%-0.46%-1.31%000682.SZ東方電子智能電表、電力自動化6.12%5.17%5.62%5.94%5.42%5.41%5.39%6.14%5.69%0.27%-0.46%603556.SH海興電力智能電表及配網(wǎng)設(shè)備3.77%5.05%3.99%4.17%3.87%4.18%3.21%3.79%4.03%0.16%0.24%601567.SH

三星醫(yī)療

智能電表及配網(wǎng)設(shè)備、

5.09%5.61%5.76%7.70%6.54%5.42%6.89%9.05%6.29%-0.25%-2.77%688100.SH威勝信息智能通信終端模組2.49%1.52%1.46%1.81%2.13%1.43%1.83%1.79%2.56%0.43%0.77%300360.SZ炬華科技智能電表4.59%4.41%6.41%6.26%4.99%4.57%4.13%7.24%3.05%-1.93%-4.19%600406.SH國電南瑞控保系統(tǒng)、換流閥、智能電表601126.SH四方股份控保系統(tǒng)、電力自動化康復(fù)醫(yī)院所選上市公司持續(xù)加大研發(fā)投入與新產(chǎn)品開發(fā)力度，研發(fā)費用率平均同比提升0.15pct，環(huán)比下降0.84pct。表10：電網(wǎng)設(shè)備企研發(fā)費用率穩(wěn)中有升（單位：%）證券代碼公司簡稱主營業(yè)務(wù)2022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q1同比（pct）2024Q1環(huán)比（pct）600312.SH平高電氣高壓開關(guān)3.21%3.96%3.66%5.33%2.65%4.57%3.64%6.76%3.57%0.92%-3.19%002028.SZ思源電氣高壓開關(guān)、變壓器5.73%4.97%5.81%8.19%7.52%6.51%7.94%7.46%8.03%0.52%0.57%601179.SH中國西電高壓開關(guān)、變壓器2.60%3.32%3.39%3.35%2.58%3.45%3.53%3.85%3.21%0.63%-0.64%002270.SZ華明裝備變壓器分接開關(guān)3.69%3.24%5.11%3.98%3.47%4.46%2.78%5.30%3.32%-0.15%-1.98%688676.SH金盤科技變壓器3.41%4.75%4.69%6.98%4.82%4.90%4.55%6.59%4.68%-0.14%-1.92%002922.SZ伊戈爾變壓器、照明3.53%5.26%5.43%3.65%3.47%5.21%5.39%5.75%3.89%0.42%-1.86%301291.SZ明陽電氣變壓器4.75%2.87%2.29%3.64%2.97%3.25%3.06%3.56%4.18%1.21%0.62%002533.SZ金杯電工電纜、電磁線3.06%3.87%3.61%3.32%3.11%3.38%3.47%3.03%3.04%-0.07%0.01%605196.SH華通線纜電纜及連接件4.21%4.16%4.16%-4.68%2.03%1.25%1.62%1.79%1.11%-0.92%-0.68%5.06%5.06%5.66%5.38%5.20%5.18%5.41%6.19%5.35%0.15%-0.84%平均數(shù)據(jù)來源：Wind、開源證券研究所000400.SZ許繼電氣控保系統(tǒng)、換流閥、智能電表3.45%4.35%6.76%4.98%2.73%5.38%5.61%4.97%3.00%0.27%-1.97%8.11%4.72%5.22%4.38%9.75%4.89%5.16%4.29%9.12%-0.63%4.84%9.39%7.57%9.05%7.80%9.40%8.08%9.59%10.73%9.76%0.37%-0.97%000682.SZ東方電子智能電表、電力自動化7.60%8.31%9.23%7.72%8.06%8.52%9.60%7.94%9.42%1.37%1.48%603556.SH海興電力智能電表及配網(wǎng)設(shè)備6.77%8.04%7.72%6.27%6.50%7.35%6.74%5.71%6.97%0.47%1.26%601567.SH

三星醫(yī)療

智能電表及配網(wǎng)設(shè)備、

3.38%3.27%4.06%3.62%3.53%3.96%3.92%4.84%3.56%0.03%-1.29%688100.SH威勝信息 智能通信終端模組8.95%9.28%9.96%11.24%10.22%8.74%10.25%11.73%10.54%0.32%-1.19%300360.SZ炬華科技 智能電表4.28%4.15%6.11%11.68%5.67%4.23%5.14%10.96%3.62%-2.05%-7.34%600406.SH國電南瑞控保系統(tǒng)、換流閥、智能電表601126.SH四方股份控保系統(tǒng)、電力自動化康復(fù)醫(yī)院所選上市公司財務(wù)費用率平均同比下降0.57pct，環(huán)比下降0.34pct。公司經(jīng)營穩(wěn)中向好，隨著公司訂單逐漸交付、業(yè)績逐漸釋放、貨幣資金逐漸充裕，以及新債利息下降減少財務(wù)成本，財務(wù)費大幅降低，多數(shù)企業(yè)財務(wù)費用維持正向利潤貢獻。表11：電網(wǎng)設(shè)備企業(yè)財務(wù)費用率持續(xù)下降（單位：%）證券代碼公司簡稱主營業(yè)務(wù)2022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q1同比（pct）2024Q1環(huán)比（pct）600312.SH平高電氣高壓開關(guān)0.49%0.01%0.00%-1.98%-0.56%-1.68%-0.13%-0.82%-0.66%-0.09%0.16%002028.SZ思源電氣高壓開關(guān)、變壓器0.28%-1.56%-1.44%1.82%0.78%-1.84%0.84%0.26%0.24%-0.54%-0.02%601179.SH中國西電高壓開關(guān)、變壓器0.18%-1.67%-0.15%1.45%0.09%0.26%0.23%0.92%-0.26%-0.34%-1.18%002270.SZ華明裝備變壓器分接開關(guān)1.88%-0.57%-0.41%1.48%0.96%-2.49%0.38%-0.97%-0.74%-1.70%0.23%688676.SH金盤科技變壓器0.85%-1.38%-1.32%1.13%1.44%-1.20%1.10%1.03%1.34%-0.10%0.31%002922.SZ伊戈爾變壓器、照明0.49%-0.51%-1.45%0.45%1.50%-0.83%0.84%0.28%1.09%-0.42%0.80%301291.SZ明陽電氣變壓器1.50%0.62%0.54%0.23%0.50%0.35%-0.43%-0.48%-0.74%-1.24%-0.26%002533.SZ金杯電工電纜、電磁線0.44%0.55%0.19%-0.06%0.23%0.19%0.22%0.12%0.16%-0.07%0.03%605196.SH華通線纜電纜及連接件2.68%-0.58%-1.00%1.43%3.63%-3.18%2.75%1.20%2.23%-1.41%1.03%平均-0.38%-1.11%-1.17%0.06%-0.03%-2.14%0.16%-0.27%-0.60%-0.57%-0.34%數(shù)據(jù)來源：Wind、開源證券研究所000400.SZ許繼電氣控保系統(tǒng)、換流閥、智能電表-0.17%-0.04%-0.05%-0.15%-0.45%-0.45%-0.55%-0.06%-0.52%-0.07%-0.46%-1.29%-1.54%-1.70%-0.34%-1.01%-1.55%-0.76%-0.64%-1.40%-0.40%-0.76%-1.04%-1.38%-0.93%-0.88%-1.04%-0.89%-0.99%-1.09%-1.26%-0.22%-0.16%000682.SZ東方電子智能電表、電力自動化-0.46%-1.01%-0.66%-0.23%-1.07%-1.49%-0.77%-0.63%-1.42%-0.35%-0.79%603556.SH海興電力智能電表及配網(wǎng)設(shè)備-6.48%-2.70%-4.03%-2.22%-2.77%-13.30%1.56%-1.52%-4.09%-1.32%-2.58%601567.SH

三星醫(yī)療

智能電表及配網(wǎng)設(shè)備、

-1.11%0.67%0.59%-1.09%0.05%-1.84%1.47%0.31%0.61%0.56%0.30%688100.SH威勝信息智能通信終端模組-0.99%-3.69%-4.31%1.56%0.07%-3.67%-0.08%-0.41%-2.05%-2.12%-1.64%300360.SZ炬華科技智能電表-3.67%-4.14%-3.81%-1.62%-2.85%-2.71%-2.90%-2.05%-2.79%0.07%-0.73%600406.SH國電南瑞控保系統(tǒng)、換流閥、智能電表601126.SH四方股份控保系統(tǒng)、電力自動化康復(fù)醫(yī)院表12：電網(wǎng)設(shè)備企業(yè)存貨水平較為穩(wěn)定（單位：億元）所選上市公司2024Q1合計存貨同比+10.35%，環(huán)比+6.93%，主要系庫存商品或在產(chǎn)品增多所致，整體較為穩(wěn)定。其中，平高電氣、金杯電工存貨環(huán)比增長超30%；華明裝備、國電南瑞存貨環(huán)比增長超10%。證券代碼公司簡稱主營業(yè)務(wù)2022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q1同比（%）2024Q1環(huán)比（%）600312.SH平高電氣高壓開關(guān)20.7717.5320.1615.1716.4815.3717.5414.2619.2416.72%34.90%002028.SZ思源電氣高壓開關(guān)、變壓器27.3725.3727.0124.5926.9626.0927.5528.6130.4713.01%6.50%601179.SH中國西電高壓開關(guān)、變壓器43.3544.9444.9339.0740.7441.8345.1135.4532.19-20.99%-9.21%002270.SZ華明裝備變壓器分接開關(guān)3.953.933.753.063.293.273.303.654.1225.36%12.78%688676.SH金盤科技變壓器14.7216.1017.2717.3318.4418.7919.4417.3617.09-7.29%-1.53%002922.SZ伊戈爾變壓器、照明3.843.603.813.664.094.424.504.835.0322.79%4.02%301291.SZ明陽電氣變壓器0.003.770.005.817.288.329.369.959.8735.50%-0.80%002533.SZ金杯電工電纜、電磁線13.4613.8013.469.5513.0916.2116.7311.6315.8621.16%36.30%605196.SH華通線纜電纜及連接件11.2912.5412.0111.1011.7811.4411.0411.9312.364.98%3.62%330.92333.61349.85325.74355.23361.85398.35366.57391.9910.35%6.93%合計數(shù)據(jù)來源：Wind、開源證券研究所000400.SZ許繼電氣控保系統(tǒng)、換流閥、智能電表30.8728.0430.8428.0429.2529.9131.7727.0827.57-5.75%1.79%91.4392.1298.6482.9495.0794.78107.1097.95112.3018.11%14.65%16.3915.7816.8119.2119.3817.2518.4920.3118.91-2.47%-6.92%000682.SZ東方電子智能電表、電力自動化27.5930.2131.9131.5933.4036.3137.9936.4239.6818.80%8.96%603556.SH海興電力智能電表及配網(wǎng)設(shè)備7.257.507.528.918.939.119.537.617.79-12.77%2.39%601567.SH

三星醫(yī)療

智能電表及配網(wǎng)設(shè)備、 12.0212.0014.2318.0219.4921.9831.8332.5732.0164.25%-1.70%688100.SH威勝信息智能通信終端模組2.752.182.322.632.532.422.633.103.3231.64%7.37%300360.SZ炬華科技智能電表3.904.225.205.085.024.344.443.854.18-16.62%8.58%600406.SH國電南瑞控保系統(tǒng)、換流閥、智能電表601126.SH四方股份控保系統(tǒng)、電力自動化康復(fù)醫(yī)院表13：電網(wǎng)設(shè)備企業(yè)合同負債大幅增長（單位：億元）所選上市公司2024Q1合計合同負債同比+48.08%，環(huán)比+3.97%。其中，華明裝備合同負債環(huán)比+86.44%，主要系新增電站工程項目預(yù)收款所致；許繼電氣、明陽電氣合同負債環(huán)比增長超40%，伊戈爾、華通線纜合同負債環(huán)比增長約30%，主要系預(yù)收商品貨款增加所致；炬華科技、海興電力、金杯電工合同負債環(huán)比降幅較大，主要系預(yù)收貨款減少所致。證券代碼公司簡稱主營業(yè)務(wù)2022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q1同比（%）2024Q1環(huán)比（%）600312.SH平高電氣高壓開關(guān)11.889.129.167.127.787.9010.7312.5014.0780.82%12.59%002028.SZ思源電氣高壓開關(guān)、變壓器7.917.939.397.758.419.5711.2914.8315.7487.25%6.16%601179.SH中國西電高壓開關(guān)、變壓器21.8716.6117.8423.9523.4022.7626.9938.3039.8770.40%4.11%002270.SZ華明裝備變壓器分接開關(guān)0.630.450.530.320.370.341.160.831.55321.87%86.44%688676.SH金盤科技變壓器6.476.418.396.987.266.416.865.935.94-18.15%0.30%002922.SZ伊戈爾變壓器、照明0.130.180.120.100.090.240.110.220.29230.75%29.81%301291.SZ明陽電氣變壓器0.000.950.001.501.751.642.283.104.42152.09%42.73%002533.SZ金杯電工電纜、電磁線3.904.835.655.354.264.585.716.835.1721.26%-24.38%605196.SH華通線纜電纜及連接件0.881.291.591.171.081.011.020.911.1910.33%30.52%合計139.90123.99131.46142.86146.52138.19159.93208.68216.9748.08%3.97%數(shù)據(jù)來源：Wind、開源證券研究所000400.SZ許繼電氣控保系統(tǒng)、換流閥、智能電表9.808.419.7211.5712.5612.4112.5113.6219.5055.30%43.15%44.3339.0637.1137.7137.3131.1335.5650.0249.4932.65%-1.05%9.437.188.1310.9310.718.399.3013.8912.7118.68%-8.50%000682.SZ東方電子智能電表、電力自動化18.6118.3620.4821.5624.8224.7927.4330.6531.6127.38%3.14%603556.SH海興電力智能電表及配網(wǎng)設(shè)備1.190.921.041.301.571.421.382.091.31-16.98%-37.39%601567.SH

三星醫(yī)療

智能電表及配網(wǎng)設(shè)備、 1.821.201.183.113.204.576.3713.7613.25314.42%-3.74%688100.SH威勝信息 智能通信終端模組0.430.280.400.380.280.290.470.320.3419.33%5.15%300360.SZ炬華科技 智能電表0.610.840.732.051.680.770.760.900.53-68.38%-40.75%600406.SH國電南瑞控保系統(tǒng)、換流閥、智能電表601126.SH四方股份控保系統(tǒng)、電力自動化康復(fù)醫(yī)院平高電氣：電網(wǎng)市場龍頭地位持續(xù)鞏固，新簽合同同比增長44.20%。國內(nèi)市場方面，特高壓專項招標、國網(wǎng)集招所投標段市場占有率領(lǐng)先；配網(wǎng)協(xié)議庫存14個省份所投標段占有率保持領(lǐng)先，17個省份中標額同比實現(xiàn)增長。海外市場方面，170千伏HGIS、24千伏充氣柜等真空環(huán)保系列產(chǎn)品通過TCA認證，簽訂24-36千伏環(huán)網(wǎng)柜產(chǎn)品單筆最大海外訂單，占領(lǐng)歐洲高端市場新高地。思源電氣：新增訂單實現(xiàn)較大幅度增長，多款產(chǎn)品在海外市場實現(xiàn)突破。2023年新增訂單165.13億元，同比+36.22%；其中海外市場新增訂單40.1億元，同比+34%，多款產(chǎn)品在意大利、英國、比利時等二十多個國家實現(xiàn)突破。中國西電：電網(wǎng)市場成績卓著，國際市場增量提質(zhì)。國內(nèi)市場方面，2023年公司國網(wǎng)輸變電設(shè)備中標53.50億元，同比+77.55%；特高壓設(shè)備中標79.28億元，市場占有率近20%，保持行業(yè)領(lǐng)先地位；中標國內(nèi)首臺1000千伏百萬機組核電變壓器，實現(xiàn)核電領(lǐng)域新突破。國際市場方面，設(shè)備類出口新簽合同總量翻倍，中標孟加拉400千伏變電站、沙特國網(wǎng)項目，創(chuàng)近年來組合電器設(shè)備海外最大訂單；與