电力设备行业深度报告：工控稳增长下仍有结构性机会

1、表1重公估（至202 年9 月2 ）AEEAEE3014SZ汇川技术1,2757881.51.32.3433527买入6085SH宏发股份38236591.21.71.7362922买入0000SZ三花智控93225950.70.50.4554031买入6866SH金盘科技12228580.50.81.7524222买入6828SH南网科技26046130.50.60.418213049买入0081SZ麦格米特16232500.81.11.8423224买入6046SH国电南瑞1,6526360.41.11.9312622买入0008SZ思源电气30940331.61.92.1262318买入

2、）投资评级， 一次设备板块 2221收入同比+2归母净利润同比64特高压板块特变电工受益于硅和炭利润带动板整体利增速较快收入和净利润次备块选取企有63家202H1实现入923.0 元比+2现母润132.94亿6402Q2 块现入16999亿元同+1+5%现母利润79.3 亿87剔特变工响特压高压板块02H1实归利润2.72亿2988毛利率归母利率： 2021 次板块毛率21.6同+2.pc归净率691比+.78pc02Q2毛率为1.362.15p，环+0.02 pc板归净利为7.9同+28 pc。）费用率：021 板期费率为1.9，同比1.pc202Q2板期间用为0.29比1.19应收预款及存

3、货222年6 板块应款125.7 ，较022 年加172022 年6 月预为29.38 亿，较202 初22022年6月存为84168亿元较202 初加24现金流202H1现流净入2.98亿元2021 净入25 元同+1842022 营动金入59.5 元相上同的净入65.3 元所降。 二次设备板块 201 延续稳健态势，龙头电瑞、民营头部企业方份 2222 表现亮眼。）收和归母净利润设板块们取企有13 。2021 二备板实入35731 元，同+13.3实归利润35.3 元同+125。022 板入20.23 亿，10.0；归母润 27.1 元同+5.3。）毛利率归母净利率：20H1 板块利为 6

4、.7，- 1.00pc归净为9.7，0.3。022 块利为281同比1.8pc环+349，归母率12.比0.56p费用率0H1板期费率为4.3同比159pc02板块间用为2.4同比10pc应收预收款及存货2022年6 月板应账款4444 亿元较202 初升8.6； 22 年6 底收为88.0 元较202 初滑3.56；22 年6 月底存为23.54亿，较2022 初长159。）现金流：20H1 次备板现流净出1842亿元2021 年期金为净出38.25 亿2Q2 块营金净入16.95 元2021 期净流出1.3 元现由流转流，金增加显。 工控行业 2021需求环比持续走弱资头部业紧抓先进制造结

5、性会叠加缺疫情的国产实现不错增长头企业如汇川技术股份表现亮眼宏发在经济下行压力下维稳健增长。）收入和归母净利：工板我选的业有2 。22H1 控板实入35.5 元，同+17.2现母利润2.12亿同2012022 现入25.68 10.0比+4.48现母润26.77元同+339毛利率和归母净利02H1块利率307，同比2.9pc归净利为10.3同比3.64c02Q2 块利为3.31.28pc1.6pc归净率为3.01+2.28pc02H1下滑多要为光气公价变的同期公允值动收约3亿元费用率01 板期费率为19.比0.2c2Q2板块期费为18.同+0.4pc应收收款及存货02年6底板应款25876元，

6、较202 初升19.； 202 年6 底收为25.7 元较202 初涨18.；02 年6 月底存为20.97 亿，较222 初长1.2。）现金流：2021 控经营动金入7.3 亿元22Q1板现为净出705亿元比202Q1净出2.7 元经营金水下22Q2因原格所降头部业略存降板块金为入14.8 亿（221 同入19.12亿元，金环上多。投资建1控业222 总需较平但锂电半体先造领景度较好资龙头抓住业交受阻遇，加替代资；2网投资保持位稳面对新源大并网与用电侧构整望高压调度配等加大入02H1电当拉基的力军一二次设备绩领域性泛工控领域重点推荐川技术花智控宏发份中控术、英搏尔推荐赛能麦格特电网设备：点推

7、国电南瑞、思源，注四股、科技、许继力和安瑞海电其他电力设备点金盘科技南网科技关注科士达科电、华据等。风险提示网资预期竞加，内疫情剧。内容目录 HYPERLINK l _TOC_250010 前言 6 HYPERLINK l _TOC_250009 一次设备整体稳健增长，特高压/高压板块表现良好 10 HYPERLINK l _TOC_250008 一次设备整体稳健增长，特高压/高压表现较好，智能电表盈利能力提升明显 10 HYPERLINK l _TOC_250007 一次设备板块毛利率、归母净利率均略有提升 13 HYPERLINK l _TOC_250006 二次设备板块收入稳增，龙头持续

8、温和增长 18 HYPERLINK l _TOC_250005 二次设备整体稳健，龙头持续温和增长 18 HYPERLINK l _TOC_250004 二次设备2022H1 整体毛利率、归母净利率均略有下降 18 HYPERLINK l _TOC_250003 工控板块 稳定，龙头经营 显著 20 HYPERLINK l _TOC_250002 工控板块进入下行周期，龙头逆周期属性显现 20 HYPERLINK l _TOC_250001 工控行业整体毛利率略有下降，归母净利率有所上升 21 HYPERLINK l _TOC_250000 风险提示 23图表目录图1： 电力设备工控板块202

9、2H1收入和归母净利润情况 6图2： 电力设备工控板块2022H1整体情况 6图3： 电力设备工控板块2022Q2收入和归母净利润情况 7图4： 电力设备工控板块2022Q2整体情况（个） 7图5： 电力设备工控板块2022H1及2022Q2 毛利率情况 8图6： 电力设备工控板块2022H1及2022Q2 归母净利率情况 8图7： 电力设备工控板块2020Q2022Q2 经营净现金流情况（亿元） 8图8： 电力设备工控板块2022H1及2022Q2 费用率情况 8图9： 电力设备工控板块2022H1及2022Q2 末应收账款情况（亿元） 9图10： 电力设备工控板块2022H1及2022Q2

10、 末预收款情况（亿元） 9图1： 电力设备工控板块2022H1及2022Q2 末存货情况（亿元） 9图12： 一次设备公司收入和归母净利润变动情况分析表（亿元） 图13： 一次设备公司毛利率和归母净利率变动情况分析表 13图14： 一次设备公司经营净现金流情况（亿元） 15图15： 二次设备公司收入和归母净利润变动情况分析表（亿元） 18图16： 二次设备公司毛利率和净利润率变动情况分析表（亿元） 19图17： 二次设备公司经营净现金流情况（亿元） 19图18： 工控公司收入和归母净利润变动情况分析表（亿元） 20图19： 工控公司毛利率和归母净利率变动情况分析表 21图20： 工控公司经营净

11、现金流情况（亿元） 22前言电力设备工控板块 0221 收入同比7归母利润同比2剔除利异常波动的公司归母净利润比33们电设工控块了142家市公，全业2021入309.3亿长1745归净润25.99亿元长3.6，剔除表示损亏利润常动公02H1归净为27760亿同比+2.54。2H1 同比降公有9 ，增为00有74 家，幅为 30上有29家增长公占多202H1归净润比的公有65 家增幅为030的有39 家增幅为30上有38 家亏的有29，扭的有6 图1：电力设备工控板块 2221 收入和归母净利润情况（亿元）电力设备工控行业3,309.317.45%258.9923.65%一次设备（亿元）电力设备

12、工控行业3,309.317.45%258.9923.65%一次设备1,923.021.87%132.9463.99%工控385.3517.32%42.1212.01%二次设备357.3113.83%35.631.25%其他电力设备643.477.74%48.300.40%归母净利同比增速（），图2：电力设备工控板块 2221 整体情况公司数量收入同比增速归母净利润同比增速同比负增长3965同比增长幅度在 %3%7439同比增长超过 3%2938亏损29扭亏6合计142，20222电力设备工控板块情况：2022板块收入 71511亿元，同比长4.85，环比增长 6.4；归母净利润 10.52亿，

13、剔除部分个股影，润同比42.1。2Q2收比下的有58家幅为00有7 ，幅为30上有27家202Q2归净润比降公有74家增为03的有28 ，幅为0上有40家亏的有27 ，扭有6 图3：电力设备工控板块 2222 收入和归母净利润情况（亿元）电力设备工控行业1,71514.85%160.5242.14%（亿元）电力设备工控行业1,71514.85%160.5242.14%一次设备956.804.23%79.7188.69%工控202.688.88%26.8034.10%二次设备220.2310.03%27.815.37%其他电力设备335.391.16%26.207.77%，东吴证券研究所归母净利

14、同比增速（）图4：电力设备工控板块 2222 整体情况（个）公司数量收入同比增速归母净利润同比增速同比负增长5874同比增长幅度在 %3%5728同比增长超过 3%2740亏损27扭亏6合计142，20220222电力设工控板块毛利率归净利率水平小幅上升中 1一次设备毛利率上幅相对较大。20H1 电设控业利为2.9，同比升11个分其中次备次备别同+230pc1.0pc0Q2 全行业利为3.2+.0pc其一设二次备别+2.1pc1.28pc。 202H1全母利为7.8同+039pc0Q2 母利为87比+1.pc。多数电力设备企业将原材料涨价压力传导至下游电网客户（在一定合理范围内毛平所工企毛率滑

15、较要原料其是片涨价幅较同价端导相不202 控板归净率比1.28pc。图5：电力设备工控板块 2221 及 202Q2毛利率情况毛利率20211202211 同比20221202222 同比2 环比电力设备工控行业21.88%22.99%1.1ct22.68%23.25%1.07pct0.56pct一次设备19.06%21.36%2.30pct21.37%21.36%2.15pct0.02pct工控33.24%30.75%2.49pct30.08%31.34%1.28pct1.26pct二次设备27.79%26.78%1.00pct24.63%28.12%1.28pct3.49pct其他电力设备

16、19.98%21.12%1.14pct21.1%21.14%0.99pct0.03pct，图6：电力设备工控板块 2221 及 202Q2归母净利率情况归母利率20211202211 同比20221202222 同比2 环比电力设备工控行业7.43%7.83%0.39pct6.74%8.70%1.80pct1.97pct一次设备5.14%6.91%1.78pct6.32%7.39%2.78pct1.07pct工控14.57%10.93%3.64pct8.55%13.01%2.28pct4.47pct二次设备10.20%9.97%0.23pct5.70%12.63%0.56pct6.93pct其

17、他电力设备8.12%7.51%0.61pct7.30%7.69%0.36pct0.39pct，20220222电力设工控板块经营现金入同比增长较多021全板块存货同比增长较多要系 20221增长所致221 力备控经营动现金量流入3.76 元，较021 同增加80.8。20Q2 板经性现净流入12265 亿，221 同期流入3.96 元经营金水明提。202全板存为158.88 元，较022 +19.。202Q2 全业货为588.88 亿元，+9.2存原或企囤原料、情响付，中2021和2022 货长均一设板。图7：电力设备工控板块 220220222 经营净现金流情况（亿元）经营活动现金流2020

18、22020320204202112021220213202142022120222电力设备工控行业95.6377.84377.5618.163.9687.06474.5078.89122.65一次设备73.6539.1164.0563.0865.6358.97250.3616.6659.65工控18.4519.5135.842.0719.1210.1940.577.0514.38二次设备8.332.4219.926.721.5310.7714.935.3716.95其他电力设备1.8616.8058.5726.239.257.1369.2819.8031.67，图8：电力设备工控板块 2221

19、 及 202Q2费用率情况期间费用率2021202211 同比20221202222 同比2 环比电力设备工控行业13.84%12.72%1.13pct13.74%1.90%0.81pct1.84pct一次设备12.53%10.90%1.63pct1.66%10.29%1.19pct1.37pct工控19.53%19.41%0.12pct20.23%18.69%0.42pct1.54pct二次设备16.52%14.93%1.59pct18.94%12.43%1.02pct6.51pct其他电力设备12.78%12.92%0.14pct13.40%12.50%0.00pct0.90pct，图9：

20、电力设备工控板块 2221 及 202Q2末应收账款情况（亿元）应收账款20211231202233120226301 较年初增长2 较 1末增长电力设备工控行业2,038.32,1.222,314.213.54%9.61%一次设备1,03511,090.01,205.716.51%10.59%工控215.72234.59258.7619.96%10.31%二次设备408.72403.45444.148.67%10.08%其他电力设备378.68382.68405.257.01%5.90%，图10：电力设备工控板块 2221 及 202Q2末预收款情况（亿元）预收款20211231202233

21、120226301 较年初增长2 较 1末增长电力设备工控行业415.43417.24419.120.89%0.45%一次设备205.54207.23209.381.87%1.04%工控21.2822.7225.2718.76%1.23%二次设备91.6693.8688.403.56%5.82%其他电力设备96.9693.4396.070.92%2.83%，图11：电力设备工控板块 2221 及 202Q2末存货情况（亿元）存货20211231202233120226301 较年初增长2 较 1末增长电力设备工控行业1,330.11,454.41,588.819.44%9.23%一次设备680

22、.32737.67841.6823.72%14.10%工控175.89191.28207.9718.24%8.72%二次设备175.58203.55203.5415.92%0.01%其他电力设备298.52322.14335.6812.45%4.20%，一次设备整体稳健增长，特高压高压板块表现良好一次设备整体稳健增长，特高压/高压表现较好，智能电表盈利能力升明显20221一次设备板块收同比22，归母净润比64，特高压板龙公司盈利能力增强，带动板块整体利润增速较快。我们共选取了 63 家一次设备企业，202H1实入123.0亿元同+218实母净润13294亿元同+639。202H1 收同增为的公

23、有16 家增为030的司有3 ，增为30上公共有14 。归净润比幅负的司有21 家增为03%的公有19家增为30以的司有23家，为13家扭为3 20222一次设备板块收同比17归母净利润比8702Q2板现收入169.9元同+16比+5.42现母净润79.3元同+870。 202Q2 收同增增为负公有23 家幅为030公有27 家，增幅为0上公共有13 家归净润比长增为的司有3家幅为030的司有12 ，增为3以的共有28 家亏为13 ，扭为7 家。特高压高压板块 2221营收增长较快润水大幅增长特变工因料业务维持高增，2022 板块净利润同比稳健增长疫好转后思源电气营和润快速修复02H1特压块实

24、入74345亿元同+33.7实归利润1.78亿元同+890中202Q2实收入410.4亿元同+26623.12，实现母润52.3 元比14972021 特压路有大增量板块整体表现稳健，利润水平增长较多主要系特变电工等公司扰动较大所致：特变电工 202H1归净润为9.5 亿+12222Q2归净润为37.84元同比+283主系料涨司料务齐升除变影高压高板块02H1 归母利润2.72 亿同+29.8202Q2 源电营收26.6 元同+2.5母利润.21亿同+0.98要海疫好转后司Q2集交确认入。中压电气板块 2221实现盈利 1.1亿元同5盈利水平下降严重主要系永大集团双杰电气白电等个股亏损所致02

25、2板块盈利环比有所修0H1中压气块现售入10.8 亿，+182归净润110 元，-59.21大团22H1亏损031亿杰亏损056亿云亏损056亿元对块响02Q2 压气块收入9.68亿+85比+5.88，母利润109 亿，比19.环+801盈能比有修复。低压电器板块 0221 母净利润降低 78，中正泰电器 2222 归净利润同比下降 3%主要系司所持中控股票公价变动影响所致20H1 压电实现入35352 亿，+235归净润260 元同比78中，压电器02Q2 收入194.5 亿元同+7.70，+222归净润1.0 亿，同比312环+8.2。2022 块利增量要自泰正泰持有的控术份允值变影母利同

26、比降5.14板波动响较大。智能电表板块 0221 收入同比2，归母净利润同比38。2021 电表板块现售入8.60亿元同+245实母净润.90亿元同38.26。其中202Q2智电入28.05 元同+3.3，比+6.47，现母净润3.31 元同+1.65，环+0.2板块222 母利增明，主系 2021 年始20 版能电进替周，标量加并随上原材端的压力解交量比升，润渐复。电线电缆板块收入有所提升，盈利能力修复，主要系中利集团亏损减少明显。 202H1实收入676.5元比1.实归净润156亿元同+11.14。其中02Q2实收入37.57 元+5.7+6.12母利润49 元， 同+297684.块中团

27、202H1年2021 亏损2.61.31 亿 元对块利复较块收长要1陆电中度升， 选取的为部业享受售份提红2新（其海风电电 动车关磁特缆结性材材料格板公司利润 修复所益。图12：一次设备公司收入和归母净利润变动情况分析表（亿元）代码公司营业收入归母净利润特高压/高压板块20222 同比2 环比20221 同比1 环比20222 同比2 环比20221 同比1 环比600089.SH特变电工216.2065.62%26.43%387.2072.15%-0.17%37.84283.33%21.21%69.05122.29%66.46%601179.SH中国西电47.496.24%23.75%85.

28、8713.36%30.01%2.4357.13%86.36%3.7453.66%24.29%600550.SH保变电气6.89-28.80%2.88%13.58-16.09%-46.14%-0.02-160.13%-12.78%0.143.43%-69.16%002112.SZ三变科技2.51-3.80%31.84%4.423.08%-26.92%0.10124.09%468.61%0.12103.76%-4.22%600580.SH卧龙电气36.65-2.41%3.94%71.926.64%-0.87%3.014.72%51.79%4.9919.10%-12.41%300140.SZ启源装备

29、2.45-2.98%24.18%4.43-6.66%-32.81%0.19605.34%523.29%0.15135.94%107.57%600312.SH平高电气23.98-3.69%48.08%40.1714.00%-30.14%0.77-18.27%91.29%1.17107.54%698.48%002028.SZ思源电气26.0628.52%49.82%43.4513.17%-10.52%3.2110.98%10.89%4.73-16.94%-24.69%600290.SH华仪电气0.62-34.74%2.16%1.22-16.61%-44.69%-0.5355.62%-14.25%-

30、0.9943.43%84.95%002452.SZ长高电新2.66-39.41%17.50%4.92-29.98%-39.89%0.23-73.47%-19.1%0.51-57.16%-60.88%000585.SZ东北电气0.2475.36%90.77%0.3627.96%-34.13%0.02122.34%10.01%-0.18-50.36%-160.35%600112.SHT 天成0.14-23.12%121.68%0.21-56.20%-70.50%0.461648.87%230.29%0.1180.26%-94.49%600379.SH宝光股份3.349.1%23.97%6.0417

31、.67%21.46%0.1713.44%149.71%0.249.60%-19.24%002545.SZ东方铁塔9.7319.93%1.42%19.3347.61%31.34%2.8482.41%41.06%4.85139.20%140.90%601700.SH风范股份7.09-18.80%21.09%12.95-1.14%-31.41%0.24-4.14%32.18%0.42-20.58%6.02%000551.SZ创元科技9.695.30%-3.17%19.696.92%6.1%0.4924.47%30.42%0.8718.82%143.63%002606.SZ大连电瓷2.8517.91%

32、0.28%5.68-4.99%69.20%0.42-12.43%-27.96%1.00-23.1%271.21%300069.SZ金利华电0.17-45.21%-40.90%0.46-44.99%-68.56%-0.0251.09%-141.17%0.04619.20%108.74%002576.SZ通达动力4.16-22.78%-6.92%8.62-10.09%-17.87%0.22-34.01%120.90%0.32-48.30%-18.57%300120.SZ经纬电材7.32-1.50%30.71%12.92-16.50%-26.57%0.2798.04%-2.50%0.54104.71

33、%216.34%合计410.2426.64%23.12%743.4533.27%-3.71%52.33149.71%32.67%91.7889.00%65.1%中中压电气2022Q2Q2 同比Q2 环比2022H1H1 同比H1 环比2022Q2Q2 同比Q2 环比2022H1H1 同比H1 环比002358.SZT 森源5.9034.71%28.89%10.4823.08%22.39%0.08124.17%-0.23%0.17155.50%103.65%002622.SZ永大集团1.29298.53%56.85%2.12331.50%78.02%-0.05-143.1%79.40%-0.31

34、-442.74%64.00%300423.SZ鲁亿通7.127.60%29.51%12.629.67%-19.05%0.59-38.18%-0.40%1.19-23.02%18.19%300444.SZ双杰电气4.8765.93%34.79%8.4867.92%27.31%-0.49-706.06%-541.95%-0.56-592.76%54.84%300477.SZ合纵科技8.1729.91%16.91%15.1535.49%15.42%0.07-69.52%-91.83%0.9913.49%64.44%600192.SH长城电工6.4917.97%77.71%10.154.16%-7.0

35、4%-0.2140.83%-17.33%-0.395.92%54.53%600353.SH旭光股份3.0018.65%30.63%5.2930.59%-12.01%0.2038.49%87.66%0.3124.99%-8.34%002350.SZ北京科锐2.647.57%1.99%4.995.52%-6.07%0.2521.1%96.39%0.384.86%1.13%603861.SH白云电器7.1714.34%200.81%9.555.22%-33.02%0.3894.34%150.49%-0.38-578.58%-133.00%300062.SZ中能电气7.43-5.18%76.48%1.

36、63-5.69%-48.96%-0.0166.21%98.18%-0.56-218.23%-710.09%300510.SZ金冠电气2.859.35%5.83%5.5525.53%-5.66%0.131.40%0.05%0.2179.07%96.84%合计59.6818.55%45.88%100.5818.22%-14.08%1.09-19.63%8031.47%1.10-59.21%126.83%低低压电器2022Q2Q2 同比Q2 环比2022H1H1 同比H1 环比2022Q2Q2 同比Q2 环比2022H1H1 同比H1 环比601877.SH正泰电器128.9737.63%21.20

37、%235.3944.94%4.04%1.18-35.14%90.43%17.05-7.58%9.52%002927.SZ泰永长征2.47-5.06%15.96%4.605.58%-1.06%0.362.70%167.03%0.497.56%-1.92%300283.SZ温州宏丰5.63-14.91%18.29%10.39-12.66%-10.69%0.06-70.88%-9.08%0.13-59.34%-51.12%600468.SH百利电气6.131.23%18.18%1.311.30%-7.53%0.329.70%16.98%0.606.10%22.65%002441.SZ众业达10.80

38、2.12%34.80%18.825.95%-16.40%1.422.20%97.39%2.155.51%-0.21%605066.SH天正电气32.01-7.08%23.1%58.01-2.24%-12.44%0.83-3.34%-44.21%2.3310.49%13.75%603016.SH新宏泰6.96-29.12%36.41%12.07-27.51%-4.01%0.45-57.86%262.24%0.57-60.46%258.90%合计194.4517.70%22.24%353.5223.54%-1.68%14.80-31.28%68.25%23.60-7.87%12.62%智智能电表2

39、022Q2Q2 同比Q2 环比2022H1H1 同比H1 环比2022Q2Q2 同比Q2 环比2022H1H1 同比H1 环比002121.SZ科陆电子8.1013.92%39.60%13.901.39%-23.90%-1.096.77%-131.21%-1.560.31%69.42%300183.SZ东软载波2.2148.19%28.22%3.9436.94%-36.31%0.2878.89%30.30%0.5062.39%-50.97%300286.SZ安科瑞2.875.31%38.54%4.944.49%-9.23%0.642.28%102.72%0.952.31%24.30%30036

40、0.SZ炬华科技3.9175.05%33.28%6.8556.74%-1.37%1.1877.52%65.80%1.9048.49%-0.32%002546.SZ新联电子1.4760.97%55.76%2.4151.32%-21.23%0.36-50.73%542.83%0.28-71.15%-77.68%300139.SZ福星晓程0.47-12.38%18.06%0.875.85%-22.16%0.38506.52%175.46%-0.12-281.49%-17.15%603556.SH海兴电力9.0141.98%35.03%15.6943.56%-1.83%1.5540.89%10.26%

41、2.9590.60%85.61%合计28.0531.31%36.47%48.6024.52%-15.89%3.3151.65%107.26%4.9038.26%126.00%电电线电缆2022Q2Q2 同比Q2 环比2022H1H1 同比H1 环比2022Q2Q2 同比Q2 环比2022H1H1 同比H1 环比002300.SZ太阳电缆37.2524.85%46.32%62.7224.16%1.58%0.6278.92%96.78%0.9368.62%-10.25%002533.SZ金杯电工34.725.62%27.22%62.009.87%-13.75%0.99-6.46%33.32%1.7

42、45.32%4.57%002560.SZ通达股份15.89180.29%54.97%26.14167.77%89.63%0.22-22.71%83.93%0.34-28.39%246.95%002692.SZ远程电缆9.2021.04%72.61%14.526.30%-1.18%0.1252.13%-23.26%0.28226.09%-23.95%300265.SZ通光线缆6.2525.16%53.67%10.3232.01%-9.54%0.271.60%95.73%0.411.09%440.73%300341.SZ麦迪电气4.4631.58%24.04%8.0528.13%-3.67%0.6

43、372.81%38.56%1.0951.68%2.36%300447.SZ全信股份2.6110.20%-14.39%5.6524.74%16.02%0.519.53%-7.50%1.0623.91%34.91%603618.SH杭电股份23.0130.66%32.52%40.3731.40%-7.65%0.6032.43%134.88%0.8630.17%154.65%002471.SZ中超控股15.23-12.51%39.52%26.141.64%-20.99%-0.12-227.59%59.40%-0.41-20.37%-166.68%002212.SZ南洋股份5.0213.91%32.5

44、4%8.8024.77%-66.75%-1.41-62.61%-17.60%-2.06-12.96%-149.90%002451.SZ摩恩电气2.84-1.25%10.95%5.4118.83%-21.31%-0.04-398.37%-146.48%0.0524.45%-40.43%002498.SZ汉缆股份29.5613.34%71.03%46.8524.40%-10.16%3.64-1.51%169.71%5.002.90%71.35%600869.SH远东股份57.749.37%37.74%99.6510.16%-15.73%2.6143.46%201.75%3.4815.27%51.9

45、2%603333.SH明星电缆5.48-15.04%8.85%10.514.52%-21.51%0.1-7.01%-44.81%0.32122.80%169.99%002309.SZ中利集团25.04-5.22%15.78%46.68-4.43%-17.74%-0.6894.77%-6.95%-1.3189.56%94.98%600973.SH宝胜股份103.29-1.22%3.45%203.14-1.33%-8.87%-0.59-161.08%-257.12%-0.22-1.19%97.74%合计377.575.73%26.12%676.9510.99%-1.16%7.49297.60%84

46、.46%1.561714.14%155.05%一次设备1,069.9916.56%25.42%1,923.1021.87%-7.03%79.0387.08%46.57%132.9463.99%148.01%ind，一次设备板块毛利率、归母净利率均略有提升一次设备板块 2221 毛利率、归母净利率，0222 毛利率环比略微。202H1一设板毛率21.6比+.3c归母率6.9同+.78c。202Q2毛率为21.36+2.15pc环+0.2pc块母利为.3比+.78 c。图13：一次设备公司毛利率和归母净利率变动情况分析表代码公司毛利率归母净利率特高压/高压板块20222 同比2 环比20221 同

47、比1 环比20222 同比2 环比20221 同比1 环比600089.SH特变电工37.88%1.6pct-1.02 pct38.33%13.46 pct4.92pct17.50%9.94pct-0.75pct17.83%4.02pct-6.67pct601179.SH中国西电18.62%1.86 pct4.54 pct16.59%0.34 pct-1.36pct5.12%1.66pct1.72pct4.35%1.14pct-3.41pct600550.SH保变电气20.60%5.18 pct0.27 pct20.46%3.38 pct2.40pct-0.23%-0.51pct-2.12pc

48、t0.81%0.34pct-1.08pct002112.SZ三变科技17.49%2.04 pct0.83 pct17.13%1.10 pct0.50pct4.09%2.34pct3.14pct2.74%1.35pct-0.74pct600580.SH卧龙电气25.31%0.12 pct3.28 pct23.70%-1.14 pct3.14pct8.20%0.56pct2.59pct6.93%0.73pct-7.12pct300140.SZ启源装备22.95%1.36 pct-0.70 pct23.26%-2.03 pct18.26pct7.88%9.39pct10.19pct3.33%1.99

49、pct41.56pct600312.SH平高电气20.09%7.1 pct3.90 pct18.52%5.66 pct4.27pct3.19%-0.57pct0.72pct2.90%1.31pct1.05pct002028.SZ思源电气26.70%-4.80 pct2.74 pct25.60%-5.54 pct-4.35pct12.31%-1.95pct3.57pct10.89%-3.95pct-16.88pct600290.SH华仪电气28.93%9.52 pct0.66 pct28.60%8.81 pct2.15pct-85.62%40.28pct-9.06pct-81.14%38.46p

50、ct336.58pct002452.SZ长高电新34.42%-0.60 pct2.73 pct33.16%-2.62 pct1.67pct8.65%-1.1pct-3.92pct10.45%-6.63pct-22.69pct000585.SZ东北电气25.35%-4.84 pct15.36 pct20.06%-1.99 pct-33.93pct8.28%73.26pct166.04pct-48.82%-7.27pct-60.57pct600112.SHT 天成12.82%27.73 pct5.17 pct1.21%2.15 pct30.26pct320.65%336.57pct866.21pc

51、t51.38%79.41pct-195.90pct600379.SH宝光股份17.14%1.14 pct2.76 pct15.91%0.07 pct-3.72pct5.05%0.19pct2.54pct3.91%-0.29pct-6.17pct002545.SZ东方铁塔43.40%17.19 pct8.05 pct39.40%12.81 pct14.55pct29.14%9.98pct8.19pct25.08%9.60pct-4.07pct601700.SH风范股份9.13%-3.07 pct-1.01 pct9.58%-5.08 pct0.21pct3.40%0.52pct0.29pct3.

52、27%-0.80pct-2.92pct000551.SZ创元科技20.73%-0.45 pct-1.95 pct21.72%0.03 pct0.65pct5.08%0.78pct1.31pct4.42%0.44pct-1.48pct002606.SZ大连电瓷33.24%-6.36 pct-4.73 pct35.61%-4.70 pct0.81pct14.69%-5.09pct-5.76pct17.56%-4.14pct-12.14pct300069.SZ金利华电20.78%-31.16 pct-9.52 pct26.77%-12.17 pct13.78pct-14.56%1.75pct-35.

53、47pct7.73%7.14pct34.94pct002576.SZ通达动力14.61%0.12 pct3.53 pct12.78%-2.36 pct-0.19pct5.37%-0.91pct3.1pct3.76%-2.78pct-6.58pct300120.SZ经纬电材16.75%3.36 pct-0.18 pct16.83%3.55 pct5.69pct3.63%2.01pct-1.24pct4.17%2.47pct1.50pct合计30.63%7.88 0.99 30.19%7.68 3.0012.76%6.290.9212.34%3.64-3.56中压电气20222 同比2 环比202

54、21 同比1 环比20222 同比2 环比20221 同比1 环比002358.SZT 森源27.50%5.66 pct5.75 pct24.98%3.1 pct2.68pct1.42%9.32pct-0.41pct1.60%5.14pct58.79pct002622.SZ永大集团41.42%-14.99 pct9.10 pct37.88%-1.33 pct-8.13pct-4.03%-41.33pct26.68pct-14.42%-32.58pct38.75pct300423.SZ鲁亿通20.40%-5.01 pct-2.99 pct21.70%-4.99 pct1.75pct8.33%-6

55、.17pct-2.50pct9.42%-4.00pct-7.49pct300444.SZ双杰电气17.82%-3.14 pct4.52 pct15.89%-4.79 pct1.92pct-10.01%-12.75pct-7.91pct-6.64%-8.91pct9.82pct300477.SZ合纵科技24.02%5.87 pct-4.42 pct26.06%6.78 pct3.00pct0.91%-2.98pct-12.15pct6.51%2.38pct-2.19pct600192.SH长城电工14.49%1.93 pct-0.12 pct14.54%0.28 pct10.55pct-3.26

56、%3.24pct1.68pct-3.87%0.41pct8.32pct600353.SH旭光股份28.27%5.51 pct2.57 pct27.15%5.46 pct4.48pct6.67%0.96pct2.03pct5.79%-0.26pct-5.82pct002350.SZ北京科锐30.95%-0.82 pct1.49 pct30.24%-1.01 pct-0.95pct9.63%1.08pct4.14pct7.68%-0.05pct-7.18pct603861.SH白云电器17.34%-4.13 pct5.21 pct16.04%-4.62 pct-5.12pct5.36%2.21pc

57、t37.27pct-3.94%-3.33pct-1.33pct300062.SZ中能电气13.89%-1.24 pct-0.58 pct14.1%-1.95 pct-5.1pct-0.13%0.24pct12.84pct-4.78%-8.59pct-8.99pct300510.SZ金冠电气23.07%-0.27 pct2.42 pct21.89%-1.07 pct-0.75pct3.72%0.62pct-0.21pct3.83%1.14pct-0.69pct合计21.28%0.84 0.33 21.14%0.13 1.321.83%-0.871.791.10%-2.081.43低压电器2022

58、2 同比2 环比20221 同比1 环比20222 同比2 环比20221 同比1 环比601877.SH正泰电器21.66%-7.02 pct-0.81 pct22.02%-6.12 pct-0.19pct8.67%-9.72pct3.15pct7.24%-4.12pct-10.99pct002927.SZ泰永长征34.09%-0.68 pct1.94 pct33.19%-1.34 pct1.1pct14.47%1.09pct8.19pct10.68%0.20pct-9.49pct300283.SZ温州宏丰10.80%0.43 pct-1.94 pct1.69%0.74 pct1.41pct

59、1.13%-2.18pct-0.34pct1.29%-1.48pct-3.83pct600468.SH百利电气21.19%-2.07 pct-1.14 pct21.71%-1.51 pct-4.87pct5.24%0.40pct-0.05pct5.27%0.24pct-3.73pct002441.SZ众业达31.20%-4.96 pct-1.98 pct32.04%-4.73 pct-1.93pct13.19%0.01pct4.18pct1.41%-0.05pct-9.60pct605066.SH天正电气8.00%0.16 pct-6.88 pct1.08%0.75 pct1.63pct2.6

60、1%0.10pct-3.14pct4.02%0.46pct-2.63pct603016.SH新宏泰26.30%2.15 pct2.14 pct25.39%1.55 pct1.69pct6.45%-4.40pct4.02pct4.75%-3.96pct-1.09pct合计19.99%-3.74 -1.71 20.76%-3.20 0.157.61%-5.432.086.68%-2.28-8.10智能电表20222 同比2 环比20221 同比1 环比20222 同比2 环比20221 同比1 环比002121.SZ科陆电子25.99%-1.18 pct-4.18 pct27.73%-1.77 p