电力设备行业2024年投资策略分析报告：业绩高增国内外需求共振行业景气度上行

证券研究报告业绩延续高增，国内外需求共振，行业景气度上行电力设备2024年中期投资策略2024年5月7日核心观点1.电网设备板块景气度上行，2023年延续高增，一季度“淡季不淡”选取17家电网设备板块公司对其2023年和2024Q1收入与利润表现分析，2023年板块合计营收同比+16.47%，海外营收占比10.46%，行业景气度延续。2024Q1在2023Q1高增长基础上继续实现了较大增幅，合计营收同比+13.40%，环比-43.96%;合计归母净利润同比+30.29%，环比-48.21%，多数公司归母净利润同比实现正向增长。考虑到四季度往往为电网设备企业当年确认收入与利润的高峰期，2024Q1电网设备行业的整体增长动力依然强劲，延续了2023年的高增长态势。受益于企业产品结构优化、行业下游需求提升、行业上游原材料价格趋稳、收入规模效应摊薄费用等因素，所选上市公司盈利能力增强，平均期间费用率同比-0.27pct，平均毛利率同比+2.19pct，平均净利率同比+0.98pct。2.新型电力系统加速建设，带动发、输、变、配、用各环节设备需求建设新型能源体系和新型电力系统需要持续加大电力设备投入。随着电源侧清洁能源接入比例提高，电网调节能力和支撑能力面临诸多掣肘；全国仍有部分地区电力供需偏紧，特高压主网架建设持续推进，助力电力资源跨区配置；分布式能源与电动车等新型配网资源大规模接入

配电网升级，配电网在形态上从传统的“无源”单向辐射网络向“有源”双向交互系统转变；配电网智能化转型、能源消费电气化趋势推动用能终端计量设备需求提升。3.紧抓海外市场高需求机遇，出海企业2023年业绩再创佳绩全球“净零”推动风、光机组占比持续提升、海外制造业用电需求高涨、地缘政治冲突驱动电网升级改造，带动海外电力设备景气度持续向上，发达国家重构电力网络，欠发达国家基础设施建设。出海企业海外业务营收同比高增，海外业务毛利率普遍高于国内业务，海外业务占比提升有望进一步增厚企业盈利空间。4.投资建议：1、一次设备建议关注平高电气、华明装备，受益标的：中国西电、思源电气、金盘科技、伊戈尔、明阳电气等；2、二次设备建议关注东方电子，受益标的：许继电气、炬华科技；4、线路装置受益标的金杯电工、华通线缆等。、四方股份等；3、计量设备受益标的：海兴电力、三星医疗、威胜信息、5.风险提示：电网投资不及预期、特高压建设不及预期、市场竞争风险、海外投资环境变化风险、财务及汇率风险。目录CONTENTS1232023年业绩表现亮眼，2024Q1延续高景气电网设备板块投资建议风险提示1.12023年延续高增，一季度“淡季不淡”电网设备板块景气度上行，选取17家电网设备板块公司对其2023年和2024Q1收入与利润表现分析，2023年板块合计营收同比+16.47%，海外营收占比10.46%，行业景气度延续。2024Q1在2023Q1高增长基础上继续实现了较大增幅，合计营收同比+13.40%，环比-43.96%；考虑到四季度往往为电网设备企业当年确认收入与利润的高峰期，2024Q1电网设备行业的整体增长动力依然强劲，延续了2023年的高增长态势，淡季不淡。表1：电网设备营收实现稳定增长（单位：亿元/%）证券代码600312.SH002028.SZ601179.SH002270.SZ688676.SH002922.SZ301291.SZ002533.SZ605196.SH000400.SZ600406.SH601126.SH000682.SZ603556.SH601567.SH688100.SH300360.SZ公司简称主营业务高压开关2022总营收2023总营收110.77124.60208.4819.612023海外营收占比6.53%2023同比19.44%18.25%15.78%14.57%40.50%28.68%52.91%15.83%3.30%2024Q1同比4.47%2024Q1环比-43.69%-31.49%-34.84%-10.92%-31.13%-30.40%-37.12%-18.26%6.71%平高电气思源电气中国西电华明装备金盘科技伊戈尔92.74105.37180.0617.1247.4628.2132.36132.0351.93149.17468.2950.7854.6033.1090.9820.0415.061569.31高压开关、变压器高压开关、变压器变压器分接开关17.32%12.72%13.99%17.65%27.03%0.05%22.36%-0.46%9.40%变压器66.680.60%变压器、照明36.3021.05%46.35%19.01%7.35%明阳电气金杯电工华通线缆许继电气变压器49.48电缆、电磁线152.9353.642.70%电缆及连接件65.98%0.90%控保系统、换流阀、智能电表控保系统、换流阀、智能电表控保系统、电力自动化智能电表、电力自动化智能电表及配网设备智能电表及配网设备、康复医院智能通信终端模组智能电表170.61515.7357.5114.37%10.13%13.24%18.64%26.91%25.99%11.06%17.59%16.47%-13.92%24.27%31.21%11.06%13.66%34.53%5.92%-56.08%-66.54%2.00%2.70%四方股份东方电子海兴电力三星医疗威胜信息炬华科技2.78%64.785.77%-46.29%-32.09%-3.20%42.0066.46%17.10%10.20%7.35%114.6322.25-20.43%-10.59%-43.96%17.7123.88%13.40%合计1827.7210.46%数据：Wind、开源证券研究所1.12023年延续高增，一季度“淡季不淡”电网设备板块景气度上行，归母净利润同比表现优于营收增速，高质量发展效果显著。2023年全年板块合计归母净利润同比+33.47%；2024Q1归母净利润合计同比+30.29%，合计环比-48.21%，多数公司归母净利润同比实现正向增长。一次设备企业思源电气、华明装备、伊戈尔、平高电气，二次设备企业四方股份以及智能电表企业海兴电力、威胜信息等业绩表现亮眼，单季度归母净利润均处于历史较高水平。表2：电网设备企业归母净利润增速高于营收，降本增效效果显著（单位：亿元/%）2024Q1同比（%）2024Q1环比（%）证券代码公司简称主营业务2022合计利润

2023合计利润2024Q12023同比600312.SH002028.SZ601179.SH002270.SZ688676.SH002922.SZ301291.SZ002533.SZ605196.SH000400.SZ600406.SH601126.SH000682.SZ603556.SH601567.SH688100.SH300360.SZ平高电气思源电气中国西电华明装备金盘科技伊戈尔高压开关高压开关、变压器高压开关、变压器变压器分接开关2.1212.206.123.592.831.912.653.712.577.5964.465.434.386.649.484.004.72144.438.1615.598.852.303.632.031.270.950.580.901.340.902.375.961.811.012.143.641.111.1233.07284.60%27.76%44.55%50.90%78.15%9.34%52.69%-12.70%66.32%9.44%-11.59%-44.23%52.68%-44.79%32.96%-49.81%-18.25%21.32%1.65%5.427.59%变压器5.058.57%变压器、照明2.09206.73%102.42%16.58%83.26%58.73%13.30%27.55%32.04%21.52%35.15%21.96%-6.79%30.29%明阳电气金杯电工华通线缆许继电气变压器4.9887.67%41.07%41.74%32.42%11.44%15.46%23.46%47.90%100.79%31.26%28.64%33.47%电缆、电磁线5.23电缆及连接件3.64控保系统、换流阀、智能电表控保系统、换流阀、智能电表控保系统、电力自动化智能电表、电力自动化智能电表及配网设备智能电表及配网设备、康复医院智能通信终端模组智能电表10.0571.846.27-80.29%71.16%-48.47%-31.84%-12.10%-37.81%-32.09%-48.21%四方股份东方电子海兴电力三星医疗威胜信息炬华科技5.419.8219.045.256.07合计192.78数据：Wind、开源证券研究所1.2板块盈利能力持续增强，利润率同比改善受益于产品结构优化、下游需求提升、上游原材料价格趋稳等因素，所选上市公司2024Q1平均毛利率29.07%，同比提升2.19pct，环比提升0.08pct。其中，伊戈尔Q1毛利率同比提升7.05pct，海兴电力Q1毛利率同比提升5.61pct，许继电气Q1毛利率同比提升5.06pct。表3：电网设备企业毛利率稳中提升（单位：%）证券代码

公司简称600312.SH

平高电气002028.SZ

思源电气601179.SH

中国西电002270.SZ

华明装备688676.SH

金盘科技主营业务高压开关2022Q116.19%23.96%14.08%47.78%18.24%17.29%21.51%11.39%16.19%2022Q220.09%26.70%18.62%46.91%18.96%21.15%22.52%11.89%15.71%2022Q318.04%26.70%15.11%51.71%20.35%23.13%21.64%10.50%17.29%2022Q416.10%26.94%17.40%50.15%22.35%18.68%19.90%12.29%9.03%2023Q120.78%26.22%15.34%51.45%22.69%17.15%20.04%11.61%16.52%2023Q218.14%31.03%17.72%56.73%20.99%21.03%22.72%11.45%16.79%2023Q321.41%31.80%17.23%54.69%22.78%24.47%24.63%11.03%18.65%2023Q424.25%28.15%19.88%45.82%24.45%24.61%22.14%11.18%18.54%2024Q1

2024Q1同比（pct）

2024Q1环比（pct）25.22%30.70%17.85%52.39%25.39%24.20%23.07%10.46%16.88%4.45%4.49%2.52%0.94%2.70%7.05%3.02%-1.15%0.36%0.97%2.55%-2.03%6.57%0.94%-0.41%0.93%-0.72%-1.66%高压开关、变压器高压开关、变压器变压器分接开关变压器002922.SZ伊戈尔变压器、照明变压器301291.SZ

明阳电气002533.SZ

金杯电工605196.SH

华通线缆电缆、电磁线电缆及连接件控保系统、换流阀、智能电表控保系统、换流阀、智能电表000400.SZ

许继电气15.37%23.40%23.77%29.53%21.77%29.86%16.20%25.56%13.21%27.11%23.42%29.32%18.71%30.49%16.78%23.74%18.27%24.68%5.06%1.49%0.95%600406.SH-2.43%601126.SH

四方股份

控保系统、电力自动化

35.90%000682.SZ

东方电子

智能电表、电力自动化

31.58%33.53%32.12%35.08%33.72%31.50%43.24%26.94%32.81%39.34%37.16%30.98%38.64%35.37%34.16%38.30%36.69%33.33%43.31%29.26%34.99%45.73%33.96%32.36%44.25%-3.20%1.38%5.61%4.70%-2.63%-1.48%603556.SH

海兴电力

智能电表及配网设备34.82%24.08%智能电表及配网设备、601567.SH

三星医疗28.48%31.71%30.44%30.45%31.58%38.59%34.98%31.20%0.75%-3.78%康复医院688100.SH

威胜信息300360.SZ

炬华科技平均智能通信终端模组32.47%36.38%24.74%39.88%40.47%27.38%37.11%42.15%27.97%37.46%37.29%25.82%38.83%38.76%26.88%42.12%45.46%29.20%40.57%46.83%30.31%41.14%47.13%28.99%41.89%41.39%29.07%3.06%2.63%2.19%0.75%-5.74%0.08%智能电表数据：Wind、开源证券研究所1.2板块盈利能力持续增强，利润率同比改善受益于持续精益化管理压降费用、规模效应摊薄费用等因素，2024Q1平均净利率12.62%，同比提升0.98pct，环比提升0.09pct。其中，伊戈尔Q1净利率同比提升4.91pct，许继电气Q1净利率同比提升3.92pct，平高电气Q1净利率同比提升3.73pct。表4：电网设备企业净利率稳中有升（单位：%）证券代码

公司简称600312.SH

平高电气002028.SZ

思源电气601179.SH

中国西电002270.SZ

华明装备688676.SH

金盘科技002922.SZ

伊戈尔301291.SZ

明阳电气002533.SZ

金杯电工605196.SH

华通线缆主营业务高压开关2022Q13.53%9.23%3.52%20.67%4.56%5.76%3.50%3.19%2.42%2022Q24.20%12.70%5.89%28.11%5.08%6.52%10.67%3.19%3.62%2022Q34.35%12.64%2.57%22.70%5.98%8.79%8.79%2.85%6.42%2022Q41.61%13.02%3.75%14.60%7.39%6.19%7.73%3.44%6.22%2023Q18.92%10.59%4.44%29.22%6.72%2.98%6.28%4.39%3.82%2023Q27.27%15.88%5.93%34.32%6.50%7.64%9.93%3.60%10.46%2023Q39.13%14.05%3.38%32.08%7.51%8.22%11.13%3.40%6.44%2023Q48.21%10.84%5.46%16.72%8.96%4.45%10.88%4.21%5.77%2024Q112.64%13.60%5.41%28.56%7.16%7.89%8.68%4.20%6.53%2024Q1同比（pct）

2024Q1环比（pct）3.73%3.01%0.97%-0.66%0.44%4.91%2.40%-0.20%2.72%4.43%2.76%-0.06%11.84%-1.80%3.44%-2.20%-0.01%0.76%高压开关、变压器高压开关、变压器变压器分接开关变压器变压器、照明变压器电缆、电磁线电缆及连接件控保系统、换流阀、智能电表控保系统、换流阀、智能电表000400.SZ

许继电气5.23%6.81%11.54%17.62%8.36%2.90%5.46%8.58%12.14%17.57%7.33%4.37%9.38%7.85%3.92%5.01%600406.SH17.64%14.20%17.03%14.10%-0.73%-6.25%601126.SH

四方股份

控保系统、电力自动化

12.05%13.26%9.38%11.19%9.11%7.06%9.84%21.14%12.10%6.88%12.62%9.75%12.18%7.84%6.97%11.31%23.64%11.78%6.98%-0.32%0.09%1.53%4.81%-4.33%0.06%000682.SZ

东方电子

智能电表、电力自动化6.88%603556.SH

海兴电力

智能电表及配网设备21.09%17.10%21.26%22.17%24.05%23.31%23.69%智能电表及配网设备、601567.SH

三星医疗8.56%7.91%14.23%11.29%12.12%18.19%22.44%13.50%12.05%-0.08%-1.46%康复医院688100.SH

威胜信息300360.SZ

炬华科技平均智能通信终端模组17.29%24.47%9.34%21.95%30.20%12.29%17.59%30.80%12.07%22.62%39.36%11.32%21.58%31.61%11.64%20.97%39.75%15.09%20.30%34.19%14.11%31.89%31.61%12.52%24.79%23.31%12.62%3.21%-8.30%0.98%-7.10%-8.31%0.09%智能电表数据：Wind、开源证券研究所1.32023年海外业绩亮眼出海企业2023年，华明装备、海兴电力海外业务营收同比高增，海外业务营收占比上升；多数企业海外业务毛利率稳中有进，国内外业务毛利率差值有所扩大。表5：出海企业海外业务占比逐渐提高总营收（亿元）海外业务营收（亿元）海外业务营收占比（%）2021

2022

2023

同比(pct)证券代码

公司简称主营业务2020202120222023

同比(%)2020202120222023

同比(%)2020高压开关、变压器002028.SZ

思源电气73.7386.95

105.37

124.60

18.25%

12.0113.7218.6521.58

15.71%

16.28%

15.78%

17.70%

17.32%

-0.38%002270.SZ

华明装备

变压器分接开关

13.6815.3233.0322.3043.9717.1247.4628.2151.9319.61

14.57%

1.3266.68

40.50%

4.9236.30

28.68%

6.2453.64

3.30%

18.641.715.947.7321.50-1.536.569.2533.18-2.74

79.16%

9.68%

11.17%

8.94%

13.99%

5.04%11.77

79.47%

20.29%

17.99%

13.82%

17.65%

3.83%688676.SH

金盘科技002922.SZ

伊戈尔变压器24.2314.0633.76变压器、照明9.8135.39

6.64%

55.20%

48.90%

63.91%

65.98%

2.07%4.13

2.70%6.10%

44.36%

34.64%

32.78%

27.03%

-5.75%605196.SH

华通线缆

电缆及连接件002533.SZ

金杯电工

电缆、电磁线智能电表及配网77.96

128.32

132.03

152.93

15.83%------603556.SH

海兴电力601567.SH

三星医疗688100.SH

威胜信息28.0670.9314.4926.9170.2318.2633.1090.98

114.63

25.99%

15.4720.04

22.25

11.06%

0.6242.00

26.91%

17.9116.2710.802.2318.4516.403.0027.91

51.29%

63.81%

60.46%

55.75%

66.46%

10.71%19.61

19.55%

21.82%

15.38%

18.03%

17.10%

-0.92%2.27

-24.50%

4.30%

12.21%

15.00%

10.20%

-4.80%设备智能电表及配网设备、康复医院智能通信终端模组数据：Wind、开源证券研究所1.32023年海外业绩亮眼出海企业2023年，华明装备、海兴电力海外业务营收同比高增，海外业务营收占比上升；多数企业海外业务毛利率稳中有进，国内外业务毛利率差值有所扩大。表6：出海企业海外业务毛利率明显高于国内海外业务毛利率（%）2021

2022

2023

同比(pct)国内业务毛利率（%）2021

2022

2023

同比(pct)毛利率差值（海外毛利率-国内毛利率，%）2020

2021

2022

2023

同比(pct)证券代码

公司简称主营业务20202020高压开关、变压器002028.SZ

思源电气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

华明装备

变压器分接开关

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

金盘科技002922.SZ

伊戈尔605196.SH

华通线缆变压器变压器、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%电缆连接件

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%16.60%

11.14%

5.46%31.29%

27.24%

27.41%--25.33%

22.53%

19.09%

22.80%

3.71%

5.96%

4.71%

8.32%--002533.SZ

金杯电工

电缆、电磁线------------智能电表及配网设备智能电表及配网设备、康复医院智能通信终端模组603556.SH

海兴电力601567.SH

三星医疗688100.SH

威胜信息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%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%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%数据：Wind、开源证券研究所1.4费用管控能力优秀，期间费用率显著改善规模效益和精益管理显著降低期间费用率。2024Q1所选上市公司期间费用率平均同比下降0.27pct，环比提高0.11pct。销售费用率、管理费用率、研发费用率同比微增，财务费用率同比较大幅改善。其中，炬华科技、华明装备、2024Q1期间费用率同比降幅居前。、华通线缆表7：电网设备企业期间费用率显著下降（单位：%）证券代码

公司简称主营业务高压开关2022Q111.30%13.26%10.89%25.94%13.03%12.02%17.98%7.03%2022Q213.10%10.95%11.21%19.39%11.99%11.99%11.68%7.37%2022Q312.98%11.26%12.00%19.81%11.86%12.58%10.60%7.39%2022Q411.98%12.75%13.20%23.91%13.32%12.49%9.95%2023Q19.39%2023Q28.75%2023Q39.51%2023Q410.88%14.88%13.83%21.19%13.36%13.80%9.39%2024Q1

2024Q1同比（pct）

2024Q1环比（pct）600312.SH

平高电气10.41%16.29%12.71%17.68%16.59%14.68%12.10%6.34%1.02%0.28%1.50%-3.79%1.95%1.33%0.14%-0.24%-2.17%-0.47%1.41%-1.13%-3.51%3.23%0.88%2.71%-0.78%0.15%002028.SZ

思源电气

高压开关、变压器601179.SH

中国西电

高压开关、变压器16.01%11.21%21.47%14.64%13.35%11.96%6.58%13.06%11.94%19.11%12.59%12.14%10.35%6.64%14.17%12.82%18.48%12.70%13.16%9.55%002270.SZ

华明装备688676.SH

金盘科技变压器分接开关变压器002922.SZ伊戈尔变压器、照明变压器301291.SZ

明阳电气002533.SZ

金杯电工605196.SH

华通线缆电缆、电磁线7.52%6.75%7.13%电缆及连接件控保系统、换流阀、智能电表控保系统、换流阀、智能电表控保系统、电力自动化智能电表、电力自动化11.46%9.56%8.67%7.28%11.11%6.94%7.94%8.79%8.94%000400.SZ

许继电气600406.SH9.22%18.01%21.74%24.01%9.15%12.37%19.18%10.36%11.80%20.40%11.15%10.28%20.06%6.93%20.63%22.15%8.18%13.07%19.57%9.04%12.36%20.50%10.86%10.84%21.57%9.03%17.89%20.59%2.10%-2.74%-1.56%-1.83%7.06%-0.98%601126.SH

四方股份000682.SZ

东方电子24.03%15.20%14.18%23.87%15.96%15.26%24.47%16.61%16.59%23.32%14.78%16.31%23.75%11.49%14.64%24.34%14.18%15.93%24.27%13.64%18.44%25.10%14.71%17.91%1.78%-0.07%1.60%0.83%1.07%-0.52%603556.SH

海兴电力

智能电表及配网设备

10.27%智能电表及配网设备、601567.SH

三星医疗12.98%康复医院688100.SH

威胜信息

智能通信终端模组15.62%8.76%12.81%8.48%12.20%10.41%13.38%14.35%13.89%14.11%17.31%10.87%14.59%13.30%9.86%14.65%9.72%15.63%13.08%14.21%15.69%6.78%-1.62%-4.09%-0.27%0.05%-6.30%0.11%300360.SZ

炬华科技智能电表平均14.32%13.10%12.67%13.28%14.32%数据：Wind、开源证券研究所1.4费用管控能力优秀，期间费用率显著改善所选上市公司持续加大市场和销售投入，2024Q1销售费用率平均同比提升0.11pct，环比下降0.44pct。表8：电网设备企业销售费用率较为稳定（单位：%）证券代码

公司简称600312.SH

平高电气002028.SZ

思源电气601179.SH

中国西电002270.SZ

华明装备688676.SH

金盘科技主营业务高压开关2022Q13.53%4.74%2.26%11.69%3.39%3.34%6.93%2.04%1.37%2022Q23.01%3.18%2.88%6.85%2.90%1.80%2.82%2.03%1.25%2022Q35.61%4.75%3.52%8.23%3.36%3.19%4.01%2.23%1.41%2022Q44.12%4.90%4.84%18.83%3.63%2.78%2.76%2.46%2.42%2023Q14.01%5.12%2.73%10.01%3.56%2.69%5.46%1.82%1.83%2023Q23.30%3.56%3.30%8.81%3.08%2.05%3.17%1.92%1.63%2023Q34.37%4.71%4.06%8.65%3.32%2.43%3.63%1.95%3.17%2023Q44.50%5.30%4.37%15.83%3.34%3.35%3.29%2.59%1.75%2024Q1

2024Q1同比（pct）

2024Q1环比（pct）4.28%5.03%3.47%8.40%4.83%3.40%5.89%1.86%1.93%0.27%-0.08%0.74%-1.62%1.27%0.71%0.44%0.04%0.10%-0.22%-0.27%-0.90%-7.43%1.49%0.05%2.60%-0.73%0.18%高压开关、变压器高压开关、变压器变压器分接开关变压器002922.SZ伊戈尔变压器、照明变压器301291.SZ

明阳电气002533.SZ

金杯电工605196.SH

华通线缆电缆、电磁线电缆及连接件控保系统、换流阀、智能电表控保系统、换流阀、智能电表控保系统、电力自动化智能电表、电力自动化000400.SZ

许继电气600406.SH2.13%6.49%8.38%2.39%3.88%7.03%3.18%4.54%9.80%3.32%2.61%8.36%1.93%7.37%8.94%2.35%3.75%6.73%2.78%4.05%8.80%3.74%3.29%9.21%2.36%6.21%7.69%0.43%-1.16%-1.25%-1.38%2.92%-1.51%601126.SH

四方股份000682.SZ

东方电子10.76%6.22%5.62%11.57%8.45%5.62%9.41%9.75%6.74%12.10%10.08%10.53%10.91%7.18%6.19%11.68%10.85%5.97%11.05%7.75%6.23%10.70%4.48%11.41%7.81%7.46%0.49%0.63%1.27%0.71%3.33%-3.44%603556.SH

海兴电力

智能电表及配网设备智能电表及配网设备、601567.SH

三星医疗10.90%康复医院688100.SH

威胜信息300360.SZ

炬华科技平均智能通信终端模组5.17%3.56%5.16%3.85%3.85%4.32%4.00%5.46%5.25%5.94%5.27%6.17%4.88%3.07%5.16%3.92%2.95%4.65%4.76%3.05%4.99%5.43%4.97%5.71%4.63%2.90%5.27%-0.25%-0.17%0.11%-0.80%-2.07%-0.44%智能电表数据：Wind、开源证券研究所1.4费用管控能力优秀，期间费用率显著改善所选上市公司2024Q1管理费用率（不含研发）平均同比提升0.05pct，环比下降0.69pct。表9：电网设备企业管理费用率（不含研发）小幅下降（单位：%）证券代码

公司简称主营业务高压开关2022Q14.08%2.51%5.71%8.67%5.38%4.65%4.80%1.49%3.20%2022Q27.33%2.81%6.79%5.00%4.81%5.43%2.22%1.19%3.34%2022Q33.48%2.64%6.57%7.57%4.91%6.61%2.26%1.39%2.79%2022Q42.57%0.80%6.67%9.25%4.57%5.39%2.29%2.15%4.33%2023Q13.29%2.60%5.67%7.03%4.83%5.68%3.03%1.42%3.62%2023Q22.12%2.79%5.51%6.37%4.15%4.88%2.64%1.19%3.71%2023Q33.03%2.49%6.67%5.62%3.90%6.20%2.20%1.29%2.61%2023Q43.25%3.42%6.56%8.81%4.08%5.87%2.70%2.35%6.72%2024Q1

2024Q1同比（pct）

2024Q1环比（pct）600312.SH

平高电气3.21%2.98%6.20%6.71%5.75%6.30%2.77%1.28%3.67%-0.08%0.39%0.53%-0.32%0.92%0.62%-0.26%-0.14%0.06%-0.04%-0.44%-0.36%-2.10%1.67%0.43%0.07%-1.06%-3.04%002028.SZ

思源电气

高压开关、变压器601179.SH

中国西电

高压开关、变压器002270.SZ

华明装备688676.SH

金盘科技变压器分接开关变压器002922.SZ伊戈尔变压器、照明变压器301291.SZ

明阳电气002533.SZ

金杯电工605196.SH

华通线缆电缆、电磁线电缆及连接件控保系统、换流阀、智能电表控保系统、换流阀、智能电表控保系统、电力自动化智能电表、电力自动化000400.SZ

许继电气600406.SH3.81%4.71%5.01%2.39%2.24%3.88%2.95%2.74%4.89%4.23%1.79%3.95%2.72%4.51%4.85%1.96%2.09%3.85%2.93%2.66%5.06%5.26%2.00%5.70%4.19%3.96%4.39%1.47%-0.56%-0.46%-1.06%1.95%-1.31%601126.SH

四方股份000682.SZ

东方电子6.12%3.77%5.09%5.17%5.05%5.61%5.62%3.99%5.76%5.94%4.17%7.70%5.42%3.87%6.54%5.41%4.18%5.42%5.39%3.21%6.89%6.14%3.79%9.05%5.69%4.03%6.29%0.27%0.16%-0.25%-0.46%0.24%-2.77%603556.SH

海兴电力

智能电表及配网设备智能电表及配网设备、康复医院688100.SH

威胜信息

智能通信终端模组601567.SH

三星医疗2.49%4.59%4.48%1.52%4.41%4.07%1.46%6.41%4.24%1.81%6.26%4.35%2.13%4.99%4.25%1.43%4.57%3.66%1.83%4.13%3.89%1.79%7.24%4.98%2.56%3.05%4.30%0.43%-1.93%0.05%0.77%-4.19%-0.69%300360.SZ

炬华科技智能电表平均数据：Wind、开源证券研究所1.4费用管控能力优秀，期间费用率显著改善所选上市公司持续加大研发投入与新产品开发力度，研发费用率平均同比提升0.15pct，环比下降0.84pct。表10：电网设备企研发费用率稳中有升（单位：%）证券代码

公司简称主营业务高压开关2022Q13.21%5.73%2.60%3.69%3.41%3.53%4.75%3.06%4.21%2022Q23.96%4.97%3.32%3.24%4.75%5.26%2.87%3.87%4.16%2022Q33.66%5.81%3.39%5.11%4.69%5.43%2.29%3.61%4.16%2022Q45.33%8.19%3.35%3.98%6.98%3.65%3.64%3.32%-4.68%2023Q12.65%7.52%2.58%3.47%4.82%3.47%2.97%3.11%2.03%2023Q24.57%6.51%3.45%4.46%4.90%5.21%3.25%3.38%1.25%2023Q33.64%7.94%3.53%2.78%4.55%5.39%3.06%3.47%1.62%2023Q46.76%7.46%3.85%5.30%6.59%5.75%3.56%3.03%1.79%2024Q1

2024Q1同比（pct）

2024Q1环比（pct）600312.SH

平高电气3.57%8.03%3.21%3.32%4.68%3.89%4.18%3.04%1.11%0.92%0.52%0.63%-0.15%-0.14%0.42%1.21%-0.07%-0.92%-3.19%0.57%-0.64%-1.98%-1.92%-1.86%0.62%0.01%-0.68%002028.SZ

思源电气

高压开关、变压器601179.SH

中国西电

高压开关、变压器002270.SZ

华明装备688676.SH

金盘科技变压器分接开关变压器002922.SZ伊戈尔变压器、照明变压器301291.SZ

明阳电气002533.SZ

金杯电工605196.SH

华通线缆电缆、电磁线电缆及连接件控保系统、换流阀、智能电表控保系统、换流阀、智能电表控保系统、电力自动化智能电表、电力自动化000400.SZ

许继电气600406.SH3.45%8.11%9.39%4.35%4.72%7.57%6.76%5.22%9.05%4.98%4.38%7.80%2.73%9.75%9.40%5.38%4.89%8.08%5.61%5.16%9.59%4.97%4.29%10.73%3.00%9.12%9.76%0.27%-0.63%0.37%-1.97%4.84%-0.97%601126.SH

四方股份000682.SZ

东方电子7.60%6.77%3.38%8.31%8.04%3.27%9.23%7.72%4.06%7.72%6.27%3.62%8.06%6.50%3.53%8.52%7.35%3.96%9.60%6.74%3.92%7.94%5.71%4.84%9.42%6.97%3.56%1.37%0.47%0.03%1.48%1.26%-1.29%603556.SH

海兴电力

智能电表及配网设备智能电表及配网设备、康复医院688100.SH

威胜信息

智能通信终端模组601567.SH

三星医疗8.95%4.28%5.06%9.28%4.15%5.06%9.96%6.11%5.66%11.24%11.68%5.38%10.22%5.67%5.20%8.74%4.23%5.18%10.25%5.14%5.41%11.73%10.96%6.19%10.54%3.62%5.35%0.32%-2.05%0.15%-1.19%-7.34%-0.84%300360.SZ

炬华科技智能电表平均数据：Wind、开源证券研究所1.4费用管控能力优秀，期间费用率显著改善所选上市公司财务费用率平均同比下降0.57pct，环比下降0.34pct。公司经营稳中向好，随着公司订单逐渐交付、业绩逐渐释放、货币资金逐渐充裕，以及新债利息下降减少财务成本，财务费大幅降低，多数企业财务费用维持正向利润贡献。表11：电网设备企业财务费用率持续下降（单位：%）证券代码

公司简称主营业务高压开关2022Q10.49%0.28%0.18%1.88%0.85%0.49%1.50%0.44%2.68%2022Q20.01%2022Q30.00%2022Q4-1.98%1.82%1.45%1.48%1.13%0.45%0.23%-0.06%1.43%2023Q1-0.56%0.78%0.09%0.96%1.44%1.50%0.50%0.23%3.63%2023Q2-1.68%-1.84%0.26%2023Q3-0.13%0.84%0.23%0.38%1.10%0.84%-0.43%0.22%2.75%2023Q4-0.82%0.26%0.92%-0.97%1.03%0.28%-0.48%0.12%1.20%2024Q1

2024Q1同比（pct）

2024Q1环比（pct）600312.SH

平高电气-0.66%0.24%-0.26%-0.74%1.34%1.09%-0.74%0.16%2.23%-0.09%-0.54%-0.34%-1.70%-0.10%-0.42%-1.24%-0.07%-1.41%0.16%-0.02%-1.18%0.23%0.31%0.80%-0.26%0.03%1.03%002028.SZ

思源电气

高压开关、变压器601179.SH

中国西电

高压开关、变压器-1.56%-1.67%-0.57%-1.38%-0.51%0.62%-1.44%-0.15%-0.41%-1.32%-1.45%0.54%002270.SZ

华明装备688676.SH

金盘科技变压器分接开关变压器-2.49%-1.20%-0.83%0.35%002922.SZ伊戈尔变压器、照明变压器301291.SZ

明阳电气002533.SZ

金杯电工605196.SH

华通线缆电缆、电磁线0.55%0.19%0.19%电缆及连接件控保系统、换流阀、智能电表控保系统、换流阀、智能电表控保系统、电力自动化智能电表、电力自动化-0.58%-1.00%-3.18%000400.SZ

许继电气600406.SH-0.17%-1.29%-1.04%-0.46%-0.04%-1.54%-1.38%-1.01%-2.70%0.67%-0.05%-1.70%-0.93%-0.66%-4.03%0.59%-0.15%-0.34%-0.88%-0.23%-2.22%-1.09%-0.45%-1.01%-1.04%-1.07%-2.77%0.05%-0.45%-1.55%-0.89%-1.49%-13.30%-1.84%-0.55%-0.76%-0.99%-0.77%1.56%1.47%-0.06%-0.64%-1.09%-0.63%-1.52%0.31%-0.52%-1.40%-1.26%-1.42%-4.09%0.61%-0.07%-0.40%-0.22%-0.35%-1.32%0.56%-0.46%-0.76%-0.16%-0.79%-2.58%0.30%601126.SH

四方股份000682.SZ

东方电子603556.SH

海兴电力

智能电表及配网设备

-6.48%智能电表及配网设备、601567.SH

三星医疗-1.11%康复医院688100.SH

威胜信息

智能通信终端模组-0.99%-3.67%-0.38%-3.69%-4.14%-1.11%-4.31%-3.81%-1.17%1.56%-1.62%0.06%0.07%-2.85%-0.03%-3.67%-2.71%-2.14%-0.08%-2.90%0.16%-0.41%-2.05%-0.27%-2.05%-2.79%-0.60%-2.12%0.07%-0.57%-1.64%-0.73%-0.34%300360.SZ

炬华科技智能电表平均数据：Wind、开源证券研究所1.5存货整体较为稳定，波动幅度较小所选上市公司2024Q1合计存货同比+10.35%，环比+6.93%，主要系库存商品或在产品增多所致，整体较为稳定。其中，平高电气、金杯电工存货环比增长超30%；华明装备、存货环比增长超10%。表12：电网设备企业存货水平较为稳定（单位：亿元）证券代码

公司简称主营业务高压开关2022Q120.7727.3743.353.952022Q217.5325.3744.943.932022Q320.1627.0144.933.752022Q415.1724.5939.073.062023Q116.4826.9640.743.292023Q215.3726.0941.833.272023Q317.5427.5545.113.302023Q414.2628.6135.453.652024Q1

2024Q1同比（%）

2024Q1环比（%）600312.SH

平高电气19.2430.4732.194.1216.72%13.01%-20.99%25.36%-7.29%22.79%35.50%21.16%4.98%34.90%6.50%002028.SZ

思源电气

高压开关、变压器601179.SH

中国西电

高压开关、变压器-9.21%12.78%-1.53%4.02%002270.SZ

华明装备688676.SH

金盘科技变压器分接开关变压器14.723.8416.103.6017.273.8117.333.6618.444.0918.794.4219.444.5017.364.8317.095.03002922.SZ伊戈尔变压器、照明变压器301291.SZ

明阳电气002533.SZ

金杯电工605196.SH

华通线缆0.003.770.005.817.288.329.369.959.87-0.80%36.30%3.62%电缆、电磁线电缆及连接件13.4611.2913.8012.5413.4612.019.5513.0911.7816.2111.4416.7311.0411.6311.9315.8612.3611.10控保系统、换流阀、智能电表控保系统、换流阀、智能电表控保系统、电力自动化智能电表、电力自动化000400.SZ

许继电气600406.SH30.8791.4316.3928.0492.1215.7830.8498.6416.8128.0482.9419.2129.2595.0719.3829.9194.7817.2531.77107.1018.4927.0897.9520.3127.57112.3018.91-5.75%18.11%-2.47%1.79%14.65%-6.92%601126.SH

四方股份000682.SZ

东方电子27.597.2530.217.5031.917.5231.598.9133.408.9336.319.1137.999.5336.427.6139.687.7918.80%-12.77%64.25%8.96%2.39%-1.70%603556.SH

海兴电力

智能电表及配网设备智能电表及配网设备、康复医院688100.SH

威胜信息

智能通信终端模组601567.SH

三星医疗12.0212.0014.2318.0219.4921.9831.8332.5732.012.753.902.184.222.325.202.635.082.535.022.424.342.634.443.103.853.324.1831.64%-16.62%10.35%7.37%8.58%6.93%300360.SZ

炬华科技智能电表合计330.92333.61349.85325.74355.23361.85398.35366.57391.99数据：Wind、开源证券研究所1.6合同负债同比大幅增长所选上市公司2024Q1合计合同负债同比+48.08%，环比+3.97%。其中，华明装备合同负债环比+86.44%，主要系新增电站工程项目预收款所致；许继电气、明阳电气合同负债环比增长超40%，伊戈尔、华通线缆合同负债环比增长约30%，主要系预收商品货款增加所致；炬华科技、海兴电力、金杯电工合同负债环比降幅较大，主要系预收货款减少所致。表13：电网设备企业合同负债大幅增长（单位：亿元）证券代码

公司简称主营业务高压开关2022Q111.887.912022Q29.122022Q39.162022Q47.122023Q17.782023Q27.902023Q310.7311.2926.991.162023Q412.5014.8338.300.832024Q1

2024Q1同比（%）

2024Q1环比（%）600312.SH

平高电气14.0715.7439.871.555.940.294.425.171.1980.82%87.25%70.40%321.87%-18.15%230.75%152.09%21.26%10.33%12.59%6.16%002028.SZ

思源电气

高压开关、变压器601179.SH

中国西电

高压开关、变压器7.939.397.758.419.5721.870.6316.610.4517.840.5323.950.3223.400.3722.760.344.11%002270.SZ

华明装备688676.SH

金盘科技变压器分接开关变压器86.44%0.30%6.476.418.396.987.266.416.865.93002922.SZ伊戈尔变压器、照明变压器0.130.180.120.100.090.240.110.2229.81%42.73%-24.38%30.52%301291.SZ

明阳电气002533.SZ

金杯电工605196.SH

华通线缆0.000.950.001.501.751.642.283.10电缆、电磁线电缆及连接件3.904.835.655.354.264.585.716.830.881.291.591.171.081.011.020.91控保系统、换流阀、智能电表控保系统、换流阀、智能电表控保系统、电力自动化智能电表、电力自动化000400.SZ

许继电气600406.SH9.8044.339.438.4139.067.189.7237.118.1311.5737.7110.9312.5637.3110.7112.4131.138.3912.5135.569.3013.6250.0213.8919.5049.4912.7155.30%32.65%18.68%43.15%-1.05%-8.50%601126.SH

四方股份000682.SZ

东方电子18.611.191.8218.360.921.2020.481.041.1821.561.303.1124.821.573.2024.791.424.5727.431.386.3730.652.0931.611.3127.38%-16.98%314.42%3.14%-37.39%-3.74%603556.SH

海兴电力

智能电表及配网设备智能电表及配网设备、康复医院688100.SH

威胜信息

智能通信终端模组601567.SH

三星医疗13.7613.250.430.610.280.840.400.730.382.050.281.680.290.770.470.760.320.900.340.5319.33%-68.38%48.08%5.15%-40.75%3.97%300360.SZ

炬华科技智能电表合计139.90123.99131.46142.86146.52138.19159.93208.68216.97数据：Wind、开源证券研究所1.7持续突破市场，新增订单同比增速可观平高电气：电网市场龙头地位持续巩固，新签合同同比增长44.20%。国内市场方面，特高压专项招标、国网集招所投标段市场占有率领先；配网协议库存14个省份所投标段占有率保持领先，17个省份中标额同比实现增长。海外市场方面，170千伏HGIS、24千伏充气柜等真空环保系列产品通过TCA认证，签订24-36千伏环网柜产品单笔最大海外订单，占领欧洲高端市场新高地。思源电气：新增订单实现较大幅度增长，多款产品在海外市场实现突破。2023年新增订单165.13亿元，同比+36.22%；其中海外市场新增订单40.1亿元，同比+34%，多款产品在意大利、英国、比利时等二十多个国家实现突破。中国西电：电网市场成绩卓著，国际市场增量提质。国内市场方面，2023年公司国网输变电设备中标53.50亿元，同比+77.55%；特高压设备中标79.28亿元，市场占有率近20%，保持行业领先地位；中标国内首台1000千伏百万机组核电变压器，实现核电领域新突破。国际市场方面，设备类出口新签合同总量翻倍，中标孟加拉400千伏变电站、沙特国网项目，创近年来组合电器设备海外最大订单；与乌兹别克斯坦国家配电网公司签订百个变电站建设框架协议。华明装备：分接开关海外收入同比高增，特高压产品获批量订单。2023年分接开关业务实现海外收入2.42亿元，同比+72%。2023年10月底，公司正式签订特高压有载换流变的批量订单。金盘科技：外销订单同比高增，海外业务多点开花。2023年整体销售订单78.32亿元，同比+35.14%；其中外销订单19.91亿元，同比+119.18%，新增拓展近百家海外客户，海外业务在发电及供电、工业企业电气配套、新基建等众多领域销售均实现快速增长。伊戈尔：聚焦新能源业务，规划墨西哥生产基地。2023年公司新能源业务实现收入21.26亿元，同比+66.64%，占总营收的59%；其中升压变压器单一品类销售收入突破10亿元大关。2023年公司规划建设墨西哥新能源产品生产基地；2023年投建的安徽寿县生产基地预计于2024年上半年投产。资料：公司公告、国家电网、开源证券研究所1.7持续突破市场，新增订单同比增速可观明阳电气：筑牢海上新能源核心竞争力，持续推进全球化布局。2023年10月，公司成功中标国华HG14海上光伏1000MW项目，这是目前全球首个进入实施阶段的GW级大容量海上光伏项目，将打造全国桩基固定式海上光伏项目样板工程。2023年，公司获得中国CQC、美国UL、欧盟CE、欧洲DNVGL认证等一系列国内外权威机构认证，为公司全球化布局奠定了坚实基础。金杯电工：紧抓电力变压器高需求机遇，加大新能源汽车、超导市场拓展。2023年，公司变压器用扁电磁线销售量同比增长约25%，其中特高压变压器用扁电磁线订单饱和，较上年同比增长超2倍，中标“2交4直”中川渝、陇东等特高压线路多个整站项目和国内首个“交改直”输电工程——扬镇直流项目；新能源汽车驱动电机用扁电磁线全年新增量产项目16个、新增定点项目22个，并开发出电池包导电排产品，已向国内主要电池包企业供货；超导线缆方面，超导漆包线供货超600万米、超导绞缆突破5万米。2024年4月，公司中标中铁十一局集团电线电缆3.01亿元。许继电气：网内市场稳中有升，国际市场订单增幅明显。国内市场方面，国网保护监控集招份额排名由第七升至第四，国网电能表集招中标约13.5亿元，份额5.79%，排名第一；南网市场订单同比显著增长；网外新能源市场大客户订单同比大幅增长。国际市场方面，签订智利AMI二期、意大利中压计量等项目，签订沙特智能配电等项目，欧标充电桩进入泰国、新加坡市场。2024年4月，公司中标国网电能表一批集招6.51亿元，市场份额5.26%，持续位列第一。：国内业务量质齐升，国际业务回升向好。国内市场方面，2023年公司新签合同58