電力設(shè)備行業(yè)深度報(bào)告：工控穩(wěn)增長(zhǎng)下仍有結(jié)構(gòu)性機(jī)會(huì)

1、表1重公估（至202 年9 月2 ）AEEAEE3014SZ匯川技術(shù)1,2757881.51.32.3433527買入6085SH宏發(fā)股份38236591.21.71.7362922買入0000SZ三花智控93225950.70.50.4554031買入6866SH金盤科技12228580.50.81.7524222買入6828SH南網(wǎng)科技26046130.50.60.418213049買入0081SZ麥格米特16232500.81.11.8423224買入6046SH國(guó)電南瑞1,6526360.41.11.9312622買入0008SZ思源電氣30940331.61.92.1262318買入

2、）投資評(píng)級(jí)， 一次設(shè)備板塊 2221收入同比+2歸母凈利潤(rùn)同比64特高壓板塊特變電工受益于硅和炭利潤(rùn)帶動(dòng)板整體利增速較快收入和凈利潤(rùn)次備塊選取企有63家202H1實(shí)現(xiàn)入923.0 元比+2現(xiàn)母潤(rùn)132.94億6402Q2 塊現(xiàn)入16999億元同+1+5%現(xiàn)母利潤(rùn)79.3 億87剔特變工響特壓高壓板塊02H1實(shí)歸利潤(rùn)2.72億2988毛利率歸母利率： 2021 次板塊毛率21.6同+2.pc歸凈率691比+.78pc02Q2毛率為1.362.15p，環(huán)+0.02 pc板歸凈利為7.9同+28 pc。）費(fèi)用率：021 板期費(fèi)率為1.9，同比1.pc202Q2板期間用為0.29比1.19應(yīng)收預(yù)款及存

3、貨222年6 板塊應(yīng)款125.7 ，較022 年加172022 年6 月預(yù)為29.38 億，較202 初22022年6月存為84168億元較202 初加24現(xiàn)金流202H1現(xiàn)流凈入2.98億元2021 凈入25 元同+1842022 營(yíng)動(dòng)金入59.5 元相上同的凈入65.3 元所降。 二次設(shè)備板塊 201 延續(xù)穩(wěn)健態(tài)勢(shì)，龍頭電瑞、民營(yíng)頭部企業(yè)方份 2222 表現(xiàn)亮眼。）收和歸母凈利潤(rùn)設(shè)板塊們?nèi)∑笥?3 。2021 二備板實(shí)入35731 元，同+13.3實(shí)歸利潤(rùn)35.3 元同+125。022 板入20.23 億，10.0；歸母潤(rùn) 27.1 元同+5.3。）毛利率歸母凈利率：20H1 板塊利為 6

4、.7，- 1.00pc歸凈為9.7，0.3。022 塊利為281同比1.8pc環(huán)+349，歸母率12.比0.56p費(fèi)用率0H1板期費(fèi)率為4.3同比159pc02板塊間用為2.4同比10pc應(yīng)收預(yù)收款及存貨2022年6 月板應(yīng)賬款4444 億元較202 初升8.6； 22 年6 底收為88.0 元較202 初滑3.56；22 年6 月底存為23.54億，較2022 初長(zhǎng)159。）現(xiàn)金流：20H1 次備板現(xiàn)流凈出1842億元2021 年期金為凈出38.25 億2Q2 塊營(yíng)金凈入16.95 元2021 期凈流出1.3 元現(xiàn)由流轉(zhuǎn)流，金增加顯。 工控行業(yè) 2021需求環(huán)比持續(xù)走弱資頭部業(yè)緊抓先進(jìn)制造結(jié)

5、性會(huì)疊加缺疫情的國(guó)產(chǎn)實(shí)現(xiàn)不錯(cuò)增長(zhǎng)頭企業(yè)如匯川技術(shù)股份表現(xiàn)亮眼宏發(fā)在經(jīng)濟(jì)下行壓力下維穩(wěn)健增長(zhǎng)。）收入和歸母凈利：工板我選的業(yè)有2 。22H1 控板實(shí)入35.5 元，同+17.2現(xiàn)母利潤(rùn)2.12億同2012022 現(xiàn)入25.68 10.0比+4.48現(xiàn)母潤(rùn)26.77元同+339毛利率和歸母凈利02H1塊利率307，同比2.9pc歸凈利為10.3同比3.64c02Q2 塊利為3.31.28pc1.6pc歸凈率為3.01+2.28pc02H1下滑多要為光氣公價(jià)變的同期公允值動(dòng)收約3億元費(fèi)用率01 板期費(fèi)率為19.比0.2c2Q2板塊期費(fèi)為18.同+0.4pc應(yīng)收收款及存貨02年6底板應(yīng)款25876元，

6、較202 初升19.； 202 年6 底收為25.7 元較202 初漲18.；02 年6 月底存為20.97 億，較222 初長(zhǎng)1.2。）現(xiàn)金流：2021 控經(jīng)營(yíng)動(dòng)金入7.3 億元22Q1板現(xiàn)為凈出705億元比202Q1凈出2.7 元經(jīng)營(yíng)金水下22Q2因原格所降頭部業(yè)略存降板塊金為入14.8 億（221 同入19.12億元，金環(huán)上多。投資建1控業(yè)222 總需較平但鋰電半體先造領(lǐng)景度較好資龍頭抓住業(yè)交受阻遇，加替代資；2網(wǎng)投資保持位穩(wěn)面對(duì)新源大并網(wǎng)與用電側(cè)構(gòu)整望高壓調(diào)度配等加大入02H1電當(dāng)拉基的力軍一二次設(shè)備績(jī)領(lǐng)域性泛工控領(lǐng)域重點(diǎn)推薦川技術(shù)花智控宏發(fā)份中控術(shù)、英搏爾推薦賽能麥格特電網(wǎng)設(shè)備：點(diǎn)推

7、國(guó)電南瑞、思源，注四股、科技、許繼力和安瑞海電其他電力設(shè)備點(diǎn)金盤科技南網(wǎng)科技關(guān)注科士達(dá)科電、華據(jù)等。風(fēng)險(xiǎn)提示網(wǎng)資預(yù)期競(jìng)加，內(nèi)疫情劇。內(nèi)容目錄 HYPERLINK l _TOC_250010 前言 6 HYPERLINK l _TOC_250009 一次設(shè)備整體穩(wěn)健增長(zhǎng)，特高壓/高壓板塊表現(xiàn)良好 10 HYPERLINK l _TOC_250008 一次設(shè)備整體穩(wěn)健增長(zhǎng)，特高壓/高壓表現(xiàn)較好，智能電表盈利能力提升明顯 10 HYPERLINK l _TOC_250007 一次設(shè)備板塊毛利率、歸母凈利率均略有提升 13 HYPERLINK l _TOC_250006 二次設(shè)備板塊收入穩(wěn)增，龍頭持續(xù)

8、溫和增長(zhǎng) 18 HYPERLINK l _TOC_250005 二次設(shè)備整體穩(wěn)健，龍頭持續(xù)溫和增長(zhǎng) 18 HYPERLINK l _TOC_250004 二次設(shè)備2022H1 整體毛利率、歸母凈利率均略有下降 18 HYPERLINK l _TOC_250003 工控板塊 穩(wěn)定，龍頭經(jīng)營(yíng) 顯著 20 HYPERLINK l _TOC_250002 工控板塊進(jìn)入下行周期，龍頭逆周期屬性顯現(xiàn) 20 HYPERLINK l _TOC_250001 工控行業(yè)整體毛利率略有下降，歸母凈利率有所上升 21 HYPERLINK l _TOC_250000 風(fēng)險(xiǎn)提示 23圖表目錄圖1： 電力設(shè)備工控板塊202

9、2H1收入和歸母凈利潤(rùn)情況 6圖2： 電力設(shè)備工控板塊2022H1整體情況 6圖3： 電力設(shè)備工控板塊2022Q2收入和歸母凈利潤(rùn)情況 7圖4： 電力設(shè)備工控板塊2022Q2整體情況（個(gè)） 7圖5： 電力設(shè)備工控板塊2022H1及2022Q2 毛利率情況 8圖6： 電力設(shè)備工控板塊2022H1及2022Q2 歸母凈利率情況 8圖7： 電力設(shè)備工控板塊2020Q2022Q2 經(jīng)營(yíng)凈現(xiàn)金流情況（億元） 8圖8： 電力設(shè)備工控板塊2022H1及2022Q2 費(fèi)用率情況 8圖9： 電力設(shè)備工控板塊2022H1及2022Q2 末應(yīng)收賬款情況（億元） 9圖10： 電力設(shè)備工控板塊2022H1及2022Q2

10、 末預(yù)收款情況（億元） 9圖1： 電力設(shè)備工控板塊2022H1及2022Q2 末存貨情況（億元） 9圖12： 一次設(shè)備公司收入和歸母凈利潤(rùn)變動(dòng)情況分析表（億元） 圖13： 一次設(shè)備公司毛利率和歸母凈利率變動(dòng)情況分析表 13圖14： 一次設(shè)備公司經(jīng)營(yíng)凈現(xiàn)金流情況（億元） 15圖15： 二次設(shè)備公司收入和歸母凈利潤(rùn)變動(dòng)情況分析表（億元） 18圖16： 二次設(shè)備公司毛利率和凈利潤(rùn)率變動(dòng)情況分析表（億元） 19圖17： 二次設(shè)備公司經(jīng)營(yíng)凈現(xiàn)金流情況（億元） 19圖18： 工控公司收入和歸母凈利潤(rùn)變動(dòng)情況分析表（億元） 20圖19： 工控公司毛利率和歸母凈利率變動(dòng)情況分析表 21圖20： 工控公司經(jīng)營(yíng)凈

11、現(xiàn)金流情況（億元） 22前言電力設(shè)備工控板塊 0221 收入同比7歸母利潤(rùn)同比2剔除利異常波動(dòng)的公司歸母凈利潤(rùn)比33們電設(shè)工控塊了142家市公，全業(yè)2021入309.3億長(zhǎng)1745歸凈潤(rùn)25.99億元長(zhǎng)3.6，剔除表示損虧利潤(rùn)常動(dòng)公02H1歸凈為27760億同比+2.54。2H1 同比降公有9 ，增為00有74 家，幅為 30上有29家增長(zhǎng)公占多202H1歸凈潤(rùn)比的公有65 家增幅為030的有39 家增幅為30上有38 家虧的有29，扭的有6 圖1：電力設(shè)備工控板塊 2221 收入和歸母凈利潤(rùn)情況（億元）電力設(shè)備工控行業(yè)3,309.317.45%258.9923.65%一次設(shè)備（億元）電力設(shè)備

12、工控行業(yè)3,309.317.45%258.9923.65%一次設(shè)備1,923.021.87%132.9463.99%工控385.3517.32%42.1212.01%二次設(shè)備357.3113.83%35.631.25%其他電力設(shè)備643.477.74%48.300.40%歸母凈利同比增速（），圖2：電力設(shè)備工控板塊 2221 整體情況公司數(shù)量收入同比增速歸母凈利潤(rùn)同比增速同比負(fù)增長(zhǎng)3965同比增長(zhǎng)幅度在 %3%7439同比增長(zhǎng)超過 3%2938虧損29扭虧6合計(jì)142，20222電力設(shè)備工控板塊情況：2022板塊收入 71511億元，同比長(zhǎng)4.85，環(huán)比增長(zhǎng) 6.4；歸母凈利潤(rùn) 10.52億，

13、剔除部分個(gè)股影，潤(rùn)同比42.1。2Q2收比下的有58家幅為00有7 ，幅為30上有27家202Q2歸凈潤(rùn)比降公有74家增為03的有28 ，幅為0上有40家虧的有27 ，扭有6 圖3：電力設(shè)備工控板塊 2222 收入和歸母凈利潤(rùn)情況（億元）電力設(shè)備工控行業(yè)1,71514.85%160.5242.14%（億元）電力設(shè)備工控行業(yè)1,71514.85%160.5242.14%一次設(shè)備956.804.23%79.7188.69%工控202.688.88%26.8034.10%二次設(shè)備220.2310.03%27.815.37%其他電力設(shè)備335.391.16%26.207.77%，東吳證券研究所歸母凈利

14、同比增速（）圖4：電力設(shè)備工控板塊 2222 整體情況（個(gè)）公司數(shù)量收入同比增速歸母凈利潤(rùn)同比增速同比負(fù)增長(zhǎng)5874同比增長(zhǎng)幅度在 %3%5728同比增長(zhǎng)超過 3%2740虧損27扭虧6合計(jì)142，20220222電力設(shè)工控板塊毛利率歸凈利率水平小幅上升中 1一次設(shè)備毛利率上幅相對(duì)較大。20H1 電設(shè)控業(yè)利為2.9，同比升11個(gè)分其中次備次備別同+230pc1.0pc0Q2 全行業(yè)利為3.2+.0pc其一設(shè)二次備別+2.1pc1.28pc。 202H1全母利為7.8同+039pc0Q2 母利為87比+1.pc。多數(shù)電力設(shè)備企業(yè)將原材料漲價(jià)壓力傳導(dǎo)至下游電網(wǎng)客戶（在一定合理范圍內(nèi)毛平所工企毛率滑

15、較要原料其是片漲價(jià)幅較同價(jià)端導(dǎo)相不202 控板歸凈率比1.28pc。圖5：電力設(shè)備工控板塊 2221 及 202Q2毛利率情況毛利率20211202211 同比20221202222 同比2 環(huán)比電力設(shè)備工控行業(yè)21.88%22.99%1.1ct22.68%23.25%1.07pct0.56pct一次設(shè)備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二次設(shè)備27.79%26.78%1.00pct24.63%28.12%1.28pct3.49pct其他電力設(shè)備

16、19.98%21.12%1.14pct21.1%21.14%0.99pct0.03pct，圖6：電力設(shè)備工控板塊 2221 及 202Q2歸母凈利率情況歸母利率20211202211 同比20221202222 同比2 環(huán)比電力設(shè)備工控行業(yè)7.43%7.83%0.39pct6.74%8.70%1.80pct1.97pct一次設(shè)備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二次設(shè)備10.20%9.97%0.23pct5.70%12.63%0.56pct6.93pct其

17、他電力設(shè)備8.12%7.51%0.61pct7.30%7.69%0.36pct0.39pct，20220222電力設(shè)工控板塊經(jīng)營(yíng)現(xiàn)金入同比增長(zhǎng)較多021全板塊存貨同比增長(zhǎng)較多要系 20221增長(zhǎng)所致221 力備控經(jīng)營(yíng)動(dòng)現(xiàn)金量流入3.76 元，較021 同增加80.8。20Q2 板經(jīng)性現(xiàn)凈流入12265 億，221 同期流入3.96 元經(jīng)營(yíng)金水明提。202全板存為158.88 元，較022 +19.。202Q2 全業(yè)貨為588.88 億元，+9.2存原或企囤原料、情響付，中2021和2022 貨長(zhǎng)均一設(shè)板。圖7：電力設(shè)備工控板塊 220220222 經(jīng)營(yíng)凈現(xiàn)金流情況（億元）經(jīng)營(yíng)活動(dòng)現(xiàn)金流2020

18、22020320204202112021220213202142022120222電力設(shè)備工控行業(yè)95.6377.84377.5618.163.9687.06474.5078.89122.65一次設(shè)備73.6539.1164.0563.0865.6358.97250.3616.6659.65工控18.4519.5135.842.0719.1210.1940.577.0514.38二次設(shè)備8.332.4219.926.721.5310.7714.935.3716.95其他電力設(shè)備1.8616.8058.5726.239.257.1369.2819.8031.67，圖8：電力設(shè)備工控板塊 2221

19、 及 202Q2費(fèi)用率情況期間費(fèi)用率2021202211 同比20221202222 同比2 環(huán)比電力設(shè)備工控行業(yè)13.84%12.72%1.13pct13.74%1.90%0.81pct1.84pct一次設(shè)備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二次設(shè)備16.52%14.93%1.59pct18.94%12.43%1.02pct6.51pct其他電力設(shè)備12.78%12.92%0.14pct13.40%12.50%0.00pct0.90pct，圖9：

20、電力設(shè)備工控板塊 2221 及 202Q2末應(yīng)收賬款情況（億元）應(yīng)收賬款20211231202233120226301 較年初增長(zhǎng)2 較 1末增長(zhǎng)電力設(shè)備工控行業(yè)2,038.32,1.222,314.213.54%9.61%一次設(shè)備1,03511,090.01,205.716.51%10.59%工控215.72234.59258.7619.96%10.31%二次設(shè)備408.72403.45444.148.67%10.08%其他電力設(shè)備378.68382.68405.257.01%5.90%，圖10：電力設(shè)備工控板塊 2221 及 202Q2末預(yù)收款情況（億元）預(yù)收款20211231202233

21、120226301 較年初增長(zhǎng)2 較 1末增長(zhǎng)電力設(shè)備工控行業(yè)415.43417.24419.120.89%0.45%一次設(shè)備205.54207.23209.381.87%1.04%工控21.2822.7225.2718.76%1.23%二次設(shè)備91.6693.8688.403.56%5.82%其他電力設(shè)備96.9693.4396.070.92%2.83%，圖11：電力設(shè)備工控板塊 2221 及 202Q2末存貨情況（億元）存貨20211231202233120226301 較年初增長(zhǎng)2 較 1末增長(zhǎng)電力設(shè)備工控行業(yè)1,330.11,454.41,588.819.44%9.23%一次設(shè)備680

22、.32737.67841.6823.72%14.10%工控175.89191.28207.9718.24%8.72%二次設(shè)備175.58203.55203.5415.92%0.01%其他電力設(shè)備298.52322.14335.6812.45%4.20%，一次設(shè)備整體穩(wěn)健增長(zhǎng)，特高壓高壓板塊表現(xiàn)良好一次設(shè)備整體穩(wěn)健增長(zhǎng)，特高壓/高壓表現(xiàn)較好，智能電表盈利能力升明顯20221一次設(shè)備板塊收同比22，歸母凈潤(rùn)比64，特高壓板龍公司盈利能力增強(qiáng)，帶動(dòng)板塊整體利潤(rùn)增速較快。我們共選取了 63 家一次設(shè)備企業(yè)，202H1實(shí)入123.0億元同+218實(shí)母凈潤(rùn)13294億元同+639。202H1 收同增為的公

23、有16 家增為030的司有3 ，增為30上公共有14 。歸凈潤(rùn)比幅負(fù)的司有21 家增為03%的公有19家增為30以的司有23家，為13家扭為3 20222一次設(shè)備板塊收同比17歸母凈利潤(rùn)比8702Q2板現(xiàn)收入169.9元同+16比+5.42現(xiàn)母凈潤(rùn)79.3元同+870。 202Q2 收同增增為負(fù)公有23 家幅為030公有27 家，增幅為0上公共有13 家歸凈潤(rùn)比長(zhǎng)增為的司有3家幅為030的司有12 ，增為3以的共有28 家虧為13 ，扭為7 家。特高壓高壓板塊 2221營(yíng)收增長(zhǎng)較快潤(rùn)水大幅增長(zhǎng)特變工因料業(yè)務(wù)維持高增，2022 板塊凈利潤(rùn)同比穩(wěn)健增長(zhǎng)疫好轉(zhuǎn)后思源電氣營(yíng)和潤(rùn)快速修復(fù)02H1特壓塊實(shí)

24、入74345億元同+33.7實(shí)歸利潤(rùn)1.78億元同+890中202Q2實(shí)收入410.4億元同+26623.12，實(shí)現(xiàn)母潤(rùn)52.3 元比14972021 特壓路有大增量板塊整體表現(xiàn)穩(wěn)健，利潤(rùn)水平增長(zhǎng)較多主要系特變電工等公司擾動(dòng)較大所致：特變電工 202H1歸凈潤(rùn)為9.5 億+12222Q2歸凈潤(rùn)為37.84元同比+283主系料漲司料務(wù)齊升除變影高壓高板塊02H1 歸母利潤(rùn)2.72 億同+29.8202Q2 源電營(yíng)收26.6 元同+2.5母利潤(rùn).21億同+0.98要海疫好轉(zhuǎn)后司Q2集交確認(rèn)入。中壓電氣板塊 2221實(shí)現(xiàn)盈利 1.1億元同5盈利水平下降嚴(yán)重主要系永大集團(tuán)雙杰電氣白電等個(gè)股虧損所致02

25、2板塊盈利環(huán)比有所修0H1中壓氣塊現(xiàn)售入10.8 億，+182歸凈潤(rùn)110 元，-59.21大團(tuán)22H1虧損031億杰虧損056億云虧損056億元對(duì)塊響02Q2 壓氣塊收入9.68億+85比+5.88，母利潤(rùn)109 億，比19.環(huán)+801盈能比有修復(fù)。低壓電器板塊 0221 母凈利潤(rùn)降低 78，中正泰電器 2222 歸凈利潤(rùn)同比下降 3%主要系司所持中控股票公價(jià)變動(dòng)影響所致20H1 壓電實(shí)現(xiàn)入35352 億，+235歸凈潤(rùn)260 元同比78中，壓電器02Q2 收入194.5 億元同+7.70，+222歸凈潤(rùn)1.0 億，同比312環(huán)+8.2。2022 塊利增量要自泰正泰持有的控術(shù)份允值變影母利同

26、比降5.14板波動(dòng)響較大。智能電表板塊 0221 收入同比2，歸母凈利潤(rùn)同比38。2021 電表板塊現(xiàn)售入8.60億元同+245實(shí)母凈潤(rùn).90億元同38.26。其中202Q2智電入28.05 元同+3.3，比+6.47，現(xiàn)母凈潤(rùn)3.31 元同+1.65，環(huán)+0.2板塊222 母利增明，主系 2021 年始20 版能電進(jìn)替周，標(biāo)量加并隨上原材端的壓力解交量比升，潤(rùn)漸復(fù)。電線電纜板塊收入有所提升，盈利能力修復(fù)，主要系中利集團(tuán)虧損減少明顯。 202H1實(shí)收入676.5元比1.實(shí)歸凈潤(rùn)156億元同+11.14。其中02Q2實(shí)收入37.57 元+5.7+6.12母利潤(rùn)49 元， 同+297684.塊中團(tuán)

27、202H1年2021 虧損2.61.31 億 元對(duì)塊利復(fù)較塊收長(zhǎng)要1陸電中度升， 選取的為部業(yè)享受售份提紅2新（其海風(fēng)電電 動(dòng)車關(guān)磁特纜結(jié)性材材料格板公司利潤(rùn) 修復(fù)所益。圖12：一次設(shè)備公司收入和歸母凈利潤(rùn)變動(dòng)情況分析表（億元）代碼公司營(yíng)業(yè)收入歸母凈利潤(rùn)特高壓/高壓板塊20222 同比2 環(huán)比20221 同比1 環(huán)比20222 同比2 環(huán)比20221 同比1 環(huán)比600089.SH特變電工216.2065.62%26.43%387.2072.15%-0.17%37.84283.33%21.21%69.05122.29%66.46%601179.SH中國(guó)西電47.496.24%23.75%85.

28、8713.36%30.01%2.4357.13%86.36%3.7453.66%24.29%600550.SH保變電氣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三變科技2.51-3.80%31.84%4.423.08%-26.92%0.10124.09%468.61%0.12103.76%-4.22%600580.SH臥龍電氣36.65-2.41%3.94%71.926.64%-0.87%3.014.72%51.79%4.9919.10%-12.41%300140.SZ啟源裝備

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平高電氣23.98-3.69%48.08%40.1714.00%-30.14%0.77-18.27%91.29%1.17107.54%698.48%002028.SZ思源電氣26.0628.52%49.82%43.4513.17%-10.52%3.2110.98%10.89%4.73-16.94%-24.69%600290.SH華儀電氣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長(zhǎng)高電新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東北電氣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寶光股份3.349.1%23.97%6.0417

31、.67%21.46%0.1713.44%149.71%0.249.60%-19.24%002545.SZ東方鐵塔9.7319.93%1.42%19.3347.61%31.34%2.8482.41%41.06%4.85139.20%140.90%601700.SH風(fēng)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創(chuàng)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大連電瓷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金利華電0.17-45.21%-40.90%0.46-44.99%-68.56%-0.0251.09%-141.17%0.04619.20%108.74%002576.SZ通達(dá)動(dòng)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經(jīng)緯電材7.32-1.50%30.71%12.92-16.50%-26.57%0.2798.04%-2.50%0.54104.71

33、%216.34%合計(jì)410.2426.64%23.12%743.4533.27%-3.71%52.33149.71%32.67%91.7889.00%65.1%中中壓電氣2022Q2Q2 同比Q2 環(huán)比2022H1H1 同比H1 環(huán)比2022Q2Q2 同比Q2 環(huán)比2022H1H1 同比H1 環(huán)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永大集團(tuán)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魯億通7.127.60%29.51%12.629.67%-19.05%0.59-38.18%-0.40%1.19-23.02%18.19%300444.SZ雙杰電氣4.8765.93%34.79%8.4867.92%27.31%-0.49-706.06%-541.95%-0.56-592.76%54.84%300477.SZ合縱科技8.1729.91%16.91%15.1535.49%15.42%0.07-69.52%-91.83%0.9913.49%64.44%600192.SH長(zhǎng)城電工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北京科銳2.647.57%1.99%4.995.52%-6.07%0.2521.1%96.39%0.384.86%1.13%603861.SH白云電器7.1714.34%200.81%9.555.22%-33.02%0.3894.34%150.49%-0.38-578.58%-133.00%300062.SZ中能電氣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金冠電氣2.859.35%5.83%5.5525.53%-5.66%0.131.40%0.05%0.2179.07%96.84%合計(jì)59.6818.55%45.88%100.5818.22%-14.08%1.09-19.63%8031.47%1.10-59.21%126.83%低低壓電器2022Q2Q2 同比Q2 環(huán)比2022H1H1 同比H1 環(huán)比2022Q2Q2 同比Q2 環(huán)比2022H1H1 同比H1 環(huán)比601877.SH正泰電器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泰永長(zhǎng)征2.47-5.06%15.96%4.605.58%-1.06%0.362.70%167.03%0.497.56%-1.92%300283.SZ溫州宏豐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百利電氣6.131.23%18.18%1.311.30%-7.53%0.329.70%16.98%0.606.10%22.65%002441.SZ眾業(yè)達(dá)10.80

38、2.12%34.80%18.825.95%-16.40%1.422.20%97.39%2.155.51%-0.21%605066.SH天正電氣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%合計(jì)194.4517.70%22.24%353.5223.54%-1.68%14.80-31.28%68.25%23.60-7.87%12.62%智智能電表2

39、022Q2Q2 同比Q2 環(huán)比2022H1H1 同比H1 環(huán)比2022Q2Q2 同比Q2 環(huán)比2022H1H1 同比H1 環(huán)比002121.SZ科陸電子8.1013.92%39.60%13.901.39%-23.90%-1.096.77%-131.21%-1.560.31%69.42%300183.SZ東軟載波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炬華科技3.9175.05%33.28%6.8556.74%-1.37%1.1877.52%65.80%1.9048.49%-0.32%002546.SZ新聯(lián)電子1.4760.97%55.76%2.4151.32%-21.23%0.36-50.73%542.83%0.28-71.15%-77.68%300139.SZ福星曉程0.47-12.38%18.06%0.875.85%-22.16%0.38506.52%175.46%-0.12-281.49%-17.15%603556.SH海興電力9.0141.98%35.03%15.6943.56%-1.83%1.5540.89%10.26%

41、2.9590.60%85.61%合計(jì)28.0531.31%36.47%48.6024.52%-15.89%3.3151.65%107.26%4.9038.26%126.00%電電線電纜2022Q2Q2 同比Q2 環(huán)比2022H1H1 同比H1 環(huán)比2022Q2Q2 同比Q2 環(huán)比2022H1H1 同比H1 環(huán)比002300.SZ太陽(yáng)電纜37.2524.85%46.32%62.7224.16%1.58%0.6278.92%96.78%0.9368.62%-10.25%002533.SZ金杯電工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通達(dá)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遠(yuǎn)程電纜9.2021.04%72.61%14.526.30%-1.18%0.1252.13%-23.26%0.28226.09%-23.95%300265.SZ通光線纜6.2525.16%53.67%10.3232.01%-9.54%0.271.60%95.73%0.411.09%440.73%300341.SZ麥迪電氣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杭電股份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摩恩電氣2.84-1.25%10.95%5.4118.83%-21.31%-0.04-398.37%-146.48%0.0524.45%-40.43%002498.SZ漢纜股份29.5613.34%71.03%46.8524.40%-10.16%3.64-1.51%169.71%5.002.90%71.35%600869.SH遠(yuǎn)東股份57.749.37%37.74%99.6510.16%-15.73%2.6143.46%201.75%3.4815.27%51.9

45、2%603333.SH明星電纜5.48-15.04%8.85%10.514.52%-21.51%0.1-7.01%-44.81%0.32122.80%169.99%002309.SZ中利集團(tuán)25.04-5.22%15.78%46.68-4.43%-17.74%-0.6894.77%-6.95%-1.3189.56%94.98%600973.SH寶勝股份103.29-1.22%3.45%203.14-1.33%-8.87%-0.59-161.08%-257.12%-0.22-1.19%97.74%合計(jì)377.575.73%26.12%676.9510.99%-1.16%7.49297.60%84

46、.46%1.561714.14%155.05%一次設(shè)備1,069.9916.56%25.42%1,923.1021.87%-7.03%79.0387.08%46.57%132.9463.99%148.01%ind，一次設(shè)備板塊毛利率、歸母凈利率均略有提升一次設(shè)備板塊 2221 毛利率、歸母凈利率，0222 毛利率環(huán)比略微。202H1一設(shè)板毛率21.6比+.3c歸母率6.9同+.78c。202Q2毛率為21.36+2.15pc環(huán)+0.2pc塊母利為.3比+.78 c。圖13：一次設(shè)備公司毛利率和歸母凈利率變動(dòng)情況分析表代碼公司毛利率歸母凈利率特高壓/高壓板塊20222 同比2 環(huán)比20221 同

47、比1 環(huán)比20222 同比2 環(huán)比20221 同比1 環(huán)比600089.SH特變電工37.88%1.6pct-1.02 pct38.33%13.46 pct4.92pct17.50%9.94pct-0.75pct17.83%4.02pct-6.67pct601179.SH中國(guó)西電18.62%1.86 pct4.54 pct16.59%0.34 pct-1.36pct5.12%1.66pct1.72pct4.35%1.14pct-3.41pct600550.SH保變電氣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三變科技17.49%2.04 pct0.83 pct17.13%1.10 pct0.50pct4.09%2.34pct3.14pct2.74%1.35pct-0.74pct600580.SH臥龍電氣25.31%0.12 pct3.28 pct23.70%-1.14 pct3.14pct8.20%0.56pct2.59pct6.93%0.73pct-7.12pct300140.SZ啟源裝備22.95%1.36 pct-0.70 pct23.26%-2.03 pct18.26pct7.88%9.39pct10.19pct3.33%1.99

49、pct41.56pct600312.SH平高電氣20.09%7.1 pct3.90 pct18.52%5.66 pct4.27pct3.19%-0.57pct0.72pct2.90%1.31pct1.05pct002028.SZ思源電氣26.70%-4.80 pct2.74 pct25.60%-5.54 pct-4.35pct12.31%-1.95pct3.57pct10.89%-3.95pct-16.88pct600290.SH華儀電氣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長(zhǎng)高電新34.42%-0.60 pct2.73 pct33.16%-2.62 pct1.67pct8.65%-1.1pct-3.92pct10.45%-6.63pct-22.69pct000585.SZ東北電氣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寶光股份17.14%1.14 pct2.76 pct15.91%0.07 pct-3.72pct5.05%0.19pct2.54pct3.91%-0.29pct-6.17pct002545.SZ東方鐵塔43.40%17.19 pct8.05 pct39.40%12.81 pct14.55pct29.14%9.98pct8.19pct25.08%9.60pct-4.07pct601700.SH風(fēng)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創(chuàng)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大連電瓷33.24%-6.36 pct-4.73 pct35.61%-4.70 pct0.81pct14.69%-5.09pct-5.76pct17.56%-4.14pct-12.14pct300069.SZ金利華電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通達(dá)動(dòng)力14.61%0.12 pct3.53 pct12.78%-2.36 pct-0.19pct5.37%-0.91pct3.1pct3.76%-2.78pct-6.58pct300120.SZ經(jīng)緯電材16.75%3.36 pct-0.18 pct16.83%3.55 pct5.69pct3.63%2.01pct-1.24pct4.17%2.47pct1.50pct合計(jì)30.63%7.88 0.99 30.19%7.68 3.0012.76%6.290.9212.34%3.64-3.56中壓電氣20222 同比2 環(huán)比202

54、21 同比1 環(huán)比20222 同比2 環(huán)比20221 同比1 環(huán)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永大集團(tuán)41.42%-14.99 pct9.10 pct37.88%-1.33 pct-8.13pct-4.03%-41.33pct26.68pct-14.42%-32.58pct38.75pct300423.SZ魯億通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雙杰電氣17.82%-3.14 pct4.52 pct15.89%-4.79 pct1.92pct-10.01%-12.75pct-7.91pct-6.64%-8.91pct9.82pct300477.SZ合縱科技24.02%5.87 pct-4.42 pct26.06%6.78 pct3.00pct0.91%-2.98pct-12.15pct6.51%2.38pct-2.19pct600192.SH長(zhǎng)城電工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北京科銳30.95%-0.82 pct1.49 pct30.24%-1.01 pct-0.95pct9.63%1.08pct4.14pct7.68%-0.05pct-7.18pct603861.SH白云電器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中能電氣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金冠電氣23.07%-0.27 pct2.42 pct21.89%-1.07 pct-0.75pct3.72%0.62pct-0.21pct3.83%1.14pct-0.69pct合計(jì)21.28%0.84 0.33 21.14%0.13 1.321.83%-0.871.791.10%-2.081.43低壓電器2022

58、2 同比2 環(huán)比20221 同比1 環(huán)比20222 同比2 環(huán)比20221 同比1 環(huán)比601877.SH正泰電器21.66%-7.02 pct-0.81 pct22.02%-6.12 pct-0.19pct8.67%-9.72pct3.15pct7.24%-4.12pct-10.99pct002927.SZ泰永長(zhǎng)征34.09%-0.68 pct1.94 pct33.19%-1.34 pct1.1pct14.47%1.09pct8.19pct10.68%0.20pct-9.49pct300283.SZ溫州宏豐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百利電氣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眾業(yè)達(dá)31.20%-4.96 pct-1.98 pct32.04%-4.73 pct-1.93pct13.19%0.01pct4.18pct1.41%-0.05pct-9.60pct605066.SH天正電氣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合計(jì)19.99%-3.74 -1.71 20.76%-3.20 0.157.61%-5.432.086.68%-2.28-8.10智能電表20222 同比2 環(huán)比20221 同比1 環(huán)比20222 同比2 環(huán)比20221 同比1 環(huán)比002121.SZ科陸電子25.99%-1.18 pct-4.18 pct27.73%-1.77 p