電力設(shè)備行業(yè)深度報(bào)告：工控在投資偏弱下仍有結(jié)構(gòu)性機(jī)會(huì)電網(wǎng)投資穩(wěn)中有增下半年整體可期

請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分行業(yè)走勢(shì)行業(yè)走勢(shì) 相關(guān)研究備需求向好》證券分析師謝哲棟投資要點(diǎn)小幅下降。2023H1/2023Q2行業(yè)毛利率為22.88%/22.37%，同比-0.18pct/-0.98pct（2023Q2環(huán)比-1.13pct）。3）2023H1應(yīng)收賬款/合同負(fù)債/存貨較年初+13%/-利率31.52%/31.88%，同比+0.74pct/+0.52pct。3）2023H1應(yīng)收賬款/較年初+13.54%/+9.02%/-0.83%，經(jīng)營(yíng)性幅提升。4）公司層面，工控龍頭匯川技術(shù)2023H1營(yíng)收/歸母凈利潤(rùn)同比同比+10.67%/+8.30%。2）毛利率水平持穩(wěn)。2023H1/2023Q2板塊毛利率為利略微下滑。1）收入穩(wěn)增，利潤(rùn)增長(zhǎng)更快。2023H1/2023Q2一次設(shè)備行業(yè)收入歸母凈利潤(rùn)同比+111%/+118%；電線電纜營(yíng)收同比-0.7%/+0.5%，歸母凈利潤(rùn)同比+1.09pct/-6.60pct。3）2023H1應(yīng)收賬款/合同負(fù)債/存貨較年請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分公司（億元）（元）投資評(píng)級(jí)金盤(pán)科技+8.32%，環(huán)比+13.40%，實(shí)現(xiàn)歸母凈利潤(rùn)94.85億元，同比-8.80%。剔2023H1實(shí)現(xiàn)歸母凈利潤(rùn)34.40億元，同率27.84%，同比+1.09pct；技術(shù)、宏發(fā)股份表現(xiàn)亮眼，宏發(fā)股份在經(jīng)濟(jì)下行壓力下仍維持穩(wěn)健增長(zhǎng)。1）收入和歸母凈利潤(rùn)：工控板塊請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分中控技術(shù)、英搏爾，推薦雷賽智能、麥格米特；主網(wǎng)&特高壓重點(diǎn)推薦：平高電氣、國(guó)電南瑞、思源電氣、數(shù)據(jù)等。請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分 6 92.1.一次設(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 92.2.一次設(shè)備板塊毛利率、歸母凈 13 17 173.2.二次設(shè)備2023H1整體 18 194.1.工控板塊市場(chǎng)復(fù)蘇，發(fā)展勢(shì)頭穩(wěn)健，龍頭企 194.2.工控行業(yè)整體毛利率、歸母凈利率 20 23請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分 6 6 6 7 7 8 8 8 8 9 9 11 13 15 17 18 19 19 21 22請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分圖1：電力設(shè)備工控板塊2023H1收入和歸母凈利潤(rùn)情況數(shù)據(jù)來(lái)源：Wind，東吳證券研究所圖2：電力設(shè)備工控板塊2023H1整體情況公司數(shù)量合計(jì)數(shù)據(jù)來(lái)源：Wind，東吳證券研究所圖3：電力設(shè)備工控板塊2023Q2收入和歸母凈利潤(rùn)情況請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分?jǐn)?shù)據(jù)來(lái)源：Wind，東吳證券研究所圖4：電力設(shè)備工控板塊2023Q2整體情況（個(gè)）公司數(shù)量合計(jì)數(shù)據(jù)來(lái)源：Wind，東吳證券研究所-1.13pct。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(hù)（在一定合理范圍圖5：電力設(shè)備工控板塊2023H1及2023Q2毛利率情況數(shù)據(jù)來(lái)源：Wind，東吳證券研究所請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分圖6：電力設(shè)備工控板塊2023H1及2023Q2歸母凈利率情況數(shù)據(jù)來(lái)源：Wind，東吳證券研究所2023H1末全板塊應(yīng)收賬款為2663.47億元，較年初圖7：電力設(shè)備工控板塊2021Q2-2023Q2經(jīng)營(yíng)凈現(xiàn)金流情況（億元）數(shù)據(jù)來(lái)源：Wind，東吳證券研究所圖8：電力設(shè)備工控板塊2023H1及2023Q2費(fèi)用率情況數(shù)據(jù)來(lái)源：Wind，東吳證券研究所圖9：電力設(shè)備工控板塊2023H1及2023Q2末應(yīng)收賬款情況（億元）應(yīng)收賬款H1較年初增長(zhǎng)數(shù)據(jù)來(lái)源：Wind，東吳證券研究所請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分圖10：電力設(shè)備工控板塊2023H1及2023Q2末預(yù)收款情況（億元）合同負(fù)債2022/12/312023/3/312023/6/30H1較年初增長(zhǎng)數(shù)據(jù)來(lái)源：Wind，東吳證券研究所圖11：電力設(shè)備工控板塊2023H1及2023Q2末存貨情況H1較年初增長(zhǎng)一次設(shè)備901.37928.92工控224.63231.84其他電力設(shè)備320.60332.91數(shù)據(jù)來(lái)源：Wind，東吳證券研究所請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分同比+12%，貢獻(xiàn)板塊主要利潤(rùn)增量。2023H1低壓電器實(shí)現(xiàn)收入405.28億元，同比其中2023Q2智能電表收入65.86億元，母凈利潤(rùn)-0.41/2.47億元，同比+704.09%，對(duì)板塊盈利提升貢獻(xiàn)較多。請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分圖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2023Q2Q2同比Q2環(huán)比2023H1H1同比H1環(huán)比2023Q2Q2同比Q2環(huán)比2023H1H1同比H1H1環(huán)比600089.SH特變電工235.048.72%-10.54%497.7828.56%-12.92%27.43-27.52%-41.95%74.678.13%-16.83%601179.SH中國(guó)西電45.46-4.28%-2.74%92.207.37%-2.11%2.36-3.18%26.83%4.2112.69%76.63%600550.SH保變電氣6.940.76%19.04%12.77-5.98%-38.85%-0.45-2701.36%-900.46%-0.40-459.06%-314.14%002112.SZ三變科技3.5240.19%49.07%5.8933.20%-31.92%0.09-16.55%28.09%0.1526.37%-50.03%600580.SH臥龍電驅(qū)40.8411.41%6.46%79.2010.12%1.45%3.4815.62%34.89%6.0521.37%101.04%300140.SZ中環(huán)裝備29.911118.77%1134.26%32.33629.80%697.76%4.652307.38%438132.97%4.653051.31%-380.06%600312.SH平高電氣28.6919.64%46.63%48.2520.11%-8.23%1.83138.97%21.54%3.33186.04%249.14%002028.SZ思源電氣31.3120.16%44.17%53.0322.05%-14.35%4.8250.24%120.74%7.0148.08%-6.26%600290.SHST華儀0.7317.33%55.87%1.19-2.67%-31.49%-0.2061.37%65.50%-0.8019.71%-79.32%002452.SZ長(zhǎng)高電新4.2459.42%86.31%6.5132.35%-10.91%0.65180.99%216.67%0.8565.33%1183.05%600379.SH寶光股份4.2326.64%17.46%7.8329.77%25.33%0.2335.23%144.62%0.3236.04%-5.30%002545.SZ東方鐵塔8.90-8.53%13.09%16.78-13.22%-0.30%1.93-31.97%13.93%3.62-25.25%6.69%601700.SH風(fēng)范股份6.71-5.32%35.21%11.68-9.79%-19.12%0.16-32.51%44.37%0.28-34.97%-371.98%000551.SZ創(chuàng)元科技10.9613.10%1.50%21.7510.46%-1.64%0.514.20%33.44%0.903.18%16.61%002606.SZ大連電瓷2.00-29.74%17.35%3.70-34.84%-41.93%0.16-62.44%-24.29%0.36-63.49%-54.98%300069.SZ金利華電0.53210.68%379.41%0.6439.48%-13.99%0.03203.69%153.24%-0.02-163.72%-92.68%002576.SZ通達(dá)動(dòng)力4.395.57%-12.44%9.409.02%5.59%0.3032.87%16.56%0.5569.94%57.30%300120.SZ經(jīng)緯輝開(kāi)8.2112.13%2.59%16.2025.45%15.07%0.25-6.63%23.27%0.45-16.52%-363.44%002270.SZ華明裝備4.9715.74%20.51%9.0921.26%-5.42%1.6941.17%43.16%2.8754.44%65.13%合計(jì)477.5715.31%6.44%926.2323.44%-7.41%49.89-5.96%-15.70%109.0616.39%3.42%中壓電氣2023Q2Q2同比Q2環(huán)比2023H1H1同比H1環(huán)比2023Q2Q2同比Q2環(huán)比2023H1H1同比H1H1環(huán)比002358.SZ森源電氣6.479.56%25.89%11.6010.70%-14.57%0.1472.63%7.40%0.2866.49%30.29%300510.SZ金冠股份2.30-16.47%9.56%4.39-3.83%-38.04%0.1924.23%58.88%0.32505.26%-26.25%002922.SZ伊戈?duì)?.3524.28%46.20%15.7413.38%9.84%0.7143.24%274.19%0.906.59%-15.50%301291.SZ明陽(yáng)電氣11.9255.16%68.70%18.9964.77%#DIV/0!1.1844.39%166.76%1.6370.53%#DIV/0!301012.SZ揚(yáng)電科技0.63-72.39%-19.88%1.41-66.38%-35.10%-0.04-114.09%-924.13%-0.04-106.76%-127.90%002622.SZ皓宸醫(yī)療1.8442.21%41.92%3.1448.04%8.60%0.08259.53%1277.76%0.08124.94%-103.37%300423.SZ昇輝科技6.53-8.26%6.94%12.640.17%42.94%-5.66-1053.81%-1190.31%-5.14-532.29%-53.30%300444.SZ雙杰電氣7.2448.66%-4.19%14.7974.42%43.06%-0.1864.09%-122.54%0.60206.73%-151.87%300477.SZ合縱科技8.00-2.07%59.47%13.01-14.12%-10.09%-0.63-941.57%-341.25%-0.77-177.93%-15.91%600192.SH長(zhǎng)城電工5.79-10.85%20.35%10.604.45%-7.51%-0.204.58%-52.65%-0.3314.74%-58.43%600353.SH旭光電子3.4515.11%34.80%6.0113.57%-1.79%0.3262.05%77.76%0.5165.19%-27.13%601616.SH廣電電氣2.13-19.18%22.72%3.87-22.51%-20.16%0.14-43.82%784.93%0.16-58.57%-24.56%002350.SZ北京科銳6.08-15.13%154.19%8.48-11.25%-30.63%0.04-88.69%112.48%-0.3019.15%-157.12%603861.SH白云電器11.3352.63%46.06%19.0964.12%-17.05%0.212251.56%-38.85%0.56201.41%-38.24%300062.SZ中能電氣3.005.11%-11.31%6.3814.98%-15.85%0.1217.20%14.02%0.2310.03%17.36%688517.SH金冠電氣1.46-14.25%69.58%2.32-3.91%-36.58%0.2416.53%167.51%0.3344.58%-41.39%688676.SH金盤(pán)科技15.9651.31%23.08%28.9346.54%4.41%1.0493.83%19.20%1.9199.94%1.79%688663.SH新風(fēng)光4.2625.16%98.64%6.4032.02%-21.84%0.5848.11%179.15%0.7839.32%7.57%請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分300982.SZ蘇文電能603050.SH科林電氣合計(jì)低壓電器601877.SH正泰電器002927.SZ泰永長(zhǎng)征300283.SZ溫州宏豐600468.SH百利電氣002706.SZ良信股份002441.SZ眾業(yè)達(dá)605066.SH天正電氣603016.SH新宏泰合計(jì)智能電表002121.SZ科陸電子601567.SH三星醫(yī)療300183.SZ東軟載波300286.SZ安科瑞300360.SZ炬華科技002546.SZ新聯(lián)電子300139.SZ曉程科技603556.SH海興電力合計(jì)電線電纜002300.SZ太陽(yáng)電纜002533.SZ金杯電工002560.SZ通達(dá)股份002692.SZST遠(yuǎn)程300265.SZ通光線纜300341.SZ麥克奧迪300447.SZ全信股份603618.SH杭電股份002471.SZ中超控股002212.SZ天融信002451.SZ摩恩電氣002498.SZ漢纜股份600869.SH遠(yuǎn)東股份603333.SH尚緯股份002309.SZST中利600973.SH寶勝股份合計(jì)一次設(shè)備6.3931.44%10.06%12.2036.61%-16.68%0.42-35.47%-56.10%1.3828.53%-6.92%230.07%-162.07%H1環(huán)比-17.90%172.04%236.82%7.92%33.03%245.82%-958.82%-10.30%-0.09%H1環(huán)比-351.78%45.72%-58.82%33.63%8.83%-752.27%-155.27%18.37%26.35%H1環(huán)比-18.79%20.27%3.23%-51.21%52.76%-50.43%16.17%51.68%-3632.02%-151.64%-40.11%48.27%56.41%-278.51%-32.47%-30.45%-0.45%11.82%8.1221.30%54.18%13.3835.35%-18.08%0.719.89%73.80%1.1138.14%122.2417.14%34.13%213.3721.24%1.86%-0.55-110.80%-111.64%4.20-40.51%2023Q2Q2同比Q2環(huán)比2023H1H1同比H1環(huán)比2023Q2Q2同比Q2環(huán)比2023H1H1同比121.09-6.11%-23.07%278.5018.32%24.13%7.02-37.18%-41.56%19.0411.68%3.1427.13%45.50%5.3015.18%21.72%0.374.81%159.15%0.525.68%8.4349.81%54.27%13.9033.80%27.01%0.53733.40%1267.45%0.57325.90%5.43-11.38%8.55%10.43-7.78%-5.35%0.3715.79%27.75%0.6611.29%13.3723.72%43.42%22.6920.56%-0.30%1.9033.70%123.95%2.7628.37%32.230.68%26.57%57.69-0.55%-8.82%0.47-43.49%-72.06%2.16-7.35%7.365.77%19.04%13.5512.29%10.15%0.5112.58%-6.81%1.0582.91%1.7719.62%21.35%3.229.60%0.44%0.2011.40%32.91%0.3420.23%192.82-0.84%-9.24%405.2814.64%15.07%11.38-23.14%-27.61%27.1014.80%2023Q2Q2同比Q2環(huán)比2023H1H1同比H1環(huán)比2023Q2Q2同比Q2環(huán)比2023H1H1同比9.2313.93%44.50%15.6112.32%-27.33%-0.9512.26%-129.06%-1.3712.01%33.0036.63%46.79%55.4926.17%18.05%6.00221.37%122.69%8.70147.60%2.6620.35%85.08%4.104.15%-24.32%0.3315.64%139.97%0.47-7.31%3.087.25%33.68%5.388.89%2.53%0.59-8.25%40.22%1.005.26%4.7721.83%26.35%8.5424.70%4.05%1.8758.33%55.74%3.0762.17%1.6612.87%46.15%2.7915.77%-26.62%0.26-28.46%-69.26%1.10293.05%0.6130.34%5.23%1.1937.62%-9.53%0.5750.42%417.10%0.39416.60%10.8520.38%36.78%18.7819.72%7.91%2.6168.73%48.38%4.3748.11%65.8626.16%43.07%111.8920.86%1.82%11.28117.86%74.53%17.74110.73%2023Q2Q2同比Q2環(huán)比2023H1H1同比H1環(huán)比2023Q2Q2同比Q2環(huán)比2023H1H1同比35.00-6.06%57.70%57.19-8.81%-16.29%0.633.03%84.58%0.985.32%38.4610.79%29.97%68.059.76%-2.81%1.2222.51%5.93%2.3736.09%14.33-9.82%19.12%26.350.82%-8.65%0.56153.06%61.30%0.91165.57%9.321.36%60.25%15.144.23%-3.34%0.1412.21%151.36%0.19-31.90%6.747.78%23.34%12.2018.22%16.13%0.3319.13%12.93%0.6248.67%3.29-26.15%-5.54%6.78-15.83%-31.42%0.37-42.12%-6.07%0.76-30.59%2.54-2.62%-21.14%5.761.87%9.30%0.34-33.46%-46.81%0.97-7.90%21.11-8.22%42.54%35.93-11.00%-12.46%0.646.94%187.63%0.871.09%17.1712.79%62.14%27.766.22%-15.28%2.922565.07%760.49%2.47704.09%5.366.88%14.42%10.0514.16%-62.28%-1.2114.22%-32.42%-2.12-3.16%3.1310.16%25.67%5.634.05%4.63%-0.0181.40%-112.82%0.069.81%27.73-6.22%75.54%43.52-7.11%-15.60%2.49-31.71%42.06%4.24-15.11%60.594.94%40.56%103.694.05%-11.48%1.99-23.95%65.08%3.19-8.28%6.5219.11%83.94%10.07-4.17%4.18%0.2294.96%1153.31%0.24-25.14%9.56-61.83%-22.80%21.94-52.99%-37.28%-1.15-69.98%6.94%-2.39-82.24%118.4214.65%13.86%222.429.49%5.07%0.21135.55%-45.70%0.60377.86%379.270.45%29.35%672.48-0.66%-9.05%9.6729.10%126.73%13.9420.64%1,237.778.32%13.40%2,329.2613.65%-3.40%94.85-8.80%-17.86%172.0419.19%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分2.2.一次設(shè)備板塊毛利率、歸母凈利率均略有提升圖13：一次設(shè)備公司毛利率和歸母凈利率變動(dòng)情況分析表公司特高壓/高壓板塊32.18%002112.SZ35.02%34.03%002028.SZ31.03%600290.SH31.82%002452.SZ35.61%32.77%33.03%300069.SZ金利華電30.51%002576.SZ300120.SZ3.02%002270.SZ33.98%31.54%合計(jì)002358.SZ300510.SZ金冠股份002622.SZ300444.SZ雙300477.SZ合縱科技請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分002350.SZ金冠電氣金盤(pán)科技合計(jì)泰永長(zhǎng)征合計(jì)合計(jì)金杯電工杭電股份摩恩電氣3.66%38.60%36.50%32.23%31.94%34.47%33.34%3.74%32.23%32.49%31.58%31.12%39.26%35.98%31.82%32.70%39.60%32.70%38.30%38.45%35.22%34.87%3.16%3.48%3.90%3.44%3.05%3.28%3.08%請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分合計(jì)3.35%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所圖14：一次設(shè)備公司經(jīng)營(yíng)凈現(xiàn)金流情況（億元）代碼公司經(jīng)營(yíng)凈現(xiàn)金流特高壓/高壓板塊2022Q22022Q32022Q42023Q12023Q223Q2同比23Q2環(huán)比22H123H1H1同比600089.SH特變電工80.6765.4347.9165.3856.94-29.41%-12.91%104.18122.3217.42%601179.SH中國(guó)西電-8.01-13.0619.80-19.06-4.7241.17%75.26%-1.66-23.78-1334.62%600550.SH保變電氣-0.77-1.201.15-0.81-1.57-103.89%-94.04%-3.67-2.3735.41%002112.SZ三變科技-0.63-0.270.16-0.73-0.2166.13%70.73%-0.47-0.94-98.88%600580.SH臥龍電驅(qū)2.362.574.89-0.136.42172.00%5142.11%4.466.2941.10%300140.SZ中環(huán)裝備0.050.220.34-0.196.6013009.68%3546.75%0.736.41774.72%600312.SH平高電氣-1.203.2913.210.381.99265.33%427.39%-2.522.37193.83%002028.SZ思源電氣0.493.5510.94-4.003.87685.37%196.56%-3.94-0.1496.50%600290.SHST華儀0.49-0.12-0.10-0.42-0.09-119.30%77.71%0.78-0.52-166.31%002452.SZ長(zhǎng)高電新0.16-0.062.120.20-0.36-321.29%-280.92%0.21-0.16-175.76%600379.SH寶光股份0.170.081.20-1.090.50191.17%146.21%0.60-0.58-197.29%002545.SZ東方鐵塔3.971.57-3.100.585.6943.38%876.40%4.766.2731.71%601700.SH風(fēng)范股份-31.410.05141.87%-96.65%-1.201.46221.49%000551.SZ創(chuàng)元科技1.062.211.50-0.130.17-84.25%226.29%0.580.03-93.98%002606.SZ大連電瓷51.000.2934.76%-71.28%1.321.28-2.44%300069.SZ金利華電-0.190.12-0.130.090.05126.02%-47.80%-0.320.14144.63%002576.SZ通達(dá)動(dòng)力0.050.02-0.960.040.13150.87%201.86%0.090.18105.36%300120.SZ經(jīng)緯輝開(kāi)-0.80-0.53-0.25-0.75-0.2963.46%61.13%0.38-1.04-371.20%002270.SZ華明裝備1.630.921.58-0.234.89200.53%2211.93%2.474.6688.88%合計(jì)79.6067.07105.6541.5580.340.93%93.38%106.76121.8914.17%中壓電氣2022Q22022Q32022Q42023Q12023Q223Q2同比23Q2環(huán)比22H123H1H1同比002358.SZ森源電氣-1.44-0.15-0.29-0.210.18112.61%187.43%-1.23-0.0397.87%300510.SZ金冠股份-1.270.590.41-0.47-1.1013.40%-133.83%-1.86-1.5715.60%002922.SZ伊戈?duì)?.520.720.690.130.543.33%328.82%0.450.6747.51%301291.SZ明陽(yáng)電氣0.660.000.00-1.102.13224.28%292.98%0.671.0253.42%301012.SZ揚(yáng)電科技-0.450.100.370.03-0.0492.05%-202.73%-0.750.0099.87%002622.SZ皓宸醫(yī)療-0.040.310.370.030.14467.57%324.16%-0.360.18149.23%300423.SZ昇輝科技-1.401.851.711.500.16111.44%-89.30%-1.841.66190.42%300444.SZ雙杰電氣0.23-0.66-0.64-0.190.52122.38%370.01%-0.790.33141.40%請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分300477.SZ合縱科技600192.SH長(zhǎng)城電工600353.SH旭光電子601616.SH廣電電氣002350.SZ北京科銳603861.SH白云電器300062.SZ中能電氣688517.SH金冠電氣688676.SH金盤(pán)科技688663.SH新風(fēng)光300982.SZ蘇文電能603050.SH科林電氣合計(jì)低壓電器601877.SH正泰電器002927.SZ泰永長(zhǎng)征300283.SZ溫州宏豐600468.SH百利電氣002706.SZ良信股份002441.SZ眾業(yè)達(dá)605066.SH天正電氣603016.SH新宏泰合計(jì)智能電表002121.SZ科陸電子601567.SH三星醫(yī)療300183.SZ東軟載波300286.SZ安科瑞300360.SZ炬華科技002546.SZ新聯(lián)電子300139.SZ曉程科技603556.SH海興電力合計(jì)電線電纜002300.SZ太陽(yáng)電纜002533.SZ金杯電工002560.SZ通達(dá)股份002692.SZST遠(yuǎn)程300265.SZ通光線纜300341.SZ麥克奧迪300447.SZ全信股份603618.SH杭電股份002471.SZ中超控股-0.722.30-2.45-4.862.78486.59%157.19%-2.25-2.087.32%819.27%-80.88%4.05%-53.18%60.04%-187.06%173.61%13.21%-152.56%41.87%73.20%61.55%H1同比56.50%-295.83%103.43%-50.74%16.08%-64.58%333.90%141.58%67.32%H1同比435.48%350.23%82.64%283.15%-58.73%35.52%32.37%15.41%-230.77%H1同比21.01%-4198.75%-391.04%-43.47%37.66%890.67%117.76%110.74%-97.35%0.11-0.47-1.610.95-0.01-107.85%-100.93%-0.130.940.10-0.140.22-0.920.07-33.73%107.53%-0.47-0.850.110.880.360.170.03-73.11%-81.95%50.960.92-0.360.02-97.78%105.86%-0.22-0.34-0.553.706.36-0.56-0.57-3.46%-2.39%-2.81-1.120.010.720.71-1.230.292778.83%123.40%-0.33-0.940.040.050.470.43-0.04-213.34%-110.29%0.140.39-0.81-0.442.78-1.89-1.05-29.69%44.50%-3.39-2.940.120.060.87-0.12-0.88-856.74%-635.04%-0.39-0.99-0.62-0.031.47-2.600.49179.42%118.88%-3.63-2.11-0.72-1.350.68-0.720.06107.81%107.82%-2.47-0.66-5.168.9913.41-11.993.73-172.38%131.15%-21.46-8.252022Q22022Q32022Q42023Q12023Q223Q2同比23Q2環(huán)比22H123H1-22.61-11.3477.73-10.513.80116.81%136.17%-15.42-6.710.600.140.34-0.31-0.05-108.24%84.35%0.19-0.36-0.45-0.04-0.01-0.300.34175.70%214.40%-1.240.041.58-0.681.72-0.641.07-32.58%266.44%0.860.433.42-0.023.36-1.272.75-19.48%316.16%1.271.482.04-0.385.55-1.56-0.50-124.56%67.88%-1.25-2.06-0.061.200.600.670.781310.80%15.20%-0.621.450.050.130.510.220.28467.23%30.58%0.210.50-15.44-10.9989.79-13.708.47-154.84%161.82%-16.00-5.232022Q22022Q32022Q42023Q12023Q223Q2同比23Q2環(huán)比22H123H10.870.683.300.162.29163.94%1312.83%0.462.462.482.949.992.46-0.68-127.42%-127.65%-0.711.78-0.390.06-0.75-0.300.12131.63%141.60%-1.00-0.170.790.530.93-0.391.0431.85%368.74%0.170.651.470.233.420.480.20-86.71%-58.94%1.630.67-0.44-0.041.860.17-0.62-40.14%-463.83%-0.69-0.45-0.18-0.180.34-0.320.07139.02%121.73%-0.37-0.253.592.181.600.213.21-10.59%1394.26%2.973.438.196.4020.702.495.63-31.27%-126.54%2.458.122022Q22022Q32022Q42023Q12023Q223Q2同比23Q2環(huán)比22H123H1-4.143.637.13-3.77-4.41-6.41%-17.03%-10.35-8.176.342.944.11-7.882.04-67.78%125.93%-0.14-5.840.96-2.960.31-0.77-0.48-150.23%37.46%0.43-1.25-0.621.010.65-1.35-0.602.63%55.26%-1.36-1.95-0.10-0.462.36-0.62-0.0281.56%97.12%-1.02-0.64-0.070.861.460.590.16343.75%-72.73%0.080.75-0.29-0.421.21-0.120.62316.57%636.49%-2.840.51-0.190.454.851.47-0.85-337.18%-157.43%-5.840.63-1.321.42-1.06-0.420.44133.22%204.76%0.750.02請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分002212.SZ天融信002451.SZ摩恩電氣002498.SZ漢纜股份600869.SH遠(yuǎn)東股份603333.SH尚緯股份002309.SZST中利600973.SH寶勝股份合計(jì)一次設(shè)備-2.64-3.366.01-0.50-2.495.49%-394.78%-5.36-3.0044.11%106.08%100.14%132.31%-317.23%669.79%-91.20%29.39%154.22%-0.72-0.160.56-0.540.59182.19%210.14%-0.900.05-1.72-0.556.261.03-1.0240.41%-199.48%-3.740.01-4.562.562.672.24-1.5965.13%-171.13%-2.000.65-0.460.091.080.27-0.63-35.54%-329.77%0.16-0.35-0.50-0.464.390.130.20140.16%55.71%-0.060.335.615.791.91-10.733.64-35.02%133.97%-3.70-7.08-4.4210.3943.90-20.95-4.39-0.75%79.07%-35.88-25.3462.7881.86273.46-2.6093.7949.40%3701.91%35.8791.19數(shù)據(jù)來(lái)源：Wind，東吳證券研究所注：部分?jǐn)?shù)據(jù)為“0.00”為保留兩位小數(shù)所致3.1.二次設(shè)備整體穩(wěn)健，龍頭持續(xù)溫和增長(zhǎng)營(yíng)收同比+14.07%、歸母凈利潤(rùn)同比+14.00%，業(yè)績(jī)高增主要系電力自動(dòng)化等業(yè)務(wù)結(jié)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）二次設(shè)備營(yíng)業(yè)收入歸母凈利潤(rùn)代碼代碼公司名稱(chēng)2023Q2Q2同比Q2環(huán)比2023H1H1同比H1環(huán)比2023Q2Q2同比Q2環(huán)比2023H1H1同比H1H1環(huán)比600406.SH國(guó)電南瑞120.5514.07%94.59%182.5011.81%-40.18%19.7414.00%275.42%24.9918.43%-42.36%600131.SH國(guó)網(wǎng)信通15.03-14.04%13.64%28.26-4.12%-39.47%1.78-2.27%146.37%2.508.19%-56.24%600268.SH國(guó)電南自21.3717.47%90.46%32.5818.34%-23.41%0.7047.41%316.24%0.38287.53%-78.20%601126.SH四方股份16.9228.10%43.71%28.6920.05%6.74%2.1321.91%50.26%3.5516.91%48.41%000400.SZ許繼電氣38.515.19%17.98%71.1416.06%-19.04%3.9912.73%167.00%5.4820.65%79.94%002339.SZ積成電子5.6814.69%168.41%7.803.08%-45.97%0.06151.97%108.57%-0.66-76.09%-782.89%000682.SZ東方電子13.6810.01%18.89%25.1815.10%-23.07%1.2618.37%63.47%2.0221.27%-25.49%002322.SZ理工能科1.9814.00%38.88%3.407.28%-47.85%0.546.76%217.99%0.711.49%-51.35%300356.SZ光一科技---0.23-82.51%-78.74%----0.3524.39%-84.09%688330.SH宏力達(dá)2.31-22.65%6.61%4.49-24.35%-6.28%0.34-64.68%-36.92%0.89-57.73%-18.15%688611.SH杭州柯林0.45-9.57%21.53%0.832.54%-24.54%0.08-58.95%-41.14%0.21-29.84%-24.65%請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分603666.SH億嘉和1.29-55.57%-13.62%2.79-42.42%51.18%-0.58-236.83%-607.90%-0.46-158.76%-73.78%002090.SZ金智科技4.0746.01%4.95%7.9424.61%-10.77%0.09108.23%-1.45%0.1843.82%4.15%合計(jì)241.839.81%57.04%395.8310.78%-31.81%30.128.30%223.62%39.4310.67%-32.06%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所注：光一科技已退市，無(wú)Q2數(shù)據(jù)3.2.二次設(shè)備2023H1整體毛利率小幅增長(zhǎng)、歸母凈利率基本持平0.01pct。2023Q2板塊毛利率為28.21%，同比+0.09pct，環(huán)比+3.12pct，歸母凈利率圖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）二次設(shè)備毛利率H1環(huán)比H1H1環(huán)比29.32%-0.21pct2.21pct28.57%1.20pct1.70pct16.37%-0.01pct7.89pct13.70%0.77pct-0.52pct19.46%-0.38pct1.53pct18.75%-0.08pct-2.98pct11.82%1.42pct6.37pct8.84%1.01pct-3.39pct22.26%0.54pct-1.60pct22.81%0.89pct-1.94pct3.27%0.66pct6.15pct1.15%1.88pct-2.90pct35.37%1.84pct-1.79pct36.10%1.52pct6.11pct12.61%-0.64pct0.55pct12.38%-0.33pct3.48pct23.42%-0.36pct10.21pct18.73%-1.66pct0.64pct10.36%0.69pct5.78pct7.71%0.29pct4.24pct28.88%3.63pct-1.29pct29.23%1.63pct1.14pct1.09%3.50pct35.30pct-8.49%-3.52pct-9.16pct34.16%2.03pct3.17pct32.71%0.82pct0.42pct9.18%0.65pct2.50pct8.04%0.41pct-0.26pct68.29%-2.42pct3.47pct66.84%-1.70pct6.50pct27.14%-1.84pct15.28pct20.74%-1.18pct-1.49pct---48.23%18.83pct39.39pct----152.91%-117.53pct51.41pct44.89%-6.25pct0.64pct44.58%-7.37pct-3.56pct14.83%-17.65pct-10.24pct19.79%-15.63pct-2.87pct51.36%-6.99pct-16.25pct58.70%-0.88pct2.64pct16.93%-20.36pct-18.02pct25.06%-11.57pct-0.04pct18.97%-15.39pct-29.74pct34.92%-7.18pct26.59pct-44.68%-59.19pct-52.28pct-16.63%-32.93pct79.27pct002090.SZ金智科技24.97%0.72pct1.08pct24.44%1.61pct-3.07pct2.21%0.66pct-0.14pct2.28%0.30pct0.33pct28.21%0.09pct3.12pct26.99%0.21pct1.02pct12.46%-0.17pct6.41pct9.96%-0.01pct-0.04pct數(shù)據(jù)來(lái)源：Wind，東吳證券研究所注：光一科技已退市，無(wú)Q2數(shù)據(jù)請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分圖17：二次設(shè)備公司經(jīng)營(yíng)凈現(xiàn)金流情況（億元）2022Q22022Q32022Q42023Q12023Q223Q2同比23Q2環(huán)比2022H12023H123H123H1同比19.5914.1867.67-20.2820.454.39%200.86%5.740.18-96.95%-1.660.6115.85-6.14-0.4075.79%93.44%-7.96-6.5417.79%-0.271.338.36-5.30-0.1641.49%97.04%-5.12-5.46-6.59%-0.763.085.32-0.631.07240.98%271.20%-1.290.44134.37%1.268.2111.60-0.9210.13703.01%1206.32%-2.509.21468.52%0.130.073.16-1.440.00-97.44%100.23%-1.92-1.4424.92%-0.931.417.00-1.270.70175.51%154.81%-4.29-0.5886.56%0.600.672.18-0.530.44-26.84%182.53%-0.45-0.0979.37%-0.090.250.09-0.99----0.44-0.99-127.42%-0.13-1.432.71-0.23-0.54-310.11%-131.91%-1.63-0.7753.01%0.22-0.17-0.020.34-0.12-154.04%-134.34%0.400.22-43.86%-0.83-0.81-0.270.86-0.0396.95%-102.94%2.260.83-63.10%002090.SZ金智科技-0.180.022.14-0.85-0.20-9.16%76.68%-1.23-1.0514.65%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所注：光一科技已退市，無(wú)Q2數(shù)據(jù)；部分?jǐn)?shù)據(jù)為“0.00”為保留兩位小數(shù)所致4.工控板塊β穩(wěn)定，龍頭經(jīng)營(yíng)α顯著+13.75%。總體來(lái)看，2023Q2工控板塊市場(chǎng)弱復(fù)蘇圖18：工控公司收入和歸母凈利潤(rùn)變動(dòng)情況分析表（億元）收入請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分公司名稱(chēng)H1環(huán)比H1環(huán)比300124.SZ28.89%26.02%48.12%300484.SZ24.06%信捷電氣20.37%21.51%42.07%47.55%27.29%234.92%26.28%27.66%23.60%300048.SZ合康新能科華數(shù)據(jù)27.95%24.17%291.07%科士達(dá)47.82%101.06%46.96%-1670.87%300376.SZ45.84%25.28%49.55%300681.SZ27.32%偉創(chuàng)電氣40.82%41.81%49.53%23.32%23.71%300932.SZ三友聯(lián)眾23.74%26.53%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所4.2.工控行業(yè)整體毛利率、歸母凈利率均略有上升請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分圖19：工控公司毛利率和歸母凈利率變動(dòng)情況分析表毛利率代碼公司名稱(chēng)23Q2Q2同比Q2環(huán)比23H1H1同比H1環(huán)比23Q2Q2同比Q2環(huán)比23H1H1同比H1H1環(huán)比36.12%-1.78pct-0.39pct36.27%-0.10pct2.39pct17.34%-5.04pct1.71pct16.68%-2.31pct-1.91pct688320.SH禾川科技30.40%-2.26pct1.41pct29.76%-2.75pct1.33pct8.74%-4.59pct0.94pct8.31%-3.81pct1.24pct35.43%-5.33pct-4.75pct37.61%-1.38pct-3.72pct8.62%-14.39pct-7.25pct11.94%-7.01pct-6.56pct31.79%1.28pct0.68pct31.48%1.78pct1.04pct10.59%3.56pct1.18pct10.05%5.67pct1.56pct20.47%1.59pct2.65pct19.09%1.87pct1.46pct-0.72%0.00pct-14.99pct7.12%8.71pct76.35pct600885.SH宏發(fā)股份36.03%3.54pct2.07pct35.01%2.03pct-0.14pct11.23%-0.17pct1.32pct10.58%0.01pct-0.10pct603416.SH信捷電氣34.08%-1.42pct2.68pct32.86%-4.70pct-4.23pct16.16%-0.92pct3.71pct14.47%-5.56pct1.33pct25.87%2.96pct1.77pct25.03%1.61pct0.95pct13.25%3.27pct2.94pct11.86%3.56pct2.90pct32.71%-0.80pct-0.86pct33.09%-0.05pct-1.29pct4.33%2.42pct-0.03pct4.35%-0.26pct0.30pct36.29%0.73pct1.02pct35.85%1.15pct-2.28pct7.80%-1.16pct2.08pct6.91%-1.25pct2.73pct300048.SZ合康新能18.72%-6.43pct-2.61pct19.92%-5.85pct-0.82pct-0.76%0.35pct-0.96pct-0.32%-1.33pct-2.73pct28.95%-0.85pct-0.77pct29.29%-1.71pct0.80pct9.35%3.77pct-0.28pct9.47%1.97pct7.08pct33.70%2.59pct1.67pct32.87%2.42pct0.37pct18.83%1.79pct2.18pct17.75%3.42pct2.52pct13.54%10.04pct-5.13pct15.24%11.13pct4.31pct-5.05%-5.60pct-28.53pct4.43%27.35pct-12.76pct32.84%1.56pct10.59pct27.22%1.27pct-2.17pct14.03%1.84pct6.24pct10.72%1.07pct5.17pct38.29%-4.37pct-2.02pct39.21%-2.29pct-0.47pct21.43%-19.23pct4.35pct19.45%-10.