证券研究报告·行业深度报告·电力设备2023年11月03日电力设备行业深度报告证券分析师曾朵红工控下游部分行业已现恢复苗头，电网投资执业证书：S0600516080001021-60199793稳中有增zengdh@dwzq.com.cn增持（维持）证券分析师谢哲栋[[投TTaa资bbll要ee__点TSaugm]mary]执业证书：S0600523060001◼工控&电力设备行业2023Q1-3收入同比+12%、归母净利润同比+4%，2023Q3收入同比+10%、归母净利润同比-10%。1）行业2023Q1-3营收&归母净利润稳定增xiezd@dwzq.com.cn长。全行业2023Q1-3实现收入/归母净利润6241.73/467.15亿元，同比+12%/+4%。其中2023Q3收入2204.31亿元，同比+10%，归母净利润为154.65亿元，同比-10%。研究助理许钧赫2）行业整体毛利率水平小幅下降。2023Q1-3/2023Q3行业毛利率为22.63%/22.14%，同比-0.56pct/-1.46pct（2023Q3环比-0.29pct）。3）2023Q1-3应收账款/合同负债/存执业证书：S0600123070121货较年初+16%/+3%/+16%。4）2023Q1-3经营性现金流净流入356.25亿元，2022年同期195.24亿元，同比明显提升。xujunhe@dwzq.com.cn◼工控行业Q3缓慢复苏，龙头企业稳中求进，其中汇川、伟创电气收入快速增长，行业走势其他二线品牌收入稳住、利润同降居多。1）2023Q1-Q3营收、利润稳健增长。2023Q1-Q3工控板块实现收入716.67亿元，同比+18.23%，实现归母净利润81.1亿元，同电力设备沪深300比+13.27%。2）毛利率同环比略增。2023Q1-Q3板块毛利率为31.77%，同比+0.85pct。2023Q3板块毛利率32.24%，同比+1.07pct，环比+0.36pct。3）经营性现金流快速14%2023/3/42023/7/32023/11/1增长。2023Q1-Q3工控板块经营活动现金净流入69.74亿元，同比增加44.21%。9%4）公司层面，汇川技术/伟创电气业绩实现较快增长，收入同比+31%/+43%，其他4%工控品牌收入稳增，禾川/雷赛/信捷/正弦收入同比+21%/+28%/+11%/+15%，利润均-1%出现同比大幅下滑（信捷除外）。而宏发/鸣志/英威腾收入降速，同比+5%/-29%/-2%。-6%◼二次设备板块整体表现稳健，龙头许继电气、四方股份等利润表现亮眼。1）营收-11%-16%利润稳增。2023Q1-3/2023Q3二次设备收入608.24/212.41亿元，同比-21%+10.35%/+9.55%,归母净利润62.97/23.54亿元，同比+9.04%/+6.42%。2）毛利率水-26%平持稳。2023Q1-3/2023Q3板块毛利率为27.55%/28.60%，同比+0.27pct/+0.39pct。-31%3）2023Q1-3应收账款/合同负债/存货较年初+6.38%/+5.12%/+20.06%，经营现金流出359.76亿元。4）公司层面，龙头国电南瑞及四方股份延续稳健表现，网外业务2022/11/3增速均快于网内。◼受益于三星医疗、威胜信息等公司海外市场拓展顺利，智能用电板块利润高增，特相关研究高压/高压板块受特变电工多晶硅业务拖累，增速放缓。1）收入稳增，利润边际放《2023Q3基金持仓点评：电新缓。2023Q1-3/2023Q3一次设备行业收入3828.39/1363.47亿元，同比+12%/+10%，重仓Q3总体环比下降，工控、归母净利润263.41/80.98亿元，同比+7%/-15%。分板块看，2023Q1-3/2023Q3特高电网上升，电动车、光伏、储能压&高压营收同比+16%/+4%，归母净利润同比-1%/-31%；中压电气营收同比均下降，风电小降——基于+24%/+28%，归母净利润同比-8%/+7%；低压电器营收同比+16%/+19%，归母净利10991支基金2023年三季报的润同比-3%/-25%；智能用电营收同比+23%/+27%，归母净利润同比+71%/+35%；电前十大持仓的定量分析》线电缆营收同比+2%/+7%，归母净利润同比+30%/+44%。智能用电板块受益于智能电网覆盖率上升，盈利增长明显。2）盈利能力略有改善，2023Q1-3/2023Q3毛利率2023-10-30分别为21.12%/19.98%，同比-0.65pct/-2.37pct。3）2023Q1-3应收账款/合同负债/存《APEC会议或利好新能源，估货较年初+19%/+0.3%/+21%，经营性现金净流入204.82亿元，同比大幅改善。值将迎来修复》◼投资建议：1）制造业持续弱复苏，部分传统行业已现恢复苗头，但整体仍处于被动去库阶段，预计今年年底到明年年初进入主动补库，展望23Q4内资公司环比略2023-10-30增、同比低基数下有望实现快速增长。2）2023年电网投资仍稳中略增，网内市场我们依旧强调特高压、配网智能化、调度等结构性方向，Q4有望加快建设进度；网外发电侧+海外高景气度驱动订单高增。泛工控领域：重点推荐汇川技术、三花智控、宏发股份、鸣志电器、禾川科技、麦格米特、英搏尔等，关注雷赛智能、信捷电气；主网&特高压重点推荐：国电南瑞、思源电气、平高电气、许继电气、四方股份，关注：华明装备、中国西电、长高电新等；出海&用电侧重点推荐：金盘科技、海兴电力、三星医疗（医药组覆盖）、安科瑞，关注：苏文电能、涪陵电力等；其他电力设备重点推荐：南网科技，关注：科陆电子、科华数据、国网信通等。◼风险提示：电网投资不及预期，竞争加剧，市场拓展不及预期等。请务必阅读正文之后的免责声明部分1/23东吴证券研究所行业深度报告表1：重点公司估值（截至2023年11月2日）代码公司总市值收盘价EPS（元）2022APE2024E投资评级（亿元）（元）2022A2023E2024E372023E23300124.SZ汇川技术60.101.621.952.592317买入600885.SH宏发股份1,60227.611.201.361.62373124买入002050.SZ三花智控28825.830.690.831.09412023买入688777.SH中控技术96442.151.021.371.801323111买入300681.SZ33119.740.150.781.87283121买入600406.SH英搏尔5022.670.800.931.08312518买入002028.SZ国电南瑞1,82148.891.582.202.7624买入思源电气37822数据来源：Wind，东吴证券研究所注：表中预测值来源于东吴证券研究所◼受益于三星医疗、威胜信息等公司海外市场拓展顺利，智能用电板块利润高增，特高压/高压板块受特变电工多晶硅业务拖累，增速放缓。1）收入和归母净利润：我们共选取了79家一次设备企业，2023Q1-3实现收入3828.39亿元，同比+12.30%；实现归母净利润263.41亿元，同比+6.70%。2023Q3板块实现收入1363.47亿元，同比+10.48%，环比+3.61%，实现归母净利润80.98亿元，同比-15.41%。2）毛利率和归母净利率：2023Q1-3一次设备板块毛利率21.12%，同比-0.65pct；归母净利率6.88%，同比-0.36pct。2023Q3毛利率为19.98%，同比-2.37pct，环比-0.60pct，板块归母净利率为5.94%，同比-1.82pct。3）费用率：2023Q1-3板块期间费用率为11.32%，同比+0.11pct；2023Q3板块期间费用率为11.87%，同比+0.55pct。4）应收、预收款及存货：2023年9月底板块应收账款1573.26亿元，较2023年初增加19%，2023年9月底合同负债为267.55亿元，较2023年初基本持平。2023年9月底存货为1141.58亿元，较2023年初增加21%。5）现金流：2023Q1-3现金流为净流入204.82亿元，2022Q1-3净流入109.12亿元，同比+87.69%。2023Q3经营活动现金净流入126.89亿元，相比上年同期的净流入99.53亿元，增长明显。◼二次设备整体表现稳健，龙头许继电气、四方股份等利润表现亮眼。1）收入和归母净利润：二次设备板块我们选取的企业共有13家。2023Q1-3二次设备板块实现收入608.24亿元，同比+10.35%；实现归母净利润62.97亿元，同比+9.04%。2023Q3板块收入212.41亿元，同比+9.55%；归母净利润23.54亿元，同比+6.42%。2）毛利率和归母净利率：2023Q1-3板块毛利率为27.55%，同比+0.27pct；归母净利率为10.35%，同比-0.12pct。2023Q3板块毛利率为28.60%，同比+0.39pct，环比+0.39pct，归母净利率11.08%，同比-0.33pct。3）费用率：2023Q1-3板块期间费用率为15.20%，同比+0.24pct。2023Q3板块期间费用率为15.29%，同比+0.28pct。4）应收、合同负债及存货：2023年9月底板块应收账款481.08亿元，较2023年初上升6.38%；2023年9月底合同负债为102.80亿元，较2023年初上涨5.12%；2023年9月底存货为232.43亿元，较2023年初增长20.06%。5）现金流：2023Q1-3二次设备板块现金流为净流入29.63亿元，2022年同期现金流为净流入9.01亿元。2023Q3板块经营现金流净流入35.66亿元，2022年同期净流入27.43亿元，现金流净流入额提升明显。◼工控行业缓慢复苏，龙头企业稳中求进，其中汇川、伟创电气收入快速增长，其他二线品牌收入稳住、利润同降居多。1）收入和归母净利润：工控板块我们选取的企业共有23家。2023Q1-Q3工控板块实现收入716.67亿元，同比+18.23%，实现归母净利润81.1亿元，同比+13.27%。2023Q3实现收入247.09亿元，同比+14.32%，环比-4.98%；实现归母净利润26.59亿元，同比-8.02%，环比-13.22%。2）毛利率和归母净利率：2023Q1-Q3板块毛利率为31.77%，同比+0.85pct。归母净利率为11.32%，同比-0.50pct。2023Q3板块毛利率32.24%，同比+1.07pct，环比+0.36pct。归母净利率为10.76%，同比-2.61pct，环比-1.02pct。3）费用率：2023Q1-Q3板块期间费用率为19.75%，同比+0.32pct。2023Q3板块期间费用率为20.43%，同比+0.99pct。4）应收、合同负债及存货：2023年9月底板块应收账款311.17亿元，较2023年初上升14.71%；2023年9月底合同负债为34.85亿元，较2023年初上涨8.18%；2023年9月底存货为237.33亿元，较2023年初增长5.65%。5）请务必阅读正文之后的免责声明部分2/23东吴证券研究所行业深度报告现金流：2023Q1-Q3工控板块经营活动现金净流入69.74亿元，同比增加44.21%，其中Q3板块现金流为净流入25.58亿元（2022年同期流入42.11亿元），现金流环比下降14.77%。◼投资建议：1）制造业持续弱复苏，部分传统行业已现恢复苗头，但整体仍处于被动去库阶段，预计今年年底到明年年初进入主动补库，展望23Q4内资公司环比略增、同比低基数下有望实现快速增长。2）2023年电网投资仍稳中略增，网内市场我们依旧强调特高压、配网智能化、调度等结构性方向，Q4有望加快建设进度；网外发电侧+海外高景气度驱动订单高增。泛工控领域：重点推荐汇川技术、三花智控、宏发股份、鸣志电器、禾川科技、麦格米特、英搏尔等，关注雷赛智能、信捷电气；主网&特高压重点推荐：国电南瑞、思源电气、平高电气、许继电气、四方股份，关注：华明装备、中国西电、长高电新等；出海&用电侧重点推荐：金盘科技、海兴电力、三星医疗（医药组覆盖）、安科瑞，关注：苏文电能、涪陵电力等；其他电力设备重点推荐：南网科技，关注：科陆电子、科华数据、国网信通等。◼风险提示：电网投资不及预期，竞争加剧，市场拓展不及预期等。请务必阅读正文之后的免责声明部分3/23东吴证券研究所OZPWVU2V1YYXYX9PbP8OtRqQtRoNiNpOpOlOpPmP8OnMqNwMnRqNuOpNvN行业深度报告内容目录1.前言......................................................................................................................................................62.一次设备整体稳健增长，特高压/高压板块表现良好.....................................................................92.1.一次设备整体稳健增长，特高压/高压表现较好，智能用电盈利能力提升明显...............92.2.一次设备板块毛利率、归母净利率均略有提升...................................................................133.二次设备板块收入稳增，龙头持续温和增长................................................................................173.1.二次设备整体稳健，龙头持续温和增长...............................................................................183.2.二次设备2023Q1-3整体毛利率小幅增长、归母净利率微降............................................184.工控Q3缓慢复苏，龙头企业稳中求进.......................................................................................204.1.工控板块市场静待复苏，龙头企业稳中求进.......................................................................204.1.工控行业整体毛利率略有上升，归母净利率有所下降.......................................................215.风险提示............................................................................................................................................22请务必阅读正文之后的免责声明部分4/23东吴证券研究所行业深度报告图表目录图1：电力设备工控板块2023Q1-3收入和归母净利润情况............................................................6图2：电力设备工控板块2023Q1-3整体情况....................................................................................6图3：电力设备工控板块2023Q3收入和归母净利润情况................................................................7图4：电力设备工控板块2023Q3整体情况（个）............................................................................7图5：电力设备工控板块2023Q1--3及2023Q3毛利率情况............................................................7图6：电力设备工控板块2023Q1-3及2023Q3归母净利率情况.....................................................8图7：电力设备工控板块2021Q3-2023Q3经营净现金流情况（亿元）.........................................8图8：电力设备工控板块2023Q1-3及2023Q3费用率情况.............................................................8图9：电力设备工控板块2023Q1-3及2023Q3末应收账款情况（亿元）.....................................8图10：电力设备工控板块2023Q1-3及2023Q3末合同负债情况（亿元）...................................9图11：电力设备工控板块2023Q1-3及2023Q3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）...............................................11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：工控公司经营净现金流情况（亿元）...................................................................................22请务必阅读正文之后的免责声明部分5/23东吴证券研究所行业深度报告1.前言电力设备工控板块2023Q1-3收入同比+12%，归母净利润同比+4%。我们在电力设备工控板块选取了160家上市公司，全行业2023Q1-3收入6241.73亿元，同比增长12.08%，归母净利润467.15亿元，同比增长3.82%。2023Q1-3收入同比下降的公司有43家，增幅为0-30%的有91家，增幅为30%以上的有26家，总体增长的公司占大多数。2023Q1-3归母净利润同比下降的公司有40家，增幅为0-30%的有35家，增幅为30%以上的有48家，亏损的有26家，扭亏的有11家。图1：电力设备工控板块2023Q1-3收入和归母净利润情况分项营业收入（亿元）同比增速（%）归母净利润同比增速（%）（亿元）电力设备工控行业6241.7312.08%3.82%12.30%467.156.70%一次设备3828.3918.23%263.4113.27%10.35%81.109.04%工控716.678.54%62.97-19.09%59.68二次设备608.24其他电力设备1088.43数据来源：Wind，东吴证券研究所图2：电力设备工控板块2023Q1-3整体情况收入同比增速归母净利润同比增速公司数量43409135同比负增长2648同比增长幅度在0%-30%2611同比增长超过30%亏损160扭亏合计数据来源：Wind，东吴证券研究所2023Q3电力设备&工控板块情况：2023Q3板块收入2204.31亿元，同比增长10.12%，环比下降0.47%；归母净利润154.65亿元，同比-9.95%。2023Q3收入同比下降的公司有51家，增幅为0-30%的有76家，增幅为30%以上的有33家。2023Q3归母净利润同比下降的公司有50家，增幅为0-30%的有32家，增幅为30%以上的有39家，亏损的有25家，扭亏的有14家。请务必阅读正文之后的免责声明部分6/23东吴证券研究所行业深度报告图3：电力设备工控板块2023Q3收入和归母净利润情况分项营业收入（亿元）同比增速（%）归母净利润同比增速（%）（亿元）电力设备工控行业2204.3110.12%-9.95%10.48%154.65-15.41%一次设备1363.4714.32%80.98-8.02%9.55%26.596.42%工控247.096.68%23.54-5.74%23.55二次设备212.41其他电力设备381.34数据来源：Wind，东吴证券研究所图4：电力设备工控板块2023Q3整体情况（个）公司数量收入同比增速归母净利润同比增速50同比负增长513239同比增长幅度在0%-30%762514同比增长超过30%33160亏损扭亏合计数据来源：Wind，东吴证券研究所2023Q1-3、2023Q3电力设备&工控板块毛利率、归母净利率水平小幅下降，其中其他电力设备毛利率下降幅度相对较大。2023Q1-3电力设备&工控行业毛利率为22.63%，同比下降0.56个百分点，其中一次设备/二次设备分别同比-0.65pct/+0.27pct；2023Q3全行业毛利率为22.14%，同比-1.46pct，其中一次设备/二次设备分别同比-2.37pct/+0.39pct。2023Q1-3全行业归母净利率为7.48%，同比-0.60pct；2023Q3归母净利率为7.02%，同比-1.56pct。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），故毛利率水平有所保证，而工控企业毛利率回暖，主要系原材料降价。图5：电力设备工控板块2023Q1--3及2023Q3毛利率情况毛利率2022Q1-32023Q1-3同比2023Q22023Q3Q3同比Q3环比22.43%22.14%-1.46pct-0.29pct电力设备工控行业23.19%22.63%-0.56pct20.58%19.98%-2.37pct-0.60pct31.88%32.24%1.07pct0.36pct一次设备21.77%21.12%-0.65pct28.21%28.60%0.39pct0.39pct18.84%19.72%-1.12pct0.87pct工控30.92%31.77%0.85pct二次设备27.28%27.55%0.27pct其他电力设备21.09%19.20%-1.90pct数据来源：Wind，东吴证券研究所请务必阅读正文之后的免责声明部分7/23东吴证券研究所行业深度报告图6：电力设备工控板块2023Q1-3及2023Q3归母净利率情况归母净利率2022Q1-32023Q1-3同比2023Q22023Q3Q3同比Q3环比7.02%-1.56pct-0.68pct电力设备工控行业8.08%7.48%-0.60pct7.69%5.94%-1.82pct-0.79pct10.76%-2.61pct-1.02pct一次设备7.24%6.88%-0.36pct6.73%11.08%-0.33pct-1.37pct6.17%-0.81pct0.87pct工控11.81%11.32%-0.50pct11.78%二次设备10.48%10.35%-0.12pct12.46%其他电力设备7.35%5.48%-1.87pct5.31%数据来源：Wind，东吴证券研究所2023Q1-3、2023Q3电力设备&工控板块经营现金净流入同比增长较多。2023Q1-3全板块应收账款较年初增长较多，主要系收入规模增长带动。2023Q1-3电力设备&工控板块经营活动现金流量净流入356.25亿元，较2022年同期增加82.47%。2023Q3板块经营性现金净流入222.29亿元，2022年同期净流入184.86亿元，经营现金流水平明显提升。2023Q3末全板块应收账款为2842.97亿元，较年初+15.54%。应收账款增加原因或为企业营收规模增长等，其中2023Q3末应收账款较年初增长较多的是一次设备板块。图7：电力设备工控板块2021Q3-2023Q3经营净现金流情况（亿元）经营活动现金流2021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q3-106.88117.26184.86549.16-62.02195.97222.29电力设备工控行业93.42502.97-43.9853.5899.53293.41-19.9997.92126.8913.9842.1146.1514.1530.0125.58一次设备65.05278.75-7.7316.9527.43125.79-37.3931.3635.66-35.3732.7515.7983.81-18.7936.6934.16工控10.4740.66-19.80二次设备10.77114.29其他电力设备7.1369.28数据来源：Wind，东吴证券研究所图8：电力设备工控板块2023Q1-3及2023Q3费用率情况期间费用率2022Q1-32023Q1-3同比2023Q22023Q3Q3同比Q3环比12.93%11.97%13.33%0.52pct1.35pct电力设备工控行业12.78%11.32%0.15pct10.75%11.87%0.55pct1.11pct19.75%0.11pct17.91%20.43%0.99pct2.52pct一次设备11.21%15.20%0.32pct12.51%15.29%0.28pct2.77pct12.82%0.24pct11.80%12.86%0.11pct1.06pct工控19.44%-0.08pct二次设备14.96%其他电力设备12.90%数据来源：Wind，东吴证券研究所图9：电力设备工控板块2023Q1-3及2023Q3末应收账款情况（亿元）应收账款2023/3/312023/6/302023/9/30Q3较年初增长Q3较Q2末增长电力设备工控行业2,514.472,779.322,842.9715.54%2.29%一次设备1,386.201,532.811,573.2618.61%2.64%工控271.60307.99311.1714.71%1.03%二次设备444.96486.11481.086.38%-1.04%其他电力设备411.71452.41477.4716.28%5.54%数据来源：Wind，东吴证券研究所请务必阅读正文之后的免责声明部分8/23东吴证券研究所行业深度报告图10：电力设备工控板块2023Q1-3及2023Q3末合同负债情况（亿元）合同负债2023/3/312023/6/302023/9/30Q3较年初增长Q3较Q2末增长6.73%电力设备工控行业533.99488.13520.952.77%8.96%-0.77%一次设备265.66245.55267.550.34%4.67%5.97%工控34.2735.1234.858.18%二次设备104.2098.21102.805.12%其他电力设备129.85109.24115.764.98%数据来源：Wind，东吴证券研究所图11：电力设备工控板块2023Q1-3及2023Q3末存货情况（亿元）存货2023/3/312023/6/302023/9/30Q3较年初增长Q3较Q2末增长15.63%5.92%电力设备工控行业1,787.481,875.251,986.2821.43%6.38%5.65%6.54%一次设备972.551,073.081,141.5820.06%8.15%4.30%2.87%工控231.84222.77237.33二次设备215.11214.91232.43其他电力设备367.98364.47374.93数据来源：Wind，东吴证券研究所2.一次设备整体稳健增长，特高压/高压板块表现良好2.1.一次设备整体稳健增长，特高压/高压表现较好，智能用电盈利能力提升明显2023Q1-3一次设备板块收入同比+12%，归母净利润同比+7%。我们共选取了79家一次设备企业，2023Q1-3实现收入3828.39亿元，同比+12.30%；实现归母净利润263.41亿元，同比+6.70%。2023Q1-3收入同比增幅为负的公司共有18家，增幅为0-30%的公司共有48家，增幅为30%以上的公司共有13家。归母净利润同比增幅为负的公司共有18家，增幅为0-30%的公司共有17家，增幅为30%以上的公司共有28家，亏损为10家，扭亏为6家。2023Q3一次设备板块收入同比+10%、归母净利润同比-15%。2023Q3板块实现收入1363.47亿元，同比+10.48%，环比+3.61%，实现归母净利润80.98亿元，同比-15.41%。2023Q3收入同比增长增幅为负的公司共有22家，增幅为0-30%的公司共有38家，增幅为30%以上的公司共有19家。归母净利润同比增长增幅为负的公司共有25家，增幅为0-30%的公司共有15家，增幅为30%以上的公司共有24家，亏损为8家，扭亏为7家。特高压/高压板块2023Q1-3营收增长较快、利润水平基本持平，特变电工受多晶硅价格下跌影响，Q3利润有所下滑，思源电气国内海外市场齐发力，增速较快。2023Q1-请务必阅读正文之后的免责声明部分9/23东吴证券研究所行业深度报告3特高压/高压板块实现收入1400.26亿元，同比+15.96%，实现归母净利润145.80亿元，同比-0.98%。其中2023Q3实现收入474.03亿元，同比+3.68%，环比-0.74%，实现归母净利润36.73亿元，同比-31.38%。2023Q1-3板块整体表现稳健，受板块龙头特变电工影响较大：特变电工2023Q1-3归母净利润为93.76亿元、同比-15.19%，2023Q3归母净利润为19.10亿元、同比-53.99%，主要系多晶硅价格大幅下跌。2023Q3思源电气营收32.78亿元，同比+23.38%，归母净利润4.48亿元，同比+43.20%，主要系海外市场、国内以新能源为代表的网外市场订单增长提速。中压电气板块2023Q1-3实现盈利15.52亿元，同比-7.91%，盈利水平有所恢复但依旧承压。2023Q1-3中压电气板块实现销售收入386.53亿元，同比+23.72%；归母净利润15.52亿元，同比-7.91%。受国内经济复苏不及预期、地产行业持续低迷的影响，板块公司盈利承压。2023Q3中压电气板块实现收入147.25亿元，同比+28.26%，环比+7.94%，归母净利润7.86亿元，同比+7.26%，环比+535.04%，盈利能力环比大幅提升。低压电器板块2023Q1-3归母净利润同比-3%，其中正泰电器2023Q1-3归母净利润同比-7%，拖累板块。2023Q1-3低压电器实现收入621.48亿元，同比+16.22%；归母净利润40.94亿元，同比-3.00%。其中，低压电器2023Q3收入216.20亿元，同比+19.29%，环比+12.12%，归母净利润13.85亿元，同比-25.59%，环比+21.68%。2023Q1-3板块净利润的压力主要来自正泰电器，主要系下游需求恢复不及预期。智能用电板块2023Q1-3收入同比+23%，归母净利润同比+71%。2023Q1-3智能用电板块实现销售收入226.34亿元，同比+22.50%，实现归母净利润34.79亿元，同比+70.98%。其中2023Q3智能用电收入86.15亿元，同比+26.62%，环比+3.30%，实现归母净利润13.67亿元，同比+35.48%，环比-3.12%。在电力体制改革的大背景下，智能用电市场需求随智能电网覆盖率的持续提升而同步增加，板块虽增速放缓，但长期空间广阔。电线电缆板块收入微增，盈利能力基本持平，主要系中超控股利润承压但板块内其他公司表现优秀。2023Q1-3实现收入1193.78亿元，同比+2.07%，实现归母净利润26.36亿元，同比+30.38%。其中2023Q3实现收入439.85亿元，同比+6.53%，环比+3.31%，归母净利润8.86亿元，同比+43.79%，环比-25.85%。板块中中超控股2023Q1-3归母净利润2.51亿元，同比-937.97%，对板块拖累明显。请务必阅读正文之后的免责声明部分10/23东吴证券研究所行业深度报告图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2023Q3Q3同比Q3环比23Q1-3Q1-3同比2023Q3Q3同比Q3环比23Q1-3Q1-3同比19.10-53.99%-15.19%600089.SH特变电工238.17-7.77%1.33%735.9514.03%0.994.36%-30.37%93.7611.00%-0.33-211.35%-20368.61%601179.SH中国西电44.26-4.05%-2.64%136.463.38%0.1984.44%-57.80%5.2152.71%3.1911.83%17.90%600550.SH保变电气7.7237.16%11.33%20.496.66%2.211289.91%26.59%-0.73-18042.66%2.19253.98%209.60%002112.SZ三变科技3.7926.84%7.53%9.6830.64%4.4843.20%115.76%0.3446.14%-0.57-42.60%-1.94%600580.SH卧龙电驱45.0410.97%10.29%124.2310.42%0.79142.65%-8.26%9.2495.30%0.2449.49%41.53%300140.SZ中环装备14.85791.28%-50.36%47.18673.93%1.46-36.37%-52.47%6.87-28.82%0.12236.34%20.10%600312.SH平高电气26.2224.17%-8.58%74.4721.51%0.4744.45%19.68%5.5214.46%0.02-96.74%-77.11%002028.SZ思源电气32.7823.38%4.68%85.8122.55%0.02175.11%-7.13%11.48-138.37%0.1813.42%51.08%600290.SHST华仪1.2669.64%73.28%2.4524.60%0.2519.83%-176.15%-1.36-6.39%1.7270.14%59.98%002452.SZ长高电新4.1334.88%-2.49%10.6433.32%36.73-31.38%22.22%1.64-0.98%Q3同比Q1-3同比600379.SH宝光股份3.6223.08%-14.39%11.4627.58%2023Q345.68%6.88%0.5651.80%0.59-3.15%197.99%002545.SZ东方铁塔10.2525.60%15.11%27.03-1.70%0.0828.56%-24.45%5.0815.56%0.75112.16%88.66%601700.SH风范股份10.6370.49%58.25%22.3116.29%1.56-24.21%-23.80%0.40-95.48%0.06-49.00%-220.90%000551.SZ创元科技10.27-5.23%-6.22%32.034.89%0.09-43.92%-7.86%1.37-446.64%0.14275.00%-227.89%002606.SZ大连电瓷1.77-57.18%-11.35%5.48-44.25%0.44-1591.26%-85.65%0.39-268.26%-1.00-325.89%67.13%300069.SZ金利华电0.54387.64%0.96%1.18106.63%-0.18-2.37%-28.59%0.0035.39%0.24-99.31%-77.83%002576.SZ通达动力4.11-17.10%-6.37%13.51-0.51%0.00-172.60%-37.92%0.74-6.48%-0.02-87.28%-457.99%300120.SZ经纬辉开9.176.49%11.72%25.3717.87%0.0510.48%0.34%0.7010.10%0.0536.65%41.95%002270.SZ华明装备5.4521.19%9.67%14.5521.23%0.1596.14%2.09%4.5998.30%1.4272.94%49.28%合计474.033.68%-0.74%1,400.2615.96%0.41-26.37%145.80中压电气2023Q3Q3同比Q3环比23Q1-3Q1-3同比Q3环比23Q1-3002358.SZ森源电气6.6511.00%2.86%18.2610.81%305.82%0.87300510.SZ金冠股份3.265.53%41.83%7.65-0.06%-60.17%0.39002922.SZ伊戈尔9.4541.42%1.07%25.1822.49%5.60%1.65301291.SZ明阳电气14.0467.54%17.73%33.0365.94%32.00%3.19301012.SZ扬电科技1.6434.78%162.27%3.05-43.58%255.95%0.03002622.SZ永大集团2.105.49%14.14%5.2427.43%4.48%0.16300423.SZ鲁亿通5.248.52%-19.72%17.892.48%102.51%-5.00300444.SZ双杰电气10.7174.57%47.94%25.5074.48%352.87%1.04300477.SZ合纵科技7.8527.83%-1.82%20.86-2.02%-60.28%-1.77600192.SH长城电工5.77-14.35%-0.42%16.37-3.04%8.66%-0.52600353.SH旭光电子3.008.36%-13.17%9.0111.78%-27.12%0.74601616.SH广电电气1.71-41.92%-19.96%5.57-29.70%-98.34%0.16002350.SZ北京科锐4.44-15.68%-27.01%12.91-12.82%-148.01%-0.33603861.SH白云电器10.447.23%-7.86%29.5438.20%-77.11%0.61300062.SZ中能电气4.9456.01%64.79%11.3129.89%-62.53%0.28688517.SH金冠电气1.27-0.84%-12.60%3.59-2.84%-35.47%0.48688676.SH金盘科技18.8054.96%17.74%47.7349.74%36.83%3.33688663.SH新风光3.5852.40%-15.96%9.9738.67%-29.04%1.19请务必阅读正文之后的免责声明部分11/23东吴证券研究所行业深度报告300982.SZ苏文电能6.527.03%1.96%18.7224.62%0.65-33.41%53.88%2.03-0.92%603191.SH望变电气7.3418.50%10.64%19.6912.90%0.62-28.07%-16.32%2.166.70%688190.SH云路股份4.5516.37%-1.83%13.0326.51%0.7420.90%-18.63%2.3857.48%603097.SH江苏华辰4.1845.14%43.28%9.2534.92%0.3550.17%143.22%0.62-0.51%603050.SH科林电气9.8099.23%20.66%23.1856.56%0.68107.76%-3.60%1.8058.27%147.2528.26%7.94%386.5323.72%7.867.26%535.04%15.52-7.91%合计2023Q3Q3同比Q3环比23Q1-3Q1-3同比2023Q3Q3同比Q3环比23Q1-3Q1-3同比低压电器147.6928.68%21.97%426.2021.71%10.88-28.00%54.89%29.91-6.96%601877.SH正泰电器2.8034.39%-10.80%8.1021.17%0.314.25%-18.61%0.825.15%002927.SZ泰永长征8.1355.17%-3.67%22.0340.96%-0.10-420.38%-119.58%0.47180.21%300283.SZ温州宏丰4.89-20.98%-9.94%15.32-12.45%0.30-21.42%-18.53%0.97-1.56%600468.SH百利电气11.879.67%-11.21%34.5516.58%1.393.42%-27.05%4.1418.76%002706.SZ良信股份31.79-6.59%-1.34%89.48-2.79%0.47-45.02%0.37%2.63-17.52%002441.SZ众业达7.4715.21%1.37%21.0213.31%0.4416.44%-13.65%1.4956.62%605066.SH天正电气1.56-3.50%-11.68%4.784.95%0.17-20.88%-15.36%0.512.83%603016.SH新宏泰216.2019.29%12.12%621.4816.22%13.85-25.59%21.68%40.94-3.00%2023Q3Q3同比Q3环比23Q1-3Q1-3同比2023Q3Q3同比Q3环比23Q1-3Q1-3同比合计17.84153.20%93.30%33.4559.70%0.5911.90%162.17%-0.78-24.35%智能用电27.8911.40%-15.50%83.3820.81%6.2076.86%3.24%14.89112.27%002121.SZ科陆电子2.29-6.99%-14.14%6.39-0.13%0.19-52.36%-40.72%0.66-27.53%601567.SH三星医疗3.3721.01%9.67%8.7513.26%0.7370.41%25.22%1.7425.52%300183.SZ东软载波3.9411.96%-17.38%12.4820.37%1.3528.22%-27.97%4.4250.06%300286.SZ安科瑞1.7216.71%3.85%4.5116.13%0.02119.28%-91.61%1.13570.30%300360.SZ炬华科技0.65-0.60%6.79%1.8521.14%0.03234.59%-94.75%0.42-388.80%002546.SZ新联电子3.463.62%13.15%8.413.37%0.7415.95%12.32%1.62100.12%300139.SZ福星晓程6.5020.86%10.23%16.6211.85%1.3240.05%6.40%3.4621.88%300514.SZ友讯达8.554.67%-0.44%21.7820.65%0.18-81.65%-80.93%0.54-27.89%688100.SH威胜信息9.9421.58%-8.37%28.7320.36%2.3232.75%-11.24%6.6942.40%603421.SH鼎信通讯86.1526.62%3.30%226.3422.50%13.6735.48%-3.12%34.7970.98%603556.SH海兴电力2023Q3Q3同比Q3环比23Q1-3Q1-3同比2023Q3Q3同比Q3环比23Q1-3Q1-3同比39.8518.39%13.86%97.040.69%0.619.79%-3.50%1.597.00%合计41.7922.85%8.65%109.8414.40%1.2235.33%0.51%3.5935.83%电线电缆13.09-8.93%-8.61%39.45-2.64%0.19-63.43%-65.29%1.1026.17%002300.SZ太阳电缆7.55-5.77%-18.95%22.690.67%0.1368.07%-8.18%0.32-10.89%002533.SZ金杯电工5.7413.00%-14.88%17.9416.50%0.33431.64%0.61%0.9498.40%002560.SZ通达股份3.50-23.16%6.42%10.28-18.48%0.44-39.81%20.63%1.20-34.30%002692.SZ远程电缆2.40-21.52%-5.52%8.15-6.34%0.29-52.56%-12.69%1.27-24.45%300265.SZ通光线缆19.93-10.68%-5.59%55.86-10.88%0.3473.70%-47.03%1.2114.60%300341.SZ麦迪电气14.65-7.92%-14.71%42.410.87%0.04-65.23%-98.69%2.51-937.97%300447.SZ全信股份6.4410.32%20.05%16.4812.63%-0.3683.09%70.02%-2.48-40.85%603618.SH杭电股份2.56-5.70%-18.32%8.190.79%0.04-28.54%569.27%0.10-9.93%002471.SZ中超控股28.7016.05%3.50%72.220.89%2.8268.80%13.22%7.065.90%002212.SZ南洋股份70.2217.58%15.89%173.919.12%0.66-53.51%-67.03%3.85-21.32%002451.SZ摩恩电气002498.SZ汉缆股份600869.SH智慧能源请务必阅读正文之后的免责声明部分12/23东吴证券研究所行业深度报告603333.SH明星电缆5.9730.66%-8.41%16.046.39%0.07153.34%-69.32%0.3059.90%34.87%34.83-49.54%-0.70-5.07%38.85%-3.0956.14%002309.SZ中利科技12.89-42.34%13.89%14.6012.13%0.4623.81%20.39%1.2021.60%8.20%117.446.82%1.9733.27%3.65%4.7842.39%301310.SZ鑫宏业5.5314.32%-3.74%336.417.88%0.32-2.25%53.57%0.93698.25%3.31%1,193.782.07%8.8643.79%-25.85%26.3630.38%002276.SZ万马股份45.0517.25%3.61%3,828.3912.30%80.98-15.41%-8.57%263.416.70%600973.SH宝胜股份113.994.86%合计439.856.53%一次设备1,363.4710.48%数据来源：Wind，东吴证券研究所2.2.一次设备板块毛利率、归母净利率均略有提升一次设备板块2023Q1-Q3毛利率、归母净利率下降，主要系2023Q3毛利率和归母净利率同比环比均下跌拖累。2023Q1-Q3一次设备板块毛利率21.12%，同比-0.65pct；归母净利率6.88%，同比-0.36pct。2023Q3毛利率为19.98%，同比-2.37pct，环比-0.60pct，板块归母净利率为5.94%，同比-1.82pct。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23Q3Q3同比Q3环比23Q1-Q3同比23Q3Q3同比Q3环比23Q1-Q3同比600089.SH特变电工23.31%-13.18pct-2.2pct29.31%-8.28pct8.02%-8.06pct-3.65pct12.74%-4.39pct601179.SH中国西电17.23%2.12pct2.38pct16.75%0.67pct2.25%0.18pct-2.94pct3.82%0.26pct600550.SH保变电气19.49%-4.79pct-5.51pct19.80%-1.79pct-4.30%-2.40pct2.22pct-3.55%-3.57pct002112.SZ三变科技20.45%-0.18pct-2.83pct19.12%0.58pct4.89%1.53pct2.45pct3.49%0.50pct600580.SH卧龙电驱24.05%-0.01pct2.43pct25.19%1.35pct7.08%0.05pct-1.43pct7.44%0.47pct300140.SZ中环装备36.84%17.98pct13.28pct34.91%12.85pct14.90%26.06pct-0.66pct14.55%15.18pct600312.SH平高电气21.41%3.37pct-2.64pct19.98%1.63pct8.35%5.42pct1.97pct7.42%4.51pct002028.SZ思源电气31.80%5.11pct4.81pct30.11%4.09pct13.66%1.89pct-1.74pct13.38%2.16pct600290.SHST华仪17.65%-19.99pct-5.46pct24.54%-7.47pct-44.92%8.52pct-16.73pct-55.63%15.06pct002452.SZ长高电新37.72%8.91pct8.13pct34.69%3.2pct19.11%8.49pct3.86pct15.41%4.89pct600379.SH宝光股份21.55%4.67pct1.83pct17.34%1.11pct6.73%1.19pct1.34pct4.93%0.49pct002545.SZ东方铁塔25.01%-17.36pct-6.85pct29.99%-10.29pct14.22%-13.85pct-7.45pct18.80%-7.16pct601700.SH风范股份7.90%1.48pct0.45pct9.69%1.14pct1.17%2.63pct-1.26pct1.79%0.06pct000551.SZ创元科技21.87%1.33pct-1.15pct21.51%0.21pct4.60%1.58pct-0.08pct4.28%0.36pct002606.SZ大连电瓷23.65%-7.11pct-8.87pct26.76%-6.8pct1.27%-15.44pct-6.58pct7.06%-10.14pct300069.SZ金利华电21.57%6.1pct16.19pct24.92%0.33pct3.44%25.76pct-1.42pct-0.36%-2.30pct002576.SZ通达动力14.76%-0.31pct0.44pct15.33%1.71pct4.48%1.21pct-2.28pct5.45%1.86pct300120.SZ经纬辉开13.17%-1.43pct2.59pct12.41%-3.53pct2.72%0.30pct-0.31pct2.75%-0.71pct002270.SZ华明装备54.69%2.98pct5.29pct54.47%5.53pct31.63%9.10pct-2.35pct31.57%7.65pct合计23.48%-6.6pct-1.56pct26.52%-3.74pct7.75%-3.96pct-2.70pct10.41%-1.78pct中压电气23Q3Q3同比Q3环比23Q1-Q3同比23Q3Q3同比Q3环比23Q1-Q3同比002358.SZ森源电气28.44%2.34pct4.35pct27.04%1.65pct8.81%2.10pct6.58pct4.74%1.28pct300510.SZ金冠股份26.88%5.99pct-0.66pct27.21%5.68pct2.38%-0.21pct-6.09pct5.16%3.43pct002922.SZ伊戈尔24.47%1.34pct3.89pct21.34%0.74pct7.96%-0.80pct0.34pct6.57%-0.39pct请务必阅读正文之后的免责声明部分13/23东吴证券研究所行业深度报告301291.SZ明阳电气24.63%2.99pct2.68pct22.96%1pct11.13%2.34pct1.20pct9.66%1.16pct12.80%-8.53pct3.41pct13.58%-8.71pct3.88%-3.02pct10.41pct0.91%-10.47pct301012.SZ扬电科技53.46%1.86pct3.2pct49.97%5.45pct4.14%-4.43pct-0.38pct3.12%6.40pct10.92%-8.86pct4.14pct17.40%-3.77pct2.70%-2.53pct89.29pct-27.93%-36.19pct002622.SZ皓宸医疗17.58%6.05pct7.04pct17.19%3.12pct4.13%8.26pct6.55pct4.09%9.68pct11.26%-18.84pct-12.76pct12.21%-15.02pct-12.80%-13.90pct-4.96pct-8.50%-13.46pct300423.SZ昇辉科技15.14%-2.98pct1.04pct15.56%-0.41pct-3.20%-4.42pct0.29pct-3.17%-1.33pct23.25%-0.57pct2.51pct26.27%0.26pct7.88%-0.87pct-1.51pct8.24%1.44pct300444.SZ双杰电气33.49%1.88pct-2.79pct30.40%-0.35pct0.14%-11.56pct-6.55pct2.89%-6.28pct14.66%-2.68pct4.63pct14.85%-1.65pct-0.47%-1.01pct-1.18pct-2.52%-0.17pct300477.SZ合纵科技17.97%-1.09pct-0.89pct15.93%-0.43pct0.47%-3.48pct-1.42pct2.07%2.87pct15.87%-8.18pct19.16%-3.51pct0.94%-0.39pct-3.21pct2.48%-0.44pct600192.SH长城电工36.88%10.18pct8pct36.64%9.09pct12.13%3.33pct-4.30pct13.46%4.25pct22.78%2.44pct5.67pct22.16%2.88pct7.56%1.59pct1.06pct6.98%1.71pct600353.SH旭光电子29.02%0.41pct-1.7pct29.49%1.8pct11.41%1.36pct-2.10pct11.92%0.85pct19.08%-11.04pct-0.88pct21.52%-6.04pct9.96%-6.05pct3.36pct10.86%-2.80pct601616.SH广电电气15.28%-6.75pct-11.68pct19.77%-0.57pct8.41%-5.45pct-2.71pct10.96%-0.64pct29.88%0.49pct-5.42pct29.94%3.90pct16.25%0.61pct-3.36pct18.29%3.60pct002350.SZ北京科锐23.03%0.01pct-0.87pct21.77%0.21pct8.46%0.28pct3.48pct6.75%-2.40pct21.18%-5.12pct2.85pct23.03%-2.36pct6.96%0.29pct-1.75pct7.75%0.08pct603861.SH白云电器21.20%-1.88pct-1.42pct21.33%-0.73pct5.34%-1.05pct4.43pct4.01%-1.38pct23Q3Q3同比-0.21pct23Q1-Q323Q3Q3同比Q3环比23Q1-Q3300062.SZ中能电气23.96%-1.9pctQ3环比22.87%同比7.36%-5.80pct1.57pct7.02%同比31.51%-6.86pct2.4pct31.79%-0.41pct10.89%-3.15pct-1.04pct10.18%-2.16pct688517.SH金冠电气6.65%-2.45pct0.71pct7.86%-3.01pct-1.28%-1.90pct-7.58pct2.12%-1.55pct24.94%0.23pct-5.21pct24.97%-2.96pct6.20%-0.03pct-0.65pct6.30%1.05pct688676.SH金盘科技34.02%3.97pct2.86pct33.57%2.2pct11.71%-0.71pct-2.54pct12.00%0.70pct7.09%-1.27pct2.74pct9.73%2.26pct1.49%-1.04pct0.03pct2.94%0.22pct688663.SH新风光26.91%0.31pct-8.5pct26.84%-0.34pct5.85%0.06pct-1.02pct7.07%-0.53pct28.80%-0.04pct3.21pct28.84%1.03pct10.68%-2.34pct-0.46pct10.69%1.95pct300982.SZ苏文电能21.64%-0.86pct-2.16pct21.39%0.26pct6.40%-3.86pct0.50pct6.59%-0.22pct23Q3Q3同比0.27pct23Q1-Q30.04pct23Q3Q3同比Q3环比23Q1-Q3-1.31pct603191.SH望变电气26.08%-0.1pctQ3环比29.07%3.32%-4.20pct13.65pct-2.32%38.59%6.88pct-0.63pct33.62%同比22.22%8.22pct4.03pct17.86%同比688190.SH云路股份41.53%-8.62pct1.13pct43.24%1.86pct8.52%-8.11pct-3.82pct10.34%2.58pct46.98%1.41pct0.21pct47.79%5.23pct21.76%6.31pct2.70pct19.86%7.70pct603097.SH江苏华辰46.83%4.68pct1.36pct43.87%-6.67pct34.23%4.34pct-5.03pct35.43%-3.91pct36.41%2.32pct6.7pct34.12%1.86pct1.27%8.93pct-14.42pct24.98%1.94pct603050.SH科林电气36.15%-17.31pct-2.17pct39.79%3.99pct4.58%7.95pct-88.57pct22.75%7.01pct40.79%7.35pct2.41pct37.64%0.55pct21.43%2.28pct-0.16pct19.25%20.65pct合计40.57%3.46pct4.20pct40.68%-14.9pct20.25%2.77pct-0.73pct20.84%32.29pct39.39%-4.53pct-1.55pct39.53%7.70pct2.10%-9.87pct-8.86pct2.47%9.31pct低压电器-1.67pct3.68pct1.71pct-2.32pct-1.66pct601877.SH正泰电器002927.SZ泰永长征300283.SZ温州宏丰600468.SH百利电气002706.SZ良信股份002441.SZ众业达605066.SH天正电气603016.SH新宏泰合计智能用电002121.SZ科陆电子601567.SH三星医疗300183.SZ东软载波300286.SZ安科瑞300360.SZ炬华科技002546.SZ新联电子300139.SZ福星晓程300514.SZ友讯达688100.SH威胜信息603421.SH鼎信通讯请务必阅读正文之后的免责声明部分14/23东吴证券研究所行业深度报告603556.SH海兴电力43.31%0.07pct-0.34pct40.13%2.33pct23.31%1.96pct-0.75pct23.28%3.60pct1.23pct36.45%2.46pct15.87%1.04pct-1.05pct15.37%4.36pct合计37.58%1.05pctQ3环比23Q1-Q323Q3Q3同比Q3环比23Q1-Q3-0.11pct5.22%同比1.54%-0.12pct-0.28pct1.64%同比电线电缆23Q3Q3同比-0.41pct11.33%0.84pct2.93%0.27pct-0.24pct3.27%0.10pct-1.57pct9.53%0.08pct1.48%-2.21pct-2.42pct2.79%0.52pct002300.SZ太阳电缆5.13%0.84pct1.02pct12.25%1.87pct1.68%0.74pct0.20pct1.41%0.64pct2.01pct19.19%0.39pct5.73%4.51pct0.88pct5.26%-0.18pct002533.SZ金杯电工11.03%0.53pct-2.78pct42.40%0.82pct12.59%-3.48pct1.48pct11.63%2.17pct-1.39pct45.49%-0.24pct12.29%-8.04pct-1.01pct15.54%-2.80pct002560.SZ通达股份8.96%-0.04pct-4.12pct15.05%-0.38pct1.71%0.83pct-1.34pct2.16%-3.72pct-0.47pct9.51%1.11pct0.26%-0.43pct-16.72pct5.92%0.48pct002692.SZ远程电缆12.63%0.48pct8.51pct62.31%-0.86pct-5.63%31.09pct16.91pct-15.07%6.64pct0.27pct12.15%1.09pct1.53%-0.49pct1.80pct1.17%13.62pct300265.SZ通光线缆20.89%2.46pct3.18pct20.14%2.25pct9.82%3.07pct0.84pct9.78%-0.14pct-2.89pct12.61%-0.01pct0.93%-1.43pct-2.35pct2.21%0.46pct300341.SZ麦迪电气43.18%-1.33pct-1.61pct17.80%0.43pct1.12%3.87pct-2.23pct1.89%-0.86pct2.11pct13.86%0.05pct-5.46%-2.46pct6.59pct-8.88%0.63pct300447.SZ全信股份43.58%-2.44pct1.01pct12.95%3.93pct8.29%0.64pct0.45pct8.20%-6.01pct-0.72pct13.64%-1.23pct4.37%0.52pct-0.19pct4.07%0.64pct603618.SH杭电股份13.37%-0.04pct-0.32pct5.32%0.39pct0.28%-0.02pct0.11pct0.28%1.02pct-0.33pct11.66%0.47pct2.02%0.52pct-0.79pct2.21%0.24pct002471.SZ中超控股9.76%-1.02pct-0.60pct21.12%0.48pct5.94%-1.82pct-0.79pct6.88%0.48pct-0.65pct-0.36pct002212.SZ南洋股份73.03%20.77pct002451.SZ摩恩电气12.09%3.17pct002498.SZ汉缆股份20.37%2.36pct600869.SH智慧能源10.77%-1.01pct603333.SH明星电缆16.55%1.09pct002309.SZ中利科技16.60%5.48pct301310.SZ鑫宏业12.92%-0.42pct002276.SZ万马股份13.24%-0.72pct600973.SH宝胜股份5.18%-0.17pct合计11.54%0.36pct一次设备19.98%-2.37pct数据来源：Wind，东吴证券研究所2023Q1-3一次设备板块现金净流入同比大幅增长，2023Q3经营性现金净流入同比稳健增长。2023Q1-3现金流为净流入204.82亿元，2022Q1-3净流入109.12亿元，同比+87.69%。2023Q3经营活动现金净流入126.89亿元，相比上年同期的净流入99.53亿元实现稳健增长。图14：一次设备公司经营净现金流情况（亿元）代码公司经营净现金流特高压/高压板块2022Q32022Q42023Q12023Q22023Q323Q3同比23Q3环比22Q1-323Q1-3Q1-3同比600089.SH特变电工65.4347.9165.3856.9438.42-41.28%-32.53%169.61160.75-5.22%601179.SH中国西电-13.0619.80-19.06-4.7212.91198.88%373.89%-14.72-10.86-26.20%600550.SH保变电气-1.201.15-0.81-1.57-0.3074.91%80.83%-4.87-2.67-45.11%002112.SZ三变科技-0.270.16-0.73-0.21-0.60-119.00%-181.25%-0.75-1.54106.26%600580.SH卧龙电气2.574.89-0.136.422.767.08%-57.03%7.039.0528.64%300140.SZ启源装备0.220.34-0.196.606.022668.74%-8.82%0.9512.431208.04%600312.SH平高电气3.2913.210.381.996.72104.47%237.75%0.769.091089.54%002028.SZ思源电气3.5510.94-4.003.877.12100.78%84.13%-0.396.98-1877.79%600290.SH华仪电气-0.12-0.10-0.42-0.090.31363.05%426.97%0.66-0.21-131.53%002452.SZ长高电新-0.062.120.20-0.361.372480.40%483.54%0.151.21689.32%请务必阅读正文之后的免责声明部分15/23东吴证券研究所行业深度报告600379.SH宝光股份0.081.20-1.090.500.39420.87%-21.77%0.68-0.19-128.35%1.57-3.100.585.697.64387.09%34.31%6.3313.91119.77%002545.SZ东方铁塔2.143.531.410.05-2.38-211.29%-5137.38%0.94-0.92-198.23%2.211.50-0.130.170.39-82.38%132.67%2.780.42-84.79%601700.SH风范股份0.191.851.000.290.06-70.72%-80.32%1.511.34-11.15%0.12-0.130.090.050.07-42.13%46.60%-0.200.22-209.56%000551.SZ创元科技0.02-0.960.040.130.07277.15%-44.62%0.110.25137.08%-0.53-0.25-0.75-0.29-0.95-79.03%-225.24%-0.15-1.991267.06%002606.SZ大连电瓷0.921.58-0.234.890.72-21.94%-85.29%3.395.3858.73%67.07105.6541.5580.3480.7520.40%0.51%173.83202.6416.57%300069.SZ金利华电2022Q32022Q42023Q12023Q22023Q323Q3同比23Q3环比22Q1-323Q1-3Q1-3同比-0.15-0.29-0.210.180.20237.21%9.93%-1.370.17-112.64%002576.SZ通达动力0.590.41-0.47-1.10-3.35-669.45%-204.72%-1.27-4.91286.96%0.720.690.130.540.08-89.41%-86.01%1.170.74-36.35%300120.SZ经纬电材0.231.98-1.102.13-0.29-227.23%-113.85%0.900.73-18.84%0.100.370.03-0.04-0.21-311.63%-490.33%-0.65-0.21-67.17%002270.SZ华明装备0.310.370.030.140.28-9.97%93.97%-0.050.46-992.70%1.851.711.500.16-2.37-228.17%-1574.01%0.01-0.71-7941.15%合计-0.66-0.64-0.190.521.68353.29%221.74%-1.452.00-237.83%2.30-2.45-4.862.78-2.83-222.72%-201.67%0.06-4.91-8575.23%中压电气-0.47-1.610.95-0.01-0.97-106.23%-10954.77%-0.60-0.03-94.49%-0.140.22-0.920.07-0.36-153.28%-625.04%-0.61-1.2297.81%002358.SZ森源电气0.880.360.170.030.21-76.00%585.75%1.070.41-61.57%0.960.92-0.360.020.45-53.46%2021.50%0.740.11-85.29%300510.SZ金冠股份3.706.36-0.56-0.57-0.60-116.10%-4.68%0.88-1.72-294.58%0.720.71-1.230.290.65-10.16%124.44%0.39-0.30-175.84%002922.SZ伊戈尔0.050.470.43-0.040.17217.51%488.05%0.200.56185.78%-0.442.78-1.89-1.050.54223.23%151.61%-3.83-2.40-37.33%301291.SZ明阳电气0.060.87-0.12-0.880.60858.93%168.23%-0.33-0.4019.83%-0.031.47-2.600.49-0.17-419.15%-134.74%-3.66-2.28-37.74%301012.SZ扬电科技1.021.78-0.670.191.1916.67%544.61%0.270.71166.52%-0.110.990.940.59-0.0372.13%-105.36%-1.761.50-185.25%002622.SZ永大集团-0.140.390.060.00-0.75-439.70%-23856.87%-1.18-0.70-40.86%-1.350.68-0.720.060.85162.59%1406.15%-3.830.18-104.82%300423.SZ鲁亿通-0.15-0.29-0.210.180.20237.21%9.93%-1.370.17-112.64%9.9918.55-11.654.50-5.04-150.47%-211.97%-14.91-12.19-18.26%300444.SZ双杰电气2022Q32022Q42023Q12023Q22023Q323Q3同比23Q3环比22Q1-323Q1-3Q1-3同比-11.3477.73-10.513.8023.00116.81%136.17%-15.42-6.7156.50%300477.SZ合纵科技0.140.34-0.31-0.050.45-108.24%84.35%0.19-0.36-295.83%-0.04-0.01-0.300.34-0.82175.70%214.40%-1.240.04103.43%600192.SH长城电工-0.681.72-0.641.07-0.61-32.58%266.44%0.860.43-50.74%-0.023.36-1.272.751.60-19.48%316.16%1.271.4816.08%600353.SH旭光电子-0.385.55-1.56-0.500.18-124.56%67.88%-1.25-2.06-64.58%601616.SH广电电气002350.SZ北京科锐603861.SH白云电器300062.SZ中能电气688517.SH金冠电气688676.SH金盘科技688663.SH新风光300982.SZ苏文电能603191.SH望变电气688190.SH云路股份603097.SH江苏华辰002358.SZ森源电气603050.SH科林电气合计低压电器601877.SH正泰电器002927.SZ泰永长征300283.SZ温州宏丰600468.SH百利电气002706.SZ良信股份002441.SZ众业达请务必阅读正文之后的免责声明部分16/23东吴证券研究所行业深度报告605066.SH天正电气1.200.600.670.781.671310.80%15.20%-0.621.45333.90%0.280.14467.23%30.58%0.210.50141.58%603016.SH新宏泰0.130.510.228.4725.60333.01%202.36%-26.9920.37-175.49%2023Q22023Q323Q3同比23Q3环比22Q1-323Q1-3Q1-3同比合计-10.9989.79-13.702.292.45259.28%6.73%1.144.90330.17%-0.681.15-60.82%269.31%2.232.9431.55%智能用电2022Q32022Q42023Q10.120.23301.67%89.42%-0.940.06-106.44%1.040.6420.99%-37.89%0.701.2984.43%002121.SZ科陆电子0.683.300.160.202.14826.24%995.18%1.862.8151.33%-0.62-0.44-937.37%27.74%-0.73-0.8921.21%601567.SH三星医疗2.949.992.460.070.31269.20%348.41%-0.550.06-111.07%-0.060.7745.87%1397.49%-1.081.60-248.28%300183.SZ东软载波0.06-0.75-0.300.121.76150.99%1383.87%0.572.26297.36%-2.791.0978.69%139.01%-4.19-1.90-54.76%300286.SZ安科瑞0.530.93-0.393.213.4256.55%6.42%5.156.8432.84%2.9013.5264.03%366.60%4.1519.98381.35%300360.SZ炬华科技0.233.420.482023Q22023Q323Q3同比23Q3环比22Q1-323Q1-3Q1-3同比-4.411.21-66.61%127.47%-6.72-6.963.59%002546.SZ新联电子-0.041.860.172.04-1.09-137.14%-153.39%2.80-6.93-347.29%-0.48-0.7175.89%-48.08%-2.53-1.96-22.28%300139.SZ福星晓程-0.180.34-0.32-0.600.97-4.76%260.25%-0.35-0.98185.26%-0.02-0.3621.88%-1941.42%-1.48-1.00-32.72%300514.SZ友讯达0.530.950.890.160.78-8.86%384.89%0.941.5464.31%0.62-0.59-39.64%-195.05%-3.27-0.08-97.40%688100.SH威胜信息0.702.010.38-0.85-0.45-198.69%47.04%-5.380.18-103.33%0.44-0.92-164.62%-309.06%2.18-0.90-141.35%603421.SH鼎信通讯0.611.35-0.19-2.491.12133.45%145.08%-8.72-1.87-78.53%0.590.41360.75%-30.80%-1.050.46-144.07%603556.SH海兴电力2.181.600.21-1.022.32524.94%326.29%-4.292.32-154.16%-1.592.44-4.51%253.53%0.563.09451.88%合计8.2425.003.57-0.630.49470.11%178.76%0.250.14-44.04%0.201.39403.59%592.45%-0.521.72-433.45%电线电缆2022Q32022Q42023Q11.37-0.66-470.40%-148.57%0.820.34-57.92%4.735.68-61.24%20.16%-2.27-8.04254.08%002300.SZ太阳电缆3.637.13-3.773.640.04-99.34%-98.95%2.09-7.04-437.77%1.7112.07-52.15%606.57%-26.95-25.98-3.59%002533.SZ金杯电工2.944.11-7.8897.92126.8927.50%29.59%109.12204.8287.69%002560.SZ通达股份-2.960.31-0.77002692.SZ远程电缆1.010.65-1.35300265.SZ通光线缆-0.462.36-0.62300341.SZ麦迪电气0.861.460.59300447.SZ全信股份-0.421.21-0.12603618.SH杭电股份0.454.851.47002471.SZ中超控股1.42-1.06-0.42002212.SZ南洋股份-3.366.01-0.50002451.SZ摩恩电气-0.160.56-0.54002498.SZ汉缆股份-0.556.261.03600869.SH智慧能源2.562.672.24603333.SH明星电缆0.091.080.27002309.SZ中利科技-0.464.390.13301310.SZ鑫宏业0.181.34-0.36002276.SZ万马股份14.659.17-18.44600973.SH宝胜股份5.791.91-10.73合计25.2254.41-39.76一次设备99.53293.41-19.99数据来源：Wind，东吴证券研究所注：部分数据为“0.00”为保留两位小数所致3.二次设备板块收入稳增，龙头持续温和增长请务必阅读正文之后的免责声明部分17/23东吴证券研究所行业深度报告3.1.二次设备整体稳健，龙头持续温和增长二次设备板块2023Q1-3延续稳健态势，龙头国电南瑞、民营头部企业四方股份2023Q3表现亮眼。二次设备板块我们选取的企业共有13家。2023Q1-3二次设备板块实现收入608.24亿元，同比+10.35%；实现归母净利润62.97亿元，同比+9.04%。2023Q3板块收入212.41亿元，同比+9.55%；归母净利润23.54亿元，同比+6.42%。二次设备板块整体稳健，局部调度、配网智能化、新能源相关二次设备等方向结构性表现突出：龙头国电南瑞2023Q1-3营收同比+11.52%、归母净利润同比+13.83%；2023Q3营收同比+11.01%、归母净利润同比+7.54%，业绩稳健增长主要系电力自动化等业务结构性增长、费用率控制较好所致。民营二次龙头四方股份2023Q1-3营收同比+17.71%、归母净利润同比+18.90%；2023Q3营收同比+13.07%、归母净利润同比+23.38%，系新能源订单持续高增、电网业务增长较好，叠加公司降本增效、优化产品结构所致。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）收入归母净利润代码公司名称23Q3Q3同比Q3环比23Q1-Q3Q1-Q3同比23Q3Q3同比Q3环比23Q1-Q3Q1-Q3同比600406.SH国电南瑞103.1711.01%-14.41%285.6711.52%16.617.54%-15.82%41.6113.83%0.93-50.73%-18.27%600131.SH国网信通11.14-34.00%-25.91%39.39-15.00%0.20-48.21%-47.82%3.42205.73%-13.23%51.1218.55%1.6623.38%18.90%600268.SH国电南自18.5418.90%-19.20%42.3717.71%2.2415.58%-71.16%0.5819.13%-7.82%106.6416.98%-0.0488.58%0.86%601126.SH四方股份13.6713.07%-10.67%12.8712.62%1.4224.76%-22.09%5.2122.69%15.67%41.0017.06%0.6317.29%8.39%000400.SZ许继电气35.5018.87%36.17%6.1011.22%-43.91%7.72-60.33%0.23-86.30%0.23-69.55%-60.89%002339.SZ积成电子5.0731.27%-19.10%6.36-23.11%-0.0172.83%-158.18%-0.70-25.95%-66.71%0.983.78%-0.4033.37%-562.49%000682.SZ东方电子15.8220.32%-19.35%3.83-35.16%0.0543.83%13.24%3.4543.82%-7.91%11.6920.70%23.546.42%002322.SZ理工能科2.6916.65%-12.16%608.2410.35%17.81%1.349.04%300356.SZ光一科技-0.35688330.SH宏力达1.87-19.95%-32.08%1.12688611.SH杭州柯林0.1511.13%-108.66%0.20603666.SH亿嘉和1.04-2.16%30.50%-0.87002090.SZ金智科技3.7513.16%-42.42%0.23合计212.419.55%-21.85%62.97数据来源：Wind，东吴证券研究所注：光一科技已退市，无Q3数据3.2.二次设备2023Q1-3整体毛利率小幅增长、归母净利率微降二次设备2023Q1-3毛利率小幅增长，归母净利率同比微降，延续一贯的稳健趋势。2023Q1-3板块毛利率为27.55%，同比+0.27pct；归母净利率为10.35%，同比-0.12pct。2023Q3板块毛利率为28.60%，同比+0.39pct，环比+0.39pct，归母净利率11.08%，同比-0.33pct。请务必阅读正文之后的免责声明部分18/23东吴证券研究所行业深度报告图16：二次设备公司毛利率和净利润率变动情况分析表（亿元）毛利率归母净利率代码公司名称23Q3Q3同比Q3环比23Q1-Q3Q1-Q3同比23Q3Q3同比Q3环比23Q1-Q3Q1-Q3同比600406.SH国电南瑞30.49%0.63pct1.17pct29.26%0.99pct16.10%-0.52pct-0.27pct14.56%0.29pct8.32%-2.83pct600131.SH国网信通25.17%5.08pct5.71pct20.57%1.28pct1.09%-1.41pct-3.49pct8.69%-0.35pct-0.47pct22.44%-0.02pct12.16%1.02pct600268.SH国电南自21.78%-1.63pct1.32pct36.29%2.00pct6.30%-0.18pct-2.18pct1.13%0.69pct-4.71pct18.73%-2.12pct-0.71%7.47pct601126.SH四方股份36.69%2.98pct0.69pct29.36%1.60pct8.99%0.32pct-0.45pct12.31%0.12pct-0.83pct32.95%1.20pct23.48%0.13pct000400.SZ许继电气18.71%-3.06pct-5.87pct64.89%-3.45pct-4.06pct7.24%0.13pct48.23%19.46pct12.46%-20.29pct002339.SZ积成电子29.56%1.51pct-0.91pct44.40%-7.51pct-4.41%13.61pct-1.80pct-5.42%0.63pct56.83pct66.34%4.62pct-38.50%18.03pct000682.SZ东方电子33.33%1.83pct13.95pct34.38%-2.48pct1.38%0.29pct-0.19pct8.40%0.39pct1.85pct25.20%0.17pct11.08%-0.33pct002322.SZ理工能科62.43%-5.63pct0.39pct27.55%0.27pct-3.66pct21.95%-0.57pct300356.SZ光一科技-152.91%-100.08pct688330.SH宏力达43.98%-7.85pct-2.38pct17.63%-17.03pct688611.SH杭州柯林108.19%33.72pct-21.33pct20.51%-8.24pct603666.SH亿嘉和32.92%19.90pct6.18pct-22.58%-25.75pct002090.SZ金智科技26.82%-2.46pct-0.83pct1.99%0.32pct合计28.60%0.39pct-1.37pct10.35%-0.12pct数据来源：Wind，东吴证券研究所注：光一科技已退市，无Q3数据2023Q1-3二次设备板块现金流同比大幅上升，2023Q3经营性现金净流入同比增长明显。2023Q1-3二次设备板块现金流为净流入29.63亿元，2022年同期现金流为净流入9.01亿元。2023Q3板块经营现金流净流入35.66亿元，2022年同期净流入27.43亿元，现金流相较上年同期流入增长明显。图17：二次设备公司经营净现金流情况（亿元）代码公司名称经营净现金流二次设备2022Q32022Q42023Q12023Q22023Q323Q3同比23Q3环比2022Q1-32023Q1-3Q1-3同比600406.SH国电南瑞14.1867.67-20.2820.4520.2042.43%-1.23%19.9320.382.26%600131.SH国网信通0.6115.85-6.14-0.401.0265.80%352.75%-7.34-5.52-24.78%600268.SH国电南自1.338.36-5.30-0.160.88-33.42%662.96%-3.79-4.5720.58%601126.SH四方股份3.085.32-0.631.073.379.34%214.62%1.783.81113.64%000400.SZ许继电气8.2111.60-0.9210.135.48-33.25%-45.88%5.7114.69157.23%002339.SZ积成电子0.073.16-1.440.00-0.13-295.07%-4039%-1.85-1.57-15.20%000682.SZ东方电子1.417.00-1.270.702.6487.45%278.52%-2.872.07-171.96%002322.SZ理工能科0.672.18-0.530.441.2383.90%179.57%0.221.14422.84%300356.SZ光一科技0.250.09-0.99-0.18-0.99437.48%688330.SH宏力达-1.432.71-0.23-0.540.58140.32%207.55%-3.06-0.19-93.77%688611.SH杭州柯林-0.17-0.020.34-0.12-0.0572.31%59.73%0.230.18-22.67%603666.SH亿嘉和-0.81-0.270.86-0.03-0.85-5.60%-3262%1.45-0.02-101.15%002090.SZ金智科技0.022.14-0.85-0.201.286968.49%745.11%-1.210.23-119.07%27.43125.79-37.3931.3635.6630.01%13.72%9.0129.63229.00%小计数据来源：Wind，东吴证券研究所注：光一科技已退市，无Q2、Q3数据；部分数据为“0.00”为保留两位小数所致请务必阅读正文之后的免责声明部分19/23东吴证券研究所行业深度报告4.工控Q3缓慢复苏，龙头企业稳中求进4.1.工控板块市场静待复苏，龙头企业稳中求进工控行业缓慢复苏，龙头企业稳中求进，其中汇川、伟创电气收入快速增长，其他二线品牌收入稳住、利润同降居多。2023Q1-Q3工控板块实现收入716.67亿元，同比+18.23%，实现归母净利润81.1亿元，同比+13.27%。2023Q3实现收入247.09亿元，同比+14.32%，环比-4.98%；实现归母净利润26.59亿元，同比-8.02%。环比-13.22%；其中汇川技术2023Q3实现收入76.7亿元，同比+31.24%；伟创电气2023Q3实现收入3.21亿元，同比+42.52%。而禾川/雷赛/信捷/正弦2023Q3收入同比+20.68%/+28.07%/+10.60%/+15.42%，利润同比-60.50%/-82.56%/+7.32%/-15.67%。图18：工控公司收入和归母净利润变动情况分析表（亿元）收入归母净利润Q3环比23Q1-Q3代码公司名称23Q3Q3同比Q3环比23Q1-Q3Q1-Q3同比23Q3Q3同比Q1-Q3同比12.4211.94%7.60%300124.SZ汇川技术76.731.24%0.02%201.2123.89%0.13-60.50%-6.57%33.19-29.72%0.04-79.67%-64.83%688320.SH禾川科技2.8320.68%-13.13%8.8526.14%0.79-5.78%-53.99%0.6385.73%-0.45-152.70%300484.SZ蓝海华腾0.75-28.64%-7.47%2.23-31.18%3.624.22%-39.06%0.22-282.58%0.517.32%10.33%002334.SZ英威腾10.97-2.24%-8.00%33.0213.89%0.9316.18%-37.29%3.01-15.43%0.43-2.47%58.57%002527.SZ新时达8.395.42%0.98%25.827.41%0.07-10.10%-654.36%0.7916.64%-0.33-624.25%-22.92%600885.SH宏发股份32.585.45%-3.96%99.310.84%1.230.96%-4.92%10.68-2204.32%1.91-16.55%54.39%603416.SH信捷电气3.6310.60%-7.00%10.817.56%-0.23-109.41%-19.66%1.5554.89%2.4156.46%3.97%002851.SZ麦格米特15.924.10%-7.90%48.7622.34%1.1-0.17%-59.35%4.8330.82%0.31-65.76%-11.99%002747.SZ埃斯顿9.8411.01%-21.56%32.2626.88%0.721304.91%-21.14%1.4-47.53%0.11-15.67%32.31%603015.SH弘讯科技1.5-2.55%-30.21%5.25-9.96%0.539.80%-55.34%0.335.93%0.12-48.05%36.90%300048.SZ合康新能2.7-23.54%-30.89%9.922.10%0.07-62.15%-1013.00%-0.35-34.37%0.17-82.56%-47.41%002335.SZ科华数据21.0547.25%10.43%55.0251.04%26.59-8.02%-30.74%4.45-55.89%13.27%002518.SZ科士达12.462.25%-12.25%40.6848.51%-28.63%6.92002169.SZ智光电气5.81-7.74%-34.42%19.0724.48%49.17%0.36300376.SZ易事特12.08-0.40%-1.93%38.332.08%39.22%5.22603025.SH大豪科技4.7621.62%-6.35%14.1124.02%0.56%2.91603728.SH鸣志电器6.1-28.79%-7.05%19.16-9.80%47.44%0.84300681.SZ英搏尔5.46.25%16.73%12.6-8.48%437.23%0.43688395.SH正弦电气0.9115.42%-12.09%2.949.87%-37.30%0.45688698.SH伟创电气3.2142.52%-5.65%9.4542.05%-21.77%1.57688160.SH步科股份1.32-4.07%1.80%3.67-6.87%-29.96%0.43300932.SZ三友联众4.773.03%-2.69%13.64-4.02%-58.41%0.31002979.SZ雷赛智能3.4128.07%-14.42%10.5412.13%-57.72%0.92合计247.0914.32%-4.98%716.6718.23%-13.22%81.1数据来源：Wind，东吴证券研究所请务必阅读正文之后的免责声明部分20/23东吴证券研究所行业深度报告4.1.工控行业整体毛利率略有上升，归母净利率有所下降2023Q3工控行业整体毛利率同比上升，但利润率承压，2023Q3归母净利率有所下降。2023Q1-Q3板块毛利率为31.77%，同比+0.85pct。归母净利率为11.32%，同比-0.50pct。2023Q3板块毛利率32.24%，同比+1.07pct，环比+0.36pct。归母净利率为10.76%，同比-2.61pct，环比-1.02pct。图19：工控公司毛利率和归母净利率变动情况分析表毛利率归母净利率代码公司名称23Q3Q3同比Q3环比23Q1-Q3Q1-Q3同比23Q3Q3同比Q3环比23Q1-Q3Q1-Q3同比35.78%-0.18pct16.20%-2.79pct-1.14pct16.50%-2.50pct300124.SZ汇川技术34.98%-0.26pct-1.14pct29.85%-2.94pct4.63%-9.52pct-4.11pct7.13%-5.67pct30.04%-3.31pct-0.36pct37.66%-1.00pct5.68%-14.26pct-2.94pct9.85%-9.42pct688320.SH禾川科技37.77%-0.19pct2.33pct31.64%1.34pct7.22%-0.27pct-3.37pct9.11%3.52pct31.97%0.72pct0.18pct18.39%0.49pct-5.35%-3.12pct-4.63pct3.07%4.87pct300484.SZ蓝海华腾16.95%-2.32pct-3.52pct35.59%1.23pct11.12%-0.13pct-0.11pct10.76%-0.05pct36.77%-0.19pct0.74pct33.66%-2.86pct13.96%-0.43pct-2.20pct14.30%-3.89pct002334.SZ英威腾35.27%0.89pct1.19pct25.09%1.56pct5.85%-0.40pct-7.40pct9.90%2.26pct25.21%1.46pct-0.67pct33.12%-0.25pct4.35%-0.60pct0.02pct4.35%-0.38pct002527.SZ新时达33.19%-0.62pct0.48pct36.64%1.79pct4.99%-0.42pct-2.81pct6.36%-1.07pct38.62%3.36pct2.33pct19.68%-4.14pct-12.22%-10.93pct-11.46pct-3.56%-3.73pct600885.SH宏发股份19.05%-1.36pct0.33pct29.01%-1.57pct5.86%-2.69pct-3.49pct8.09%0.18pct28.56%-1.38pct-0.38pct32.96%2.14pct15.32%-3.45pct-3.52pct17.00%0.70pct603416.SH信捷电气33.15%1.88pct-0.55pct17.80%14.21pct-3.91%-42.27pct1.13pct1.89%-0.37pct23.65%20.80pct10.11pct29.88%3.15pct19.91%7.24pct5.89pct13.62%2.99pct002851.SZ麦格米特35.65%7.30pct2.81pct39.21%-1.93pct23.01%-5.02pct1.58pct20.65%-8.45pct39.21%-1.24pct0.92pct36.69%-2.53pct5.03%-5.43pct1.86pct4.38%-3.15pct002747.SZ埃斯顿36.67%-3.63pct1.88pct15.08%1.74pct13.40%12.39pct18.04pct3.42%1.05pct19.60%8.24pct10.87pct32.39%3.24pct11.78%-4.34pct-4.74pct15.27%-0.57pct603015.SH弘讯科技31.78%3.89pct-3.60pct37.96%2.04pct15.61%-0.30pct-3.22pct16.60%-0.62pct37.11%-2.39pct-1.41pct38.37%1.45pct9.20%-7.78pct-4.17pct11.85%-4.97pct300048.SZ合康新能36.71%0.32pct-1.18pct19.50%3.24pct1.50%-2.58pct-2.00pct2.27%-1.87pct19.92%3.62pct0.53pct37.31%-2.44pct4.95%-31.39pct-5.07pct8.76%-13.50pct002335.SZ科华数据36.30%-2.03pct-1.21pct31.77%0.85pct10.76%-2.61pct-1.02pct11.32%-0.50pct32.24%1.07pct0.36pct002518.SZ科士达002169.SZ智光电气300376.SZ易事特603025.SH大豪科技603728.SH鸣志电器300681.SZ英搏尔688395.SH正弦电气688698.SH伟创电气688160.SH步科股份300932.SZ三友联众002979.SZ雷赛智能总计数据来源：Wind，东吴证券研究所注：部分数据为“0.00”为保留两位小数所致2023Q1-Q3工控板块经营现金流净流入有所增加，2023年三季度现金流同比有所下降。2023Q1-Q3工控板块经营活动现金净流入69.74亿元，同比增加44.21%，其中Q3板块现金流为净流入25.58亿元（2022年同期流入42.11亿元），现金流同比下降39.26%，环比下降14.77%。请务必阅读正文之后的免责声明部分21/23东吴证券研究所行业深度报告图20：工控公司经营净现金流情况（亿元）代码公司名称经营净现金流工控2022Q32022Q42023Q12023Q22023Q323Q3同比23Q3环比2022Q1-Q32023Q1-Q323Q1-Q3同比4.737.002114.49-31.00%300124.SZ汇川技术22.8111.012.760.360.07-69.29%48.17%-0.52-74.92%-0.950.63-0.04-2.060.53688320.SH禾川科技-0.98-0.38-0.070.741.67107.40%-79.91%-0.043.87-1538.97%1.46-0.040.750.54-1.21614.57%300484.SZ蓝海华腾0.170.70-1.928.765.66-121.37%-105.85%-7.2916.2-83.39%1.781.050.2313.451.0720.41%002334.SZ英威腾1.581.82-0.210.100.505.67%126.22%1.053.172.19%2.571.57-2.40-0.38-3.32-938.61%002527.SZ新时达-2.304.40-2.500.500.66132.62%1822.42%-1.881.0976.86%-0.08-0.300.790.630.4573.57%600885.SH宏发股份3.542.50-0.040.394.3759.70%-35.43%1.966.67-76.98%1.903.36-2.977.736.56-13.74%603416.SH信捷电气0.150.756.171.12-1.1550.61%-77.74%3.95-1.3866.17%-1.353.556.751.1413.08-220.64%002851.SZ麦格米特0.690.172.781.03-0.09-27.05%386.36%0.191.296772.21%0.340.830.444.151.44-68.94%002747.SZ埃斯顿-0.842.150.160.451.59-187.03%-252.27%-0.354.33-510.72%2.29-0.010.080.820.14427.24%603015.SH弘讯科技0.570.110.07-0.110.0016.58%31.91%0.57-0.34-74.89%-0.240.200.140.650.53-152.70%300048.SZ合康新能0.88-0.280.180.550.24-10.62%362.07%0.670.66-20.53%-0.130.531.270.690.95-5.58%002335.SZ科华数据1.568.21-0.85179.71%1016.44%1.16-18.36%30.0125.5869.74002518.SZ科士达4.404.6414.15-167.51%-188.38%48.3644.21%002169.SZ智光电气1.601.11-171.87%-202.37%300376.SZ易事特1.279.07431.84%89.97%603025.SH大豪科技2.83-1.97-103.01%-108.25%603728.SH鸣志电器0.410.436.86%-46.93%300681.SZ英搏尔1.18-2.2334.33%256.76%688395.SH正弦电气0.240.51-65.31%1628.66%688698.SH伟创电气0.541.15-99.79%101.06%688160.SH步科股份0.260.30-45.34%-30.23%300932.SZ三友联众0.640.98-63.12%-56.78%002979.SZ雷赛智能0.900.9941.44%138.35%小计42.1146.15-39.26%-14.77%数据来源：Wind，东吴证券研究所5.风险提示电网投资不及预期。公司目前收入主要集中在电网自动领域，若电网投资不及预期，将会影响电力设备招标量，从而对公司业绩造成不利影响。竞争加剧。电网设备发展较为成熟，产品标准化程度高，若在投标过程中面临较强的价格竞争，可能对公司业绩造成不利影响。市场拓展不及预期。公司若市场拓展不及预期，新建产能、营销投入等无法实现分摊，将存在影响公司盈利能力的风险。请务必阅读正文之后的免责声明部分22/23东吴证券研究所免责及评级说明部分免责声明东吴证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。本研究报告仅供东吴证券股份有限公司（以下简称“本公司”）的客户使用。本公司不会因接收人收到本报告而视其为客户。在任何情况下，本报告中的信息或所表述的意见并不构成对任何人的投资建议，本公司及作者不对任何人因使用本报告中的内容所导致的任何后果负任何责任。任何形式的分享证券投资收益或者分担证券投资损失的书面或口头承诺均为无效。在法律许可的情况下，东吴证券及其所属关联机构可能会持有报告中提到的公司所发行的证券并进行交易，还可能为这些公司提供投资银行服务或其他服务。市场有风险，投资需谨慎。本报告是基于本公司分析师认为可靠且已公开的信息，本公司力求但不保证这些信息的准确性和完整性，也不保证文中观点或陈述不会发生任何变更，在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。本报告的版权归本公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。经授权刊载、转发本报告或者摘要的，应当注明出处为东吴证券研究所，并注明本报告发布人和发布日期，提示使用本报告的风险，且不得对本报告进行有悖原意的引用、删节和修改。未经授权或未按要求刊载、转发本报告的，应当承担相应的法律责任。本公司将保留向其追究法律责任的权利。东吴证券投资评级标准投资评级基于分析师对报告发布日后6至12个月内行业或公司回报潜力相对基准表现的预期（A股市场基准为沪深300指数，香港市场基准为恒生指数，美国市场基准为标普500指数，新三板基准指数为三板成指（针对协议转让标的）或三板做市指数（针对做市转让标的）），具体如下：公司投资评级：买入：预期未来6个月个股涨跌幅相对基准在15%以上；增持：预期未来6个月个股涨跌幅相对基准介于5%与15%之间；中性：预期未来6个月个股涨跌幅相对基准介于-5%与5%之间；减持：预期未来6个月个股涨跌幅相对基准介于-15%与-5%之间；卖出：预期未来6个月个股涨跌幅相对基准在-15%以下。行业投资评级：增持：预期未来6个月内，行业指数相对强于基准5%以上；中性：预期未来6个月内，行业指数相对基准-5%与5%；减持：预期未来6个月内，行业指数相对弱于基准5%以上。我们在此提醒您，不同证券研究机构采用不同的评级术语及评级标准。我们采用的是相对评级体系，表示投资的相对比重建议。投资者买入或者卖出证券的决定应当充分考虑自身特定状况，如具体投资目的、财务状况以及特定需求等，并完整理解和使用本报告内容，不应视本报告为做出投资决策的唯一因素。东吴证券研究所苏州工业园区星阳街5号邮政编码：215021传真：（0512）62938527公司网址：http://www.dwzq.com.cn