研報掘金丨海通國際:國電南瑞業績符市場預期,維持“優大於市”評級
海通國際研報指出,國電南瑞(600406.SH)前三季度公司綜合毛利率為29.26%pct,同比持平,其中2024Q3毛利率為29.63%,同比下降0.86pct,公司業績總體符合市場預期。報吿期內公司研製的世界首套靜止同步調相機(SSC)完成人工短路試驗,自主研發世界首台環保型 126kV 快速斷路器,自主可控的特高壓直流控保設備在±800kV姑蘇換流站掛網運行。國際項目快速推進,成功簽訂沙特儲能及靜止同步補償器、巴基斯坦默拉直流穩控系統等,中標沙特ADMS系統運維等,2024年中報海外營收佔比達到4.13%,同比增加1.77pct。根據DCF模型,將目標價從28.92元/股小幅提升至31.36元/股,維持“優大於市”評級。
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