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研報掘金丨國金證券:首予中國西電“買入”評級,目標價7.9元
格隆匯 03-14 15:50

國金證券研報指出,中國西電(601179.SH)是我國輸配電設備生產製造企業中產品電壓等級最高、產品品種最多、工程成套能力最強的企業。近年來提質增效成果顯著,主要系公司聚焦核心業務、加強產業鏈協同、提升人均效益,24年Q1-Q3淨利率已提升至6.5%。網內市場:穩居國網集招份額第一,受益特&超高壓投資增長。網外和海外市場:電源&工業加速推進,國際業務貢獻增長。公司國際業務主要涉及西電國際、西電埃及、西電印尼等,產能、渠道佈局領先,並減少了低盈利工程總包項目。24年公司國際業務範圍持續擴大,單機設備類出口佔比首次提升至50%以上。25年給予公司25倍PE,目標市值403億元,目標價7.9元/股,首次覆蓋給予“買入”評級。

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