研報掘金丨國信證券:維持特變電工“優於大市”評級,多項業務實現穩健增長
國信證券研報指出,特變電工(600089.SH)2024年歸母淨利潤41.3億元,同比-61%,主要原因系2024年多晶硅業務大幅虧損;2025年第一季度業績16.0億元,同比-20%。多項業務實現穩健增長,輸變電業務海外市場持續突破。受益於新型電力系統建設以及配電網投資力度加大,國內輸變電市場空間進一步打開。此外,公司大力推進國際產品認證工作,海外市場持續實現簽約突破,2024年出口簽約12 億美元,同比增長超過70%。截至2024年末,公司累計火電裝機5.0GW,佔總管理裝機容量的58%。預計煤炭產量穩步提升,多晶硅業務逐步減虧,電網投資景氣度延續,因此調整2025年盈利預測至62.0億元,當前股價對應PE 為9.6/7.6/6.3倍,維持“優於大市”評級。
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