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1、 请阅读最后评级说明和重要声明 -30%-25%-20%-15%-10%-5%0%5%10%15%20%2023/092023/102023/112023/122024/012024/022024/032024/042024/052024/062024/072024/08000300.SH600268.SH投资要点 2 一、电力科技先锋：八十多年风雨兼程，数字智能化转型促增长.4 1.电力高科技第一股，栉风沐雨八十余年.4 2.聚焦“5+2”产业体系，向数字智能化转型升级.6 3.业绩稳健增长，盈利能力较强.8 二、电网投资高景气，电力自动化领域先行者充分受益.9 1.新能源+逆周期调节需求，

2、电网投资有望稳步增长.9 2.电力自动化领域的先行者，公司电网自动化业务增长稳健.12 3.技术底蕴深厚，盈利质量位于行业前列.13 三、系统集成中心业务有望成为第二增长极，虚拟电厂构建远期成长空间.14 1.风光装机高增，系统集成中心业务快速发展.14 2.虚拟电厂的建设有望加速，或成为公司盈利新引擎.17 四、盈利预测与投资建议.20 五、风险提示.24 .4 .5 .6 .6 .7 .8 .8 .8 .8 .9 .9 .9 .9 .10 .10 .11 .12 .12 .13 .13 3 .13 .14 .15 .15 .16 .16 .17 .17 .18 .5 .16 .18 .20

3、 .22 .23 .25 4 5 6 0.350.350.830.490.7661.8%51.5%32.3%32.5%33.6%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%0.000.100.200.300.400.500.600.700.800.9020192020202120222023现金分红总额现金分红比例0.83%0.83%2.00%1.17%1.50%0.00%0.50%1.00%1.50%2.00%2.50%20192020202120222023 7 0.010.020.030.040.050.060.070.080.0201920202021

4、202220232024H1电网自动化电厂及工业自动化轨道交通自动化信息与安全技术电力电子生产制造中心系统集成中心 8 0.020.040.060.080.0100.0120.0201920202021202220232024H1电网自动化电厂及工业自动化轨道交通自动化信息与安全技术电力电子生产制造中心系统集成中心-100.0%-50.0%0.0%50.0%100.0%150.0%200.0%250.0%300.0%0.000.501.001.502.002.503.00201920202021202220232024H1归母净利润增速63.053.055.062.273.149.550.35

5、8.970.176.278.5%94.9%107.1%112.6%104.2%0.0%20.0%40.0%60.0%80.0%100.0%120.0%0.010.020.030.040.050.060.070.080.090.020192020202120222023计划营业收入实际营业收入目标达成率10.910.611.211.612.910.210.210.811.813.794.0%96.1%96.7%101.7%106.0%88.0%90.0%92.0%94.0%96.0%98.0%100.0%102.0%104.0%106.0%108.0%0.02.04.06.08.010.012.

6、014.016.020192020202120222023计划期间费用实际期间费用费用使用率 9 27.1%26.6%24.0%23.6%24.1%24.2%4.3%4.7%7.4%5.1%5.4%5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%201920202021202220232024H1毛利率净利率7.1%6.5%6.1%5.3%5.5%5.1%6.3%6.3%5.7%5.2%5.5%5.6%5.4%6.3%6.0%5.8%6.6%7.1%1.9%1.1%0.6%0.4%0.4%0.2%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%