电力设备行业深度报告：工控在投资偏弱下仍有结构性机会电网投资稳中有增下半年整体可期

请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分行业走势行业走势 相关研究备需求向好》证券分析师谢哲栋投资要点小幅下降。2023H1/2023Q2行业毛利率为22.88%/22.37%，同比-0.18pct/-0.98pct（2023Q2环比-1.13pct）。3）2023H1应收账款/合同负债/存货较年初+13%/-利率31.52%/31.88%，同比+0.74pct/+0.52pct。3）2023H1应收账款/较年初+13.54%/+9.02%/-0.83%，经营性幅提升。4）公司层面，工控龙头汇川技术2023H1营收/归母净利润同比同比+10.67%/+8.30%。2）毛利率水平持稳。2023H1/2023Q2板块毛利率为利略微下滑。1）收入稳增，利润增长更快。2023H1/2023Q2一次设备行业收入归母净利润同比+111%/+118%；电线电缆营收同比-0.7%/+0.5%，归母净利润同比+1.09pct/-6.60pct。3）2023H1应收账款/合同负债/存货较年请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分公司（亿元）（元）投资评级金盘科技+8.32%，环比+13.40%，实现归母净利润94.85亿元，同比-8.80%。剔2023H1实现归母净利润34.40亿元，同率27.84%，同比+1.09pct；技术、宏发股份表现亮眼，宏发股份在经济下行压力下仍维持稳健增长。1）收入和归母净利润：工控板块请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分中控技术、英搏尔，推荐雷赛智能、麦格米特；主网&特高压重点推荐：平高电气、国电南瑞、思源电气、数据等。请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分 6 92.1.一次设备整体稳健增长，特高压/高压表现较好，智能电表盈利能 92.2.一次设备板块毛利率、归母净 13 17 173.2.二次设备2023H1整体 18 194.1.工控板块市场复苏，发展势头稳健，龙头企 194.2.工控行业整体毛利率、归母净利率 20 23请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分 6 6 6 7 7 8 8 8 8 9 9 11 13 15 17 18 19 19 21 22请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分图1：电力设备工控板块2023H1收入和归母净利润情况数据来源：Wind，东吴证券研究所图2：电力设备工控板块2023H1整体情况公司数量合计数据来源：Wind，东吴证券研究所图3：电力设备工控板块2023Q2收入和归母净利润情况请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分数据来源：Wind，东吴证券研究所图4：电力设备工控板块2023Q2整体情况（个）公司数量合计数据来源：Wind，东吴证券研究所-1.13pct。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（在一定合理范围图5：电力设备工控板块2023H1及2023Q2毛利率情况数据来源：Wind，东吴证券研究所请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分图6：电力设备工控板块2023H1及2023Q2归母净利率情况数据来源：Wind，东吴证券研究所2023H1末全板块应收账款为2663.47亿元，较年初图7：电力设备工控板块2021Q2-2023Q2经营净现金流情况（亿元）数据来源：Wind，东吴证券研究所图8：电力设备工控板块2023H1及2023Q2费用率情况数据来源：Wind，东吴证券研究所图9：电力设备工控板块2023H1及2023Q2末应收账款情况（亿元）应收账款H1较年初增长数据来源：Wind，东吴证券研究所请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分图10：电力设备工控板块2023H1及2023Q2末预收款情况（亿元）合同负债2022/12/312023/3/312023/6/30H1较年初增长数据来源：Wind，东吴证券研究所图11：电力设备工控板块2023H1及2023Q2末存货情况H1较年初增长一次设备901.37928.92工控224.63231.84其他电力设备320.60332.91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请务必阅读正文之后的免责声明部分同比+12%，贡献板块主要利润增量。2023H1低压电器实现收入405.28亿元，同比其中2023Q2智能电表收入65.86亿元，母净利润-0.41/2.47亿元，同比+704.09%，对板块盈利提升贡献较多。请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分图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2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1H1环比600089.SH特变电工235.048.72%-10.54%497.7828.56%-12.92%27.43-27.52%-41.95%74.678.13%-16.83%601179.SH中国西电45.46-4.28%-2.74%92.207.37%-2.11%2.36-3.18%26.83%4.2112.69%76.63%600550.SH保变电气6.940.76%19.04%12.77-5.98%-38.85%-0.45-2701.36%-900.46%-0.40-459.06%-314.14%002112.SZ三变科技3.5240.19%49.07%5.8933.20%-31.92%0.09-16.55%28.09%0.1526.37%-50.03%600580.SH卧龙电驱40.8411.41%6.46%79.2010.12%1.45%3.4815.62%34.89%6.0521.37%101.04%300140.SZ中环装备29.911118.77%1134.26%32.33629.80%697.76%4.652307.38%438132.97%4.653051.31%-380.06%600312.SH平高电气28.6919.64%46.63%48.2520.11%-8.23%1.83138.97%21.54%3.33186.04%249.14%002028.SZ思源电气31.3120.16%44.17%53.0322.05%-14.35%4.8250.24%120.74%7.0148.08%-6.26%600290.SHST华仪0.7317.33%55.87%1.19-2.67%-31.49%-0.2061.37%65.50%-0.8019.71%-79.32%002452.SZ长高电新4.2459.42%86.31%6.5132.35%-10.91%0.65180.99%216.67%0.8565.33%1183.05%600379.SH宝光股份4.2326.64%17.46%7.8329.77%25.33%0.2335.23%144.62%0.3236.04%-5.30%002545.SZ东方铁塔8.90-8.53%13.09%16.78-13.22%-0.30%1.93-31.97%13.93%3.62-25.25%6.69%601700.SH风范股份6.71-5.32%35.21%11.68-9.79%-19.12%0.16-32.51%44.37%0.28-34.97%-371.98%000551.SZ创元科技10.9613.10%1.50%21.7510.46%-1.64%0.514.20%33.44%0.903.18%16.61%002606.SZ大连电瓷2.00-29.74%17.35%3.70-34.84%-41.93%0.16-62.44%-24.29%0.36-63.49%-54.98%300069.SZ金利华电0.53210.68%379.41%0.6439.48%-13.99%0.03203.69%153.24%-0.02-163.72%-92.68%002576.SZ通达动力4.395.57%-12.44%9.409.02%5.59%0.3032.87%16.56%0.5569.94%57.30%300120.SZ经纬辉开8.2112.13%2.59%16.2025.45%15.07%0.25-6.63%23.27%0.45-16.52%-363.44%002270.SZ华明装备4.9715.74%20.51%9.0921.26%-5.42%1.6941.17%43.16%2.8754.44%65.13%合计477.5715.31%6.44%926.2323.44%-7.41%49.89-5.96%-15.70%109.0616.39%3.42%中压电气2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1H1环比002358.SZ森源电气6.479.56%25.89%11.6010.70%-14.57%0.1472.63%7.40%0.2866.49%30.29%300510.SZ金冠股份2.30-16.47%9.56%4.39-3.83%-38.04%0.1924.23%58.88%0.32505.26%-26.25%002922.SZ伊戈尔9.3524.28%46.20%15.7413.38%9.84%0.7143.24%274.19%0.906.59%-15.50%301291.SZ明阳电气11.9255.16%68.70%18.9964.77%#DIV/0!1.1844.39%166.76%1.6370.53%#DIV/0!301012.SZ扬电科技0.63-72.39%-19.88%1.41-66.38%-35.10%-0.04-114.09%-924.13%-0.04-106.76%-127.90%002622.SZ皓宸医疗1.8442.21%41.92%3.1448.04%8.60%0.08259.53%1277.76%0.08124.94%-103.37%300423.SZ昇辉科技6.53-8.26%6.94%12.640.17%42.94%-5.66-1053.81%-1190.31%-5.14-532.29%-53.30%300444.SZ双杰电气7.2448.66%-4.19%14.7974.42%43.06%-0.1864.09%-122.54%0.60206.73%-151.87%300477.SZ合纵科技8.00-2.07%59.47%13.01-14.12%-10.09%-0.63-941.57%-341.25%-0.77-177.93%-15.91%600192.SH长城电工5.79-10.85%20.35%10.604.45%-7.51%-0.204.58%-52.65%-0.3314.74%-58.43%600353.SH旭光电子3.4515.11%34.80%6.0113.57%-1.79%0.3262.05%77.76%0.5165.19%-27.13%601616.SH广电电气2.13-19.18%22.72%3.87-22.51%-20.16%0.14-43.82%784.93%0.16-58.57%-24.56%002350.SZ北京科锐6.08-15.13%154.19%8.48-11.25%-30.63%0.04-88.69%112.48%-0.3019.15%-157.12%603861.SH白云电器11.3352.63%46.06%19.0964.12%-17.05%0.212251.56%-38.85%0.56201.41%-38.24%300062.SZ中能电气3.005.11%-11.31%6.3814.98%-15.85%0.1217.20%14.02%0.2310.03%17.36%688517.SH金冠电气1.46-14.25%69.58%2.32-3.91%-36.58%0.2416.53%167.51%0.3344.58%-41.39%688676.SH金盘科技15.9651.31%23.08%28.9346.54%4.41%1.0493.83%19.20%1.9199.94%1.79%688663.SH新风光4.2625.16%98.64%6.4032.02%-21.84%0.5848.11%179.15%0.7839.32%7.57%请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分300982.SZ苏文电能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605066.SH天正电气603016.SH新宏泰合计智能电表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晓程科技603556.SH海兴电力合计电线电缆002300.SZ太阳电缆002533.SZ金杯电工002560.SZ通达股份002692.SZST远程300265.SZ通光线缆300341.SZ麦克奥迪300447.SZ全信股份603618.SH杭电股份002471.SZ中超控股002212.SZ天融信002451.SZ摩恩电气002498.SZ汉缆股份600869.SH远东股份603333.SH尚纬股份002309.SZST中利600973.SH宝胜股份合计一次设备6.3931.44%10.06%12.2036.61%-16.68%0.42-35.47%-56.10%1.3828.53%-6.92%230.07%-162.07%H1环比-17.90%172.04%236.82%7.92%33.03%245.82%-958.82%-10.30%-0.09%H1环比-351.78%45.72%-58.82%33.63%8.83%-752.27%-155.27%18.37%26.35%H1环比-18.79%20.27%3.23%-51.21%52.76%-50.43%16.17%51.68%-3632.02%-151.64%-40.11%48.27%56.41%-278.51%-32.47%-30.45%-0.45%11.82%8.1221.30%54.18%13.3835.35%-18.08%0.719.89%73.80%1.1138.14%122.2417.14%34.13%213.3721.24%1.86%-0.55-110.80%-111.64%4.20-40.51%2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比121.09-6.11%-23.07%278.5018.32%24.13%7.02-37.18%-41.56%19.0411.68%3.1427.13%45.50%5.3015.18%21.72%0.374.81%159.15%0.525.68%8.4349.81%54.27%13.9033.80%27.01%0.53733.40%1267.45%0.57325.90%5.43-11.38%8.55%10.43-7.78%-5.35%0.3715.79%27.75%0.6611.29%13.3723.72%43.42%22.6920.56%-0.30%1.9033.70%123.95%2.7628.37%32.230.68%26.57%57.69-0.55%-8.82%0.47-43.49%-72.06%2.16-7.35%7.365.77%19.04%13.5512.29%10.15%0.5112.58%-6.81%1.0582.91%1.7719.62%21.35%3.229.60%0.44%0.2011.40%32.91%0.3420.23%192.82-0.84%-9.24%405.2814.64%15.07%11.38-23.14%-27.61%27.1014.80%2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比9.2313.93%44.50%15.6112.32%-27.33%-0.9512.26%-129.06%-1.3712.01%33.0036.63%46.79%55.4926.17%18.05%6.00221.37%122.69%8.70147.60%2.6620.35%85.08%4.104.15%-24.32%0.3315.64%139.97%0.47-7.31%3.087.25%33.68%5.388.89%2.53%0.59-8.25%40.22%1.005.26%4.7721.83%26.35%8.5424.70%4.05%1.8758.33%55.74%3.0762.17%1.6612.87%46.15%2.7915.77%-26.62%0.26-28.46%-69.26%1.10293.05%0.6130.34%5.23%1.1937.62%-9.53%0.5750.42%417.10%0.39416.60%10.8520.38%36.78%18.7819.72%7.91%2.6168.73%48.38%4.3748.11%65.8626.16%43.07%111.8920.86%1.82%11.28117.86%74.53%17.74110.73%2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比35.00-6.06%57.70%57.19-8.81%-16.29%0.633.03%84.58%0.985.32%38.4610.79%29.97%68.059.76%-2.81%1.2222.51%5.93%2.3736.09%14.33-9.82%19.12%26.350.82%-8.65%0.56153.06%61.30%0.91165.57%9.321.36%60.25%15.144.23%-3.34%0.1412.21%151.36%0.19-31.90%6.747.78%23.34%12.2018.22%16.13%0.3319.13%12.93%0.6248.67%3.29-26.15%-5.54%6.78-15.83%-31.42%0.37-42.12%-6.07%0.76-30.59%2.54-2.62%-21.14%5.761.87%9.30%0.34-33.46%-46.81%0.97-7.90%21.11-8.22%42.54%35.93-11.00%-12.46%0.646.94%187.63%0.871.09%17.1712.79%62.14%27.766.22%-15.28%2.922565.07%760.49%2.47704.09%5.366.88%14.42%10.0514.16%-62.28%-1.2114.22%-32.42%-2.12-3.16%3.1310.16%25.67%5.634.05%4.63%-0.0181.40%-112.82%0.069.81%27.73-6.22%75.54%43.52-7.11%-15.60%2.49-31.71%42.06%4.24-15.11%60.594.94%40.56%103.694.05%-11.48%1.99-23.95%65.08%3.19-8.28%6.5219.11%83.94%10.07-4.17%4.18%0.2294.96%1153.31%0.24-25.14%9.56-61.83%-22.80%21.94-52.99%-37.28%-1.15-69.98%6.94%-2.39-82.24%118.4214.65%13.86%222.429.49%5.07%0.21135.55%-45.70%0.60377.86%379.270.45%29.35%672.48-0.66%-9.05%9.6729.10%126.73%13.9420.64%1,237.778.32%13.40%2,329.2613.65%-3.40%94.85-8.80%-17.86%172.0419.19%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请务必阅读正文之后的免责声明部分2.2.一次设备板块毛利率、归母净利率均略有提升图13：一次设备公司毛利率和归母净利率变动情况分析表公司特高压/高压板块32.18%002112.SZ35.02%34.03%002028.SZ31.03%600290.SH31.82%002452.SZ35.61%32.77%33.03%300069.SZ金利华电30.51%002576.SZ300120.SZ3.02%002270.SZ33.98%31.54%合计002358.SZ300510.SZ金冠股份002622.SZ300444.SZ双300477.SZ合纵科技请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分002350.SZ金冠电气金盘科技合计泰永长征合计合计金杯电工杭电股份摩恩电气3.66%38.60%36.50%32.23%31.94%34.47%33.34%3.74%32.23%32.49%31.58%31.12%39.26%35.98%31.82%32.70%39.60%32.70%38.30%38.45%35.22%34.87%3.16%3.48%3.90%3.44%3.05%3.28%3.08%请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分合计3.35%数据来源：Wind，东吴证券研究所图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2022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比22H123H1H1同比600089.SH特变电工80.6765.4347.9165.3856.94-29.41%-12.91%104.18122.3217.42%601179.SH中国西电-8.01-13.0619.80-19.06-4.7241.17%75.26%-1.66-23.78-1334.62%600550.SH保变电气-0.77-1.201.15-0.81-1.57-103.89%-94.04%-3.67-2.3735.41%002112.SZ三变科技-0.63-0.270.16-0.73-0.2166.13%70.73%-0.47-0.94-98.88%600580.SH卧龙电驱2.362.574.89-0.136.42172.00%5142.11%4.466.2941.10%300140.SZ中环装备0.050.220.34-0.196.6013009.68%3546.75%0.736.41774.72%600312.SH平高电气-1.203.2913.210.381.99265.33%427.39%-2.522.37193.83%002028.SZ思源电气0.493.5510.94-4.003.87685.37%196.56%-3.94-0.1496.50%600290.SHST华仪0.49-0.12-0.10-0.42-0.09-119.30%77.71%0.78-0.52-166.31%002452.SZ长高电新0.16-0.062.120.20-0.36-321.29%-280.92%0.21-0.16-175.76%600379.SH宝光股份0.170.081.20-1.090.50191.17%146.21%0.60-0.58-197.29%002545.SZ东方铁塔3.971.57-3.100.585.6943.38%876.40%4.766.2731.71%601700.SH风范股份-31.410.05141.87%-96.65%-1.201.46221.49%000551.SZ创元科技1.062.211.50-0.130.17-84.25%226.29%0.580.03-93.98%002606.SZ大连电瓷51.000.2934.76%-71.28%1.321.28-2.44%300069.SZ金利华电-0.190.12-0.130.090.05126.02%-47.80%-0.320.14144.63%002576.SZ通达动力0.050.02-0.960.040.13150.87%201.86%0.090.18105.36%300120.SZ经纬辉开-0.80-0.53-0.25-0.75-0.2963.46%61.13%0.38-1.04-371.20%002270.SZ华明装备1.630.921.58-0.234.89200.53%2211.93%2.474.6688.88%合计79.6067.07105.6541.5580.340.93%93.38%106.76121.8914.17%中压电气2022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比22H123H1H1同比002358.SZ森源电气-1.44-0.15-0.29-0.210.18112.61%187.43%-1.23-0.0397.87%300510.SZ金冠股份-1.270.590.41-0.47-1.1013.40%-133.83%-1.86-1.5715.60%002922.SZ伊戈尔0.520.720.690.130.543.33%328.82%0.450.6747.51%301291.SZ明阳电气0.660.000.00-1.102.13224.28%292.98%0.671.0253.42%301012.SZ扬电科技-0.450.100.370.03-0.0492.05%-202.73%-0.750.0099.87%002622.SZ皓宸医疗-0.040.310.370.030.14467.57%324.16%-0.360.18149.23%300423.SZ昇辉科技-1.401.851.711.500.16111.44%-89.30%-1.841.66190.42%300444.SZ双杰电气0.23-0.66-0.64-0.190.52122.38%370.01%-0.790.33141.40%请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分300477.SZ合纵科技600192.SH长城电工600353.SH旭光电子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605066.SH天正电气603016.SH新宏泰合计智能电表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晓程科技603556.SH海兴电力合计电线电缆002300.SZ太阳电缆002533.SZ金杯电工002560.SZ通达股份002692.SZST远程300265.SZ通光线缆300341.SZ麦克奥迪300447.SZ全信股份603618.SH杭电股份002471.SZ中超控股-0.722.30-2.45-4.862.78486.59%157.19%-2.25-2.087.32%819.27%-80.88%4.05%-53.18%60.04%-187.06%173.61%13.21%-152.56%41.87%73.20%61.55%H1同比56.50%-295.83%103.43%-50.74%16.08%-64.58%333.90%141.58%67.32%H1同比435.48%350.23%82.64%283.15%-58.73%35.52%32.37%15.41%-230.77%H1同比21.01%-4198.75%-391.04%-43.47%37.66%890.67%117.76%110.74%-97.35%0.11-0.47-1.610.95-0.01-107.85%-100.93%-0.130.940.10-0.140.22-0.920.07-33.73%107.53%-0.47-0.850.110.880.360.170.03-73.11%-81.95%50.960.92-0.360.02-97.78%105.86%-0.22-0.34-0.553.706.36-0.56-0.57-3.46%-2.39%-2.81-1.120.010.720.71-1.230.292778.83%123.40%-0.33-0.940.040.050.470.43-0.04-213.34%-110.29%0.140.39-0.81-0.442.78-1.89-1.05-29.69%44.50%-3.39-2.940.120.060.87-0.12-0.88-856.74%-635.04%-0.39-0.99-0.62-0.031.47-2.600.49179.42%118.88%-3.63-2.11-0.72-1.350.68-0.720.06107.81%107.82%-2.47-0.66-5.168.9913.41-11.993.73-172.38%131.15%-21.46-8.252022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比22H123H1-22.61-11.3477.73-10.513.80116.81%136.17%-15.42-6.710.600.140.34-0.31-0.05-108.24%84.35%0.19-0.36-0.45-0.04-0.01-0.300.34175.70%214.40%-1.240.041.58-0.681.72-0.641.07-32.58%266.44%0.860.433.42-0.023.36-1.272.75-19.48%316.16%1.271.482.04-0.385.55-1.56-0.50-124.56%67.88%-1.25-2.06-0.061.200.600.670.781310.80%15.20%-0.621.450.050.130.510.220.28467.23%30.58%0.210.50-15.44-10.9989.79-13.708.47-154.84%161.82%-16.00-5.232022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比22H123H10.870.683.300.162.29163.94%1312.83%0.462.462.482.949.992.46-0.68-127.42%-127.65%-0.711.78-0.390.06-0.75-0.300.12131.63%141.60%-1.00-0.170.790.530.93-0.391.0431.85%368.74%0.170.651.470.233.420.480.20-86.71%-58.94%1.630.67-0.44-0.041.860.17-0.62-40.14%-463.83%-0.69-0.45-0.18-0.180.34-0.320.07139.02%121.73%-0.37-0.253.592.181.600.213.21-10.59%1394.26%2.973.438.196.4020.702.495.63-31.27%-126.54%2.458.122022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比22H123H1-4.143.637.13-3.77-4.41-6.41%-17.03%-10.35-8.176.342.944.11-7.882.04-67.78%125.93%-0.14-5.840.96-2.960.31-0.77-0.48-150.23%37.46%0.43-1.25-0.621.010.65-1.35-0.602.63%55.26%-1.36-1.95-0.10-0.462.36-0.62-0.0281.56%97.12%-1.02-0.64-0.070.861.460.590.16343.75%-72.73%0.080.75-0.29-0.421.21-0.120.62316.57%636.49%-2.840.51-0.190.454.851.47-0.85-337.18%-157.43%-5.840.63-1.321.42-1.06-0.420.44133.22%204.76%0.750.02请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分002212.SZ天融信002451.SZ摩恩电气002498.SZ汉缆股份600869.SH远东股份603333.SH尚纬股份002309.SZST中利600973.SH宝胜股份合计一次设备-2.64-3.366.01-0.50-2.495.49%-394.78%-5.36-3.0044.11%106.08%100.14%132.31%-317.23%669.79%-91.20%29.39%154.22%-0.72-0.160.56-0.540.59182.19%210.14%-0.900.05-1.72-0.556.261.03-1.0240.41%-199.48%-3.740.01-4.562.562.672.24-1.5965.13%-171.13%-2.000.65-0.460.091.080.27-0.63-35.54%-329.77%0.16-0.35-0.50-0.464.390.130.20140.16%55.71%-0.060.335.615.791.91-10.733.64-35.02%133.97%-3.70-7.08-4.4210.3943.90-20.95-4.39-0.75%79.07%-35.88-25.3462.7881.86273.46-2.6093.7949.40%3701.91%35.8791.19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3.1.二次设备整体稳健，龙头持续温和增长营收同比+14.07%、归母净利润同比+14.00%，业绩高增主要系电力自动化等业务结图15：二次设备公司收入和归母净利润变动情况分析表（亿元）二次设备营业收入归母净利润代码代码公司名称2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1H1环比600406.SH国电南瑞120.5514.07%94.59%182.5011.81%-40.18%19.7414.00%275.42%24.9918.43%-42.36%600131.SH国网信通15.03-14.04%13.64%28.26-4.12%-39.47%1.78-2.27%146.37%2.508.19%-56.24%600268.SH国电南自21.3717.47%90.46%32.5818.34%-23.41%0.7047.41%316.24%0.38287.53%-78.20%601126.SH四方股份16.9228.10%43.71%28.6920.05%6.74%2.1321.91%50.26%3.5516.91%48.41%000400.SZ许继电气38.515.19%17.98%71.1416.06%-19.04%3.9912.73%167.00%5.4820.65%79.94%002339.SZ积成电子5.6814.69%168.41%7.803.08%-45.97%0.06151.97%108.57%-0.66-76.09%-782.89%000682.SZ东方电子13.6810.01%18.89%25.1815.10%-23.07%1.2618.37%63.47%2.0221.27%-25.49%002322.SZ理工能科1.9814.00%38.88%3.407.28%-47.85%0.546.76%217.99%0.711.49%-51.35%300356.SZ光一科技---0.23-82.51%-78.74%----0.3524.39%-84.09%688330.SH宏力达2.31-22.65%6.61%4.49-24.35%-6.28%0.34-64.68%-36.92%0.89-57.73%-18.15%688611.SH杭州柯林0.45-9.57%21.53%0.832.54%-24.54%0.08-58.95%-41.14%0.21-29.84%-24.65%请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分603666.SH亿嘉和1.29-55.57%-13.62%2.79-42.42%51.18%-0.58-236.83%-607.90%-0.46-158.76%-73.78%002090.SZ金智科技4.0746.01%4.95%7.9424.61%-10.77%0.09108.23%-1.45%0.1843.82%4.15%合计241.839.81%57.04%395.8310.78%-31.81%30.128.30%223.62%39.4310.67%-32.06%数据来源：Wind，东吴证券研究所注：光一科技已退市，无Q2数据3.2.二次设备2023H1整体毛利率小幅增长、归母净利率基本持平0.01pct。2023Q2板块毛利率为28.21%，同比+0.09pct，环比+3.12pct，归母净利率图16：二次设备公司毛利率和净利润率变动情况分析表（亿元）二次设备毛利率H1环比H1H1环比29.32%-0.21pct2.21pct28.57%1.20pct1.70pct16.37%-0.01pct7.89pct13.70%0.77pct-0.52pct19.46%-0.38pct1.53pct18.75%-0.08pct-2.98pct11.82%1.42pct6.37pct8.84%1.01pct-3.39pct22.26%0.54pct-1.60pct22.81%0.89pct-1.94pct3.27%0.66pct6.15pct1.15%1.88pct-2.90pct35.37%1.84pct-1.79pct36.10%1.52pct6.11pct12.61%-0.64pct0.55pct12.38%-0.33pct3.48pct23.42%-0.36pct10.21pct18.73%-1.66pct0.64pct10.36%0.69pct5.78pct7.71%0.29pct4.24pct28.88%3.63pct-1.29pct29.23%1.63pct1.14pct1.09%3.50pct35.30pct-8.49%-3.52pct-9.16pct34.16%2.03pct3.17pct32.71%0.82pct0.42pct9.18%0.65pct2.50pct8.04%0.41pct-0.26pct68.29%-2.42pct3.47pct66.84%-1.70pct6.50pct27.14%-1.84pct15.28pct20.74%-1.18pct-1.49pct---48.23%18.83pct39.39pct----152.91%-117.53pct51.41pct44.89%-6.25pct0.64pct44.58%-7.37pct-3.56pct14.83%-17.65pct-10.24pct19.79%-15.63pct-2.87pct51.36%-6.99pct-16.25pct58.70%-0.88pct2.64pct16.93%-20.36pct-18.02pct25.06%-11.57pct-0.04pct18.97%-15.39pct-29.74pct34.92%-7.18pct26.59pct-44.68%-59.19pct-52.28pct-16.63%-32.93pct79.27pct002090.SZ金智科技24.97%0.72pct1.08pct24.44%1.61pct-3.07pct2.21%0.66pct-0.14pct2.28%0.30pct0.33pct28.21%0.09pct3.12pct26.99%0.21pct1.02pct12.46%-0.17pct6.41pct9.96%-0.01pct-0.04pct数据来源：Wind，东吴证券研究所注：光一科技已退市，无Q2数据请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分图17：二次设备公司经营净现金流情况（亿元）2022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比2022H12023H123H123H1同比19.5914.1867.67-20.2820.454.39%200.86%5.740.18-96.95%-1.660.6115.85-6.14-0.4075.79%93.44%-7.96-6.5417.79%-0.271.338.36-5.30-0.1641.49%97.04%-5.12-5.46-6.59%-0.763.085.32-0.631.07240.98%271.20%-1.290.44134.37%1.268.2111.60-0.9210.13703.01%1206.32%-2.509.21468.52%0.130.073.16-1.440.00-97.44%100.23%-1.92-1.4424.92%-0.931.417.00-1.270.70175.51%154.81%-4.29-0.5886.56%0.600.672.18-0.530.44-26.84%182.53%-0.45-0.0979.37%-0.090.250.09-0.99----0.44-0.99-127.42%-0.13-1.432.71-0.23-0.54-310.11%-131.91%-1.63-0.7753.01%0.22-0.17-0.020.34-0.12-154.04%-134.34%0.400.22-43.86%-0.83-0.81-0.270.86-0.0396.95%-102.94%2.260.83-63.10%002090.SZ金智科技-0.180.022.14-0.85-0.20-9.16%76.68%-1.23-1.0514.65%数据来源：Wind，东吴证券研究所注：光一科技已退市，无Q2数据；部分数据为“0.00”为保留两位小数所致4.工控板块β稳定，龙头经营α显著+13.75%。总体来看，2023Q2工控板块市场弱复苏图18：工控公司收入和归母净利润变动情况分析表（亿元）收入请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分公司名称H1环比H1环比300124.SZ28.89%26.02%48.12%300484.SZ24.06%信捷电气20.37%21.51%42.07%47.55%27.29%234.92%26.28%27.66%23.60%300048.SZ合康新能科华数据27.95%24.17%291.07%科士达47.82%101.06%46.96%-1670.87%300376.SZ45.84%25.28%49.55%300681.SZ27.32%伟创电气40.82%41.81%49.53%23.32%23.71%300932.SZ三友联众23.74%26.53%数据来源：Wind，东吴证券研究所4.2.工控行业整体毛利率、归母净利率均略有上升请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分图19：工控公司毛利率和归母净利率变动情况分析表毛利率代码公司名称23Q2Q2同比Q2环比23H1H1同比H1环比23Q2Q2同比Q2环比23H1H1同比H1H1环比36.12%-1.78pct-0.39pct36.27%-0.10pct2.39pct17.34%-5.04pct1.71pct16.68%-2.31pct-1.91pct688320.SH禾川科技30.40%-2.26pct1.41pct29.76%-2.75pct1.33pct8.74%-4.59pct0.94pct8.31%-3.81pct1.24pct35.43%-5.33pct-4.75pct37.61%-1.38pct-3.72pct8.62%-14.39pct-7.25pct11.94%-7.01pct-6.56pct31.79%1.28pct0.68pct31.48%1.78pct1.04pct10.59%3.56pct1.18pct10.05%5.67pct1.56pct20.47%1.59pct2.65pct19.09%1.87pct1.46pct-0.72%0.00pct-14.99pct7.12%8.71pct76.35pct600885.SH宏发股份36.03%3.54pct2.07pct35.01%2.03pct-0.14pct11.23%-0.17pct1.32pct10.58%0.01pct-0.10pct603416.SH信捷电气34.08%-1.42pct2.68pct32.86%-4.70pct-4.23pct16.16%-0.92pct3.71pct14.47%-5.56pct1.33pct25.87%2.96pct1.77pct25.03%1.61pct0.95pct13.25%3.27pct2.94pct11.86%3.56pct2.90pct32.71%-0.80pct-0.86pct33.09%-0.05pct-1.29pct4.33%2.42pct-0.03pct4.35%-0.26pct0.30pct36.29%0.73pct1.02pct35.85%1.15pct-2.28pct7.80%-1.16pct2.08pct6.91%-1.25pct2.73pct300048.SZ合康新能18.72%-6.43pct-2.61pct19.92%-5.85pct-0.82pct-0.76%0.35pct-0.96pct-0.32%-1.33pct-2.73pct28.95%-0.85pct-0.77pct29.29%-1.71pct0.80pct9.35%3.77pct-0.28pct9.47%1.97pct7.08pct33.70%2.59pct1.67pct32.87%2.42pct0.37pct18.83%1.79pct2.18pct17.75%3.42pct2.52pct13.54%10.04pct-5.13pct15.24%11.13pct4.31pct-5.05%-5.60pct-28.53pct4.43%27.35pct-12.76pct32.84%1.56pct10.59pct27.22%1.27pct-2.17pct14.03%1.84pct6.24pct10.72%1.07pct5.17pct38.29%-4.37pct-2.02pct39.21%-2.29pct-0.47pct21.43%-19.23pct4.35pct19.45%-10.