工业/公用环保行业专题研究:三大电气 电力新周期下的变化

华泰证券股份有...
Jun 03

新周期下三大电气的变化:煤电高水平核准+盈利结构优化+股东回报改善回顾历史,我们发现发电设备制造业具有较为明显的周期性,三大电气的业绩表现与国家政策、产业需求明显相关。而未来我们认为:盈利结构的改善(2024 年电站服务、水电、核电等相对传统火电弱周期业务的毛利占比提升至40%-60%)和煤电的高水平常态化核准会带给东方电气等发电设备制造业更健康和平稳的盈利增长,结合公司充沛的在手现金与不断提升的...

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