风光储电业24年及25Q1业绩总结：风光储盈利修复，电网景气持续兑现

⚫ ⚫ ⚫ ⚫ ⚫  0.0%10.5%-10.7-3.5-16.210.52.4%1.5%0.3-0.40.2-1.018.3%6.5%4.0-13.23.5-11.812.9%-8.7%-0.2-24.16.3-21.7-12.7%13.2%-9.9-7.4-23.025.9-7.1%4.2%5.7-2.0-9.311.32.5%15.7%0.6-4.2-15.213.2-4.2%-24.6%10.520.60.5-20.49.3%21.8%-7.3-4.3-4.812.50.0%7.1%-0.81.5-2.87.15.4%15.6%-5.7-5.7-8.310.11.0%2.8%1.4-1.8-1.51.813.6%15.1%35.410.05.51.4-7.4%14.4%110.6-44.4-4.421.810.5%22.0%-4.4-2.13.011.4-18.5%8.2%-21.0-0.2-9.626.79.6%13.9%-6.2-6.2-2.64.31.8%5.4%-1.5-3.1-0.13.6 34.0%31.0%13.1-0.68.7-3.013.0%20.2%11.38.81.67.23.8%23.5%-22.7-6.9-19.019.7-6.7%7.5%-11.3-6.6-12.514.314.4%22.6%-3.6-3.4-1.98.1-2.4%11.7%-2.8-1.6-5.014.118.5%21.4%-9.2-2.5-6.42.93.6%11.1%-10.3-0.4-8.97.512.6%13.4%0.41.91.70.9-0.7%2.8%2.62.0-1.53.514.1%15.5%-2.72.1-0.71.40.4%5.0%-1.52.6-3.74.614.5%15.6%-2.5-1.3-1.11.01.7%4.0%-0.60.9-0.12.315.2%18.5%-10.0-0.9-1.63.45.1%7.5%-4.00.92.12.414.8%17.3%-7.2-0.9-1.42.43.4%6.0%-3.01.10.92.69.5%20.4%-12.9-1.8-12.210.93.2%13.1%-5.9-7.0-7.89.917.6%15.5%1.5-6.22.8-2.07.5%9.0%-3.8-3.21.81.518.7%23.5%-7.65.410.54.8-2.0%12.4%-11.17.2-2.814.423.6%27.0%0.75.1-1.93.37.0%15.6%-1.013.4-8.18.722.1%26.7%-4.67.53.44.611.1%18.9%5.830.23.27.915.8%18.3%-2.0-5.3-4.32.51.0%1.0%-5.0-5.8-3.5-0.118.7%20.4%-1.6-1.41.51.66.0%10.1%-2.05.4-0.24.2 -60%-40%-20%0%20%40%60%020004000600080001000012000智能电表合计智能电表YoY（万个） -40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%0.0200.0400.0600.0800.01000.01200.01400.01600.01800.023Q123Q223Q323Q424Q124Q224Q324Q425Q1营业收入（亿元）同比环比-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%02040608010012014023Q123Q223Q323Q424Q124Q224Q324Q425Q1归母净利润（亿元）同比环比0.0%5.0%10.0%15.0%20.0%25.0%30.0%23Q123Q223Q323Q424Q124Q224Q324Q425Q1毛利率净利率 -10.0%0.0%10.0%20.0%30.0%40.0%50.0%23Q123Q223Q323Q424Q124Q224Q324Q425Q1一次设备二次设备智能配用电电线电缆低压电器010203040506023Q123Q223Q323Q424Q124Q224Q324Q425Q1一次设备二次设备智能配用电电线电缆低压电器0%5%10%15%20%25%30%35%40%23Q123Q223Q323Q424Q124Q224Q324Q425Q1一次设备二次设备智能配用电电线电缆低压电器