2026年电网设备年度策略：电启东风苏万物，网聚能源正当时

行业报告：2026年电网设备年度策略2026年3月18 日电启东风苏万物，网聚能源正当时中航证券研究所发布证券研究报告请务必阅读正文后的免责条款部分行行行行行行行行行行行行行SAC 行S0640522050001行行行行行行行SAC 行S0640523110001股市有风险，入市需谨慎摘要2行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行AI行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行40% 行行行行行行行行行行行行行行行行行1.2行行行行行行行行行行行行行行行行行行行750行行行行行行行行行行行行行行行行行行AI行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行1）国内特高压和主网等输变电环节： 行行行行行行行行行行行行行行行行行3800 行行行行行行行行行行行行行行行行行行行行行行行行行行行2025Q1 行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行2）国内配网数智化改造和微电网、虚拟电厂等： 行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行60% 行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行3）AIDC相关的供电系统： 行行行行行行AI行行行行行行行行行行行行行AI行行行行行行行行行行行行IEA 行行行2025~2030 行行行AIDC 行行行行行行行129GW行行行行行行133% 行行行行行行行行行530TWh行行行行行行127.4% 行行行行行行行行行AIDC 行行行行10% 行行行IEA 行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行SST 行行行行行行行行行行行行行行行行行行行行行行行行行行行行行4）国内电网设备厂商出海机遇： 行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行AIDC 行行行行行行行行行行行行行行行行行行行行行行行行行行行行(行行)行行行行行行EPS 行行/行行PE2024A2025E2026E2024A2025E2026E600406行行行行2,267.4 28.2 0.95 1.04 1.17 29.7 27.1 24.2 600089行行行行1,470.9 29.1 0.80 1.27 1.50 36.6 23.0 19.4 002028行行行行1,717.6 219.6 2.64 3.92 5.18 83.2 56.0 42.4 688676行行行行390.4 84.9 1.29 1.63 2.26 65.8 52.0 37.7 601126行行行行401.8 48.2 0.87 1.01 1.18 55.4 47.8 40.9 601179行行行行915.0 17.9 0.21 0.27 0.34 86.8 65.1 52.3 600379行行行行40.1 12.1 0.27 0.20 0.24 44.3 60.7 50.5 688611行行行行86.1 56.1 0.67 83.8 000400行行行行299.8 29.4 1.10 1.31 1.61 26.7 22.5 18.3 688248行行行行365.1 64.7 0.65 0.84 1.11 99.5 76.7 58.1 600312行行行行299.9 22.1 0.75 0.94 1.16 29.3 23.5 19.0 002364行行行行176.0 31.2 0.20 0.29 0.55 156.2 106.5 56.4 000682行行行行182.6 13.6 0.51 0.63 0.75 26.7 21.8 18.3 002922行行行162.4 38.4 0.75 0.68 1.13 51.2 56.3 34.0 301291行行行行185.5 59.4 2.12 2.52 3.29 28.0 23.6 18.1 300444行行行行128.6 16.1 0.10 0.24 0.47 159.1 67.1 34.3 600580行行行行619.4 39.7 0.61 0.69 0.76 65.0 57.5 52.2 300222行行行行95.0 12.2 0.09 0.31 0.43 135.7 39.4 28.4 002706行行行行130.4 11.6 0.28 0.35 0.47 41.5 33.4 24.9 300001行行行317.1 30.0 0.89 1.13 1.47 33.8 26.5 20.5 600131行行行行243.0 20.3 0.57 0.75 0.88 35.6 27.0 23.1 301162行行行行92.1 69.5 0.94 0.97 1.32 73.9 71.6 52.7 002015行行行行330.7 20.4 0.30 0.55 0.70 67.2 37.0 29.1 301638行行行行989.5 31.1 0.21 0.19 0.22 148.2 163.8 141.5 行行行行3资料来源：iFind，中航证券研究所注：总市值和收盘价为 3月18日数据，盈利预测来源于 iFinD1.国内外电力系统现状与痛点2.海外电力系统困境与增长点4.国产装备投资机会总结3.电网系统的科技升级要点4行行1.1行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行行5资料来