证券之星消息，截至2026年2月5日收盘，三星医疗(601567)报收于23.68元，下跌3.78%，换手率 1.33%，成交量18.69万手，成交额4.47亿元。 2月5日的资金流向数据方面，主力资金净流入1560.21万元，占总成交额3.49%，游资资金净流出519.39 万元，占总成交额1.16%，散户资金净流出1040.82万元，占总成交额2.33%。 近5日资金流向一览见下表： | 指标 | 三星医疗 | 电网设备行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 332.75亿元 | 135.48亿元 | 681 16 | | 净资产 | 126.67亿元 | 43.91亿元 | 8 139 | | 净利润 | 15.28亿元 | 2.85亿元 | 681 15 | | 市盈率(动) | 16.33 | 146.91 | 6 139 | | 市净率 | 2.68 | 6.08 | 38 139 | | 毛利率 | 28.46% | 23.12% | 42 139 | | 净利率 | 13.6% | 7.43% | 23 139 | | ROE | 12. ...

Core Viewpoint - The State Grid has announced a fixed asset investment plan for the "14th Five-Year Plan" period, with a total investment expected to reach 4 trillion yuan, representing a 40% increase compared to the previous period. This indicates a clear high-growth trend in China's power grid investments, leading to unprecedented market expectations for the "power grid cycle" [2]. Investment Dimensions - The power system can be divided into generation, transmission, transformation, distribution, and consumption. The investment in power grid projects can be categorized into three dimensions: trunk network/super high voltage, smart grid/digitalization, and distribution and consumption equipment [10]. - Trunk network/super high voltage investments focus on primary equipment for physical transmission channels, characterized by large single amounts and long construction cycles, typically requiring 2-2.5 years from approval to operation [10]. - Smart grid/digitalization investments pertain to secondary equipment, which includes control systems and automation, with shorter delivery cycles of 0.5-1 year and more stable revenue driven by both new line construction and upgrades of existing networks [11]. - Distribution and consumption side investments target distributed energy access and end-users, characterized by fragmented orders and fast turnover, with profits recognized in line with annual grid construction progress [11]. Company Analysis - Group A companies, such as Pinggao Electric and China XD Electric, exhibit strong cyclical performance linked to super high voltage construction, with profits closely tied to specific project completion timelines [13]. - Group B, represented by State Grid NARI, shows strong certainty and anti-cyclicality in its performance, driven by the increasing complexity of the power grid and technological premiums rather than direct dependence on grid investment fluctuations [15]. - Group C focuses on the end of the power grid, emphasizing access and consumption, with companies like Samsung Medical experiencing accelerated profit growth due to the shift from urbanization-driven to consumption-driven investments, particularly in response to the rapid growth of distributed solar energy [17]. New Power System Cycle - The current "14th Five-Year Plan" power grid cycle differs from previous ones, with its driving factors shifting from "scale expansion" to "reconstruction of the power grid under a new power system." The main challenge has evolved to system stability and capacity for renewable energy integration [20]. - It is anticipated that a significant portion of the 4 trillion yuan investment will be allocated to addressing the randomness and volatility of renewable energy sources. Key factors influencing the industry include cost fluctuations of raw materials, technological upgrades, investment policies, and supply-demand dynamics [20].

Core Viewpoint - Samsung Medical's inventory increase is primarily influenced by customer project demands and delivery schedules, with a focus on raw materials, work-in-progress, and finished goods [2] Group 1: Inventory Management - The company's inventory consists mainly of raw materials, work-in-progress, and finished goods [2] - The increase in inventory is attributed to a combination of customer project requirements and delivery rhythm [2] Group 2: Financial Management - The rise in short-term and long-term loans is driven by the company's operational management needs [2] - Samsung Medical has established a refined management system and automated risk control management system across various operational aspects, including sales orders, procurement payments, inventory management, sales collections, asset management, and fund management [2]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **grid and electrical equipment** sector, particularly in the context of global investment trends and structural demand drivers across regions including **China, ASEAN, the US, and the EU** [2][3][10]. Core Insights and Arguments - **Structural Upcycle**: Analysts believe the current upcycle in grid equipment is structural rather than cyclical, supported by high manufacturing utilization and multi-year order visibility across **APAC** [3][10]. - **Investment Needs**: Global grid investment reached approximately **$450 billion** in 2025, but this is still below the estimated **$1 trillion** needed annually by 2050 to meet demand [4]. - **Aging Infrastructure**: About **45%** of global grid assets are over **20 years old**, with significant replacement needs emerging, particularly in the US where the average transformer is around **40 years old** [4][10]. - **OEM Backlogs**: Equipment suppliers are experiencing unprecedented demand, with average selling prices for transformers increasing by approximately **75%** since 2019, and high-voltage cable costs nearly doubling [5][10]. Regional Developments - **China**: The 15th Five-Year Plan mandates a record investment of **RMB 4 trillion** by 2030, a **40%** increase from previous plans, focusing on high-voltage expansion to support renewable energy [7]. - **ASEAN**: Leaders have agreed to accelerate the ASEAN Power Grid, aiming to double cross-border capacity by 2040, supported by an **$800 billion** financing initiative [7]. - **US**: Federal programs, including a **$65 billion** grid modernization fund, are pushing utilities to enhance and expand networks [7]. - **Europe**: The European Commission has introduced a new Grid Package requiring **€584 billion** in transmission investment by 2030 [7]. Capacity and Constraints - Manufacturing capacity for grid equipment is tight across APAC, with Japan operating at nearly **100%** utilization. Expansion plans are in place, but skilled labor shortages and input constraints remain significant challenges [12]. - Orderbooks are strong, particularly in Korea, where companies report **30%** year-over-year growth in orderbooks, with lead times extending to **3-4 years** [13]. Pricing Dynamics - Anticipated price increases in China due to potential tariff adjustments in the 2026 regulatory cycle are expected to support average selling price hikes and margin expansion [14]. - Japan's Hitachi aims to increase EBITDA margins from **13-15%** to **16-20%** by FY30, indicating a focus on disciplined pricing and higher-value products [14]. Demand Drivers - Demand is driven by a multi-year structural grid upgrade cycle across APAC, with significant needs for replacement and modernization of aging infrastructure, as well as the integration of digital automation and smart grid technologies [15][16]. Investment Recommendations - Companies positioned at the core of structural grid equipment demands, such as **NARI Technology**, **Hitachi**, and **Hyundai Electric**, are highlighted as key beneficiaries of the ongoing investment cycle [18][19]. - NARI Technology is particularly noted for its alignment with China's domestic grid investment priorities, with expectations of sustained pricing uplift and market share gains [18]. Conclusion - The combination of aging infrastructure, rising demand from renewable energy, and the need for modernization and digitalization in grid systems suggests a robust growth outlook for the grid equipment sector across APAC, with favorable pricing power and earnings durability anticipated [10][11].

Summary of Key Points from the Conference Call Industry Overview - The focus is on China's power grid equipment sector, with a bullish outlook on grid capital expenditure (CAPEX) growth, projected at an 11% compound annual growth rate (CAGR) for 2026-2030, up from a previous estimate of 9% [2][10][13]. Core Insights and Arguments - **CAPEX Growth Drivers**: - The State Grid's Rmb4 trillion investment plan under the 15th Five-Year Plan (FYP) indicates a 7% CAPEX CAGR [3][15]. - Historical data shows that actual grid investments during previous FYPs exceeded initial targets by 2-18%, suggesting potential for similar outcomes in the future [3][15]. - Structural factors such as electrification, energy security, and the integration of renewables are increasing the urgency for grid reinforcement [7][20]. - **Pricing Upside**: - Anticipated increases in transmission and distribution (T&D) tariffs starting in 2026 could enhance grid economics, with each Rmb0.01/kWh increase potentially generating Rmb634 billion in pre-tax profit over the 2026-2030 period, equating to 14% of total grid CAPEX during the 15th FYP [3][20]. - **Earnings Revisions**: - Earnings per share (EPS) estimates for 2025-2027 have been revised from -31% to +18%, reflecting stronger volume outlooks and improved pricing [4][32]. - NARI Technology is highlighted as a top pick, with expected earnings growth of 22% CAGR, driven by its alignment with State Grid's CAPEX growth [4][32]. Key Companies and Their Performance - **NARI Technology (600406.SS)**: - Price target raised from Rmb28.00 to Rmb42.00, with EPS revisions indicating a 7-16% increase for 2026-2027 [32][35]. - The smart grid and energy digitalization segments are expected to drive revenue growth [33]. - **Ningbo Sanxing Medical Electric (601567.SS)**: - Price target increased from Rmb30.00 to Rmb39.10, but EPS forecasts were trimmed by 25% due to weaker revenue and margins [41][44]. - The power equipment segment is expected to recover with a projected 20% YoY increase in average selling prices (ASP) in 2026 [44]. - **Willfar Information Technology (688100.SS)**: - Price target raised from Rmb45.00 to Rmb64.00, with EPS revisions up by 4% for 2026 and 11% for 2027, driven by grid investment acceleration [48]. Valuation Insights - Key power grid equipment stocks are trading at an average forward price-to-earnings (P/E) ratio of 23x, below the historical average of 24x and the peak of 40x [2][28]. - Domestic-focused stocks have underperformed export-driven peers by 191 percentage points since January 2025, indicating potential for re-rating as domestic CAPEX growth becomes more apparent [7][28]. Additional Important Points - The market currently underestimates the potential for domestic grid CAPEX growth, which could lead to significant earnings upgrades and valuation re-ratings across the sector [27][28]. - The report emphasizes the importance of investor positioning, which is currently skewed towards export-driven stocks, suggesting a potential rotation towards domestically focused names as CAPEX surprises materialize [7][28]. This summary encapsulates the key insights and projections regarding the power grid equipment sector in China, highlighting the expected growth in CAPEX, pricing dynamics, and the performance of specific companies within the industry.

截至10月31日，三星医疗股东户数3.35万，较上期增加0.00%；人均流通股41941股，较上期增加 0.00%。2025年1月-9月，三星医疗实现营业收入110.80亿元，同比增长6.19%；归母净利润15.28亿元， 同比减少15.85%。 分红方面，三星医疗A股上市后累计派现64.07亿元。近三年，累计派现33.29亿元。 1月30日，三星医疗跌3.51%，成交额4.63亿元。两融数据显示，当日三星医疗获融资买入额3649.60万 元，融资偿还4469.93万元，融资净买入-820.33万元。截至1月30日，三星医疗融资融券余额合计2.99亿 元。 融资方面，三星医疗当日融资买入3649.60万元。当前融资余额2.93亿元，占流通市值的0.88%，融资余 额超过近一年50%分位水平，处于较高位。 融券方面，三星医疗1月30日融券偿还7.48万股，融券卖出5.57万股，按当日收盘价计算，卖出金额 131.62万元；融券余量22.89万股，融券余额540.89万元，超过近一年60%分位水平，处于较高位。 资料显示，宁波三星医疗电气股份有限公司位于浙江省宁波市鄞州工业园区(宁波市鄞州区姜山镇)，成 立日期2 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry, indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [2][72]. Core Insights - The power equipment industry is entering a new development phase, driven by significant investments in smart grids, renewable energy integration, and digital transformation technologies such as big data and artificial intelligence [6][21]. - The "14th Five-Year Plan" anticipates a fixed asset investment of 4 trillion yuan by the State Grid Corporation, a 40% increase from the previous plan, aimed at enhancing the new power system's supply chain and achieving carbon peak goals [6][63]. - Global investment in power grids is projected to grow significantly, with an estimated annual investment of $330 billion in 2023, requiring a compound annual growth rate of 9.4% to reach $620 billion by 2030, presenting new opportunities for domestic power equipment companies [6][66]. Summary by Sections 1. New Development Phase of the Power Equipment Industry - The construction of power grids is crucial for the development of the power industry, encompassing substations and power line construction, with a focus on efficient, energy-saving, and environmentally friendly equipment [6][21]. - The transition to a new power system in China emphasizes renewable energy, with significant investments planned for smart grid infrastructure and digitalization [6][63]. 2. Global Power Industry Opportunities - The "14th Five-Year Plan" marks a new rapid construction phase for ultra-high voltage (UHV) projects, driven by the need for clean energy transmission from western and northern regions to load centers in the east and south [6][45]. - The global power grid investment landscape shows a substantial growth potential, particularly in emerging markets, with a pressing need for modernization and upgrades to accommodate renewable energy sources [6][60]. 3. Investment Strategies and Key Companies - The report suggests focusing on leading companies in technology and scale that are likely to benefit from the global energy transition, including Guodian NARI (600406), XJ Electric (000400), and others [6][66].

证券代码：601567 证券简称：三星医疗 公告编号：临2026-003 宁波三星医疗电气股份有限公司 关于为子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | Ningbo | Sanxing Electric (Sweden) 下简称"三星瑞典"） | AB（以 | | --- | --- | --- | --- | --- | | | 本次担保金额 | 124.90 | 万欧元（约 1,020.90 | 万人民币） | | 担保对象 | 实际为其提供的担保余额 | 2,334.18 | 万元（含本次担保） | | | | 是否在前期预计额度内 | 是 | □否 □不适用：_________ | | | | 本次担保是否有反担保 | □是 | 否 □不适用：_________ | | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | ...

Core Viewpoint - Samsung Medical (601567) is focusing on the rehabilitation medical sector, which is still in its early development stage in China, capitalizing on the growing demand driven by an aging population [1] Group 1: Industry Development - The company is one of the early entrants in the rehabilitation medical field in China, aiming to expand its network of rehabilitation hospitals [1] - The company is actively addressing the increasing rehabilitation needs resulting from the aging trend [1] Group 2: Strategic Response to Policy Changes - The company is closely monitoring changes in industry policies, particularly the ongoing reforms in medical insurance payment systems [1] - The company is implementing national policy requirements and establishing mechanisms for policy prediction and response to mitigate potential risks [1] Group 3: Operational Management - The company emphasizes the importance of information technology in its operations, utilizing self-developed systems for comprehensive process control [1] - A closed-loop management mechanism is in place, which includes pre-warning, intervention during operations, and post-event tracing to ensure compliance with medical insurance regulations [1]

Core Viewpoint - Samsung Medical emphasizes the importance of market value management, integrating it into daily operations and strategic development to enhance operational efficiency and competitiveness [2] Group 1: Market Value Management - The company is committed to continuous improvement in operational efficiency and competitiveness as part of its market value management strategy [2] - Samsung Medical acknowledges that stock price fluctuations are influenced by various complex factors, including macroeconomic conditions, industry trends, and market dynamics [2] Group 2: Future Strategies - The company plans to implement comprehensive measures such as strategic leadership, operational optimization, improved corporate governance, enhanced shareholder returns, and increased investor interaction to boost both intrinsic and market value [2] - In the event of any changes to the company's stock name, it will adhere strictly to relevant laws, regulations, and corporate bylaws regarding timely information disclosure [2]