变压器行业深度报告：下游应用需求持续增长，看好行业内优质公司

10% 5% 0% -5% -10% -15% -20% -25% 000300.SH 857381.SL 2022/08 2022/09 2022/10 2022/11 2022/12 2023/01 2023/02 2023/03 2023/04 2023/05 2023/06 2023/07 投资要点     请阅读最后评级说明和重要声明 一、变压器是广泛应用于发-输-变-配-用电系统中的基础设备4 1.变压器是电力系统中的重要设备4 2.变压器可以在发电、输配电、用电三个环节广泛应用5 二、电力系统各环节快速发展，变压器未来空间广阔8 1.发电环节：风光需求高增8 2.输配电环节：特高压建设持续推进12 3.用电环节：工业企业高效节能需求日益增长，轨道交通规模逐年扩大13 三、投资建议15 1.金盘科技15 2.华明装备15 3.特变电工16 四、风险提示17 ................................................................................................................................4 ...........................................................................................................................................5 ...............................................................................................................................................6 ...........................................................................................................6 ..................................................................................................................7 ..............................................................................................................7 ...........................................................................................................8 ...................................................................................................8 ...................................................................................................11 .......................................................................................................13 .......................................................................13 ......................................................................................14 ..................................................................................................15 ......................................................................................................15 ..................................................................................................16 ......................................................................................................16 ..................................................................................................16 ......................................................................................................16 .........................................................................................................................5 ...............................................................................................................................8 ..................................................................................................................................10 ..................................................................................................................................11       