深度报告：电力自动化领域先行者，受益电网建设提速

投资要点 ➢ 一、电力科技先锋：八十多年风雨兼程，数字智能化转型促增长.................................................4 1.电力高科技第一股，栉风沐雨八十余年......................................................................................................42.聚焦“5+2”产业体系，向数字智能化转型升级.........................................................................................63.业绩稳健增长，盈利能力较强.....................................................................................................................8 二、电网投资高景气，电力自动化领域先行者充分受益...............................................................9 1.新能源+逆周期调节需求，电网投资有望稳步增长......................................................................................92.电力自动化领域的先行者，公司电网自动化业务增长稳健.......................................................................123.技术底蕴深厚，盈利质量位于行业前列....................................................................................................13 1.风光装机高增，系统集成中心业务快速发展.............................................................................................142.虚拟电厂的建设有望加速，或成为公司盈利新引擎..................................................................................17 四、盈利预测与投资建议............................................................................................................20 ...............................................................................................................................................4........................................................................................................................................5.............................................................................................................................................6...................................................................................................................................................6..........................................................................................................................7..........................................................................................................................8..............................................................................................................................8...................................................................................................................8...................................................................................................................8..................................................................................................................................9.................................................................................................................................................9.............................................................................................................................9.........................................................................................................................9.......................................................................................................10.......................................................................................................................10............................................................................................................11...................................................................................................................12...................................................................................................................12........................................................................................................13...............................................................................................................13 .......................................................................................................13............................................................................................14....................................................................................................................................15.........................................................................................................................15.........................................................................................................................................16............................................................................................................16....................................................................................................17............................................................................................................17...............................................................................................................................................18 ........................................................................................................................................5..........................................................................