深度报告：电力自动化领域先行者，受益电网建设提速

20% 15% 10% 5% 0% -5% -10% -15% -20% -25% -30% 000300.SH 600268.SH 投资要点    2023/09 2023/10 2023/11 2023/12 2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/07 2024/08    请阅读最后评级说明和重要声明 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4 2.聚焦“5+2”产业体系，向数字智能化转型升级6 3.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9 2.电力自动化领域的先行者，公司电网自动化业务增长稳健12 3.技术底蕴深厚，盈利质量位于行业前列13 三、系统集成中心业务有望成为第二增长极，虚拟电厂构建远期成长空间14 1.风光装机高增，系统集成中心业务快速发展14 2.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 五、风险提示24 ...............................................................................................................................................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 .............................................................................................................................................16 ......................................................................................................................................18 ..................................................................................................20 ...........................................................................................22 .................................................................................................................................................23 ....................................................................................................................................................