事件：2026年8月26日，公司发布2026年中报。26H1公司营业收入277.67亿元，同比增长14.54%；归母净利润30.73亿元，同比增长4.08%；扣非归母净利润29.25亿元，同比增长4.31%。单26Q2公司营业收入182.03亿元，同比增长18.60%；归母净利润23.51亿元，同比增长3.49%；扣非归母净利润22.83亿元，同比增长4.02%。
　　 26H1公司电网智能业务稳健增长，能源低碳业务增速亮眼。分具体业务来看，2026年上半年，公司电网智能业务实现营业收入133.06亿元、同比增长8.85%，毛利率为29.90%、同比下降0.44pcts；公司能源低碳业务实现营业收入96.14亿元、同比增长46.98%，毛利率为18.64%、同比下降2.95pcts；公司数能融合业务实现营业收入36.96亿元、同比下降5.24%，毛利率为25.55%、同比提升2.16pcts；公司工业互联业务实现营业收入9.54亿元、同比下降23.38%，毛利率为24.42%、同比提升4.42pcts；公司集成及其他业务实现营业收入1.29亿元、同比下降56.98%，毛利率为39.53%、同比提升4.45pcts。
　　 国内国际双轮并进，市场版图持续扩容。2026年上半年，公司新签合同456.33亿元，同比增长28.79%。国内市场稳步增长，电网内市场份额持续提升，落地渝黔柔直背靠背等重大项目。电网外业务快速突破，中标酒钢储能、云南滇中引水工程等重大项目，发电、市政公用领域市场份额均实现大幅增长。国际市场势头强劲，新开辟吉尔吉斯斯坦、摩洛哥等国别市场，海外业务成为新增长引擎。
　　 优势产业持续向好，新兴业务加快成长。优势产业根基不断稳固，新一代调度全面推广，现货市场、新一代集控持续引领行业，新一代供电服务指挥系统完成试点上线。新兴产业动能迸发，4500V/3000A IGBT具备规模化工程应用条件，器件在湖南构网型SVG等项目成功应用。10kV带电作业机器人开展超一万次线路实操，并在南方电网开展试点应用。“4S”储能能量管理及智慧运营系统成功部署应用，算电协同完成异构算力调度平台核心功能开发。推出系列固态变压器，牵头成立江苏省固态变压器产业联盟，有力强化南瑞在技术路线上的话语权。
　　 投资建议：公司是国内智能电力设备龙头厂商，受益于电网智能化、双碳等政策持续推进。我们预计公司26-28年营收分别为758.10、874.24、1011.22亿元，对应增速分别为14.5%、15.3%、15.7%；归母净利润分别为90.90、102.66、119.50亿元，对应增速分别为9.8%、12.9%、16.4%，以9月1日收盘价作为基准，对应26-28年PE为20X、18X、15X。维持“推荐”评级。
　　 风险提示：电网投资不及预期风险，新产品进展不及预期风险等。
　　

NARI Technology (NARI) announced 2Q26 results: revenue was RMB18.20bn (up 18.60% YoY), attributable NP was RMB2.35bn (up 3.49% YoY), and recurring NP was RMB2.28bn (up 4.02% YoY). In 1H26, the company operated robustly with strong order growth; the domestic grid business formed a solid foundation, while non-grid and overseas businesses grew rapidly, becoming important incremental drivers. As NARI is a leading secondary equipment provider in China, we expect it to fully benefit from new power system development. We think that its grid-related business should enjoy steady growth amid rising power grid investment, while rapid expansion in non-grid/overseas markets could drive sustained profitability improvement. Maintain BUY.
Order backlog ample, strides made both at home and abroad
In 1H26, the company signed new contracts of RMB45.63bn, up 28.79% YoY, with ample order reserves. By region, domestic revenue was RMB21.87bn in 1H26, down 1.72% YoY, with gross margin of 28.75%, up 1.71pp YoY, as domestic profitability continued to improve; overseas revenue reached RMB5.89bn, up 196.61% YoY, becoming a new growth engine. Domestically, the company's share in the grid market steadily increased, and it won major non-grid projects such as JISCO energy storage and the Yunnan Dianzhong water diversion project, with significant growth in power generation and municipal public utilities. Overseas, the company entered new country markets including Kyrgyzstan and Morocco, landed major projects such as the Philippines photovoltaic project and Thailand MEA substation project, and signed its first overseas energy storage EPC project — the Oman Duqm 500MW/2000MWh energy storage project — with broad long-term growth potential.
Earnings forecasts and valuation
Considering the higher financial expense ratio, we lower our 2026-2028 attributable NP forecasts by 1.73/1.84/1.92% to RMB8,940/9,944/10,929mn, with EPS of RMB1.11/1.24/1.36. As of 26 August, referencing the average 2026 PE of 23x for comparable companies on Wind consensus (previous: 25x), and considering NARI's long-term technological moat, State Grid backing, and leading position in secondary equipment, we assign 26x 2026E PE, deriving our target price of RMB28.86 (previous: RMB31.64, on 28x 2026E PE). Maintain BUY.
Risks: Power-grid investment falling short of our expectations, industry competition intensifying.

　　投资要点
　　事件：公司26H1实现营收277.67亿元，同比+14.5%；归母净利润30.73亿元，同比+4.1%；扣非归母净利润29.25亿元，同比+4.3%；毛利率25.3%，同比-1.1pct；归母净利率11.1%，同比-1.1pct。其中26Q2实现营收182.03亿元，同环比+18.6%/+90.3%；归母净利润23.52亿元，同环比+3.5%/+226.2%；扣非归母净利润22.83亿元，同环比+4.0%/+255.7%；毛利率25.5%，同环比-2.3/+0.4pct；归母净利率12.9%，同环比-1.9/+5.4pct，业绩基本符合市场预期。
　　订单高速增长、网内基本盘保持稳健：26H1公司电网智能/数能融合/能源低碳/工业互联业务实现收入133.1/37.0/96.1/9.5亿元，同比+8.9%/-5.2%/+47.0%/-23.4%；毛利率分别为29.9%/25.6%/18.6%/24.4%，同比-0.4/+2.2/-3.0/+4.4pct，能源低碳业务成为收入增长的主要驱动力。26H1公司新签合同456.3亿元，同比+28.8%；电网行业收入138.8亿元，同比+6.4%，先后落地渝黔柔直背靠背、陕西新一代调度、河北配网侧储能、南网湖南—贵州电力灵活互济换流阀等重大项目。随着“十五五”电网投资向特高压、配网智能化及数智化转型倾斜，公司网内基本盘有望保持稳健增长。
　　海外高速增长、新产品拓展打开成长空间：26H1公司海外收入58.94亿元，同比+196.6%，占主营业务收入21.3%，同比提升约13.1pct。公司新开辟吉尔吉斯斯坦、摩洛哥等市场，变电站终端RTU/STATCOM/配电自动化系统/轨道交通供电设备分别进入智利、沙特及菲律宾、秘鲁、澳大利亚市场，并签约海外首个储能总包项目，海外业务加速成为新增长引擎。新产品方面，4500V/3000AIGBT已具备规模化工程应用条件，公司推出系列固态变压器并牵头成立江苏省固态变压器产业联盟；同时发布数据中心算电协同技术方案，完成异构算力调度平台核心功能开发，长期成长边界持续拓宽。
　　费用率基本稳定、经营现金流同比承压：26H1公司期间费用率12.4%，同比基本持平，其中销售/管理/研发/财务费用率分别为3.8%/2.3%/6.0%/0.3%，同比-0.3/-0.3/-0.3/+0.9pct。财务费用同比增加2.24亿元，主要系利息收入减少及汇兑损失增加，其中汇兑损失1.27亿元，同比增加1.25亿元。26Q2末存货151.60亿元，同比+6.6%；合同负债70.10亿元，同比-5.3%。
　　盈利预测与投资评级：我们维持公司2026-2028年归母净利润预测91.8/104.5/120.3亿元，同比+11%/+14%/+15%，对应现价PE分别为20/18/16倍，维持“买入”评级。
　　风险提示：电网投资不及预期，竞争加剧等。

　　国电南瑞发布公告：26Q2实现营收182.03亿元（yoy+18.60%），归母净利23.51亿元（yoy+3.49%）；扣非净利22.83亿元（yoy+4.02%）。26H1公司经营稳健、订单高增，国内电网主业筑牢基本盘，网外与海外业务高增成为重要增量。我们认为公司作为国内二次设备龙头，有望充分受益于新型电力系统建设，网内业务伴随电网投资实现持续稳健增长；网外与国际业务快速开拓，盈利有望持续提升，维持“买入”评级。
　　营收稳步扩容，财务费用提升
　　公司26H1实现营收277.67亿元（yoy+14.54%），归母净利30.73亿元（yoy+4.08%），扣非净利29.25亿元（yoy+4.31%），受财务费用和信用减值损失等阶段性影响，盈利增速低于收入增速。公司26H1分别实现毛、净利率25.34%、11.70%，yoy-1.11、-1.19pct，主要系业务结构变化影响。公司2026年H1期间费用率12.39%，同比-0.04pct，其中销售、管理、财务、研发费用率分别为3.78%、2.31%、0.33%、5.97%，同比-0.34、-0.29、+0.88、-0.28pct，整体费用率稳定，其中财务费用率有明显提升，主要系利息收入减少及外币汇兑收益减少所致。
　　电网投资持续加码，能源低碳增速亮眼
　　公司2026年H1电网智能、能源低碳、数能融合、工业互联、集成及其他业务分别实现营收133.06、96.14、39.96、9.54、1.29亿元，同比+8.85%、+46.98%、-5.24%、-23.38%、-56.98%，毛利率分别为29.90%、18.64%、25.55%、24.42%、39.53%；同比变化-0.44、-2.95、+2.15、+4.42、+4.45pct。
　　得益于电网投资的持续加码，公司电网智能业务保持稳健增长；能源低碳业务实现高速增长，主要系海外储能、新能源配套项目集中交付；数能融合、工业互联等板块收入短期承压。分下游行业看，公司26H1电网行业收入138.83亿元，同比+6.42%；非电网行业收入138.16亿元，同比+23.73%，网外领域拓展成效显著，收入结构加速多元化。
　　合同储备充足，海内外双线开花
　　2026年上半年公司新签合同456.33亿元，同比+28.79%，订单储备充足。分区域看，公司26H1国内实现营收218.73亿元，同比-1.72%，毛利率28.75%，同比+1.71pct，国内盈利能力持续优化；海外业务实现营收58.94亿元，同比+196.61%，成为核心增长新引擎。国内方面，公司网内份额稳步提升，网外中标酒钢储能、云南滇中引水工程等重大项目，发电、市政公用领域等赛道均实现大幅增长。海外方面，公司新开辟吉尔吉斯斯坦、摩洛哥等国别市场，同时落地菲律宾光伏、泰国MEA变电站等重大项目，成功签约海外首个储能总包项目-阿曼杜库姆500MW/2000MWh储能项目，长期成长空间广阔。
　　盈利预测与估值
　　考虑到公司财务费用率有所提升，我们下调公司26-28年归母净利润（-1.73%、-1.84%、-1.92%）至89.40、99.44、109.29亿元，对应EPS为1.11、1.24、1.36元。截至8月26日，参考可比公司26年Wind一致预期PE23倍（前值25倍），考虑到公司长期积累打造技术优势，背靠国网，二次设备龙头地位突出，给予公司26年26倍PE估值，目标价28.86元（前值31.64元，对应26年28倍PE），维持“买入”评级。
　　风险提示：电网投资不及预期，行业竞争加剧。

NARI Technology(NARI)has announced 2025 revenue of RMB66,229mn(+15%YoY)and attributable NP of RMB8,279mn(+9%YoY),broadly in line with our corresponding estimates of 13%and 9%.In 1Q26,it posted revenue of RMB9,564mn(+8%YoY)and attributable NP of RMB721mn(+6%YoY).As NARI is aleading secondary equipment provider in China,we expect it to fully benefit from new power system development.We believe its grid-related business will enjoy steady growth amid rising power grid investment,while rapid expansion in non-grid/overseas markets should drive sustained profitability improvement.Maintain BUY.
Profit robust;expense ratio stable
NARI reported 2025 attributable NP of RMB8,279mn(+8.79%YoY)and recurring NP of RMB7,983mn(+8.04%YoY).Its 2025 gross/net margin was 25.84/13.37%(-0.82/-0.81pp YoY),mainly due to business mix changes.The 2025 total expense ratio was 11.22%(-0.05pp YoY),with the sales/administration/financial/R&D expense ratio at 3.66/2.37/-0.26/5.44%(-0.28/-0.16/+0.57/-0.19pp YoY).While maintaining overall expense discipline,the higher financial expense ratio was driven by reduced interest income and lower foreign exchange gains.In 1Q26,it posted attributable NP of RMB721mn(+6.04%YoY)and recurring NP of RMB642mn(+5.39%YoY),with gross/net margin of 25.10/7.79%(+0.89/-0.01pp YoY).
Stepped up power grid investment
NARI’s 2025 revenue breakdown is as follows:smart grid(RMB33,422mn,+15.73%YoY,with gross margin of 30.12%,+0.80pp YoY),low-carbon energy(RMB16,730mn,+37.30%YoY,gross margin of 20.21%,-2.77pp YoY),digital-energy integration(RMB12,303mn,-0.50%YoY,gross margin:22.62%+0.21pp YoY),industrial internet(RMB3,014mn,+5.10%YoY,gross margin:21.56%-5.85pp YoY),and integration/others(RMB687mn,-52.21%YoY,gross margin:26.64%-7.02pp YoY).Robust growth in smart grid operations benefited from power grid investment increases,further consolidating NARI's leading position,while rapid expansion in low-carbon energy has become akey revenue growth driver.In 2025,grid-related industry revenue reached RMB42,042mn(+6.12%YoY),while other industries contributed RMB24,114mn(+33.09%YoY).
Strides made in globalization;stable growth in new orders
NARI reported 2025 domestic revenue of RMB60,119mn(+10.40%YoY)with gross margin of 26.45%(-0.52pp YoY),while overseas revenue surged to RMB6,038mn(+84.13%YoY)with gross margin of 19.19%(+0.17pp YoY).The company adopted astrategy of indirect exports and independent expansion,entering five new markets including Tanzania and Madagascar,achieving multiple"first-of-its-kind"breakthroughs or scaled applications in dispatch systems and distribution networks,rapidly sharpening the company’s overall competitive edge overseas.Full-year 2025 new contracts totaled RMB75,868mn(+14.4%YoY),with the backlog reaching RMB52,031mn as of end-2025,providing asolid foundation for profit growth.
Earnings forecasts and valuation
We largely maintain our attributable NP forecast for 2026/2027 at RMB9,098/10,131mn and introduce our 2028 forecast of RMB11,142mn,with EPS of RMB1.13/1.26/1.39.Considering NARI's long-term technological moat,State Grid backing,and leading position in secondary equipment,we assign a28x 2026E PE,above its peers’average of 25x on Wind consensus(29 Apr),deriving our target price of RMB31.64(previous:RMB28.75,on 25x 2025E PE).Maintain BUY.
Risks:Power-grid investment falling short of our expectations,industry competition intensifying.