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国家电网公司(以下简称“国网”)每年对输变电设备的采购量占到行业总产值的50%以上,是行业下游需求的最主要来源。国网采购范围及竞标规则等招标政策的变化将对以其为主要客户的输变电设备企业的盈利水平产生重要影响。本文通过梳理近年来国网招标政策的变化,并在比对中标价格及主要样本企业毛利率等指标的基础上,认为竞标规则变化通过对电网主要一次设备中标价格的影响,进而对一次设备中标企业的盈利能力产生影响,但受生产、交货周期影响,其影响存在一定的时滞,约为6-9个月。相比之下,二次设备市场存在技术和资金壁垒,市场竞争较为缓和,竞标规则的变化对二次设备价格影响较小,企业盈利能力受竞标规则的影响并不明显。
State Grid Corporation of China (hereinafter referred to as “State Grid ”) annual procurement of transmission and distribution equipment accounted for more than 50% of the total output value of the industry, is the most important source of downstream demand in the industry. Changes in the bidding policies such as the procurement scope of the State Grid and the bidding rules will have a significant impact on the profitability of power transmission and distribution equipment enterprises based on their net profit. Based on the changes of the bidding policy of State Grid in recent years and comparing the bidding price and the gross profit margin of the main sample companies, this paper argues that the change of bidding rules affects the bidding price of the primary equipment of the power grid by winning the bid The profitability of an enterprise has an impact, but its production and delivery cycle will have a certain time lag between 6 and 9 months. In contrast, there are technical and financial barriers in the secondary equipment market, and the market competition is more moderate. The changes in the bidding rules have a small impact on the secondary equipment prices. The profitability of enterprises is not significantly affected by the bidding rules.