Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company has signed a framework contract worth 400 million yuan and has entered into new contracts for data center substations, which are expected to drive future performance growth [3][5] - For 2024, the company is projected to achieve revenue of 634 million yuan, representing an 8.06% year-on-year increase, while the net profit attributable to the parent company is expected to decrease by 7.05% to 43 million yuan [3] - The earnings per share (EPS) for 2024 is estimated at 0.26 yuan, with corresponding price-to-earnings (P/E) ratios of 55.1, 45.0, and 37.2 for 2024, 2025, and 2026 respectively [3] Financial Summary - Revenue is projected to grow from 586 million yuan in 2023 to 634 million yuan in 2024, and further to 778 million yuan in 2025, reaching 920 million yuan in 2026 [8] - The net profit attributable to the parent company is expected to fluctuate, with estimates of 43 million yuan in 2024, 53 million yuan in 2025, and 64 million yuan in 2026 [8] - The gross margin is expected to remain stable around 23.5% for 2024 and 2025, while the net margin is projected to be 6.8% for both years [8] - The return on equity (ROE) is forecasted to improve from 9.7% in 2024 to 12.5% in 2026 [8] Business Developments - The company has signed a 4.25 billion yuan framework agreement with China Energy Construction Group for compact substations, indicating a strategic expansion into new business areas [5] - The company is also expanding its production layout with transformer production line upgrades, which are expected to support future revenue growth [5]

北交所信息更新 许昌智能（831396.BJ） 签署 4 亿元框架合同，新签订数据中心变电站合同拓展新业务 投资评级：增持（维持） | 日期 | 2025/3/13 | | --- | --- | | 当前股价(元) | 14.32 | | 一年最高最低(元) | 17.61/4.01 | | 总市值(亿元) | 23.71 | | 流通市值(亿元) | 20.78 | | 总股本(亿股) | 1.66 | | 流通股本(亿股) | 1.45 | | 近 3 个月换手率(%) | 412.0 | 公司与中能建签订 4 亿框架协议，签订数据中心变电站合同拓展新业务 2025 年 03 月 13 日 预计 2024 年营收 6.34 亿元（+8.06%），归母净利润 0.43 亿元（-7.05%） 公司发布 2024 年业绩快报，预计 2024 年公司实现营业收入 6.34 亿元，同比增 长 8.06%；归母净利润为 0.43 亿元，同比减少 7.05%；扣非净利润 0.43 亿元， 同比减少 1.00%。受公司扩大生产布局，期间费用增加影响，我们下调 2024-2026 年盈利预测，预计 2024-2026 年 ...

证券代码：831396 证券简称：许昌智能 公告编号：2025-004 许昌智能继电器股份有限公司签订重要合同的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 合同签署概况 （一） 基本情况 许昌智能继电器股份有限公司（以下简称"许昌智能"）与河南空港数字城 市开发建设有限公司签订了《郑州航空港经济综合实验区大数据产业园大数据处 理中心项目变电站建设工程施工总承包合同》，公司提供设备制造或采购设备安 装、调试、电站运维等施工内容，合同金额为：45,752,908.61 元（人民币）。 （二） 审批情况 根据《公司章程》及相关制度，上述合同的签订属于公司日常经营行为，不 需要经过公司董事会及股东大会审议。 （二）应说明的情况 （一）合同对手方基本情况 合同对手方名称： 河南空港数字城市开发建设有限公司 注册地址：郑州航空港区新港大道与如荼路交汇处锦荣信息科技园 10 号楼 1 层 法定代表人：王景仲 统一社会信用代码：91410100MADBA8DD6Q 经营范围：许可项目：建设工程施工；第一 ...

证券代码：831396 证券简称：许昌智能 公告编号：2025-003 许昌智能继电器股份有限公司股票解除限售公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、本次股票解除限售数量总额为 50,969,066 股，占公司总股本 30.78%，可交 易时间为 2025 年 3 月 11 日。 二、本次股票解除限售的明细情况及原因 单位：股 | | | 是否为控 | 董事、监 | 本次 | | 本次解 除限售 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序 | 股东姓名或名 | 股股东、 实际控制 | 事、高级 | 解限 | 本次解除限 售登记股票 | 股数占 | 尚未解除 限售的股 | | 号 | 称 | 人或其一 | 管理人员 | 售原 | 数量 | 公司总 | 票数量 | | | | 致行动人 | 任职情况 | 因 | | 股本比 | | | | | | | | | 例 | | | 1 | 张洪涛 | 是 | 董事长 | A ...

Financial Performance - The company's operating revenue for the reporting period is expected to be CNY 633.57 million, representing a year-on-year increase of 8.06%[5] - The net profit attributable to shareholders is expected to be CNY 43.09 million, a decrease of 7.05% compared to the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be CNY 42.80 million, down 1.00% year-on-year[5] - The basic earnings per share is expected to be CNY 0.27, a decline of 25.00% from the previous year[5] Assets and Equity - Total assets at the end of the reporting period are expected to be CNY 1,026.07 million, an increase of 19.11% year-on-year[6] - Shareholders' equity attributable to the company is expected to be CNY 576.61 million, up 38.27% compared to the beginning of the period[6] - The company's capital reserve is expected to increase by CNY 112.26 million due to the issuance of shares[6] Revenue Drivers and Expenses - The increase in operating revenue is primarily driven by sustained orders in the new energy sector from State Grid and power generation groups[6] - Increased investments in personnel, facilities, and equipment for production expansion and R&D have led to higher operating expenses[6] Cautionary Note - Investors are advised to exercise caution as the financial data is preliminary and subject to change upon final audit[7]

| | 公告日期 2024-12-05 无 | 异常期间 | | | | | --- | --- | --- | --- | --- | --- | | | 许昌智能(831396) 连续竞价 | 成交数量 （股） | 34783201.0 | 成交金额（万 元） | 49197.44 | | | 涉及事项 当日换手率达到20%的前5只股票 | | | | | | 买/卖 | 营业部或交易单元名称 | | | 买入金额（元） | 卖出金额（元） | | 买1 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | | | 9643591.63 | 4573061.7 | | 买2 | 中国银河证券股份有限公司上海长宁区镇宁路证券营业部 | | | 8991960.17 | 0 | | 买3 | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | | | 8344812.33 | 5078455.35 | | 买4 | 中信建投证券股份有限公司深圳宝安海秀路证券营业部 | | | 8291731.89 | 282794.38 | | 买5 | 东方财富证券股份有限公司山南香曲东路证券营业部 | | | 74 ...

| 日期 | 代码 | 简称 | 成交数量（股） | 成交金额（万元） | 披露原因 | | --- | --- | --- | --- | --- | --- | | 2024-12- | 839725 | 惠丰钻石 | 33580190.0 | 111342.49 | 异常期间涨跌幅偏离值累计 | | 05 | | | | | 达到58.54% | | 2024-12- | 838171 | 邦德股份 | 15451163.0 | 35305.45 | 异常期间涨跌幅偏离值累计 | | 05 | | | | | 达到41.96% | | 2024-12- | 838171 | 邦德股份 | 12278938.0 | 29472.34 | 当日收盘价涨幅达到29.98% | | 05 | | | | | | | 2024-12- | 839725 | 惠丰钻石 | 9751651 | 34423.81 | 当日收盘价涨幅达到29.98% | | 05 | | | | | | | 2024-12- | 871478 | 巨能股份 | 10655425.0 | 38822.24 | 当日换手率达到46.33% ...

| | 2024-11-14 公告日期 | 异常期间 | 无 | | | | --- | --- | --- | --- | --- | --- | | | 许昌智能(831396) 连续竞价 | 成交数量 （股） | 44658547.0 | 成交金额（万 元） | 64588.96 | | | 涉及事项 当日换手率达到20%的前5只股票 | | | | | | 买/卖 | 营业部或交易单元名称 | | | 买入金额（元） | 卖出金额（元） | | 买1 | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | | | 13219815.07 | 6596562.32 | | 买2 | 东方财富证券股份有限公司拉萨团结路第一证券营业部 | | | 12040185.02 | 4070311.66 | | 买3 | 东方财富证券股份有限公司拉萨金融城南环路证券营业部 | | | 11595985.13 | 2305570.21 | | 买4 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | | | 9344187.37 | 6115678.23 | | 买5 | 东方财富证券股份有限公司拉萨东环路第 ...

| 日期 | 代码 | 简称 | 成交数量（股） | 成交金额（万元） | 披露原因 | | --- | --- | --- | --- | --- | --- | | 2024-11- | 833284 | 灵鸽科技 | 57138629.0 | 97057.52 | 异常期间涨跌幅偏离值累计 | | 14 | | | | | 达到52.74% | | 2024-11- | 830779 | 武汉蓝电 | 12088663.0 | 53227.76 | 异常期间涨跌幅偏离值累计 | | 14 | | | | | 达到42.39% | | 2024-11- | 830779 | 武汉蓝电 | 8307386 | 39427.15 | 当日收盘价涨幅达到29.99% | | 14 | | | | | | | 2024-11- | 870436 | 大地电气 | 17138534.0 | 47622.54 | 当日收盘价涨幅达到29.99% | | 14 | | | | | | | 2024-11- | 920111 | 聚星科技 | 26127141.0 | 115549.6 | 当日价格振幅达到38.26% ...

| 日期 | 代码 | 简称 | 成交数量（股） | 成交金额（万元） | 披露原因 | | --- | --- | --- | --- | --- | --- | | 2024-11- | 873593 | 鼎智科技 | 30033367.0 | 107476.46 | 异常期间涨跌幅偏离值累计 | | 05 | | | | | 达到63.24% | | 2024-11- | 831726 | 朱老六 | 31678668.0 | 61357.44 | 异常期间涨跌幅偏离值累计 | | 05 | | | | | 达到63.23% | | 2024-11- | 830896 | 旺成科技 | 8353416 | 11823.02 | 异常期间涨跌幅偏离值累计 | | 05 | | | | | 达到63.20% | | 2024-11- 05 | 839725 | 惠丰钻石 | 24098669.0 | 54021.48 | 异常期间涨跌幅偏离值累计 达到63.20% | | 2024-11- | 838837 | 华原股份 | 51040273.0 | 68373.21 | 异常期间涨跌幅偏离值累计 | | ...