Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Views - The company plans to acquire equity in Yili Technology, a wholly-owned subsidiary of its controlling shareholder, to enhance operational quality and eliminate business overlap [3][4] - Yili Technology has total assets of 3.558 billion and net assets of 1.143 billion as of December 31, 2023, representing 26.2% and 18.1% of the company's total assets and net assets, respectively [3] - The acquisition is expected to initiate a series of asset integrations, promoting resource consolidation and strengthening the company's market position [4] - The company is positioned as a key platform for the State Grid's digital transformation, benefiting from the high investment climate in the power information sector [5] Summary by Sections Acquisition Details - The company received a letter from its controlling shareholder regarding the planned acquisition of Yili Technology's equity to address business overlap and improve operational quality [3] - Yili Technology specializes in energy data infrastructure and had a revenue of 2.636 billion and a net profit of 188 million in 2023, contributing significantly to the company's overall performance [3] Financial Performance - The company forecasts revenues of 85.28 billion, 94.59 billion, and 104.78 billion for 2024-2026, with year-on-year growth rates of 11.14%, 10.92%, and 10.77% respectively [10] - The projected net profits for the same period are 9.08 billion, 10.37 billion, and 11.86 billion, with growth rates of 9.58%, 14.21%, and 14.39% respectively [10] Market Position - The company is the only listed platform of the State Grid and plays a crucial role in the digital transformation of the energy sector, expected to benefit from the planned investment exceeding 600 billion in 2024 [5][10]

证券代码：600131 证券简称：国网信通 公告编号：2024-055号 国网信息通信股份有限公司 关于拟收购控股股东有关股权的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 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 担个别及连带责任。 国网信息通信股份有限公司（以下简称"公司"）于2024年12月6 日接到控股股东国网信息通信产业集团有限公司（以下简称"信产集 团"）《关于筹划有关股权注入上市公司的函》。鉴于2019年重大资产 重组过程中，公司控股股东和间接控股股东出具了《关于避免同业竞 争的承诺函》，信产集团下属国网信通亿力科技有限责任公司（以下 简称"亿力科技"）在通信集采领域与公司存在业务重合，为推动承 诺有效履行，进一步提高公司经营质量，公司拟收购标的资产亿力科 技有关股权。具体情况如下： 一、拟收购股权情况 注册地址：厦门市软件园二期观日路36号402室 法定代表人：林建华 注册资本：40,960万元人民币 经营范围：一般项目：软件开发；数据处理和存储支持服务；信 息系统集成服务；数字内容制作服务（不含出版发行）；集成电路设 计；企业管理咨询；企业征信业务 ...

国网信息通信股份有限公司投资者关系活动记录表 证券代码：600131 证券简称：国网信通 | --- | --- | --- | |-------------------------|--------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □特定对象调研 | □分析师会议 | | | □媒体采访 | 业绩说明会 | | 投资者关系活动 类别 | □新闻发布会 | □路演活动 | | | □现场参观 □其他（请文字说明其他活动内容） | | | 参与单位名称及 人员姓名 | | 通过上证路演中心参与"公司 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [6] Core Viewpoints - The company is a leading energy digitalization innovation enterprise under the State Grid, benefiting from the high prosperity of electricity information investment, with expected steady growth in performance [1][2] - The company has undergone a significant business transformation since its major asset restructuring in 2019, with a focus on energy digitalization and cloud network integration [18][19] - The company is well-positioned to benefit from the acceleration of digital and intelligent construction of the power grid, driven by the high demand for new power systems [5][46] Summary by Relevant Sections Company Overview - The company, formerly known as Minjiang Hydropower, transformed its business through a major asset restructuring in 2019, changing its focus to provide "cloud-network integration" services [18] - The main business segments include digital infrastructure, power digital applications, enterprise digital applications, cutting-edge technology innovation, and energy innovation services, with respective revenue contributions of 52.17%, 29.45%, 8.76%, 5.95%, and 3.66% in the first half of 2024 [2][35] Financial Performance - The company has shown stable revenue growth, with a CAGR of 3.0% from 2020 to 2023 and a CAGR of 10.8% for net profit during the same period [3] - For the first three quarters of 2024, the company achieved revenue of 3.747 billion yuan, a decrease of 4.89% year-on-year, and a net profit of 298 million yuan, down 13.00% year-on-year [4][32] - The company aims for a revenue target of 8.49 billion yuan in 2024, corresponding to a year-on-year growth of approximately 10.65% [4][32] Market Outlook - The overall investment in the power grid is expected to remain high, with the State Grid planning to exceed 600 billion yuan in investment for 2024, driven by the need for ultra-high voltage projects and digital upgrades [5][46] - The company is positioned as a key player in the digital transformation of the power grid, with strong project experience and customer base advantages [5][46] Profitability and Valuation - The company's gross margin improved to 21.56% in 2023, with a net margin of 10.79%, reflecting ongoing enhancements in profitability [3][38] - Profit forecasts for the company indicate net profits of 955 million yuan, 1.089 billion yuan, and 1.234 billion yuan for 2024, 2025, and 2026, respectively, with expected growth rates of 15.30%, 13.92%, and 13.46% [8][10]

证券代码：600131 证券简称：国网信通 公告编号：2024-054 号 国网信息通信股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 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 担法律责任。 重要内容提示： 会 议 召 开 时 间 ： 2024 年 11 月 14 日 ( 星 期 四 ) 下 午 15:00-16:00。 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/）。 会议召开方式：上证路演中心网络互动。 征集问题方式：投资者可于 2024 年 11 月 7 日(星期四)至 11 月 13 日(星期三)16:00 前登录上证路演中心网站首页点击"提问预 征集"栏目或通过公告中的联系电话、电子邮箱进行提问，公司将在 业绩说明会上对投资者普遍关注的问题进行回答。 国网信息通信股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日披露了《公司 2024 第三季度报告》，为便于广大投资者 更全面深入地了解公司 2024 年第三季度经营成果和财务状 ...

Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of 24.08 CNY, representing a dynamic P/E ratio of 30 times for 2024 [7][9]. Core Views - The company is positioned as a key player in the energy digital transformation, capitalizing on opportunities from "Digital China" and the construction of a new power system. It focuses on comprehensive digital services across the entire power supply chain [6][9]. - The company reported a revenue of 3.747 billion CNY for the first three quarters of 2024, a decrease of 4.89% year-on-year, and a net profit of 298 million CNY, down 13% year-on-year [3][4]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 1.065 billion CNY, a year-on-year decline of 4.38%. The net profit for the same period was 66 million CNY, down 29.29% year-on-year. The gross margin for the first three quarters was 21.16%, an increase of 0.59 percentage points year-on-year [4][5]. - The company's inventory at the end of Q3 reached 674 million CNY, a significant increase of 47.81% year-on-year, indicating potential improvement in Q4 performance [4]. Business Strategy - The company has established a comprehensive business structure that spans the entire information and communication industry chain, covering all aspects of power generation, transmission, transformation, distribution, and utilization. This includes a robust portfolio of mature technology products and solutions [5]. - Key subsidiaries include: - China Electric Feihua, focusing on communication network construction and operation, which has performed well in recent years [5]. - China Electric Puhua, which has launched its power marketing 2.0 system across 27 provincial power companies [5]. - China Electric Qimingxing, which is developing an open-source technology system based on the Harmony OS, currently in the cultivation stage [5]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 8.428 billion CNY, 9.236 billion CNY, and 10.139 billion CNY, respectively. Net profits are expected to be 964.6 million CNY, 1.0726 billion CNY, and 1.189 billion CNY for the same years [6][11].

Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 3.747 billion yuan, a year-on-year decrease of 4.89% [1] - The net profit attributable to shareholders was 298 million yuan, down 13% year-on-year [1] - In Q3 alone, the company reported revenue of 1.065 billion yuan, a decline of 4.38% year-on-year, with a net profit of 66 million yuan, down 29.29% [1] Gross Margin Outlook - The company has seen a slight increase in gross margin compared to the same period last year, and expects future gross margin to remain stable if the revenue structure does not change significantly [1] Revenue Decline Reasons - The decline in revenue for Q3 is attributed to a high proportion of centralized procurement business in the bidding amount, which has not yet converted to revenue [1] Future Business Development - The company anticipates that digital investment requirements from grid enterprise customers will increase, emphasizing the integration of digitalization with actual production operations [1] - The company aims to enhance its core capabilities in digitalization and intelligent technology to support stable grid operations [3] Technological Innovation - The company is committed to enhancing its technological innovation capabilities during the 14th Five-Year Plan period, focusing on R&D investments in digital platforms, smart energy, artificial intelligence, and integrated communication networks [4] Open Source Technology Development - The subsidiary, Zhongdian Qimingxing, is developing the Starry EOS system based on the open-source Harmony technology framework, which is still in the cultivation stage [5] Compliance and Commitment - The company is actively following up on commitments made during the 2019 major asset restructuring to avoid competition and reduce related transactions [6]

Core Viewpoint - The company, State Grid Information Communication (国网信通), reported a revenue of 3.747 billion yuan and a net profit of 298 million yuan for the first three quarters of 2024, indicating a healthy development trend in its business operations [1] Group 1: Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 3.747 billion yuan and a net profit of 298 million yuan [1] - The company has seen a significant increase in its research and development expenses, reaching 215 million yuan by September 30, 2024 [2] Group 2: Business Strategy and Development - The company is focusing on the integration of digital technology with power grid operations, enhancing its core capabilities to support the construction of a new power system [1][4] - The company is advancing five major business segments: digital infrastructure, cutting-edge technology innovation, enterprise digital applications, power digital applications, and energy innovation services [2] - The company is actively expanding its business boundaries to support the construction of smart grids and digital national grids [2] Group 3: Innovation and Recognition - The company has been recognized with the "A-Share Value Award" at the 2024 China Listed Company Yinghua Awards and was selected as a best practice case for investor relations management [3] - The company has received 94 patent authorizations and published 123 scientific papers, showcasing its enhanced technological innovation capabilities [2] Group 4: Future Outlook - The company aims to become a leading energy digitalization and intelligence innovation enterprise, focusing on national energy security and the dual carbon strategy [4] - The integration of renewable energy into traditional power systems presents new market opportunities for innovative technologies such as virtual power plants [3]

证券代码：600131 证券简称：国网信通 公告编号：2024-052号 国网信息通信股份有限公司 第九届董事会第九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 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 担个别及连带责任。 国网信息通信股份有限公司董事会 2024 年 10 月 30 日 1 本议案提交董事会审议前，已经公司董事会审计委员会全票审议 通过。 具体内容详见公司在上海证券交易所网站www.sse.com.cn及指 定媒体披露的《2024年第三季度报告》。 特此公告。 公司董事会于2024年10月24日以电子邮件的方式向各位董事、监 事发出了召开第九届董事会第九次会议的通知和会议资料，公司第九 届董事会第九次会议于2024年10月29日以通讯方式召开，会议应表决 董事10名，实际表决董事10名。会议的召开符合《公司法》《公司章 程》和《公司董事会议事规则》的有关规定。会议审议了如下议案： 一、以10票同意、0票反对、0票弃权，审议通过了《公司2024 年第三季度报告的议案》。 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 1,064,811,360.80, representing a decrease of 4.38% compared to the same period last year[2]. - The net profit attributable to shareholders was CNY 65,545,931.56, down 29.29% year-on-year[2]. - The net profit after deducting non-recurring gains and losses was CNY 61,129,202.87, a decrease of 33.29% compared to the previous year[6]. - The basic earnings per share for the period was CNY 0.05, reflecting a decline of 37.50%[3]. - The total operating profit for Q3 2024 was approximately CNY 299.52 million, a decrease of 5.4% compared to CNY 318.29 million in Q3 2023[15]. - Net profit attributable to shareholders of the parent company for Q3 2024 was CNY 297.94 million, down 13.0% from CNY 342.45 million in Q3 2023[16]. - The company reported a total profit of CNY 297.01 million for Q3 2024, down from CNY 355.82 million in Q3 2023, reflecting a decline of 16.5%[15]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 12,468,886,218.20, down 8.14% from the end of the previous year[3]. - The company's total assets decreased to CNY 12,468,886,218.20 from CNY 13,573,847,623.95 in the previous year, reflecting a decline of 8.1%[13]. - Total liabilities decreased to CNY 6,087,822,612.90, down 15.9% from CNY 7,242,018,994.59 in 2023[13]. - The total current assets decreased to RMB 9,732,639,522.54 from RMB 10,985,284,595.06, showing a decline of about 11%[11]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 31,230, with the largest shareholder, State Grid Information Communication Industry Group Co., Ltd., holding 526,920,295 shares, accounting for 43.85% of the total[8]. - The top ten shareholders include several state-owned entities, with the top three holding a combined total of 682,305,415 shares, which is approximately 56.57% of the total shares[9]. - The company has no pledged, marked, or frozen shares among its major shareholders[8]. Cash Flow and Investments - The company reported a net cash flow from operating activities of -CNY 115,731,233.64 for the period[3]. - Cash flow from operating activities for the first nine months of 2024 was CNY 5.70 billion, an increase of 45.2% from CNY 3.93 billion in the same period of 2023[17]. - The net cash flow from operating activities in Q3 2024 improved to -CNY 115.73 million, compared to -CNY 552.40 million in Q3 2023[18]. - The net cash flow from investing activities for Q3 2024 was CNY 29.16 million, a recovery from a negative cash flow of -CNY 12.85 million in Q3 2023[18]. Operational Metrics - The company attributed the decline in net profit to a decrease in operating revenue and other factors[6]. - The company reported a significant increase in contract assets to RMB 639,294,638.99 from RMB 604,261,334.43, indicating a growth of about 6%[11]. - Accounts receivable decreased to RMB 5,245,735,517.03 from RMB 6,801,014,236.63, indicating a reduction of about 23%[11]. - Inventory increased significantly to RMB 674,298,126.09 from RMB 151,096,502.45, reflecting an increase of approximately 346%[11]. Research and Development - Research and development expenses increased to CNY 215,387,758.89, up 9.3% from CNY 196,960,486.41 in the previous year[14]. - The company is focusing on expanding its market presence and enhancing its technological capabilities through ongoing R&D efforts[14]. - The company has not disclosed any new product or technology developments in the current reporting period[10]. Future Outlook - Future guidance indicates a cautious outlook due to market conditions, with a focus on cost control and efficiency improvements[14].