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].

证券代码：600131 证券简称：国网信通 公告编号：2024-053号 国网信息通信股份有限公司 第九届监事会第八次会议决议公告 本公司监事会及全体监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。 公司监事会于2024年10月24日以电子邮件的方式向各位监事发 出了召开第九届监事会第八次会议的通知和会议资料，公司第九届监 事会第八次会议于2024年10月29日以通讯方式召开，会议应表决监事 4名，实际表决监事4名。会议的召开符合《公司法》《公司章程》和 《公司监事会议事规则》的有关规定。会议审议了如下议案： 一、以4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》。 公司监事会对2024年第三季度报告进行了严格审议，并提出如下 审核意见，与会全体监事一致认为： （一）公司2024年第三季度报告的编制和审议程序符合法律、法 规、《公司章程》和公司内部管理制度的各项规定； （二）公司2024年第三季度报告的内容和格式符合上海证券交易 所的相关规定,所包含的信息能从各方面真实反映公司2024年第三季 度的经营管理和 ...

四川省成都市锦江区百扬大厦 1101 邮编：610072 1101,Baiyang Building,JinJiang District,Chengdu,Sichuan Prov. 电话/TEL:（028）87747485 传真/FAX:（028）87741838 网址/WEBSITE: www.kangdalawyers.com/ 二〇二四年十月 上海 SHANGHAI 广州 GUANGZHOU 深圳 SHENZHEN 北京 BEIJING 海口 HAIKOU 两安 XT' 析,外 HANGZHOL 沈阳 SHENYANG 南京 NANJING 天津 TIANJIN 成都 CHENGDL | Caroletter of | 1 | 2 | 1 | 17.84 | | --- | --- | --- | --- | --- | | œ | . | | | | | 释 X . | | --- | | ———本次解除限售的批准和授权 . | | 二、 本次解除限售的基本情况 ... x | | i 11 结论意见 | 北京康达(成都)律师事务所 关于国网信息通信股份有限公司 2021 年限制性股票激励计划 第一期 ...

证券代码：600131 证券简称：国网信通 公告编号：2024-051 国网信息通信股份有限公司 关于 2021 年限制性股票激励计划第一期 解除限售条件成就暨解锁上市的公告 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、准确性和完整性依 法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上 市股数为 1,591,125 股。 本次股票上市流通总数为 1,591,125 股。 本次股票上市流通日期为 2024 年 10 月 25 日。 公司于 2024 年 10 月 21 日召开第九届董事会第八次会议和第九届 监事会第七次会议，审议通过了《关于 2021 年限制性股票激励计划第 一期解除限售条件成就的议案》，公司将为 2021 年限制性股票激励计 划（以下简称"本次激励计划"）符合解除限售条件的 151 名激励对象 所持有的 1,591,125 股限制性股票统一办理解除限售事宜。具体情况 如下： 一、本次激励计划的批准及实施情况 1.2021年12月13日，公司召开第八届董事会第十七次会议、第八 届监事会第十三次会议， ...

证券代码：600131 证券简称：国网信通 公告编号：2024-050号 国网信息通信股份有限公司 第九届监事会第七次会议决议公告 本公司监事会及全体监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。 公司监事会于2024年10月14日以电子邮件的方式向各位监事发 出了召开第九届监事会第七次会议的通知和会议资料，公司第九届监 事会第七次会议于2024年10月21日以通讯方式召开，会议应表决监事 4名，实际表决监事4名。会议的召开符合《公司法》《公司章程》和 《公司监事会议事规则》的有关规定。会议审议了如下议案： 一、以4票同意、0票反对、0票弃权，审议通过了《关于2021年 限制性股票激励计划第一期解除限售条件成就的议案》。 监事会一致认为：鉴于公司2021年限制性股票激励计划第一个解 除限售期的解除限售条件已经成就，本次为151名符合解除限售条件 的激励对象所持有的1,591,125股限制性股票，统一办理解除限售事 宜，符合《公司法》《证券法》《上市公司股权激励管理办法》等法律 法规及《公司2021年限制性股票激励计划（草案二次修订稿）》 ...

证券代码：600131 证券简称：国网信通 公告编号：2024-049号 国网信息通信股份有限公司 第九届董事会第八次会议决议公告 根据公司 2022 年第一次临时股东大会授权，本次限制性股票解 除限售事项已授权董事会办理，无需提交公司股东大会审议。 公司董事王奔先生作为激励对象，回避此议案表决。 本议案提交董事会审议前，已经公司董事会薪酬与考核委员会全 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《关于2021年限制性股票激励计划第一期解除限售条件 成就暨解锁上市的公告》（公告编号：2024-051号）。 特此公告。 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。 公司董事会于2024年10月14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八次会议的通知和会议资料，公司第九 届董事会第八次会议于2024年10月21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 ...