南 京 国 电 南 自 新 能 源 科 技 有 限 公 司 审计报告 天 职 业 字 [2024]4579 号 目 录 审计报告 -- -1 --- 4 2023 年度财务报表 -- -- 2023 年度财务报表附注 -- -11 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 报告编码: 审计报告 一、审计意见 我们审计了南京国电南自新能源科技有限公司(以下简称"贵公司")财务报表,包括 2023 年 12 月 31 日的资产负债表,2023 年度的利润表、现金流量表、所有者权益变动表以 及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 贵公司 2023年12月 31 日的财务状况以及 2023 年度的经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职 业道德守则,我们独立于贵公司,并履行了职业道德方面的其他责任。我们相信,我们获取 的审计证 ...

证券代码：600268 证券简称：国电南自 公告编号：临2024-042 国电南京自动化股份有限公司 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。 关于限制性股票激励计划预留授予第一个解除限售 期解锁条件成就的公告 （一）本次激励计划已履行的决策程序和信息披露情况 重要内容提示： 本次符合解锁条件的激励对象合计 3 人，解锁限制性股票数量合计为 132,867 股，约占目前公司总股本的 0.013%。 本次解锁限制性股票在办理完成解锁手续、上市流通前，公司将发布相 关提示性公告，敬请投资者注意。 国电南京自动化股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日 召开第八届董事会第十三次会议和第八届监事会第十三次会议审议通过了《关于 限制性股票激励计划预留授予第一个解除限售期解锁条件成就的议案》。根据《上 市公司股权激励管理办法》、公司限制性股票激励计划（以下简称"本次激励计 划"）的相关规定，本次激励计划预留授予第一个解除限售期解锁条件已经成就， 将对符合解锁条件的 3 名激励对象共计 132,867 股限 ...

国电南京自动化股份有限公司 监事会关于限制性股票激励计划预留授予第一个解除限售 期可解锁激励对象名单的核查意见 国电南京自动化股份有限公司(以下简称"公司")监事会依据《中华人民 共和国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》〈以 下简称"《证券法》")、《上市公司股权激励管理办法》(以下简称"《管理 办法》")等相关法律、法规及规范性文件和《国电南京自动化股份有限公司章 程》(以下简称"《公司章程》")的有关规定,对公司限制性股票激励计划(以 下简称"本次激励计划")预留授予第一个解除限售期可解锁激励对象名单进行 审核,发表核查意见如下: 1、本次激励计划预留授予第一个解除限售期符合解锁条件的激励对象不存 在《管理办法》规定的不得成为激励对象的情形: (1) 最近 12个月内被证券交易所认定为不适当人选; (2) 最近 12个月内被中国证监会及其派出机构认定为不适当人选; (3)最近 12个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取市场禁入措施; (4) 具有《公司法》规定的不得担任公司董事、高级管理人员情形的; (5) 法律法规规定不得参与上市公司股权激励的; ( ...

证券代码：600268 证券简称：国电南自 编号：临 2024-041 国电南京自动化股份有限公司 关于调增公司部分日常关联交易事项的公告 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： 2024年5月16日召开的公司2023年年度股东大会审议通过了《关于预计公 司日常关联交易事项的议案》，因业务发展的需要，公司本次调增部分日常关联 交易事项，预计金额为不超过5,650万元。本次调增公司部分日常关联交易的金 额未达到提交股东大会审议的条件，也未超出《公司章程》规定的董事会决策权 限。 本次调增的公司部分日常关联交易事项是在公平、互利的基础上进行的， 未损害公司和中小股东的利益，不会对公司本期以及未来的财务状况、经营成果 产生不利的影响，也不会影响公司的独立性，公司不会因此而对关联方产生依赖。 一、预计调增 2023 年年度股东大会召开时至 2024 年年度股东大会召开时 的部分日常关联交易的基本情况 （一）预计调增 2023 年年度股东大会召开时至 2024 年年度股东大会召开 时的部分日常关联交易履行的审议程 ...

证券代码：600268 股票简称：国电南自 编号：临 2024-043 国电南京自动化股份有限公司 关于对全资子公司南京国电南自新能源科技有限公司增资 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： 相关风险提示：本次增资不涉及关联交易，也不构成《上市公司重大资 产重组管理办法》规定的重大资产重组事项。本次增资符合相关法律法规，符合 公司整体经营规划，但仍然可能面临宏观经济波动、行业市场不达预期等不确定 性因素带来的风险。公司将积极跟进本次增资须履行的有关部门备案或核准手续 等相关工作，同时紧密关注宏观政策、行业动态，加强风险管控，注重提升核心 竞争力，维护公司及股东利益。 一、增资事项概述 （一）交易基本情况 1 增资标的名称：公司全资子公司南京国电南自新能源科技有限公司 增资金额：2,000 万元 （一）标的公司基本情况 企业名称：南京国电南自新能源科技有限公司 成立时间：2000 年 5 月 18 日 注册资本：7,500 万人民币 为满足公司全资子公司南京国电南自新能源科技有限公司（以下简称"新 ...

北京德和衡(南京)律师事务所 BEIJING DHH(NANJING) LAW FIRM 关 于 国电南京自动化股份有限公司 2021 年限制性股票激励计划预留授予 第一个解除限售期解锁条件成就 N 法律意见书 德和衡证律(2024) 第【1018】号 中国江苏省南京市栖霞区紫东路 1 号紫东国际创意园 A1 幢 3 层 Tel: (+86 25) 68756868 邮编: 210046 www.deheng.com.cn BEIJING DHH(NANJING) LAW FIRM BEIJING DHII(NANJING) LAW F 北京德和衡(南京)律师事务所 关于国电南京自动化股份有限公司 2021 年限制性股票激励计划预留授予 第一个解除限售期解锁条件成就 N 法律意见书 德和衡证律(2024) 第【1018】号 致;国电南京自动化股份有限公司 北京德和衡(南京) 律师事务所(以下简称"本所") 接受国电南京自动化 股份有限公司(以下简称"国电南自"或"公司"）的委托,担任公司 2021 年 限制性股票激励计划(以下简称"本激励计划"或"本计划")的专项法律顾问。 本所根据《中华人民共和国公司法》（ ...

证券代码：600268 股票简称：国电南自 编号：临 2024-038 国电南京自动化股份有限公司 关于出售所持中船科技股份有限公司股票资产 的进展公告 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。 一、交易概述 2022 年 9 月 30 日，公司 2022 年第三次临时董事会会议审议通过《关于转 让参股公司中国船舶重工集团海装风电股份有限公司 5.2937%股份的议案》，并 经公司 2022 年第二次临时股东大会审议批准。公司将持有的参股公司中船海装 风电有限公司（原名称为"中国船舶重工集团海装风电股份有限公司"，已于 2023 年 8 月 11 日变更为现名称，以下简称"中国海装"）69,803,722 股股份（占 总股本 5.2937%）转让给中船科技，转让对价为 32,256.50 万元。中船科技以非 公开发行人民币普通股（A 股）的形式支付交易对价。本次交易定价基准日为中 船科技第九届董事会第十二次会议决议公告之日，即 2022 年 10 月 10 日，本次 交易股份价格为 11.39 元/股。若本次交易顺利完成 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company is a well-established secondary equipment supplier with over 80 years of comprehensive development, evolving from a water instrument manufacturing factory in 1940 to a recognized provider of power automation solutions in China. The business has expanded from traditional power grid and plant automation to various fields including rail transit, information technology, information security, smart primary equipment, and power electronics. The company is expected to achieve a revenue CAGR of 7% from 2023 to 2026 [2]. - The company is poised to benefit from the acceleration of grid investments, with the State Grid's investment exceeding 600 billion in 2024, indicating a robust growth phase for China's power grid construction. The company's market share in the State Grid is projected to increase from 9% in 2023 to 11% in 2024 YTD, driven by the demand for clean energy integration and supporting infrastructure for ultra-high voltage lines [2]. - The company is actively expanding its business in rail transit and information technology, with the rail investment expected to accelerate, contributing to the growth of its rail transit automation business. Additionally, the company is focusing on power electronics and primary equipment, which are anticipated to provide new growth opportunities as the renewable energy market develops [2]. - The company's revenue and profit are expected to grow steadily, with projected net profits of 273 million, 313 million, and 352 million for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 20%, 15%, and 12%. The corresponding valuations are estimated at 23x, 21x, and 18x based on the current price [2]. Summary by Sections 1. Established Secondary Equipment Supplier - The company has a long history and has undergone multiple transformations, covering all aspects of the new power system. It has become a well-known supplier of power automation solutions in China [19]. - The company benefits from the backing of the Huadian Group, which provides a stable shareholding structure and experienced management [19]. - The company has maintained steady revenue growth, with a CAGR of 11% from 2019 to 2023, and a significant increase in net profit, indicating improving profitability [26]. 2. New Power System Development - The "dual carbon" strategy is driving stable growth in grid investments, with expectations of over 600 billion in 2024, marking a new growth phase for grid construction [40]. - The company is expected to benefit from the ongoing energy transition, with traditional energy sources remaining essential alongside the development of renewable energy [40]. 3. Multi-Business Collaboration - The company is positioned to leverage its capabilities in rail transit automation, with significant investments expected in this sector [2]. - The information security and technology business is anticipated to grow steadily, driven by internal demand from the Huadian Group [2]. 4. Profit Forecast and Investment Rating - The company is projected to achieve net profits of 273 million, 313 million, and 352 million for 2024, 2025, and 2026, respectively, with corresponding valuations of 23x, 21x, and 18x [2].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company is a well-established secondary equipment supplier with over 80 years of comprehensive development, evolving from its origins in 1940 to become a recognized provider of power automation solutions in China. The business has expanded from traditional power grid and plant automation to various fields including rail transit, information technology, information security, smart primary equipment, and power electronics. The expected CAGR for revenue from 2023 to 2026 is 7% [2]. - The company is poised to benefit from the acceleration of grid investments, with a projected investment exceeding 600 billion in 2024. The market share in the main grid is expected to increase from 9% in 2023 to 11% in 2024 YTD, driven by the demand for clean energy integration and high-voltage line support. The company is also a controlling entity of Huadian Group, which enhances its position in the power plant secondary equipment sector [2]. - The company is actively expanding its business in rail transit automation and information security, with significant growth expected in these areas due to increased investment in railway infrastructure. Additionally, the company is exploring opportunities in power electronics and primary equipment, which are anticipated to contribute to new revenue streams [2]. - The company’s revenue and profit are expected to grow steadily, with projected net profits of 273 million, 313 million, and 352 million from 2024 to 2026, reflecting year-on-year growth rates of 20%, 15%, and 12% respectively. The valuation corresponds to P/E ratios of 23x, 21x, and 18x for the respective years [2]. Summary by Sections 1. Established Secondary Equipment Supplier - The company has a long history and has undergone multiple transformations, covering all aspects of the new power system. It has become a leading provider of power automation solutions in China [19]. - The company benefits from the backing of Huadian Group, which provides a stable shareholding structure and experienced management [19]. - Revenue has shown steady growth, with a CAGR of 11% from 2019 to 2023, and net profit has increased significantly, with a CAGR of 42% during the same period [25]. 2. New Power System Development - The "dual carbon" strategy is driving significant growth in grid investments, with a projected increase of over 8% in 2024. The average annual investment in the grid is expected to remain above 500 billion during the "14th Five-Year Plan" period [39]. - The company is well-positioned to benefit from the ongoing energy transition, with its established presence in both grid and power plant secondary equipment sectors [39]. 3. Multi-Business Collaboration - The company is a key player in rail transit automation, with expected rapid growth due to increased railway investment. The information security business is also anticipated to grow steadily, driven by internal demand from Huadian Group [2]. - The company is actively expanding into power electronics and primary equipment, with products like SVG and energy storage systems expected to grow alongside the renewable energy market [2]. 4. Profit Forecast and Investment Rating - The company is expected to see net profits of 273 million, 313 million, and 352 million from 2024 to 2026, with corresponding P/E ratios of 23x, 21x, and 18x, justifying the "Accumulate" rating [2].

Investment Rating - The investment rating for the company is "Buy" with a target price of 8.25 CNY for the next six months, based on a 25x PE ratio for 2024 [5][49]. Core Insights - The company, Guodian Nanzi (600268), is a pioneer in the power automation sector, benefiting from accelerated grid construction and a strong historical and technical foundation in the industry [2][17]. - The company has a diversified "5+2" industrial system focusing on power automation, power plant automation, industrial automation, rail transit automation, information and security technology, and power electronics, transitioning towards intelligent, digital, and autonomous upgrades [11][15]. - The company has shown robust growth in its electric grid automation business, with a 9.5% year-on-year increase in new orders totaling 2.48 billion CNY and a 10.2% increase in revenue to 1.84 billion CNY in the first half of 2024 [2][23]. Summary by Sections Section 1: Electric Technology Pioneer - Guodian Nanzi is recognized as China's first listed high-tech power company, established in 1940, and has a rich history of technological advancements in power automation [11][12]. - The company has established a strong R&D capability, with numerous national-level research platforms and a commitment to innovation [11][12]. Section 2: High Prosperity in Grid Investment - The new infrastructure initiative is a key growth driver, with significant investments in renewable energy and grid construction expected to continue [2][20]. - The company has a strong brand recognition and technical strength in the electric grid automation sector, supported by a rich resource background from its parent company, China Huadian Group [2][23]. Section 3: Rapid Development of System Integration Center - The company’s system integration center has seen rapid growth, with new orders increasing from 800 million CNY in 2019 to 2.57 billion CNY in 2023, reflecting a compound annual growth rate of 34% [3][34]. - The company is actively involved in multiple renewable energy projects, enhancing its market position in the system integration business [3][34]. Section 4: Virtual Power Plant as a New Profit Engine - The construction of virtual power plants is expected to accelerate, providing a cost-effective solution for energy management and efficiency [4][39]. - The company has developed a comprehensive solution for virtual power plants, which is anticipated to become a significant revenue source as the energy market evolves [4][39]. Section 5: Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 337 million CNY, 389 million CNY, and 446 million CNY for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.33, 0.38, and 0.44 CNY [5][49]. - The company’s strong historical and technical foundation in power automation justifies its valuation compared to industry peers, leading to a "Buy" recommendation [5][49].