陕西宝光真空电器股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日 披露《2024 年第三季度报告》。为便于广大投资者更加全面深入地了解公司 2024 年 第三季度经营成果、财务状况，公司定于 2024 年 11 月 06 日（星期三）15:00-16:00 在"价值在线"（www.ir-online.cn）举行公司 2024 年第三季度业绩说明会，就投资 者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络文字互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 1 证券代码：600379 证券简称：宝光股份 公告编号：2024-051 陕西宝光真空电器股份有限公司 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： 四、投资者参加方式 投资者可于 2024 年 11 月 06 日 （ 星 期 三 ） 15:00-16:00 通 ...

证券代码：600379 证券简称：宝光股份 编号：2024-047 陕西宝光真空电器股份有限公司 第八届董事会第二次会议决议公告 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法律责任。 陕西宝光真空电器股份有限公司（以下简称"公司"）第八届董事会第二次会议 于 2024 年 10 月 23 日以书面、电子邮件、电话等方式通知全体董事，于 2024 年 10 月 28 日以通讯表决的方式召开。本次董事会会议应出席董事 7 人，实际出席董事 7 人。本次会议的召集、召开和审议表决程序符合《公司法》《证券法》等法律法规和《公 司章程》的规定，会议形成的决议合法有效。本次会议由董事长谢洪涛先生召集并主 持，采用记名投票方式，审议并通过了如下议案： 一、审议通过《公司 2024 年第三季度报告》 公司 2024 年第三季度报告已经公司第八届董事会审计委员会第一次会议审议通 过。内容详见上海证券交易所网站（www.sse.com.cn）。 表决结果：7 票同意，0 票反对，0 票弃权。 二、审议通过《关于公司 2024 年第三季度利润分配方案的议 ...

Financial Performance - Operating revenue for Q3 2024 was CNY 312,420,019.30, a decrease of 13.75% compared to the same period last year[2]. - Net profit attributable to shareholders was CNY 23,115,736.70, down 5.15% year-on-year[2]. - Net profit excluding non-recurring gains and losses was CNY 20,307,158.65, a decrease of 13.14% compared to the previous year[2]. - Basic earnings per share for Q3 2024 was CNY 0.0700, a decrease of 5.15% compared to the same period last year[2]. - The weighted average return on equity was 3.2020%, a decrease of 0.4372 percentage points from the previous year[2]. - The net profit for Q3 2024 was CNY 70,536,261.71, an increase of 22.3% compared to CNY 57,644,590.37 in Q3 2023[19]. - The operating profit for Q3 2024 reached CNY 77,184,965.33, up 21.7% from CNY 63,408,263.37 in the same period last year[19]. - Basic and diluted earnings per share for Q3 2024 were CNY 0.2091, compared to CNY 0.1711 in Q3 2023, reflecting a 22.2% increase[20]. - The total profit for Q3 2024 was CNY 77,653,940.10, an increase of 23.0% from CNY 63,395,893.60 in Q3 2023[19]. - The company reported a significant increase in other income, totaling CNY 10,372,276.15 in Q3 2024, compared to CNY 4,044,270.35 in Q3 2023[19]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 1,685,956,743.25, an increase of 10.26% from the end of the previous year[3]. - Total assets increased to CNY 1,685,956,743.25 from CNY 1,529,096,458.50, representing a growth of about 10.3%[16]. - Total liabilities rose to CNY 919,128,125.68 from CNY 794,297,480.25, indicating an increase of approximately 15.7%[17]. - The company's cash and cash equivalents decreased to CNY 413,721,966.19 from CNY 501,512,603.94, reflecting a decline of approximately 17.5%[15]. - Accounts receivable increased significantly to CNY 640,474,619.13 from CNY 281,509,925.86, marking an increase of about 127.5%[15]. - Inventory levels decreased to CNY 157,544,393.06 from CNY 224,743,032.28, a reduction of approximately 30%[15]. - The company reported a decrease in contract liabilities to CNY 5,943,939.27 from CNY 24,211,886.19, a decline of about 75.5%[16]. Shareholder Information - Shareholders' equity attributable to the parent company was CNY 738,980,790.87, up 4.85% year-on-year[3]. - The total number of ordinary shareholders at the end of the reporting period was 24,102[8]. - The controlling shareholder, Shaanxi Baoguang Group Co., Ltd., increased its stake by 9,897,974 shares, reaching 29.96% of the total share capital as of February 6, 2024[11]. - As of September 30, 2024, the company held total assets of RMB 99,060,484 shares, representing 30% of the total share capital[12]. - The top ten shareholders include Shaanxi Baoguang Group Co., Ltd. with 99,060,484 shares (29.96%) and Tibet Fenghong Investment Management Co., Ltd. with 46,856,600 shares (13.88%)[10]. - The company reported a total of 8,031,700 shares held by Guangfa Securities Asset Management, accounting for 2.43% of the total shares[10]. - The company has not undergone any changes in its controlling shareholder or actual controller following the recent share increases[11]. - The company’s top ten shareholders have not changed significantly due to securities lending or borrowing activities[10]. Cash Flow and Expenses - The net cash flow from operating activities for the year-to-date was CNY -31,405,703.95, primarily due to a decrease in cash collections[6]. - The company reported a net cash outflow from investing activities of CNY -25,077,232.15 for Q3 2024, compared to CNY -3,155,891.85 in Q3 2023[21]. - Cash and cash equivalents at the end of Q3 2024 were CNY 399,790,716.12, a decrease from CNY 364,686,543.66 at the end of Q3 2023[21]. - The company incurred interest expenses of CNY 2,451,925.61 in Q3 2024, compared to CNY 2,364,190.12 in Q3 2023[19]. - The company’s cash flow from financing activities showed a net outflow of CNY -5,449,609.22 in Q3 2024, compared to CNY -21,022,293.24 in Q3 2023[21]. Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 37,370,428.33, compared to CNY 36,250,209.07 in 2023, showing an increase of approximately 3.1%[18]. Corporate Governance - The company completed the election of the eighth board of directors and the eighth supervisory board on August 28, 2024[12]. - The company’s financial statements as of September 30, 2024, are unaudited and will be disclosed in detail in future reports[14]. - The company’s major shareholders have not participated in any margin trading or securities lending activities during the reporting period[10].

证券代码：600379 证券简称：宝光股份 编号：2024-049 陕西宝光真空电器股份有限公司 关于续聘 2024 年度年审会计师事务所的公告 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： 拟聘任的会计师事务所名称：立信会计师事务所(特殊普通合伙)（以下简称 "立信"） 本事项尚需提交公司股东大会审议。 陕西宝光真空电器股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召 开的第八届董事会第二次会议审议并通过《关于续聘 2024 年度年审会计师事务所的 议案》，董事会同意拟续聘立信为公司 2024 年度财务报告及内部控制审计机构，为公 司提供 2024 年度财务报告审计和内部控制审计服务工作，聘期一年。本议案尚需提 交公司股东大会审议，相关情况如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 立信会计师事务所（特殊普通合伙）由我国会计泰斗潘序伦博士于 1927 年在上 海创建，1986 年复办，2010 年成为全国首家完成改制的特殊普通合伙制会计师事务 所，注册地址为 ...

证券代码：600379 证券简称：宝光股份 公告编号：2024-048 在实施权益分派的股权登记日前陕西宝光真空电器股份有限公司（以下简称 "公司"）总股本发生变动的，维持分配总额不变，相应调整每股分配比例，并将另 行公告具体调整情况。 公司 2024 年第三季度利润分配方案需提交公司股东大会审议。 公司 2024 年第三季度、2024 年 1-9 月财务数据未经审计。 一、2024 年度第三季度利润分配方案内容 陕西宝光真空电器股份有限公司 2024年第三季度利润分配方案的公告 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： 每股分配比例：每股派发现金红利 0.02101 元(含税)。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将 在权益分派实施公告中明确。 公司 2024 年第三季度拟派发现金红利 6,937,534.86 元（含税），占当期归属于 上市公司股东净利润的 30.01%，未达到 100%以上；占 2024 年第三季度期末母公司报 表中未分配利润的 2.47%，未达到 50 ...

证券代码：600379 证券简称：宝光股份 编号： 2024-050 陕西宝光真空电器股份有限公司 第八届监事会第二次会议决议公告 监事会认为：公司制定的 2024 年第三季度利润分配方案充分考虑了公司经营情 况、资金情况、所处发展阶段、未来对资金需求等因素，与公司实际经营业绩匹配， 与公司发展规划相符，符合公司及全体股东的利益，不存在损害中小股东利益的情形， 有利于公司可持续发展。具体内容详见同日披露的《公司 2024 年第三季度利润分配 方案的公告》（2024-048 号）。 表决结果：3 票同意，0 票反对，0 票弃权 特此公告。 陕西宝光真空电器股份有限公司监事会 2024 年 10 月 30 日 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法律责任。 陕西宝光真空电器股份有限公司（以下简称"公司"）第八届监事会第二次会议于 2024 年 10 月 23 日以书面、电子邮件、电话等方式通知全体监事，并于 2024 年 10 月 28 日以通讯表决的方式召开。会议应出席监事 3 人，实际出席监事 3 人。本次会议的 召集、召开和 ...

证券代码：600379 证券简称：宝光股份 公告编号：2024-046 陕西宝光真空电器股份有限公司 2024 年半年度权益分派实施公 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： 每股分配比例 A 股每股现金红利 0.042 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/10/24 | － | 2024/10/25 | 2024/10/25 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 20 日的 2023 年年度股东大会授权，公司 2024 年 8 月 28 日的第七届董事会第三十二次会议、第七届监事会第十九次会议审议通过。 二、 分配方案 1. 发放年度：2024 年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上 海分公司（以下简称"中国结算 ...

证券代码：600379 证券简称：宝光股份 编号：2024-045 陕西宝光真空电器股份有限公司 关于控股股东增持公司股票暨权益变动的公告 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： 本次权益变动属于增持，未触及要约收购。 二、本次权益变动前后，宝光集团持股情况 | 信息披露义务人 | 本次增持前 | | 本次增持后 | | | --- | --- | --- | --- | --- | | | 持股数（股） | 持股比例 | 持股数（股） | 持股比例 | | | | （%） | | （%） | | 陕西宝光集团有 | 98,935,784 | 29.9622 | 99,060,484 | 30 | | 限公司 | | | | | 三、所涉及后续事项 本次权益变动不会导致陕西宝光真空电器股份有限公司（以下简称"公司" "宝光股份"）控股股东及实际控制人发生变化。 本次权益变动后，公司控股股东陕西宝光集团有限公司（以下简称"宝光集 团"）持有本公司股份比例从 29.9622%增加至 30%，增持股份数为公司 ...

Investment Rating - The report initiates coverage on Baoguang Co Ltd with an "Outperform" rating and a target price of RMB 11.89, based on a 40x PE multiple for 2024 [2][54] Core Views - Baoguang Co Ltd is a leading player in the vacuum interrupter industry with over 30% market share, and is diversifying into energy storage and hydrogen energy sectors [1] - The company benefits from accelerated power grid investment and stricter environmental regulations, which are driving demand for vacuum interrupters [1] - Baoguang Co Ltd has strong technological and brand advantages, with over 50 years of experience in vacuum interrupter production and a leading position in the domestic market [1] - The company is expanding into energy storage and hydrogen energy, with its energy storage subsidiary Baoguang Zhizhong achieving rapid revenue growth [2][40] Industry Overview - The global vacuum interrupter market is expected to grow from $2.67 billion in 2023 to $3.64 billion by 2028, with a CAGR of 6.3% [1] - China's renewable energy installed capacity reached 1.653 billion kW by June 2024, accounting for 53.8% of total power generation capacity [34] - The global hydrogen energy market is growing rapidly, with China being the largest hydrogen producer and consumer, accounting for 29% of global demand in 2022 [45][47] Company Financials - Baoguang Co Ltd's revenue grew from RMB 1.01 billion in 2021 to RMB 1.349 billion in 2023, with a CAGR of 15.5% [1] - Net profit attributable to shareholders increased from RMB 51 million in 2021 to RMB 71 million in 2023, with a CAGR of 18.1% [1] - The company's gross margin for vacuum interrupters was 20.3% in 2023, significantly higher than competitors [1] - Baoguang Zhizhong, the energy storage subsidiary, achieved revenue of RMB 284 million in 2023, up 65.85% YoY [40] Strategic Developments - Baoguang Co Ltd established Baoguang Zhizhong in 2021 with a 45% stake to enter the energy storage market, focusing on frequency regulation and EPC services [2][40] - The company formed Baoguang Lianyue in 2021 with a 40% stake to develop hydrogen energy business [2][50] - Baoguang Co Ltd has been recognized as a "National Manufacturing Single Champion Demonstration Enterprise" by MIIT for three consecutive terms [1][8] Market Opportunities - The energy storage market in China is expected to grow rapidly, with installed capacity projected to reach 87GWh in 2024 and 2,310GWh by 2030 [39] - Hydrogen demand in China is forecast to reach 50.99 million tons by 2030, with electrolyzed water hydrogen production expected to grow at a CAGR of 90.7% from 2023 to 2030 [47] - The vacuum interrupter market is benefiting from power grid investment and the replacement of SF6 products due to environmental regulations [20][24] Competitive Advantages - Baoguang Co Ltd has a complete production chain for vacuum interrupters, with all core components manufactured in-house [1] - The company's vacuum interrupter products have a gross margin of 20.3%, significantly higher than competitors' 10.1% [1] - Baoguang Co Ltd has strong R&D capabilities, with R&D expenses reaching RMB 53.98 million in 2023, accounting for 4% of revenue [14]

Investment Rating - The report assigns an "Outperform" rating to the company [1] Core Views - The company is a leader in the vacuum interrupter industry and has diversified into energy storage and hydrogen energy sectors [5] - The company benefits from increased power grid investment and stricter environmental regulations, driving demand for vacuum interrupters [5] - The company has entered the energy storage frequency modulation and EPC business, with rapid revenue growth in its subsidiary, Baoguang Zhizhong [5][6] - The company is actively expanding into the hydrogen energy sector, with significant growth potential in electrolyzed water hydrogen production [6] Company Overview - The company is a leading manufacturer of vacuum interrupters with a market share exceeding 30% [5] - It has a strong technological and brand advantage, with over 50 years of experience in vacuum interrupter production [5] - The company has been recognized as a "National Manufacturing Single Champion Demonstration Enterprise" by the Ministry of Industry and Information Technology for the third time in 2024 [5] Financial Performance - The company's revenue and net profit have shown steady growth, with revenue increasing from 1.01 billion yuan in 2021 to 1.349 billion yuan in 2023 [5] - The company's gross margin for vacuum interrupters is higher than its peers, reaching 20.3% in 2023 [5] - The company's subsidiary, Baoguang Zhizhong, achieved revenue of 284 million yuan in 2023, a year-on-year increase of 65.85% [5] Industry Analysis - The global vacuum interrupter market is expected to grow from $2.67 billion in 2023 to $3.64 billion in 2028, with a CAGR of 6.3% [5] - The energy storage market is rapidly expanding, with China's energy storage installations reaching 46GWh in 2023, a year-on-year increase of 182% [5] - The hydrogen energy industry is one of the fastest-growing sectors in the global energy field, with China's hydrogen production reaching 38.68 million tons in 2023 [6][62] Future Outlook - The company is expected to achieve net profits of 98 million yuan, 114 million yuan, and 130 million yuan in 2024, 2025, and 2026, respectively [6] - The company's EPS is projected to be 0.30 yuan, 0.34 yuan, and 0.39 yuan for 2024, 2025, and 2026, respectively [6] - The report values the company at a PE range of 36-40 times for 2024, corresponding to a reasonable value range of 10.70-11.89 yuan [6]