Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2]. Core Insights - The "14th Five-Year Plan" emphasizes strong support for the development of the new energy industry, aiming to eliminate barriers to a unified national market and enhance the supply of renewable energy [2][36]. - The power equipment sector has shown strong performance, with a year-to-date increase of 46.13%, outperforming the CSI 300 index by 26.43 percentage points [11][12]. - The report highlights the importance of developing new energy systems, improving energy efficiency, and promoting the integration of various energy sources [36][41]. Market Review - As of October 30, 2025, the power equipment industry rose by 4.66% over the past two weeks, ranking third among 31 industries [11]. - The wind power equipment sector decreased by 0.30%, while the photovoltaic equipment sector increased by 5.86% [16][19]. - The top-performing stocks in the power equipment sector included Fangyuan Co., Tongguan Copper Foil, and Penghui Energy, with increases of 46.23%, 36.88%, and 35.39% respectively [20]. Valuation and Industry Data - As of October 30, 2025, the price-to-earnings (P/E) ratio for the power equipment sector was 34.61, with sub-sectors like motors and batteries showing higher valuations [24]. - The report provides detailed valuation metrics for various sub-sectors, indicating significant growth potential in the photovoltaic and battery segments [24]. Industry News - The report discusses the release of the "14th Five-Year Plan" which aims to accelerate the construction of a new energy system and enhance the resilience of the power system [36]. - It also notes the increase in electricity market transactions, with a 9.8% year-on-year growth in traded electricity volume [36]. Company Announcements - The report includes financial performance updates from several companies, such as Guodian Nari achieving a net profit of 4.855 billion yuan, a year-on-year increase of 8.43% [39]. - It highlights the challenges faced by companies like Longi Green Energy, which reported a net loss of 3.403 billion yuan [39]. Investment Recommendations - The report suggests focusing on leading companies benefiting from the growth of new energy storage technologies and smart grid developments [41][42].

Core Viewpoint - The company has reported its third-quarter financial results for 2025, including significant corporate actions such as the acquisition of a controlling stake in Fujian Wangneng Technology Development Co., Ltd. and the repurchase of unvested restricted stock options from certain employees [4][10][21]. Financial Data - The third-quarter financial report is unaudited, and the company has provided key financial metrics, including a weighted average number of shares for basic earnings per share of approximately 7.97 billion shares [3]. - The net profit of the acquired company before the merger was reported as -6.55 million yuan, compared to a profit of 9.28 million yuan in the previous period [8]. Corporate Actions - The company completed the acquisition of a 56% stake in Fujian Wangneng Technology for a cash investment of 64.23 million yuan, making it a subsidiary [6]. - A total of 332,103 shares of restricted stock from the 2021 incentive plan will be repurchased and canceled at a price of 12.74 yuan per share, totaling approximately 4.28 million yuan [14][21]. Governance and Compliance - The board of directors and the supervisory board have confirmed the accuracy and completeness of the quarterly report, taking legal responsibility for its content [2][10]. - The supervisory board has reviewed and approved the quarterly report, affirming that the report complies with legal and regulatory requirements [20].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.75 RMB, up from a previous value of 26 RMB [7][5]. Core Insights - The company, as a leader in secondary equipment, is expected to benefit significantly from the construction of new power systems, with steady growth in both domestic and international business [1][3]. - The company's revenue for the first three quarters of 2025 reached 385.77 billion RMB, representing an 18.45% year-over-year increase, while net profit was 48.55 billion RMB, up 8.43% year-over-year [2]. - The gross margin for the first three quarters of 2025 was 26.47%, a decrease of 2.79 percentage points year-over-year, primarily due to a shift in business structure with a higher proportion of lower-margin external business [2]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 143.33 billion RMB, a year-over-year increase of 16.65%, but a quarter-over-quarter decrease of 6.61%. The net profit for the same period was 19.03 billion RMB, reflecting a year-over-year increase of 7.81% and a quarter-over-quarter decrease of 16.24% [1]. - For the first three quarters of 2025, the overall expense ratio was 11.96%, down 1.20 percentage points year-over-year, with specific expense ratios for sales, management, finance, and R&D being 3.91%, 2.49%, -0.41%, and 5.98%, respectively [2]. Business Development - The company is experiencing steady growth in grid investment, with a reported 437.8 billion RMB in basic construction investment in China's power grid for the first nine months of 2025, a 9.9% year-over-year increase [3]. - The company has successfully expanded its international business, with overseas revenue reaching 19.87 billion RMB in the first half of 2025, a 139.18% year-over-year increase, and international contracts growing by over 200% [4]. Future Outlook - The company forecasts net profits for 2025-2027 to be 83.31 billion RMB, 91.98 billion RMB, and 101.61 billion RMB, respectively, with corresponding EPS of 1.04 RMB, 1.15 RMB, and 1.27 RMB [5][11]. - The report highlights the company's strong technological advantages and its prominent position as a leader in secondary equipment, justifying a valuation of 25 times PE for 2026 [5].

Core Viewpoint - Guodian NARI (600406.SH) reported a strong performance in the third quarter of 2025, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - The total operating revenue for the first three quarters of 2025 reached 38.577 billion yuan, representing an 18.45% increase compared to the same period last year [1] - The net profit attributable to shareholders of the parent company was 4.855 billion yuan, showing an 8.43% year-on-year growth [1] - The basic earnings per share stood at 0.61 yuan [1]

证券代码：600406 证券简称：国电南瑞 公告编号：临 2025-060 国电南瑞科技股份有限公司 第九届监事会第四次会议决议公告 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。 2、公司季度报告所包含的信息能够真实、准确、完整地反映公司 2025 年第三 季度的经营管理和财务状况等事项； 3、在提出本意见前，未发现参与季度报告编制和审议的人员有违反保密规定的 行为。 二、会议以 3 票同意，0 票反对，0 票弃权，审议通过关于回购并注销部分 2021 年限制性股票激励计划已获授但尚未解锁的限制性股票及调整回购数量和回购价 格的议案。 监事会认为：因公司 2021 年激励计划授予的激励对象中有 4 人调离公司、1 人 身故、10 人离职、8 人 2024 年度考核结果为 C，公司回购并注销上述 23 人持有的 尚未达到解除限售条件的相关限制性股票 332,103 股，符合公司《2021 年限制性股 票激励计划（草案）》相关规定，合法合规，不存在损害股东利益的情形。监事会 1 同意公司对上述人员相关股份进行回购并注销。 ...

证券代码：600406 证券简称：国电南瑞 公告编号：临2025-057 国电南瑞科技股份有限公司 公司董事会薪酬与考核委员会事前已审议通过本议案，同意将此议案提交董 一、会议以 10 票同意，0 票反对，0 票弃权，审议通过关于 2025 年第三季 度报告的议案。 全文详见上海证券交易所网站（www.sse.com.cn）。 公司董事会审计与风险管理委员会事前已审议通过公司 2025 年第三季度财 务报告，并同意提交董事会审议。 二、会议以 9 票同意，0 票反对，0 票弃权（关联董事严伟回避表决），审 议通过关于回购并注销部分 2021 年限制性股票激励计划已获授但尚未解锁的限 制性股票及调整回购数量和回购价格的议案。 具体内容详见上海证券交易所网站（www.sse.com.cn）《关于回购并注销部 分 2021 年限制性股票激励计划已获授但尚未解锁的限制性股票及调整回购数量 和回购价格的公告》。 公司董事会薪酬与考核委员会事前已审议通过本议案，同意将此议案提交董 事会审议。因董事严伟为公司 2021 年限制性股票激励计划的激励对象，故回避 表决本议案，由全体非关联董事一致通过本议案。 三、会议以 10 ...

证券代码：600406 证券简称：国电南瑞 公告编号：临 2025-059 国电南瑞科技股份有限公司 国电南瑞科技股份有限公司（以下简称"国电南瑞"、"公司"）于 2025 年 10 月 30 日召开第九届董事会第八次会议和第九届监事会第四次会议，审议通 过了《关于回购并注销部分 2021 年限制性股票激励计划已获授但尚未解锁的限 制性股票及调整回购数量和回购价格的议案》。具体内容详见 2025 年 10 月 31 日上海证券交易所网站（www.sse.com.cn）、《中国证券报》、《上海证券报》 临 2025-057、2025-058、2025-060 号公告。 根据公司 2021 年限制性股票激励计划的规定，公司对已不符合限制性股票 激励计划相关规定的 23 人持有的尚未达到解除限售条件的相关限制性股票进行 回购并注销。本次回购并注销的 2021 年限制性股票激励计划限制性股票共计 332,103 股,其中首次授予所涉限制性股票 322,983 股，暂缓授予所涉限制性股 票 9,120 股，回购价格均为 12.74 元/股（保留两位小数）。本次回购总金额约 为 427.78 万元，资金来源为公司自有资金 ...

证券代码：600406 证券简称：国电南瑞 公告编号：临 2025-058 5、2022 年 1 月 5 日，公司 2022 年第一次临时股东大会审议并通过了《关 于公司 2021 年限制性股票激励计划（草案）及其摘要的议案》及其他相关议案， 1 国电南瑞科技股份有限公司 关于回购并注销部分 2021 年限制性股票激励计划已获授但 尚未解锁的限制性股票及调整回购数量和回购价格的公告 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个别及连带责任。 国电南瑞科技股份有限公司（以下简称"国电南瑞"、"公司"）于 2025 年 10 月 30 日召开第九届董事会第八次会议和第九届监事会第四次会议，审议通 过了《关于回购并注销部分 2021 年限制性股票激励计划已获授但尚未解锁的限 制性股票及调整回购数量和回购价格的议案》，同意公司回购并注销已授予未解 锁的 2021 年限制性股票激励计划限制性股票 332,103 股，其中首次授予所涉限 制性股票 322,983 股，暂缓授予所涉限制性股票 9,120 股。现将相关事项公告如 下： 一、已履行的 ...

公司简称：国电南瑞 证券代码：600406 上海荣正企业咨询服务（集团）股份有限公司 关于 国电南瑞科技股份有限公司 回购并注销部分 2021 年限制性股票激励计划已 获授但尚未解锁的限制性股票 相关事项 之 独立财务顾问报告 2025 年 10 月 | | | （三）本独立财务顾问未委托和授权任何其它机构和个人提供未在本独立 财务顾问报告中列载的信息和对本报告做任何解释或者说明。 （四）本独立财务顾问提请上市公司全体股东认真阅读上市公司公开披露 的关于限制性股票激励计划的相关信息。 （五）本独立财务顾问本着勤勉、审慎、对上市公司全体股东尽责的态度， 依据客观公正的原则，对限制性股票激励计划涉及的事项进行了深入调查并认 真审阅了相关资料，调查的范围包括上市公司章程、薪酬管理办法、历次董事 会、股东大会决议、最近三年及最近一期公司财务报告等，并和上市公司相关 人员进行了有效的沟通，在此基础上出具了本独立财务顾问报告，并对报告的 真实性、准确性和完整性承担责任。 本报告系按照《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司股权激励管理办法》等法律、法规和规范性文件的要求，根据上市 公司提供的有关资 ...

上海东方华银律师事务所 法律意见书 关于 国电南瑞科技股份有限公司 回购并注销部分 2021 年限制性股票 之 上海东方华银律师事务所 上海市虹桥路 1591 号虹桥迎宾馆 34 号楼 电话：(8621) 68769686 东 方 华 银 律 师 事 务 所 C A P I T A L L A W & P A RT N ER S 上海市虹桥路 1591 号虹桥迎宾馆 34 号楼 邮编：200336 电话：+86 21 68769686 Tel：+86 21 68769686 34 th Building, Hongqiao State Guest House, 1591 Hong Qiao Road, Shanghai, p.c: 200336 上海东方华银律师事务所 关于 国电南瑞科技股份有限公司 回购并注销部分 2021 年限制性股票 之 法律意见书 致：国电南瑞科技股份有限公司 上海东方华银律师事务所（以下简称"本所"）接受国电南瑞科技股份有限公 司（以下简称"国电南瑞"或者"公司"）的委托，担任公司 2021 年限制性股票激 励计划的专项法律顾问。 在本法律意见书中，本所仅就公司本次回购注销所涉及到的 ...