Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's profitability is steadily improving, with performance slightly exceeding market expectations [1] - The high demand for power grid construction and the impact of ultra-high voltage projects are expected to enhance profit elasticity [3] - The company is experiencing significant growth in its non-grid energy storage business, with international expansion showing promising results [3] - Continuous investment in R&D and a strong order backlog are laying a solid foundation for stable growth [3] - The forecast for net profit attributable to the parent company for 2024-2026 is set at 79.0 billion, 88.9 billion, and 101.5 billion yuan, respectively, with a corresponding P/E ratio of 24x, 21x, and 18x [4] Financial Performance Summary - For the first half of 2024, the company achieved revenue of 20.11 billion yuan, a year-on-year increase of 10%, and a net profit of 2.71 billion yuan, up 8.4% year-on-year [2] - The gross margin for the first half of 2024 was 29%, an increase of 0.5 percentage points year-on-year, while the net profit margin was 13.5%, a decrease of 0.2 percentage points [2] - In Q2 2024, revenue reached 12.42 billion yuan, a 3% increase year-on-year, with a net profit of 2.11 billion yuan, up 7.1% year-on-year [2] Revenue and Growth Projections - Total revenue projections for 2024-2026 are 57.494 billion, 64.273 billion, and 72.076 billion yuan, reflecting year-on-year growth rates of 11.48%, 11.79%, and 12.14% respectively [2] - The net profit attributable to the parent company is projected to grow at rates of 10.01%, 12.50%, and 14.17% for the same period [2] Market Data - The closing price of the stock is 23.30 yuan, with a market capitalization of approximately 187.16 billion yuan [5] - The price-to-book ratio is 4.12, indicating the company's valuation relative to its book value [5] Basic Data - The company has a total share capital of approximately 8,032.82 million shares, with a net asset value per share of 5.66 yuan [6]

国电南瑞（600406.SH） 优于大市 收入利润稳健增长，海外与网外业务持续突破 上半年业绩略超预期，收入利润实现稳健增长。2024 年上半年公司实现营收 201.14 亿元，同比+10.21%；归母净利润 27.09 亿元，同比+8.4%。上半年销 售毛利率 29.03%，同比+0.46pct；净利率 14.27%，同比-0.25pct。 二季度业绩保持稳健，毛利率同环比显著提升。2024 年二季度公司实现营收 124.16 亿，同比+2.73%，环比+61.27%；归母净利润 21.14 亿，同比+6.95%， 环比+254.82%。二季度毛利率 31.73%，同比+2.41pct，环比+7.05pct，净利 率 18.24%，同比+0.67pct，环比+10.39pct。 上半年新签订单同比+11%，中期分红 10.8 亿元。上半年公司新签合同 287 亿元，同比+10.7%。公司拟进行中期分红，每股派发现金股利 0.135 元（含 税），合计派发现金红利 10.82 亿元，占上半年公司归母净利润 39.93%。 海外收入大幅增长，网外业务快速增长。上半年公司实现国内收入 192.46 亿元，同比+8 ...

Financial Performance - The net profit attributable to shareholders for the first half of 2024 is RMB 2,709,175,695.25, representing a significant increase compared to previous periods[5]. - The company's operating revenue for the first half of 2024 reached CNY 20,114,140,750.63, representing a 10.02% increase compared to the same period last year[19]. - Net profit attributable to shareholders was CNY 2,709,175,695.25, an increase of 8.36% year-on-year[19]. - The net profit after deducting non-recurring gains and losses was CNY 2,622,190,493.84, reflecting a 7.72% increase compared to the previous year[19]. - The total amount spent on repurchasing A-shares in the first half of 2024 was RMB 306,473,523.97, contributing to a combined total of RMB 1,388,128,130.14 for dividends and repurchases, which is 51.24% of the net profit[5]. - The company achieved operating revenue of 20.114 billion RMB, a year-on-year increase of 10.02%[39]. - The company reported a total comprehensive income of ¥2,860,764,611.50 for the first half of 2024, compared to ¥2,654,528,988.00 in the previous year, marking an increase of 7.77%[135]. - The company reported a significant increase in investment income, which reached ¥3,019,798,787.85 in the first half of 2024, compared to ¥1,076,628,061.56 in the same period of 2023, representing an increase of approximately 179%[136]. Dividends and Profit Distribution - The company plans to distribute a cash dividend of RMB 0.135 per share, totaling RMB 1,081,654,606.17, which accounts for 39.93% of the net profit attributable to shareholders[5]. - The total number of shares eligible for profit distribution is 8,012,256,342 after accounting for treasury shares[68]. - The proposed cash dividend is RMB 0.135 per share, totaling RMB 1,081,654,606.17, which accounts for 39.93% of the net profit for the first half of 2024[68]. Assets and Liabilities - The company's total assets decreased by 6.14% to CNY 80,930,607,022.06 compared to the end of the previous year[19]. - The net assets attributable to shareholders decreased by 3.73% to CNY 45,430,926,698.89[19]. - The total liabilities as of the end of the reporting period were ¥20,823,531,473.52, a decrease from ¥25,015,542,151.32 at the end of the previous period[132]. - The total equity decreased to ¥24,822,531,126.14 from ¥26,327,710,481.02, indicating a decline of 5.73%[132]. Cash Flow - The net cash flow from operating activities was negative at CNY -187,384,230.08, compared to a positive cash flow of CNY 17,537,602.89 in the previous year[19]. - The net cash flow from operating activities for the first half of 2024 was -2,493,160,263.66 RMB, compared to -1,345,992,486.60 RMB in the same period of 2023, indicating a decline in operational performance[142]. - The company reported a net decrease in cash and cash equivalents of -8,019,757,066.89 RMB for the first half of 2024, compared to -3,184,761,532.91 RMB in the same period last year[144]. Research and Development - Research and development expenses amounted to 1.428 billion RMB, an increase of 18.78% from the previous year[40]. - The company is committed to advancing technological innovation and enhancing its research capabilities to address key technical challenges in the energy sector[62]. - The company has been recognized as a leading provider of integrated solutions in the energy and power industry, with a focus on digital transformation[25]. Market and Business Strategy - The company focuses on four major business segments: smart grid, digital energy integration, low-carbon energy, and industrial interconnection[25]. - The company aims to enhance its industrial internet capabilities, with the industrial internet sector expected to exceed 1.5 trillion yuan in 2024[33]. - The company is actively expanding into new markets, including electric hydrogen collaboration and low-voltage power electronics[29]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[134]. Risk Management - The company acknowledges risks including market environment risk, talent risk, technology innovation risk, and overseas operation risk[8]. - The company has implemented a comprehensive risk control system for its overseas operations to adapt to changing international political and economic conditions[64]. - The company emphasizes the importance of aligning its technological advancements with national development strategies to ensure long-term growth[63]. Corporate Governance - The report is unaudited, and the board guarantees the accuracy and completeness of the financial report[4]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[84]. - The company has committed to strict compliance with internal control systems and fair pricing principles for related party transactions[86]. Shareholder Information - The total number of ordinary shareholders reached 73,053 by the end of the reporting period[115]. - The largest shareholder, NARI Group, holds 4,135,564,206 shares, representing 51.48% of total shares[116]. - The company has 11,939,548 restricted shares under the 2021 incentive plan, which will become tradable after 36 months from the grant date[119]. Environmental and Social Responsibility - The company invested 1.7866 million yuan in environmental protection efforts in the first half of 2024, adhering to green development principles[73]. - The company achieved full coverage of green electricity consumption at its Jiangning base through the implementation of photovoltaic power generation and air source heat pump systems[76]. - The company supported the construction of a drying factory in Zhanghoutun Village, which is expected to increase the village's collective income by approximately 150,000 yuan annually and create 20 job opportunities[77].

证券代码：600406 证券简称：国电南瑞 公告编号：临2024-039 国电南瑞科技股份有限公司 第八届董事会第二十五次会议决议公告 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。 经国电南瑞科技股份有限公司（以下简称"国电南瑞"、"公司"）董事会于 2024 年 8 月 16 日以会议通知召集，公司第八届董事会第二十五次会议于 2024 年 8 月 27 日以现场结合视频的方式召开，应到董事 12 名，实到董事 12 名，公司全 体监事及高级管理人员列席了本次会议，会议由董事长山社武先生主持。会议符 合《公司法》和《公司章程》的有关规定，会议合法有效。经会议审议，形成如 下决议： 一、会议以 12 票同意，0 票反对，0 票弃权，审议通过关于 2024 年半年度 募集资金存放与使用情况专项报告的议案。 公司董事会审计与风险管理委员会事前已审议通过本议案，同意 2024 年半 年度募集资金存放与使用情况的专项报告，同意将此议案提交董事会审议。 二、会议以 12 票同意，0 票反对，0 票弃权，审议通过关于 2024 年 ...

证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-042 2、现金管理额度：国电南瑞科技股份有限公司（以下简称"国电南瑞"、"公 司"）及募投项目实施子公司将使用额度不超过人民币14.31亿元（含14.31亿元） 的暂时闲置募集资金进行现金管理，额度的有效期为自本次董事会审议通过之日 起不超过12个月且在该额度内可滚动使用。 3、履行的审议程序：公司于2024年8月27日召开第八届董事会第二十五次会 议、第八届监事会第十八次会议，审议通过了《关于使用部分闲置募集资金进行 现金管理的议案》，同意公司在不影响募投项目建设实施、募集资金使用计划和 保证募集资金安全的情况下，使用部分闲置募集资金进行现金管理。 4、特别风险提示：尽管公司本次购买的保本型现金管理产品属于较低风险 理财品种，但金融市场受宏观经济、财政及货币政策的影响较大，不排除相关投 资可能受到市场波动的影响，从而影响预期收益。 一、募集资金基本情况 （一）募集资金金额及到账时间 国电南瑞科技股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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 ...

证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-043 二、会议以 6 票同意，0 票反对，0 票弃权，审议通过关于 2024 年半年度利润 分配方案的议案。 三、会议以 6 票同意，0 票反对，0 票弃权，审议通过关于 2024 年半年度报告 及摘要的议案。 监事会根据《公司法》、《证券法》、《公开发行证券的公司信息披露内容与 格式准则第 3 号—半年度报告的内容与格式》、《上海证券交易所股票上市规则》、 《上海证券交易所关于做好主板上市公司 2024 年半年度报告披露工作的重要提醒》 等有关规定，审核公司 2024 年半年度报告及其摘要，审核意见如下： 1、公司半年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； 2、公司半年度报告的内容和格式符合中国证监会和上海证券交易所的各项规定， 所包含的信息能从各个方面真实地反映出公司 2024 年半年度的经营管理和财务状 况等事项； 国电南瑞科技股份有限公司 第八届监事会第十八次会议决议公告 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 ...

二、公司前次使用部分闲置募集资金进行现金管理的情况 1 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为 国电南瑞科技股份有限公司（以下简称"国电南瑞"或"公司"）发行股份及支 付现金购买资产并募集配套资金的独立财务顾问，根据《上市公司重大资产重组 管理办法》、《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求》、《上海证券交易所股票上市规则》及《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》有关规定，对公司使用部分闲置募集资金进行现金管 理的情况进行核查，并出具核查意见如下： 一、证券发行上市及募集资金情况 经中国证券监督管理委员会《关于核准国电南瑞科技股份有限公司向南瑞集 团有限公司等发行股份购买资产并募集配套资金的批复》（证监许可[2017]2224 号）核准，国电南瑞以非公开发行股份方式向 7 名特定投资者发行了人民币普通 股 381,693,558 股，发行价格为 15.99 元/股，本次发行募集资金总额为 6,103,279,992.42 元，扣除各项发行费用 83,239,359.91 元，实际募集资金净额为 6,020,040,632.51 ...

The meeting is ready to start. 本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 呃各位投资者大家呃晚上好我是那个城阳电信行业的分析师呃然后欢迎大家收听我们本期的这个深度群演然后本期的话我们主要呃想汇报一下这个主要是来汇报一下国电南瑞的一个呃整个的目前我们的一个观点包括公司整体的一个推荐的一个逻辑呃那呃南瑞的话那么作为国网呃或者说作为建立设备板块里面 那么龙头的这个白马龙头标记的话那么公司过去也持续证明了自身的一个整体的一个增长的一个持续性包括持续增长的这样的一个能力然后公司整体的竞争优势的话也得到了长时间的这样的一个验证那这样当然前点的话就是我们认为或者说市场对于 公司的整个的一个成长能力其实探讨的也比较多啊然后我们本期报告的话主要还是想从这个短期也就是今年的维度包括中长期的一个维度啊去对整个的一个成长能力去做这样的一个分析和探讨 整体的话 我们认为短期从今年的维度来看的话 公司的主要的企业业务基 ...

证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-038 重要内容提示： 会议召开时间：2024 年 08 月 30 日(星期五)上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2024 年 08 月 23 日(星期五)至 08 月 29 日(星期四)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@sgepri.sgcc.com.cn 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。 国电南瑞科技股份有限公司（以下简称"公司"）拟于 2024 年 8 月 29 日 发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 08 月 30 日(星期五)上午 10:00-11:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络文字互动形式召开，公司将针对2024年 ...

证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-037 国电南瑞科技股份有限公司 关于使用部分闲置募集资金进行现金管理到期收回的公告 公司及子公司于2024年8月12日到期收回募集资金现金管理产品合计 164,960万元，收回收益328.94万元，具体如下： | | | | | 认购 | 预计 | 预计收 | | | 收回 | 实际年 | 到期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司 | 受托方 | 产品 | 产品名称 | 金额 | 年化 | 益金额 | 产品 | 收益 | 金额 | 化收益 | 收益 | | 名称 | 名称 | 类型 | | | 收益 | | 期限 | 类型 | | | | | | | | | （万元） | 率 | （万元） | | | （万元） | 率 | （万元） | 1 | 公司 | 受托方 | 产品 | | 认购 | 预计 年化 | 预计收 | 产品 | 收益 | 收回 | 实际年 | 到期 | | --- | --- | --- | --- ...