证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-058 国电南瑞科技股份有限公司 第八届董事会第二十七次会议决议公告 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"公司"、"国电南瑞"）董事会 于2024年12月13日以会议通知召集，公司第八届董事会第二十七次会议于2024 年 12 月 23 日以现场结合视频方式召开，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 5 票同意，0 票反对，0 票弃权（关联董事山社武、郑宗强、陈 刚、蒋元晨、华定忠、刘昊、严伟回避表决），审议通过关于 2025 年度租赁及 综合服务关联交易的议案。 具体内容详见上海证券交易所网站（www.sse.com.cn）《关于 2025 年度租 赁及综合服务关联交易的公告》。 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 ...

证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-062 （一）交易目的 因国际业务开展需要，公司及子公司日常经营过程中时有涉及外币结算业务。 为降低汇率波动对公司及子公司经营业绩的影响，并专注于生产经营，公司及子公 司拟紧密结合日常经营业务外币结算需求，选择品种、规模、方向、期限相匹配的 外汇套期保值产品（主要为远期结售汇）进行风险对冲。 国电南瑞科技股份有限公司 关于 2025 年度外汇套期保值业务的公告 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。 重要内容提示： 交易概述：因国际业务开展需要，为降低汇率波动对企业经营业绩的影响， 国电南瑞科技股份有限公司（以下简称"国电南瑞"、"公司"）及子公司拟于 2025 年度新开展额度不超过 9.54 亿元人民币（含等值外币）外汇套期保值业务，交易品 种主要为远期结售汇。结合公司及子公司外汇套期保值业务年初存量余额，预计 2025 年度任一交易日持有的最高合约价值不超过 12.13 亿元人民币（含等值外币）。 审议程序：本次开展外汇套期保值业务已经公司第 ...

证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-061 国电南瑞科技股份有限公司 关于使用闲置自有资金进行委托理财的公告 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。 重要内容提示： 委托理财品种：安全性高、满足保本要求的金融机构结构性存款。 委托理财额度：国电南瑞科技股份有限公司（以下简称"国电南瑞"、 "公司"）及子公司将使用额度不超过人民币220亿元（含本数）的闲置自有资 金进行委托理财，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，但任一时点投资余额（含前述投资的收益进行再投资的 相关金额）不得超出上述投资额度。 履行的审议程序：公司于2024年12月23日召开第八届董事会第二十七次 会议审议通过了《关于使用闲置自有资金进行委托理财的议案》，并授权公司总 经理在上述额度和有效期内行使投资决策权。 特别风险提示：本次委托理财额度用于购买安全性高的低风险保本型金 融机构结构性存款，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 ...

证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-057 国电南瑞科技股份有限公司 关于控股股东筹划国有股份划转的提示性公告 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"公司"）于 2024 年 12 月 23 日收 到间接控股股东国网电力科学研究院有限公司（以下简称"国网电科院"）《关 于筹划国电南瑞科技股份有限公司股权划转的函》，为落实国务院国有资产监督 管理委员会（以下简称"国务院国资委"）层级压减相关工作要求，理顺股权关 系，国网电科院正在筹划将公司控股股东南瑞集团有限公司（以下简称"南瑞集 团"）持有的公司全部股份划转至国网电科院（国网电科院持有南瑞集团 100% 股权，同时持有公司 5.42%股权）。本次划转完成后，国网电科院将成为公司的 直接控股股东，国家电网有限公司仍为公司最终控股股东（国家电网有限公司持 有国网电科院 100%股权），公司的实际控制人仍为国务院国资委。公司控制权 不会发生变化。 上述事项尚处于商议筹划阶段，尚未完成全部法定程序，公 ...

国电南瑞科技股份有限公司 关于 2025 年度租赁及综合服务关联交易的公告 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。 重要内容提示： 交易内容：国电南瑞科技股份有限公司（以下简称"国电南瑞"、"公 司"）拟租赁关联方国网电力科学研究院有限公司（以下简称"国网电科院"） 及所属公司、中国电力科学研究院有限公司（以下简称"中国电科院"）、江苏 宏源电气有限责任公司（以下简称"宏源电气"）相关房产，合计租金不超过 6,050.08 万元；拟租赁国网江苏电动汽车服务有限公司（以下简称"江苏电动"） 车辆用于通勤班车服务，合计租金不超过 1,884.04 万元；接受国网电科院及所 属公司、中国电科院提供综合管理服务等，合计费用不超过 32,427.24 万元。同 时，将公司暂时闲置房产出租给国网电科院及所属公司、上海置信电气有限公司 （以下简称"置信电气"）和安徽皖电招标有限公司（以下简称"安徽皖电招标"） 用于生产经营，合计租金不超过 2,250.62 万元。 历史关联交易：除已经公司股东大会批准的关联交易等外，公司本次交 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown steady growth in performance, with a revenue of 32.313 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12.97%. The net profit attributable to shareholders reached 4.473 billion yuan, up 7.53% year-on-year [4] - The company is benefiting from high investment in the power grid, with domestic market growth and rapid breakthroughs in overseas markets. The power grid investment in China for the first nine months of 2024 was 398.2 billion yuan, a year-on-year increase of 21.1% [4] - The company has secured significant projects in both domestic and international markets, achieving a revenue of 19.246 billion yuan from domestic projects (up 8.12% year-on-year) and 0.831 billion yuan from international projects (up 92.8% year-on-year) [4] Financial Performance - For the third quarter of 2024, the company reported a revenue of 12.199 billion yuan, a year-on-year increase of 18.20%, and a net profit of 1.764 billion yuan, up 6.27% year-on-year [4] - The company forecasts revenues of 56.608 billion yuan, 62.386 billion yuan, and 68.481 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 8.008 billion yuan, 8.772 billion yuan, and 9.609 billion yuan for the same years [5] - The projected P/E ratios for 2024, 2025, and 2026 are 25, 23, and 21 respectively [5] Market Position - The company is recognized as a leading enterprise in the energy and power sector, with strong technological competitiveness [4] - The company has successfully entered international markets, with notable contracts in Saudi Arabia, Pakistan, and Brazil, indicating a robust international expansion strategy [4]

证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-056 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并继续 进行现金管理的进展公告 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个别及连带责任。 重要内容提示： 现金管理到期收回情况：国电南瑞科技股份有限公司（以下简称"国电 南瑞"、"公司"）及子公司于 2024 年 12 月 4 日、12 月 5 日到期收回募集资 金现金管理产品合计 143,100 万元人民币，收回收益 875.16 万元。 继续进行现金管理进展情况： 1、现金管理品种：安全性高、满足保本要求、流动性好的金融机构结构性 存款。 2、本次现金管理金额：143,100万元人民币。 3、履行的审议程序：国电南瑞科技股份有限公司（以下简称"国电南瑞"、 "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》， 具体内容详见上海证券交易所网站（www.sse.com.cn）2024年8月2 ...

Investment Rating - The report maintains a "Buy" rating for the company [9][8]. Core Insights - The company reported a revenue of 32.31 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 12.97%. The net profit attributable to the parent company was 4.473 billion yuan, up 7.53% year-on-year [5][6]. - The company has shown strong performance across various segments, with significant growth in the energy low-carbon segment, which achieved a revenue increase of 30.05% [6]. - The company’s gross margin for the first three quarters was 29.26%, remaining stable year-on-year, while the gross margin for Q3 was slightly lower at 29.63% [7]. - The company’s inventory reached a record high of 12.78 billion yuan, indicating strong future performance potential supported by contract liabilities of 5.35 billion yuan [7][8]. - New contracts signed in the first three quarters showed robust growth across segments, particularly in the energy low-carbon segment, which saw a 50% increase [8]. Summary by Sections Financial Performance - For the first three quarters, the company achieved a revenue of 32.31 billion yuan, with a net profit of 4.473 billion yuan, reflecting growth rates of 12.97% and 7.53% respectively [5][6]. - The Q3 revenue was 12.2 billion yuan, marking an 18.19% increase year-on-year, while the net profit for the same period was 1.764 billion yuan, up 6.27% [5][6]. Segment Analysis - The smart grid segment generated 15.201 billion yuan in revenue, growing 6.6% year-on-year, driven by market expansion in smart distribution and substation automation [6]. - The digital energy integration segment saw revenue of 6.143 billion yuan, up 18.81%, due to enhanced communication support and cybersecurity efforts [6]. - The energy low-carbon segment reported 7.819 billion yuan in revenue, a significant increase of 30.05%, attributed to strong growth in energy storage and photovoltaic businesses [6]. Orders and Contracts - The company experienced a 10% increase in new contracts for the smart grid segment and a 27% increase for the digital energy integration segment in the first three quarters [8]. - The overall new orders showed good growth, with expectations for accelerated performance in Q4 as high-voltage products begin delivery [8].

Investment Rating - The report maintains an "OUTPERFORM" rating for NARI Technology [5][6][22] Core Insights - The revenue and net profit growth rates align with market expectations, with a revenue of RMB 32.31 billion for the first three quarters of 2024, representing a year-on-year increase of 13.11%, and a net profit attributable to shareholders of RMB 4.47 billion, up 7.53% year-on-year [5][25] - The company has achieved a record high in R&D expense ratio, reaching 6.49%, with R&D expenses of RMB 2.1 billion, a 21.61% increase year-on-year, surpassing revenue growth [5][25] - The bidding for ultra-high voltage and transmission equipment remains robust, with cumulative tender amounts reaching RMB 17.93 billion in 2024, indicating sustained high demand in the power equipment sector [5][25] - The off-grid business is showing strong growth, and international business is recovering, with overseas revenue accounting for 4.13% of total revenue in the first half of 2024, an increase of 1.77 percentage points year-on-year [5][25] Financial Performance Summary - Revenue projections for 2024-2026 have been slightly adjusted to RMB 57.54 billion, RMB 64.69 billion, and RMB 72.22 billion, respectively, while net profit estimates have been revised to RMB 8.15 billion, RMB 9.13 billion, and RMB 10.3 billion [5][25] - The target price has been raised from RMB 28.92 to RMB 31.36 per share based on the DCF model [5][25] - Key financial metrics include a projected diluted EPS of RMB 1.01 for 2024, with a gross profit margin of 28.6% and a return on equity (ROE) of 16.6% [4][5][25]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 32.31 billion yuan for the first three quarters of 2024, an increase of 12.97% year-on-year, and a net profit attributable to shareholders of 4.47 billion yuan, up 7.53% year-on-year [1] - The company is a leader in secondary equipment for power grids, with key areas such as ultra-high voltage, power intelligence digitalization, and smart grid supporting steady performance growth [3] - The company has increased its R&D investment to 2.099 billion yuan in the first three quarters of 2024, a 22% increase year-on-year, indicating a strong focus on innovation [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 12.199 billion yuan, an 18.19% increase year-on-year, while the net profit was 1.764 billion yuan, up 6.27% year-on-year [1] - The gross margin for the first three quarters of 2024 was 29.26%, a slight decrease of 0.01 percentage points year-on-year, while the net margin was 14.66%, down 0.76 percentage points year-on-year [2] - The company forecasts revenues of 56.82 billion yuan, 63.05 billion yuan, and 70.49 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 10.2%, 11.0%, and 11.8% [4][6]