证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-060 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： 本次符合解除限售条件的激励对象共计：1,266 人（含首次授予 1,265 人、暂缓授予 1 人）。 本次符合解除限售条件的限制性股票数量：11,840,044 股。其中首次授 予部分为 11,818,156 股，暂缓授予部分为 21,888 股。 本次限制性股票待相关解除限售上市申请完成后，公司将发布相关解除 限售暨上市的公告，敬请投资者注意。 国电南瑞科技股份有限公司（以下简称"公司"）第八届董事会第二十七次 会议于 2024 年 12 月 23 日召开，会议审议通过《关于 2021 年限制性股票激励计 划首次授予及暂缓授予第一期解除限售条件成就的议案》。根据《上市公司股权 激励管理办法》、公司 2021 年限制性股票激励计划（以下简称"本次激励计划"） 的规定，本次激励计划首次授予及暂缓授予第一个解除限售期解锁条件已成就， 同意公司为 1,266 名符合解除限售资格的激励对象办 ...

证券代码：600406 公司简称：国电南瑞 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 2021 年限制性股票激励计划 首次授予及暂缓授予第一期解除限售条件 成就事项 之 独立财务顾问报告 2024 年【12】月 | | | | 一、释义 1 | | --- | | 二、声明 2 | | 三、基本假设 3 | | 四、股权激励计划授权与批准 4 | | 五、独立财务顾问意见 7 | | （一）激励计划限制性股票解锁条件 7 | | （二）结论性意见 9 | 二、声明 本独立财务顾问对本报告特作如下声明： （一）本独立财务顾问报告所依据的文件、材料由国电南瑞提供，激励计划 所涉及的各方已向独立财务顾问保证：所提供的出具本独立财务顾问报告所依 据的所有文件和材料合法、真实、准确、完整、及时，不存在任何遗漏、虚假 或误导性陈述，并对其合法性、真实性、准确性、完整性、及时性负责。本独 立财务顾问不承担由此引起的任何风险责任。 （二）本独立财务顾问仅就激励计划对国电南瑞股东是否公平、合理，对股 东的权益和上市公司持续经营的影响发表意见，不构成对国电南瑞的任何投资 建议，对投资者依据本报告所 ...

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 ...

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。 经国电南瑞科技股份有限公司（以下简称"国电南瑞"、"公司"）监事会于 2024 年 12 月 13 日以会议通知召集，公司第八届监事会第二十次会议于 2024 年 12 月 23 日在公司会议室召开，应到监事 6 名，实到监事 6 名，会议由监事会主席吴维宁先 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 6 票同意，0 票反对，0 票弃权，审议通过关于 2025 年度租赁及综 合服务关联交易的议案。 证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-063 国电南瑞科技股份有限公司 第八届监事会第二十次会议决议公告 监事会认为，公司 2021 年限制性股票激励计划首次授予及暂缓授予第一期解除 限售的条件已经达成。公司监事会对激励对象名单进行核查，1266 名激励对象解除 限售资格均合法有效，满足公司 2021 年限制性股票激励计划设定的首次授予及暂缓 授予第一期解除限售条件，同意公司为符合解除 ...

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 ...

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 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]

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance in Q3 2024 was in line with market expectations, with revenue of 32.31 billion yuan, up 13% YoY, and net profit attributable to the parent company of 4.47 billion yuan, up 7.5% YoY [1] - The gross profit margin remained stable at 29.3%, while the net profit margin attributable to the parent company decreased slightly by 0.7 percentage points to 13.8% [1] - Q3 2024 revenue was 12.2 billion yuan, up 18.2% YoY, with net profit attributable to the parent company of 1.76 billion yuan, up 6.3% YoY [1] Financial Performance - Revenue for 2024E is projected to be 57.494 billion yuan, up 11.48% YoY, with net profit attributable to the parent company of 7.902 billion yuan, up 10.01% YoY [1] - EPS for 2024E is expected to be 0.98 yuan per share, with a P/E ratio of 26.39x [1] - Revenue growth is forecasted to continue at 11.79% in 2025E and 12.14% in 2026E, with net profit attributable to the parent company growing at 12.50% and 14.17% respectively [1] Industry and Market Opportunities - The company secured new orders for UHV projects worth approximately 2.9 billion yuan in 2023, with delivery expected to start in H2 2024, boosting profitability in Q4 [2] - The power grid construction sector remains highly active, with grid infrastructure investment reaching 398.2 billion yuan in the first nine months of 2024, up 21% YoY [3] - The company is expanding into international markets, particularly in countries along the Belt and Road, such as Saudi Arabia, Pakistan, and Brazil, leveraging its product competitiveness and brand influence [3] Operational Highlights - The company's inventory at the end of Q3 2024 was 12.78 billion yuan, up 19.4% YoY, while contract liabilities stood at 5.35 billion yuan, up 50.6% YoY, ensuring sustained growth [4] - R&D and market expansion efforts led to a 20.5% increase in operating expenses for Q1-Q3 2024, reaching 4.26 billion yuan [4] Financial Projections - The company's net profit attributable to the parent company is projected to grow to 7.902 billion yuan in 2024E, 8.89 billion yuan in 2025E, and 10.15 billion yuan in 2026E [4] - The P/E ratio is expected to decrease to 23.46x in 2025E and 20.55x in 2026E, reflecting strong earnings growth [4]