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]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][9]. Core Views - The company has shown steady revenue growth, with a 12.97% year-on-year increase in revenue for the first three quarters of 2024, reaching 32.313 billion yuan, and a 7.53% increase in net profit attributable to shareholders, totaling 4.473 billion yuan [5][6]. - The company is expected to benefit significantly from the construction of a new type of power system, with domestic grid investment reaching 398.2 billion yuan in the first nine months of 2024, a 21.1% increase year-on-year [7]. - The company maintains a leading position in the smart grid technology market, which is anticipated to drive further growth [7][9]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 32.313 billion yuan, with a gross margin of 29.26%, and a net profit of 4.473 billion yuan [5]. - In Q3 2024, the company reported a revenue of 12.199 billion yuan, a year-on-year increase of 18.19%, with a net profit of 1.764 billion yuan, reflecting a 6.27% increase [6][10]. Expense Analysis - The company's expense ratio for the first three quarters of 2024 was 13.17%, an increase of 0.65 percentage points year-on-year, with variations in sales, management, R&D, and financial expense ratios [5][6]. Future Projections - The company is projected to achieve net profits of 8.009 billion yuan, 9.116 billion yuan, and 10.467 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding earnings per share of 1.00 yuan, 1.13 yuan, and 1.30 yuan [9][13]. - The estimated price-to-earnings ratio for 2024 is set between 30-35 times, suggesting a reasonable price range of 30-35 yuan per share [9].

Core Insights - The company reported a revenue of 32.313 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 12.97% [1] - The net profit attributable to shareholders reached 4.473 billion yuan, an increase of 7.53% compared to the same period last year [1] - The company executed a cash dividend distribution of 1.35 yuan per 10 shares, totaling 1.081 billion yuan, reflecting its commitment to shareholder returns [1] Company Performance - The company has established itself as a leader in the energy, power, and industrial control sectors, focusing on measurement control, digital integration, and power electronics [1] - Its products and services have a presence in over 100 countries and regions, showcasing its extensive market reach [1] Technological Advancements - The company supported the commissioning of China's first grid-side supercapacitor-based SVG project in Tibet, enhancing the power supply capacity by approximately 30,000 kilowatts [2] - This technology is noted as the most advanced global device for ensuring stable power supply during system faults, marking its first application in China [1][2] Social Responsibility and Governance - The company emphasizes environmental protection and corporate governance, actively managing energy conservation and pollution control [2] - It has been recognized as one of the "Top 100 ESG Listed Companies in China for 2024," highlighting its commitment to sustainable development [2] Shareholder Engagement - As of October 18, the company has repurchased 22.854 million shares, accounting for 0.28% of its total share capital, with a total repurchase amount of 501 million yuan [2] - This repurchase reflects the company's confidence in its long-term development and its focus on protecting shareholder interests [2] Future Outlook - The company plans to continue its innovation-driven development strategy, advancing technology research and industrial upgrades to provide high-quality solutions globally [3]

通知债权人的公告 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。 一、通知债权人原因 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 10 月 29 日召开第八届董事会第二十六次会议和第八届监事会第十九次会议， 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 2024 年 10 月 30 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 2024-051、2024-053、2024-055 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 28 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 735,819 股，其中首次授予所涉限制性股票 697,899 股,回购价格为 13.33 元/股 （保留两位小数），预留授予所涉限制性股票 3 ...