Core Viewpoint - The Shanghai Stock Exchange has awarded Guodian NARI (600406) the highest rating of Class A for its information disclosure work for the 2023-2024 period, marking the company's tenth consecutive year of receiving this honor [1] Group 1: Information Disclosure Evaluation - The information disclosure evaluation is a comprehensive assessment by the Shanghai Stock Exchange regarding the quality of information disclosure, investor relations management, and social responsibility fulfillment of listed companies [1] - In the current evaluation cycle, 2,247 listed companies participated, with 425 companies receiving Class A ratings, representing 18.9% of the total [1] - Only 61 companies in the Shanghai market have received Class A ratings for eight consecutive years, highlighting the significance of this achievement [1] Group 2: Company Practices and Future Plans - Guodian NARI emphasizes standardized operations and value realization, continuously improving the effectiveness and standardization of its information disclosure [1] - The company has significantly increased its cash dividend ratio and actively implements mid-term dividends to enhance investor returns [1] - Moving forward, Guodian NARI aims to adhere to information disclosure standards, balance the needs of various stakeholders, and innovate in investor relations management to enhance corporate governance and investor recognition of its value [1]

证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-050 国电南瑞科技股份有限公司 重要内容提示： 会议召开时间：2024 年 11 月 1 日(星期五)上午 11:00-12:00 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 10 月 25 日(星期五)至 10 月 31 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 10 月 30 日 发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 1 日(星期五) 上午 11:00-12:00 举行 2024 年第三季度业绩说明会，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 ...

证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-049 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2023/10/20 | | --- | --- | | 回购方案实施期限 | 公司董事会审议通过后 12 个月 | | 预计回购金额 | 万元~100,000 万元 50,000 | | 回购价格上限 | 33.51 元/股 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 2,285.3964 万股 | | 实际回购股数占总股本比例 | 0.28% | | 实际回购金额 | 万元 50,079.56 | | 实际回购价格区间 | 20.24 元/股~ 25.76 元/股 | 一、回购审批情况和回购方案内容 2023 年 10 月 19 日公司召开第八届董事会第十七次会议，审议通过了回购股 份方案。2023 年 10 月 31 日，公司披露回购报告书。本次 ...

证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-048 国电南瑞科技股份有限公司 2024 年半年度权益分派实施公告 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法律责任。 二、分配方案 1.发放年度：2024 年半年度 2.分派对象： 重要内容提示： 每股分配比例 A 股每股现金红利 0.135 元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/10/24 | － | 2024/10/25 | 2024/10/25 | 差异化分红送转： 是 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 20 日的 2023 年年度股东大会授权公司 董事会在符合半年度利润分配条件和分配计划的情况下制定具体的 2024 年半年度 利润分配方案。公司于 2024 年 8 月 27 日召开第八届董事会第二十五次会议审议 通过 2024 年半年度利润分配方 ...

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 邮编：200336 34 th Building, Hongqiao State Guest House, 1591 Hong Qiao Road, Shanghai, p.c: 200336 电话：+86 21 68769686 Tel：+86 21 68769686 网址：http://www.capitallaw.cn E-mail：mail@capitallaw.cn 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 关于 国电南瑞科技股份有限公司 差异化分红 之 法律意见书 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) 6876 9686 东 方 华 银 律 师 事 务 所 CA P I T A L L A W&P A RT N E RS 差异化分红 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，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华 ...

证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-047 集中竞价交易方式回购公司 A 股股份的回购报告书》（公告编号：临 2023-058）、 《关于 2023 年度权益分派实施后调整回购价格上限的公告》（公告编号：临 2024-029）。 二、 回购股份的进展情况 根据《上市公司股份回购规则》及《上海证券交易所上市公司自律监管指引 第 7 号—回购股份》等相关规定，现将公司回购股份的进展情况公告如下： 国电南瑞科技股份有限公司 关于股份回购进展情况的公告 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2023/10/20 | | --- | --- | | 回购方案实施期限 | 公司董事会审议通过后 12 个月 | | 预计回购金额 | 50,000 万元~100,000 万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 2,285.3 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown steady revenue growth, with a 10.02% year-on-year increase in revenue for the first half of 2024, reaching 20.114 billion yuan, and a net profit of 2.709 billion yuan, up 8.36% year-on-year [5][6] - The company is expanding its domestic and international markets, achieving significant project wins in both sectors, with domestic revenue increasing by 8.12% to 19.246 billion yuan and international revenue soaring by 92.8% to 0.831 billion yuan [6] - The company is expected to continue its growth trajectory, with projected revenues of 56.608 billion yuan, 62.386 billion yuan, and 68.481 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 8.008 billion yuan, 8.768 billion yuan, and 9.604 billion yuan for the same years [6][7] Financial Performance Summary - For the first half of 2024, the company reported a gross margin of 29.03%, an increase of 0.46 percentage points year-on-year [5] - The company’s revenue from the smart grid segment was 9.357 billion yuan, up 1.8% year-on-year, while the energy low-carbon segment saw a significant increase of 32.7%, reaching 5.052 billion yuan [5] - The company’s earnings per share (EPS) are projected to be 0.90 yuan, 1.00 yuan, 1.09 yuan, and 1.20 yuan for the years 2024 to 2026 [7][8]

Investment Rating - The report assigns a "Cautious Accumulate" rating to the company [3][4]. Core Views - The company's H1 2024 performance met expectations, with continuous progress in both internal and external business operations, as well as rapid growth in overseas business [3]. - The EPS forecasts for 2024 and 2025 have been adjusted to 1.00 and 1.10 CNY respectively, down from 1.08 and 1.25 CNY, while the 2026 EPS forecast is set at 1.20 CNY [3]. - The target price is maintained at 26.29 CNY, reflecting a valuation premium of 20% over comparable companies, corresponding to a PE of 23.90x for 2025 [3]. Financial Performance Summary - For H1 2024, the company achieved revenue of 20.114 billion CNY, a year-on-year increase of 10.02%, and a net profit attributable to shareholders of 2.709 billion CNY, up 8.36% year-on-year [3]. - The company's Q2 2024 revenue reached 12.415 billion CNY, showing a year-on-year growth of 2.99% and a quarter-on-quarter increase of 61.25% [3]. - The company's sales, management, and R&D expense ratios were 4.82%, 3.84%, and 9.20% respectively for H1 2024 [3]. Business Development Summary - The company has made significant strides in both internal and external markets, securing major projects in the domestic market while also expanding its external business [3]. - In H1 2024, the company won several key projects, including the SVG for Tibet's grid construction and various energy management centers [3]. - The overseas revenue reached 0.831 billion CNY, marking a substantial year-on-year growth of 92.8% [3]. Financial Forecast Summary - The financial summary indicates a steady growth trajectory, with projected revenues increasing from 51.573 billion CNY in 2023 to 68.824 billion CNY by 2026, reflecting a compound annual growth rate of approximately 10% [8]. - The net profit attributable to shareholders is expected to rise from 7.184 billion CNY in 2023 to 9.669 billion CNY in 2026 [8]. - The EPS is projected to grow from 0.89 CNY in 2023 to 1.20 CNY in 2026 [8].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company achieved a revenue of 20.114 billion yuan in the first half of 2024, representing a year-on-year increase of 10.02%, while the net profit attributable to the parent company was 2.709 billion yuan, up 8.36% year-on-year [6][4] - The company is expected to benefit significantly from the ongoing construction of ultra-high voltage projects and the high-quality development of distribution networks [6][4] - The company has a strong position in the smart grid technology market and is expected to gain from the increasing investment in domestic grid construction, which reached 254 billion yuan in the first half of 2024, a 23.7% increase year-on-year [6][4] Financial Performance Summary - In the first half of 2024, the company reported a comprehensive gross margin of 29.03%, an increase of 0.42 percentage points year-on-year [6] - The company plans to distribute a cash dividend of 0.135 yuan per share (before tax) for the first half of 2024 [6] - The company’s revenue for the second quarter of 2024 was 12.416 billion yuan, a year-on-year increase of 2.73%, with a net profit of 2.114 billion yuan, up 6.95% year-on-year [4] - The company’s total revenue is projected to reach 58.244 billion yuan in 2024, with a net profit of 8.052 billion yuan, reflecting a year-on-year growth of 12.9% and 12.1% respectively [6][10] Market and Business Segments - The company’s revenue from the smart grid segment was 9.357 billion yuan in the first half of 2024, a year-on-year increase of 1.80% [6] - The energy low-carbon segment saw significant growth, with revenue reaching 5.052 billion yuan, up 32.70% year-on-year [6] - The company’s international projects are progressing rapidly, with overseas revenue reaching 0.831 billion yuan, a year-on-year increase of 92.80% [6] Valuation and Investment Recommendations - The company is expected to achieve net profits of 8.052 billion yuan, 9.169 billion yuan, and 10.512 billion yuan for the years 2024, 2025, and 2026 respectively [6] - The estimated price-to-earnings (P/E) ratio for 2024 is projected to be between 30 to 35 times, corresponding to a reasonable value range of 30 to 35 yuan per share [6]

证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-046 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： 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：1,300万元人民币。 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29日公告。 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、本次现金管理概况 （一）现金管理目的 为提高募集资金使用效率，在不影响公司募投项目建设实施、募集 ...