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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a steady growth in performance with a revenue of 20.114 billion yuan in H1 2024, representing a year-on-year increase of 10.02%, and a net profit attributable to shareholders of 2.709 billion yuan, up 8.36% year-on-year. In Q2 2024, the revenue reached 12.416 billion yuan, a year-on-year increase of 2.73% and a quarter-on-quarter increase of 61.27%, with a net profit of 2.114 billion yuan, up 6.95% year-on-year and 254.82% quarter-on-quarter. The performance met expectations, and the company is expected to benefit from accelerated domestic grid investment and ongoing overseas business expansion, forming a second growth curve [2][6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 20.114 billion yuan, a year-on-year increase of 10.02%, and a net profit of 2.709 billion yuan, up 8.36% year-on-year. The Q2 2024 revenue was 12.416 billion yuan, a year-on-year increase of 2.73% and a quarter-on-quarter increase of 61.27%, with a net profit of 2.114 billion yuan, up 6.95% year-on-year and 254.82% quarter-on-quarter [2][6]. Business Segments - The company's main business segments showed stable growth, with revenues from smart grid, digital energy integration, low-carbon energy, and industrial interconnection products reaching 9.357 billion, 3.735 billion, 5.052 billion, and 1.209 billion yuan respectively, with year-on-year growth rates of 1.80%, 14.86%, 32.70%, and 6.05%. The gross margins for these segments were 33.57%, 26.07%, 23.27%, and 22.52% respectively [6]. Order Book and Contracts - The company signed new contracts worth 28.7 billion yuan in H1 2024, a year-on-year increase of 10.7%, indicating a robust order book [6]. International Business - The company reported a significant increase in non-grid revenue, reaching 8.930 billion yuan, up 24.41% year-on-year, with overseas revenue growing by 92.80% to 0.831 billion yuan, driven by successful projects in Saudi Arabia, Pakistan, and Brazil [6]. Earnings Forecast - The company is projected to achieve revenues of 57.589 billion, 64.294 billion, and 71.953 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11.67%, 11.64%, and 11.91%. The net profit attributable to shareholders is expected to be 8.012 billion, 9.007 billion, and 10.220 billion yuan for the same years, with growth rates of 11.53%, 12.41%, and 13.47% respectively [6][7].

Investment Rating - The report maintains a "Recommended" rating for Guodian NARI Technology Co., Ltd. (stock code: 600406.SH) [3] Core Views - The company's H1 2024 performance shows steady growth with revenue of 20.114 billion, up 10.21% year-on-year, and a net profit of 2.709 billion, up 8.36% year-on-year. The Q2 2024 results indicate a significant sequential improvement, with revenue of 12.416 billion, up 61.27% quarter-on-quarter, and a net profit of 2.114 billion, up 254.82% quarter-on-quarter [1][2] - The company is benefiting from the robust development of smart grids and low-carbon energy growth, with smart grid revenue contributing 46.6% of total revenue and growing 1.8% year-on-year. The low-carbon energy segment is the fastest-growing, with a revenue increase of 32.7% year-on-year [1][2] - The report highlights the company's strong performance in both domestic and international markets, with net revenue from overseas operations reaching 830 million, up 92.8% year-on-year [1] Summary by Sections Financial Performance - H1 2024 revenue reached 20.114 billion, with a net profit of 2.709 billion, and a non-recurring net profit of 2.622 billion. Q2 2024 revenue was 12.416 billion, with a net profit of 2.114 billion [1][2] - The company's gross margin for H1 2024 was 28.9%, with Q2 gross margin at 31.7%, reflecting improvements in profitability [2] Business Segments - Smart Grid: Revenue of 9.36 billion, accounting for 46.6% of total revenue, with a gross margin of 33.6% [1] - Digital Energy Integration: Revenue of 3.74 billion, accounting for 18.6% of total revenue, with a gross margin of 26.1% [1] - Low-Carbon Energy: Revenue of 5.05 billion, accounting for 25.2% of total revenue, with a gross margin of 23.3% [1] - Industrial Internet: Revenue of 1.21 billion, accounting for 6.0% of total revenue, with a gross margin of 22.5% [1] - Integration and Others: Revenue of 720 million, accounting for 3.6% of total revenue, with a gross margin of 34.3% [1] Market Outlook - The report projects revenue for 2024 and 2025 to be 57.350 billion and 64.502 billion, respectively, with net profits of 8.017 billion and 8.788 billion, indicating a positive growth trajectory [2][7]

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company achieved a revenue of 20.114 billion, a year-on-year increase of 10.21%, and a net profit attributable to shareholders of 2.709 billion, up 8.4% year-on-year in the first half of 2024 [1]. - The company has made significant breakthroughs in both domestic and international markets, securing major contracts worth 28.7 billion, a year-on-year growth of 10.7% [2]. - The company continues to invest in research and development, with R&D expenditure reaching 1.244 billion, an increase of 14.79% year-on-year, leading to industry-leading core products [2]. Financial Performance Summary - For the first half of 2024, the gross profit margin was 29.03%, an increase of 0.46 percentage points year-on-year, while the net profit margin was 14.27%, a decrease of 0.25 percentage points year-on-year [1]. - The company’s revenue projections for 2024-2026 are 56.820 billion, 63.054 billion, and 70.491 billion respectively, with growth rates of 10.2%, 11.0%, and 11.8% [3]. - The net profit attributable to shareholders is projected to be 8.064 billion, 9.062 billion, and 10.106 billion for 2024-2026, with growth rates of 12.3%, 12.4%, and 11.5% respectively [3].

证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-045 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： 三、 其他事项 公司将严格按照《上市公司股份回购规则》《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，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告。 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《关于 以集中竞价交易方式回购公司 A 股股份的议案》，同意公司使用自有资金以集中竞 价交易方式回购公司股份，本次回购的股份用于未来实施股权激励计划。回购资 金总额不低于人民币 5 亿元（含本数），不超过人民币 10 亿元（含本数），回购价 格不超过人民币 34.05 元/股(含本数)，回购期限自公司董事会审议通过本次股份 回购方案之日起不超过 12 个月，从 2023 年 10 月 19 ...

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 2024-042 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2024-039 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 ...