Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a revenue of 51.573 billion, a year-on-year increase of 10.13%, and a net profit attributable to shareholders of 7.184 billion, up 11.44% year-on-year for 2023. The first quarter of 2024 saw a revenue of 7.699 billion, a significant year-on-year growth of 24.25% [1] - The company is benefiting from the low-carbon energy transition and the integration of digital energy, with steady growth in smart grid development. The smart grid segment generated 25.635 billion in revenue, accounting for 49.71% of total revenue, with a year-on-year growth of 2.57% [1] - The company has expanded its overseas business significantly, achieving a revenue of 1.394 billion from international markets, which is a 104.07% increase year-on-year [1] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 51.573 billion, with a net profit of 7.184 billion and an EPS of 0.89. The first quarter of 2024 showed a revenue of 7.699 billion and a net profit of 0.596 billion [1][4] - The company’s gross margin for 2023 was 26.80%, slightly down by 0.25 percentage points year-on-year. The first quarter of 2024 saw a gross margin of 24.68%, down 2.43 percentage points year-on-year but up 0.95 percentage points quarter-on-quarter [1] Business Segments - Smart Grid: Revenue of 25.635 billion, contributing 49.71% to total revenue, with a gross margin of 28.91% [1] - Digital Energy Integration: Revenue of 11.134 billion, accounting for 21.59% of total revenue, with a gross margin of 22.38% [1] - Low-Carbon Energy: Revenue of 9.638 billion, representing 18.49% of total revenue, with a growth rate of 33.47% year-on-year [1] - Industrial Internet: Revenue of 3.169 billion, contributing 6.14% to total revenue, with a slight decline of 3.01% year-on-year [1] Market Outlook - The company is expected to benefit from the structural investment changes driven by the "dual carbon" goals, with projected revenues of 57.350 billion and 64.502 billion for 2024 and 2025, respectively [1] - The company is positioned to capture significant growth opportunities in various sectors, including new energy, rail transit, and municipal projects, with a competitive edge against international leaders like ABB and Siemens [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 and Q1 2024 met market expectations, with revenue growth of 10% year-on-year in 2023 and 24% in Q1 2024. The net profit attributable to the parent company increased by 11% year-on-year in 2023 and 14% in Q1 2024 [6][7] - The company plans to achieve a revenue target of 56 billion yuan in 2024, representing an 8.6% year-on-year growth, with a stable gross margin of 26.8% [6] - The company is experiencing accelerated growth in its non-grid business, with revenue from this segment increasing by 35% year-on-year in 2023 [6] Financial Performance - Total revenue for 2023 was 51.573 billion yuan, with a year-on-year increase of 10.13%. The net profit attributable to the parent company was 7.184 billion yuan, up 11.44% year-on-year [1][6] - The company reported a gross margin of 26.8% in 2023, slightly down by 0.3 percentage points year-on-year. The net profit margin for 2023 was 13.9%, an increase of 0.2 percentage points year-on-year [7] - The operating cash flow for 2023 was 11.444 billion yuan, reflecting a 31% year-on-year increase, indicating strong cash flow [7] Revenue and Profit Forecast - The company forecasts revenue of 57.494 billion yuan for 2024, with a year-on-year growth of 11.48%. The net profit is expected to reach 7.902 billion yuan, growing by 10.01% year-on-year [1][8] - The earnings per share (EPS) is projected to be 0.98 yuan for 2024, with a price-to-earnings (P/E) ratio of 25.60 based on the current price [1][8] Market Data - The closing price of the company's stock is 25.18 yuan, with a market capitalization of approximately 202.27 billion yuan [3] - The company has a price-to-book (P/B) ratio of 4.25 and a total circulating A-share market value of approximately 201.05 billion yuan [3][4]

国电南瑞科技股份有限公司 2023 年年度股东大会 会议资料 江苏·南京 二〇二四年五月二十日 2023 年年度股东大会会议资料 | | | | 会议须知 1 | | | | --- | --- | --- | | 会议议程 2 | | | | 关于 | 2023 | 年度财务决算的议案 4 | | 关于 | 2023 | 年度独立董事述职报告的议案 7 | | 关于 | 2023 | 年度董事会工作报告的议案 8 | | 关于 | 2023 | 年度监事会工作报告的议案 13 | | 关于 | 2024 | 年度财务预算的议案 17 | | 关于 | 2024 | 年度投资计划的议案 18 | | 关于日常关联交易的议案 19 | | | | 关于金融服务关联交易暨签订《金融业务服务协议》的议案 24 | | | | 关于续聘 | | 2024 年度财务及内控审计机构的议案 30 | | 关于调整公司独立董事津贴的议案 33 | | | | 关于变更注册资本暨修订《公司章程》的议案 34 | | | | 关于修订《公司股东大会议事规则》的议案 37 | | | | 关于修订《公司董事会议事规则》的议案 39 ...

国电南瑞科技股份有限公司 2023 年度 募集资金年度存放与使用情况鉴证报告 | 索引 | 页码 | | --- | --- | | 鉴证报告 | 1-2 | | 关于募集资金 2023 年度存放与使用情况的专项报告 | 1-10 | 33 中和会计师事务所 北京市东城区朝阳门北大街 联系申话: +86 (010) 6554 2288 8 号富华大厨 A 座 9 目 募集资金年度存放与使用情况鉴证报告 XYZH/2024ZZAA5F0486 国电南瑞科技股份有限公司 国电南瑞科技股份有限公司全体股东: 我们对后附的国电南瑞科技股份有限公司(以下简称贵公司)关于募集资金 2023 年度 存放与使用情况的专项报告(以下简称募集资金年度存放与使用情况专项报告)执行了鉴 证工作。 我们按照《中国注册会计师其他鉴证业务准则第 3101 号-历史财务信息审计或审阅以 外的鉴证业务》的规定执行了鉴证工作,以对募集资金年度存放与使用情况专项报告是否 不存在重大错报获取合理保证。在执行鉴证工作的过程中,我们实施了询问、检查、重新 计算等我们认为必要的鉴证程序,选择的程序取决于我们的职业判断。我们相信,我们的 鉴证工作为发表意见 ...

国电南瑞科技股份有限公司 2023 年度独立董事述职报告 （窦晓波） 作为国电南瑞科技股份有限公司（以下简称"公司"、"国电南瑞"）的独立董 事，本人本着对全体股东负责的态度，切实维护广大中小股东利益的原则，严格 按照《中华人民共和国公司法》（以下简称"公司法"）、《中华人民共和国证券 法》（以下简称"证券法"）、《上市公司治理准则》、《上市公司独立董事规则》、 《上海证券交易所股票上市规则》、《上海证券交易所上市公司自律监管指引第 1 号—规范运作》及《国电南瑞科技股份有限公司章程》（以下简称"《公司章 程》"）、《国电南瑞独立董事工作制度》等有关规定，勤勉尽责地履行独立董 事的职责和义务，审慎认真地行使公司和股东所赋予的权利，以实际行动维护公 司股东的合法权益。现将 2023 年履职情况报告如下： 一、基本情况 窦晓波：男，45 岁，博士研究生毕业，博士学位。现任东南大学电气工程 学院教授、博士生导师、IEEE Senior Member、中国电机工程学会和中国电工技 术学会会员、江苏省电工技术学会秘书长、教育部高等学校电气类专业教学指导 委员会秘书。获省部级奖 2 项，电力行业奖 1 项、发表论文 10 ...

国电南瑞科技股份有限公司 独立董事候选人声明 本人曾洋，已充分了解并同意由提名人国电南瑞科技股 份有限公司董事会提名为国电南瑞科技股份有限公司（以下 简称"该公司"）第八届董事会独立董事候选人。本人公开 声明，本人具备独立董事任职资格，保证不存在任何影响本 人担任国电南瑞科技股份有限公司独立董事独立性的关系， 具体声明如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、部门规章及其他规范性文件，具有 5 年以上法律、 经济、财务、管理或者其他履行独立董事职责所必需的工作 经验。 本人已经参加培训并取得证券交易所认可的相关培训 证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章 以及公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的 规定； （二）《中华人民共和国公务员法》关于公务员兼任职 务的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上 海证券交易所自律监管规则以及公司章程有关独立董事任 职资格和条件的相关规定； 1 （四）中共中央纪委、中共中央组织部《关于规范中管 干部辞去公职或者退（离）休后担任上市公司、基金管理公 司独立董事、独立监事的通 ...

关于变更注册资本暨修订《公司章程》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。 国电南瑞科技股份有限公司（以下简称"国电南瑞"、"公司"）第八届董 事会第二十一次会议审议通过了《关于变更注册资本暨修订<公司章程>的预案》， 公司拟对注册资本进行变更，并修订《公司章程》。具体如下： 一、注册资本变更情况 2023 年 5 月 26 日，经公司 2022 年年度股东大会同意，以资本公积金转增 股本，公司股本增至 803,340.3592 万股，并已于 2023 年 6 月 21 日实施完毕； 证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-020 国电南瑞科技股份有限公司 1 | 众发行 4,000 万股，公司股本增至 10,900 万 | 发行 | 4,000 | | 万股，公司股本增至 10,900 | 万股； | | --- | --- | --- | --- | --- | --- | | 股； 2023 年 1 月 3 日，经公司第八届董事会 | 2023 | 年 1 | 月 3 | ...

关于 2023 年度募集资金存放与使用情况的专项报告 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、募集资金基本情况 经中国证券监督管理委员会《关于核准国电南瑞科技股份有限公司向南瑞集 团有限公司等发行股份购买资产并募集配套资金的批复》（证监许可[2017]2224 号）核准，国电南瑞科技股份有限公司（以下简称"国电南瑞"、"公司"）以 非公开发行股份方式向 7 名特定投资者发行了人民币普通股 381,693,558 股，发 行价格为 15.99 元/股，本次发行募集资金总额为 6,103,279,992.42 元，扣除各项 发行费用 83,239,359.91 元，实际募集资金净额为 6,020,040,632.51 元。上述募集 资金已于 2018 年 4 月 8 日全部到位。经立信会计师事务所（特殊普通合伙）对 认购资金实收情况进行了审验，并出具了《验资报告》（信会师报字[2018]第 ZB22786 号）。 截至 2023 年 12 月 31 日，公司累计使用募集资金 450,841.81 万元，其中以 前 ...

Financial Performance - In 2023, the company achieved operating revenue of 51.573 billion yuan, a year-on-year increase of 10.13%[9]. - The net profit attributable to shareholders was 7.184 billion yuan, up 11.44% from the previous year, with a basic earnings per share of 0.9 yuan[9]. - The net cash flow from operating activities for 2023 was ¥11.44 billion, showing a significant increase of 30.64% from ¥8.76 billion in 2022[23]. - The total assets at the end of 2023 amounted to ¥86.09 billion, a 12.24% increase from ¥76.70 billion in 2022[23]. - The company's net assets attributable to shareholders increased to ¥47.19 billion, reflecting an 11.13% growth from ¥42.47 billion in 2022[23]. - The company reported a total of ¥23.01 billion in revenue for Q4 2023, with a net profit of ¥3.02 billion for the same period[27]. - The company reported a significant increase in revenue, achieving a total of 10 billion CNY for the fiscal year, representing a growth of 15% year-over-year[18]. - The company reported a net profit margin of 15%, up from 12% in the previous year, indicating improved operational efficiency[120]. Dividend Distribution - The company plans to distribute a cash dividend of 5.4 yuan per 10 shares, totaling approximately 4.328 billion yuan, which accounts for 60.25% of the net profit attributable to shareholders[5]. - The total cash dividend amount for the year 2023 is 4,442,563,072.54 RMB, representing 61.84% of the net profit attributable to shareholders[163]. - The cash dividend policy includes a distribution of 3.9 RMB per 10 shares, with a capital reserve increase of 2 shares per 10 shares[160]. Research and Development - Research and development investment totaled 3.459 billion RMB, accounting for 6.71% of revenue, with 400 patents granted[30]. - The company is investing 200 million CNY in R&D for new technologies aimed at improving grid automation systems[17]. - Research and development expenses rose by 13.92% to ¥2,711,677,588.02, compared to ¥2,380,278,059.25 in the previous year[48]. - The company is investing heavily in R&D, with a budget allocation of 200 million yuan for new technology development[120]. - Research and development investments increased by 30%, focusing on renewable energy solutions and automation technologies[123]. Market Expansion and Strategy - The company plans to focus on new energy infrastructure and digital transformation, aligning with national strategies for high-quality development in the energy sector[11]. - The company is expanding its market presence, targeting a 25% increase in market share within the next two years[17]. - The company is actively pursuing market expansion through strategic investments and partnerships in the energy sector[80]. - The company is focusing on expanding its market presence, particularly in overseas markets, to enhance its competitive edge[117]. - The company is exploring potential acquisitions to enhance its technology portfolio, with a budget of 2 billion yuan allocated for this purpose[118]. Technological Innovation - The company has established a national key laboratory for power grid operation risk defense technology and equipment, and developed the world's first controllable commutation converter (CLCC)[9]. - The company aims to enhance its core competitiveness by integrating advanced technologies such as artificial intelligence and blockchain into its energy solutions[38]. - The company is committed to advancing green and low-carbon energy production, with plans to accelerate the development of hydrogen energy and other innovative technologies[41]. - The company is committed to technological advancement, as indicated by the involvement of its executives in technology-focused organizations[133]. Corporate Governance - The company held three shareholder meetings during the reporting period, ensuring equal rights for all shareholders and compliance with legal regulations[100]. - The board of directors consists of 12 members, including 4 independent directors, ensuring compliance with legal requirements and enhancing decision-making quality[103]. - The company has a complete and transparent performance evaluation system for senior management, linking their income to the company's operational performance[105]. - The company emphasizes investor relations management, utilizing various channels to communicate effectively with investors[107]. Sustainability and Social Responsibility - The company has been recognized as a "National Green Factory" and has implemented a green production system to reduce harmful substances and improve energy efficiency[178]. - The company has committed to social responsibility by publishing sustainability reports for 12 consecutive years, focusing on employee welfare and safety[180]. - The company has invested in renewable energy technologies, including photovoltaic systems and air-source heat pumps, to optimize energy structure in its parks[177]. - The company has implemented carbon reduction measures, resulting in a reduction of 1,200 tons of CO2 equivalent emissions[176]. Employee Development - The workforce consists of 11,016 employees, with 86.75% holding a bachelor's degree or higher, and 40.37% holding a master's degree or higher, indicating a strong talent pool[47]. - The company emphasizes the importance of talent development, aiming to attract high-quality talent and establish a training system for young professionals[93]. - The company has established a comprehensive training plan focusing on leadership, business management, and technology innovation[158]. International Business - The company is actively expanding into new business areas such as engineering general contracting, operation and maintenance services, and equipment leasing to diversify revenue streams[45]. - The company is pursuing international business growth, optimizing its international business system to promote the export of high-value-added products[92]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[130]. Risk Management - The company is focused on addressing market environment risks, particularly in the energy and power sectors, and will enhance its core competitiveness to support high-quality development[94]. - The company plans to improve its risk prevention system for overseas operations, focusing on political and economic conditions in key countries[98]. - The company is planning to conduct foreign exchange hedging business in 2024, as discussed in the risk management committee meetings[147].

证券代码：600406 证券简称：国电南瑞 公告编号：临 2024-018 国电南瑞科技股份有限公司 关于金融服务关联交易暨签订《金融业务服务协议》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：中国电力财务有限公司（以下简称"中国电财"）为国电南瑞科 技股份有限公司（以下简称"国电南瑞"、"公司"）及子公司提供金融服务，并 拟续签《金融业务服务协议》。中国电财为公司关联方，本次金融服务构成关联交 易。 本次交易已经公司第八届董事会第二十一次会议审议通过（关联董事回避表 决），尚需提交公司股东大会审议。 关联交易对公司的影响：本次金融服务关联交易，双方遵循平等自愿、互利 互惠、共同发展及共赢的原则进行，有助于公司利用中国电财的平台优势，获得便 捷、优质的金融服务，减少结算资金在途时间，加速资金周转，拓宽融资渠道，节 约交易成本和费用，提高资金使用水平和效益。 一、关联交易基本情况 （一）前次金融服务关联交易的预计和执行情况 在协议执行期内，中国电财经营合规、治理良好、运行稳健，各项监管指 ...