Investment Rating - The report maintains a "Buy" rating for the company, with a target PE of 25X for 2024 [6][7] Core Views - The company reported H1 2024 revenue of RMB 20.1 billion, up 10% YoY, and net profit attributable to shareholders of RMB 2.7 billion, up 8% YoY [1][4] - Q2 2024 revenue was RMB 12.4 billion, up 3% YoY, with net profit attributable to shareholders of RMB 2.1 billion, up 7% YoY [1][4] - The company is expected to accelerate growth in H2 2024, driven by faster delivery of ultra-high voltage projects and increased orders [6] Business Performance Revenue Breakdown - Smart Grid revenue: RMB 9.4 billion, up 2% YoY, with growth in substation and power consumption automation [5] - Digital Energy Integration revenue: RMB 3.7 billion, up 15% YoY, reflecting strong demand for grid digitalization [5] - Low-Carbon Energy revenue: RMB 5.1 billion, up 33% YoY, driven by traditional power and new energy generation demand [5] - Industrial Internet revenue: RMB 1.2 billion, up 6% YoY [5] - Integration and other revenue: RMB 0.7 billion, down 14% YoY, as the company gradually scales back this segment [5] Profitability - H1 2024 gross margin: 29%, up 0.5 pct YoY, with Q2 gross margin at 31.7%, up 2.4 pct YoY [5] - Smart Grid gross margin improved by 2.6 pct YoY, driven by product mix optimization and cost reduction [5] - Low-Carbon Energy gross margin increased by 1.7 pct YoY, supported by higher-margin products like thermal power equipment [5] - Q2 2024 net profit margin improved, with profit growth outpacing revenue growth [5] Orders and International Expansion - New contracts in H1 2024: RMB 28.7 billion, up 11% YoY [5] - Overseas revenue: RMB 831 million, up 92.8% YoY, with projects secured in Saudi Arabia, Pakistan, and Brazil [5] - The company won the operation and maintenance contract for Saudi Arabia's ADMS system [5] Financial Forecasts - 2024E revenue: RMB 58 billion, with net profit attributable to shareholders of RMB 8 billion [12] - 2025E revenue: RMB 65.3 billion, with net profit attributable to shareholders of RMB 9.1 billion [12] - 2026E revenue: RMB 71.8 billion, with net profit attributable to shareholders of RMB 10.1 billion [12] Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.135 per share (tax included) for the interim period [5]

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 ...

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 ...