Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][9]. Core Views - The company, a subsidiary of the State Grid, is driven by a dual business model of "finance + manufacturing," which positions it to benefit from accelerated investments in the power grid [1][4]. - The carbon asset management business is expected to continue its high growth due to the establishment of a carbon market framework and increasing trading volumes [2][38]. - The electrical manufacturing segment is poised to benefit from rising investments in distribution networks, particularly in amorphous transformers, which are more energy-efficient compared to traditional silicon steel transformers [3][46]. Summary by Sections Company Overview - The company is a subsidiary of the State Grid Corporation and has diversified into financial services through significant asset restructuring completed in 2020, which included trust, securities, and futures businesses [1][14]. - In 2024, the company reported total revenue of 11.288 billion yuan, a year-on-year increase of 3.60%, and a net profit attributable to shareholders of 1.574 billion yuan, up 15.39% [1][24]. Carbon Asset Management - The carbon asset management business has shown promising growth, with revenue reaching 0.70 billion yuan in 2024, reflecting a year-on-year increase of 13.39%, and net profit of 0.10 billion yuan, up 14.51% [2][40]. - The company is the only specialized carbon asset management firm within the State Grid system, focusing on carbon trading and management services [2][40]. Electrical Manufacturing - The company’s subsidiary, ZhiXin Electric, is a leader in the production of amorphous alloy transformers, which are expected to gain market share as distribution network investments increase [3][46]. - From 2020 to 2024, ZhiXin Electric's revenue grew from 5.001 billion yuan to 7.375 billion yuan, with a compound annual growth rate (CAGR) of 10%, and net profit increased from 0.16 billion yuan to 1.49 billion yuan, with a CAGR of 75% [3][24]. Financial Forecast and Valuation - The company is projected to achieve revenues of 12.487 billion yuan, 13.908 billion yuan, and 15.578 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11%, 11%, and 12% [4][8]. - The expected net profits for the same years are 1.731 billion yuan, 1.850 billion yuan, and 1.961 billion yuan, with growth rates of 10%, 7%, and 6% [4][8].

Company Overview - The company, State Grid Yingda, closed at 4.84 yuan, with an increase of 1.04%, resulting in a rolling price-to-earnings (PE) ratio of 15.71 times and a total market capitalization of 27.677 billion yuan [1] - The company operates in a dual business model of "finance + manufacturing," covering areas such as trust, securities, futures, factoring, carbon assets, and power equipment [1] Financial Performance - For the first quarter of 2025, the company reported operating revenue of 2.218 billion yuan, representing a year-on-year increase of 8.65% [1] - The net profit for the same period was 604 million yuan, showing a significant year-on-year growth of 45.22% [1] - The sales gross margin stood at 13.45% [1] Shareholder Information - As of May 9, 2025, the number of shareholders for State Grid Yingda was 62,663, a decrease of 367 from the previous count [1] - The average market value of shares held by each shareholder was 352,800 yuan, with an average holding of 27,600 shares [1] Industry Comparison - The average PE ratio for the diversified financial industry is 69.38 times, with a median of 27.79 times, placing State Grid Yingda in 8th position within the industry [2] - The company's static PE ratio is 17.58 times, and its price-to-book ratio is 1.25 [2]

Group 1 - The company held its first meeting of the ninth board of directors on May 16, 2025, where it elected Yang Dongwei as the chairman [1] - Yang Dongwei's term as chairman will last until the current board's term expires [1] - The company also elected members for various specialized committees of the board, including the nomination committee, audit and internal control compliance management committee, strategy and ESG committee, and remuneration and assessment committee [1] Group 2 - The list of conveners and members for the specialized committees was announced, with Guo Dongmei as the convener for the nomination committee [2] - Cheng Xiaoke serves as the convener for the audit and internal control compliance management committee, and is a professional accountant [2] - Yang Dongwei is the convener for the strategy and ESG committee, while Song Jie leads the remuneration and assessment committee [2]

Core Viewpoint - The company has appointed new senior management personnel and securities representatives, ensuring compliance with relevant regulations and qualifications [1][2]. Group 1: Senior Management Appointments - Qiao Fadong has been appointed as the General Manager of the company, with a term starting from the board meeting approval date until the end of the current board's term [1]. - Che Xuemei has been appointed as the Deputy General Manager and Chief Accountant, while Li Pingwen and Ni Bin have been appointed as Deputy General Managers [1]. - Zhang Lei has been appointed as the Secretary of the Board, with all appointments approved by the board and relevant committees [1][2]. Group 2: Qualifications of Senior Management - Qiao Fadong holds a doctoral degree and has extensive experience in various leadership roles within the company and its affiliates [2][3]. - Che Xuemei, with a senior economist title, has held significant positions in auditing and financial management within the State Grid Corporation [4]. - Li Pingwen, a senior accountant, has a strong background in power supply management and has served in various capacities within the State Grid [5]. - Ni Bin, a senior engineer, has experience in information management and has held leadership roles in technology companies related to the power sector [6]. - Zhang Lei, a senior economist, has a background in human resources and investor relations management within the company [6]. Group 3: Securities Representatives Appointments - Huang Huan and Wang Yu have been appointed as securities representatives, with their terms also starting from the board meeting approval date [1][2]. - Both representatives hold relevant qualifications and have experience in compliance and investor relations [7][8].

证券代码：600517 证券简称：国网英大 公告编号：临 2025-016 号 国网英大股份有限公司 关于选举职工董事的公告 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。 根据《公司法》等法律、行政法规和相关规范性文件以及《公司章程》的规 定，国网英大股份有限公司（以下简称"公司"）工会于近日召开会员大会，选 举周维丽女士担任公司第九届董事会职工董事。周维丽女士将与公司 2024 年年 度股东会选举产生的十名董事共同组成公司第九届董事会，自换届之日起任期三 年。 周维丽，女，1968 年出生，大学学历，高级政工师。历任华北电网有限公司 廊坊供电公司纪委书记、工会主席、党委书记，国网冀北电力有限公司廊坊供电 公司党委书记、副总经理，国网冀北电力有限公司物资分公司（国网冀北招标有 限公司）总经理、党委副书记（执行董事），国网物资有限公司党委委员、纪委 书记、工会主席等职。现任本公司职工董事、党委委员、纪委书记、工会主席， 国网英大国际控股集团有限公司职工董事、党委委员、纪委书记、工会主席。 截至目前，周维丽女士未持有公司股票，是 ...

法律意见书 北京市中伦律师事务所 关于国网英大股份有限公司 2024 年年度股东会的 法律意见书 国网英大股份有限公司： 根据《中华人民共和国律师法》《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》《上市公司股东会规则》（以下简称"《股 东会规则》"）等法律、行政法规、规章和规范性文件以及《国网英大股份有限 公司章程》（以下简称"《公司章程》"）的规定，北京市中伦律师事务所（以 下简称"本所"）接受国网英大股份有限公司（以下简称"公司"）的委托，指 派律师出席公司于 2025 年 5 月 16 日召开的 2024 年年度股东会（以下简称"本 次股东会"），并就本次股东会的有关事宜，出具法律意见书。 为出具本法律意见书，本所律师审查了公司提供的与本次股东会相关的文件 和资料，同时听取了公司人员就有关事实的陈述和说明。本所已得到公司的如下 保证：提供的文件和资料是真实、准确、完整的，并无隐瞒、虚假和重大遗漏之 处；文件上所有签名和所记载的内容都是真实有效的；文件的复印件都与其原件 一致。 本所同意将本法律意见书作为公司本次股东会必备的法定文件，随其他文件 一并报送和公告，非经本所书面同 ...

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。 一、董事会会议召开情况 证券代码：600517 证券简称：国网英大 公告编号：临 2025-017 号 国网英大股份有限公司 第九届董事会第一次会议决议公告 会各专门委员会成员的公告》（临 2025-018 号）。 （三）《关于聘任公司高级管理人员及证券事务代表的议案》 国网英大股份有限公司（以下简称"公司"）第九届董事会第一次会议于 2025 年 5 月 16 日在北京市东城区建国门内大街乙 18 号英大国际大厦会议室以现场结 合通讯表决方式召开。会议通知于当天以书面方式送达各位董事，全体董事一致 同意豁免本次会议通知时限要求。会议应出席董事 11 名，实际出席董事 11 名（其 中以通讯表决方式出席会议的董事 7 名），全体董事推举董事杨东伟先生主持会 议。本次董事会会议的召开符合《公司法》《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事审议，通过了以下议案： （一）《关于选举公司董事长的议案》 表决结果：11 票同意，0 票反对，0 票弃权 （二）《关于董事会各 ...

证券代码：600517 证券简称：国网英大 公告编号：临 2025-018 号 国网英大股份有限公司 关于选举公司董事长、董事会各专门委员会 成员的公告 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。 第九届董事会各专门委员会召集人及委员名单如下： 1.提名委员会（3 人） 召集人：郭冬梅女士 委员：郭冬梅女士、程小可先生、杨东伟先生 2.审计与内控合规管理委员会（3 人） 国网英大股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日召开第九 届董事会第一次会议，审议通过了《关于选举公司董事长的议案》《关于董事会 各专门委员会换届选举的议案》。现将相关情况公告如下： 一、选举公司董事长 根据《公司章程》的规定，经征询各有关方面意见，公司第九届董事会选举 杨东伟先生为董事长，任期自本次董事会审议通过之日起至本届董事会任期届 满。 杨东伟先生的简历详见公司于 2025 年 4 月 25 日在上海证券交易所网站 （http://www.sse.com.cn）上网披露的《国网英大关于董事会换届选举的公告》 （临 2025 ...

证券代码：600517 证券简称：国网英大 公告编号：临 2025-016 号 国网英大股份有限公司 关于选举职工董事的公告 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。 根据《公司法》等法律、行政法规和相关规范性文件以及《公司章程》的规 定，国网英大股份有限公司（以下简称"公司"）工会于近日召开会员大会，选 举周维丽女士担任公司第九届董事会职工董事。周维丽女士将与公司 2024 年年 度股东会选举产生的十名董事共同组成公司第九届董事会，自换届之日起任期三 年。 周维丽女士的基本情况和简历如下： 截至目前，周维丽女士未持有公司股票，是公司控股股东国网英大国际控股 集团有限公司职工董事、党委委员、纪委书记、工会主席。除上述关系外，周维 丽女士与公司其他董事、高级管理人员、实际控制人以及持股 5%以上的股东不 存在其他关联关系；同时不存在《上海证券交易所上市公司自律监管指引第 1 号-规范运作》第 3.2.2 条所列情形。 特此公告 国网英大股份有限公司董事会 2025 年 5 月 16 日 1 周维丽，女，1968 年出生，大 ...

证券代码：600517 证券简称：国网英大 公告编号：临 2025-019 号 国网英大股份有限公司 关于聘任公司高级管理人员及证券事务代 表的公告 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。 国网英大股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日召开第九 届董事会第一次会议，审议通过了《关于聘任公司高级管理人员及证券事务代表 的议案》。本议案已事先经公司第九届董事会提名委员会 2025 年第一次会议审 议通过，其中聘任总会计师事项已事先经公司第九届董事会审计与内控合规管理 委员会 2025 年第一次会议审议通过，并同意提交公司董事会审议。现将相关情 况公告如下： 一、聘任公司高级管理人员 根据《公司章程》的规定，公司第九届董事会聘任乔发栋先生为公司总经理， 并经乔发栋先生提名，聘任车雪梅女士为公司副总经理、总会计师，聘任李平文 先生和倪斌先生为公司副总经理，聘任张雷先生为公司董事会秘书，任期自本次 董事会审议通过之日起至本届董事会任期届满。 上述高级管理人员简历详见附件。 上述高级管理人员均具备任职资 ...