Core Insights - The company reported a total operating revenue of 11.288 billion yuan for 2024, representing a year-on-year growth of 3.6% [1] - The total profit reached 2.880 billion yuan, with a year-on-year increase of 24.98% [1] - The net profit attributable to shareholders was 1.574 billion yuan, up 15.39% year-on-year, indicating continuous optimization of profitability [1] - In Q1 2025, the company achieved total operating revenue of 2.218 billion yuan, a year-on-year growth of 8.65% [1] - The total profit for Q1 2025 was 1.060 billion yuan, showing a significant year-on-year increase of 44.33% [1] - The net profit attributable to shareholders in Q1 2025 was 604 million yuan, up 45.22% year-on-year, marking a strong start to the year [1] Business Segments - The trust business generated total revenue of 2.99 billion yuan in 2024, a year-on-year increase of 7.29%, with net profit reaching 1.776 billion yuan, up 10.63% [2] - The total assets of the trust business grew to 1.09 trillion yuan, reflecting a year-on-year increase of 32.8% [2] - The securities and futures business reported total revenue of 860 million yuan, a decline of 25.64%, while net profit increased by 64.43% to 176 million yuan [2] - The carbon asset business achieved operating revenue of 70.016 million yuan, growing 13.39% year-on-year, with net profit of 1.0405 million yuan, up 14.51% [2] - The electric equipment business realized operating revenue of 7.375 billion yuan, a year-on-year increase of 6.86%, with net profit of 149 million yuan, up 45.18% [2] Strategic Developments - The company made significant progress in green finance, with a "carbon assessment + finance" service model that helped energy and power enterprises secure green financing, nearly doubling in scale year-on-year [3] - New financial products such as "Electric Carbon Benefit Loan" and "Green Electricity Loan" were launched to meet diverse customer needs and enhance market competitiveness [3] - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 1.733 billion, 1.845 billion, and 1.996 billion yuan respectively, with corresponding EPS of 0.30, 0.32, and 0.34 [3] - The projected PE ratios for 2025, 2026, and 2027 are 16.36, 15.37, and 14.40 times respectively, indicating a favorable investment outlook [3]

Core Viewpoint - The rapid reform in the electricity industry has led to increased attention on the performance of listed companies in the sector, particularly State Grid Yingda's financial and operational results, which show significant growth and a focus on shareholder returns [1][13]. Financial Performance - State Grid Yingda reported a total revenue of 11.288 billion yuan for 2024, representing a year-on-year increase of 3.60%, and a net profit of 1.574 billion yuan, up 15.39% [1]. - Yingda Trust achieved a revenue of 2.99 billion yuan, a growth of 7.29%, and a net profit of 1.776 billion yuan, increasing by 10.63%, ranking third in the industry for revenue [3]. - Yingda Securities experienced a revenue decline of 25.64% to 860 million yuan, but net profit rose by 64.43% to 176 million yuan due to improved investment returns [3]. Business Segments - The company's main business segments include Yingda Trust, Yingda Securities, Yingda Carbon Assets, and Zhixin Electric, with financial services playing a crucial role in supporting net profit [1][2]. - Zhixin Electric reported a revenue of 7.375 billion yuan, up 6.86%, and a net profit of 149 million yuan, increasing by 45.18%, benefiting from rising market demand [6]. Carbon Asset Development - Yingda Carbon Assets generated revenue of 70.016 million yuan, a growth of 13.39%, and a net profit of 10.405 million yuan, up 14.51%, indicating a growing potential in this emerging business area [11]. - The carbon trading market's development has positively impacted Yingda Carbon Assets, with the cumulative transaction volume reaching 190 million tons and a total transaction value of 18.1 billion yuan [11][12]. Shareholder Returns - The company plans to distribute a cash dividend of 0.51 yuan per share, totaling 292 million yuan, reflecting a commitment to shareholder returns [1][13]. - Since its restructuring in 2020, the company has maintained a cash dividend ratio of over 30%, with cumulative dividends expected to exceed 1.9 billion yuan [13]. Regulatory Compliance and Risk Management - The company has implemented a comprehensive risk management system and is focusing on compliance as a core competitive advantage [14][16]. - The 2025 action plan emphasizes enhancing business profitability and optimizing risk management to better serve the main business and improve investor return expectations [16].

Core Viewpoint - The company, State Grid Yingda (600517), has achieved record-high revenue and net profit in 2024, showcasing its strong operational capabilities and strategic positioning in the energy and finance sectors [1][2]. Financial Performance - In 2024, the company reported revenue of 11.288 billion yuan, a year-on-year increase of 3.60%, marking the highest revenue since its listing [2]. - The net profit attributable to shareholders reached 1.574 billion yuan, up 15.39% year-on-year, also a record high since listing [2]. - The company plans to distribute a cash dividend of 0.051 yuan per share, totaling 292 million yuan, which represents 30.15% of the net profit [4]. Business Segments - Yingda Trust managed assets exceeded 1 trillion yuan in 2024, with revenue of 2.989 billion yuan, a 16.03% increase, and net profit of 1.802 billion yuan, up 12.06% [2]. - Yingda Securities achieved revenue of 719 million yuan, a growth of 15.97%, with significant increases in proprietary business income and asset management fees [2]. - Yingda Futures improved its classification from B-class BB to BBB, focusing on "industry + product" development and enhancing its market position [3]. ESG Commitment - The company has published ESG reports for 15 consecutive years, receiving AAA and A ratings in various ESG rating systems, reflecting its commitment to sustainable development [1][6]. - In 2024, greenhouse gas emissions decreased by 46.05%, and the proportion of renewable resource consumption rose from 1.66% to 57.62% [6]. - The company invested 15.0365 million yuan in employee training, a 72.41% increase, and contributed to rural revitalization projects, increasing donations by 40.63% [7]. Governance and Compliance - The company has optimized its internal control systems and established clear risk assessment and audit mechanisms to ensure compliance [8]. - It achieved a 100% response rate to investor inquiries in 2024, enhancing transparency and investor relations [8].

近期国网英大（600517）发布2025年一季报，证券之星财报模型分析如下： 财务概况 近期国网英大发布了2025年一季报。报告显示，截至本季度末，公司营业总收入达到22.18亿元，同比 上升8.65%；归母净利润为6.04亿元，同比大幅增长45.22%；扣非净利润为6.0亿元，同比增长44.88%。 主要财务指标 主营业务分析 从主营收入构成来看，虽然具体分类未详细列出，但整体上公司的主营业务收入保持稳定增长，收入占 比和利润占比的具体情况需要结合各业务板块的表现来进一步评估。 财务健康度 商业模式与资本运作 综上所述，国网英大在2025年一季度实现了营收和净利润的双增长，但现金流和应收账款方面的压力不 容忽视，需持续关注这些关键指标的变化。 毛利率：13.45%，同比下降23.03% 净利率：63.08%，同比增加21.93% 三费占营收比：15.79%，同比下降15.26% 每股净资产：3.86元，同比增长8.1% 每股经营性现金流：-0.56元，同比下降430.38% 每股收益：0.11元，同比增长45.21% 偿债能力：公司现金资产非常健康，货币资金为68.12亿元，同比上升7.38%；有息负债为1 ...

国网英大股份有限公司主要从事"金融+制造"双主业，涵盖信托,证券,期货,保理,碳资产,电力装备。 最新一期业绩显示，2025年一季报，公司实现营业收入22.18亿元，同比8.65%；净利润6.04亿元，同比 45.22%，销售毛利率13.45%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)8国网英大16.2918.241.30287.07亿行业平均 70.4336.542.68197.19亿行业中值20.3920.731.33173.91亿1爱建集团-58.2274.610.5974.24亿2*ST仁 东-25.16-26.72105.9657.53亿3九鼎投资-22.56-22.562.3060.52亿4翠微股份-10.53-11.212.6765.50亿5江苏金 租10.6011.341.29301.78亿6陕国投A12.6012.780.95173.87亿7越秀资本13.9813.981.07320.59亿9南华期货 16.4516.451.8275.34亿10瑞达期货17.4717.472.4066.84亿11海德股份17.8312.732.07112.00亿 来源：金融界 4月25日，国 ...

核心财务指标解读 营收与利润营业收入：2024年营业收入为74.45亿元，同比增长5.29%。公司通过旗下英大信托、英大证 券、英大期货、英大碳资产、置信电气等公司经营信托、证券、期货、碳资产和电力装备制造等业务， 各业务板块协同发展，共同推动了营业收入的增长。净利润：归属于上市公司股东的净利润为15.74亿 元，同比增长15.39%。这一增长得益于公司在业务拓展、成本控制和风险管理等方面的有效举措，使 得公司盈利能力得到增强。扣非净利润：归属于上市公司股东的扣除非经常性损益的净利润为15.46亿 元，同比增长15.55%，表明公司核心业务的盈利能力稳定提升。基本每股收益：基本每股收益为0.275 元/股，同比增长15.06%，反映了公司盈利能力的提升对股东收益的积极影响。扣非每股收益：扣非每 股收益为0.270元/股，同比增长15.38%，进一步验证了公司核心业务的良好表现。 费用情况销售费用：2024年销售费用为2.71亿元，同比增长15.75%，主要用于职工薪酬、技术服务费、 销售服务费等方面，费用的增加可能与公司业务拓展和市场推广有关。管理费用：管理费用为12.81亿 元，同比增长2.50%，相对较为 ...

证券研究报告·公司点评报告·电网设备 国网英大（600517） 2024 年年报点评："金融+制造"双主业并行 发展，全年业绩符合预期 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 研究助理 罗宇康 执业证书：S0600123090002 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,895 | 11,288 | 11,731 | 12,046 | 12,332 | | 同比（%） | 0.32% | 3.60% | 3.92% | 2.68% | 2.38% | | 归母净利润（百万元） | 1,364 | 1,574 | 1,707 | 1,805 | 1,905 | | 同比（%） | 27.63% | 15.39% | 8.45% | 5.73% | 5.56% | | EPS-最新摊薄（元/股） | 0.24 | 0.28 | 0.30 | 0.32 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has achieved expected performance in 2024, with total revenue of 112.88 billion yuan, a year-on-year increase of 3.60%, and a net profit attributable to shareholders of 15.74 billion yuan, up 15.39% year-on-year [7] - The financial segment shows steady development, with trust business maintaining stability and significant profit growth in securities and futures business [7] - The industrial segment, particularly the power equipment business, continues to show high growth, with revenue of 74.45 billion yuan, a year-on-year increase of 5.29% [7] - The report highlights the company's long-term growth potential, particularly in its financial and manufacturing dual business model [7] Financial Summary - Total revenue forecast for 2023A is 10,895 million yuan, with a projected growth of 3.60% in 2024A to 11,288 million yuan [1] - Net profit attributable to shareholders is expected to grow from 1,364 million yuan in 2023A to 1,574 million yuan in 2024A, reflecting a growth rate of 15.39% [1] - The report projects earnings per share (EPS) to increase from 0.24 yuan in 2023A to 0.28 yuan in 2024A [1] - The price-to-earnings (P/E) ratio is forecasted to decrease from 20.37 in 2023A to 17.65 in 2024A [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：600517 公司简称：国网英大 国网英大股份有限公司2024年年度报告摘要 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 4、信永中和会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经信永中和会计师事务所（特殊普通合伙）审计，截至2024年12月31日，母公司报表中期末未分配利润 为人民币420,918,561.14元。经董事会决议，公司2024年度末期拟以实施权益分派股权登记日登记的总 股本为基数分配利润。本次利润分配预案如下： 公司拟向全体股东每股派发现金红利0.051元（含税），包括中期已分配的现金红利，本年度总计每股 派发现金红利0.08 ...

国网英大股份有限公司 关于2024年度在中国电力财务有限公司 办理金融业务的风险持续评估报告 根据 2023年修订发布的《上海证券交易所上市公司自律监 管指引第5号 -- 交易与关联交易》等相关规定,公司通过查 验中国电力财务有限公司(以下简称"中国电财")《金融许可 证》《企业法人营业执照》等证件资料,审阅包括资产负债表、 损益表、现金流量表等在内的中国电财定期财务报告,对中国 电财的经营资质、业务和风险状况进行了评估,具体情况报告 如下： - 1 - 证及咨询代理业务;从事同业拆借;办理成员单位票据承兑; 办理成员单位产品买方信贷和消费信贷;从事固定收益类有价 证券投资。 二、中国电财内部控制的基本情况 一、中国电财基本情况 中国电财是经中国人民银行批准成立的非银行金融机构, 由国家电网有限公司控股51%、国网英大国际控股集团有限公 司参股 49%,依法接受国家金融监督管理总局监管,注册资本 金 280 亿元。 法定代表人:谭永香 注册地址:北京市东城区建国门内大街乙18号院 1 号楼 企业类型:有限责任公司(国有控股) 金融许可证机构编码：L0006H211000001 统一社会信用代码:9111000 ...