Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests to "continue to pay attention" to the company due to potential opportunities and challenges in its business segments [4][6]. Core Insights - The company reported a revenue of 11.345 billion yuan for H1 2024, representing a year-on-year increase of 9.41%, while the net profit attributable to shareholders was -130 million yuan, a decline of 140.66% year-on-year [2][6]. - The subsidiary, Anlan, is expected to benefit from the rising demand in the nuclear power industry as it is a core supplier for the "Hualong One" project [2][6]. - The company is involved in international wind power projects in Pakistan and Turkey, and it exports photovoltaic cables to Uzbekistan and Vietnam, capitalizing on opportunities in the power equipment export market [2][6]. - The smart battery segment saw a revenue increase of 116.3% year-on-year, but it still reported a net loss of 345 million yuan, indicating ongoing challenges despite high order growth [6][7]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 11.345 billion yuan, with a net profit of -130 million yuan. In Q2 2024, revenue was 6.534 billion yuan, showing a year-on-year increase of 7.83% and a quarter-on-quarter increase of 35.80% [6][7]. - The smart cable network business generated 10.287 billion yuan in revenue, a year-on-year increase of 5.98%, but net profit decreased by 72.78% due to rising copper prices [6][7]. - The company forecasts revenues of 26.916 billion yuan, 31.233 billion yuan, and 36.177 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 10.02%, 16.04%, and 15.83% [7][9]. Valuation Metrics - The company’s earnings per share (EPS) are projected to be 0.16 yuan, 0.28 yuan, and 0.39 yuan for 2024, 2025, and 2026 respectively, with a three-year compound annual growth rate (CAGR) of 39.77% [6][7]. - The price-to-earnings (P/E) ratio is expected to decrease from 22.7 in 2024 to 9.1 in 2026, indicating a potential improvement in valuation as earnings grow [7][9]. - The company’s asset-liability ratio stands at 79%, reflecting a high level of leverage [4].

Investment Rating - The investment rating for the company is "Buy" [1][2]. Core Views - The company is a leading player in the cable industry and is expected to benefit from the increasing industry concentration and its long-standing technical reserves in submarine cables, which may contribute to new growth [2]. - The company has a robust order book in its smart airport business, indicating promising future prospects [2]. - Due to intensified competition in the battery sector, the company has developed differentiated competitive strategies and anticipates gradual recovery as lithium carbonate prices stabilize [2]. Financial Performance - In the first half of 2024, the company achieved revenue of 11.345 billion yuan, a year-on-year increase of 9.41%, while the net profit attributable to the parent company was -130 million yuan, a decline of 140.66% [1]. - The smart cable network business generated revenue of 10.287 billion yuan in 24H1, up 5.98% year-on-year, but net profit fell by 72.78% due to rising copper prices affecting cable gross margins [1]. - The company secured over 10 million yuan in contract orders amounting to 10.412 billion yuan, indicating a strong backlog of orders [1]. Future Projections - The company forecasts net profits attributable to the parent company for 2024, 2025, and 2026 to be 455 million yuan, 751 million yuan, and 1.018 billion yuan, respectively, with corresponding EPS of 0.21 yuan, 0.34 yuan, and 0.46 yuan [2][3]. - The projected P/E ratios for the same years are 18, 11, and 8 times, respectively [2]. Operational Developments - The company is actively advancing major industrial projects, including the construction of the Far East Nantong submarine cable smart lighthouse factory and participation in significant high-voltage transmission projects [1]. - In the clean energy sector, the company is seizing opportunities for equipment exports and participating in major international wind farm projects [1]. R&D and Shareholder Confidence - The company increased its R&D investment to 355 million yuan in 24H1, a year-on-year increase of 17.59%, while maintaining stable expense ratios across various operational areas [1]. - The company plans to repurchase shares worth 150 million to 200 million yuan, and the chairman intends to increase his stake by 30 million to 50 million yuan, reflecting confidence in the company's future [2].

证券代码：600869 股票简称：远东股份 编号：临 2024-070 远东智慧能源股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 会议召开时间：2024 年 9 月 3 日（星期二）15:00-16:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2024 年 8 月 27 日（星期二）至 9 月 2 日（星期一）16:00 前 登 录 上 证 路 演 中 心 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 87249788@600869.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 远东智慧能源股份有限公司（以下简称"公司"）于 2024 年 8 月 24 日披露 了《2024 年半年度报告》，为便于广大投资者更全面深入地了 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥11,344,751,237.46, representing a 9.41% increase compared to ¥10,369,427,830.54 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was -¥129,749,156.76, a decrease of 140.66% from ¥319,143,448.45 in the previous year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥134,613,207.32, down 147.07% from ¥286,004,447.35 in the same period last year[15]. - The net cash flow from operating activities was -¥359,087,405.77, a significant decline from ¥64,561,780.68 in the previous year, representing a decrease of 656.19%[15]. - The net assets attributable to shareholders at the end of the reporting period were ¥4,434,000,136.35, down 4.96% from ¥4,665,379,536.41 at the end of the previous year[15]. - Total assets increased by 5.77% to ¥21,237,200,230.46 from ¥20,078,257,274.55 at the end of the previous year[15]. - Basic earnings per share for the reporting period (January to June) was -0.0585 yuan, a decrease of 140.68% compared to the same period last year[16]. - Diluted earnings per share for the reporting period was -0.0585 yuan, reflecting a 140.68% decline year-over-year[16]. - The weighted average return on equity decreased by 9.93 percentage points to -2.82% compared to the previous year[16]. - The company achieved operating revenue of 11.345 billion yuan, a year-on-year increase of 9.41%[31]. - The company reported a net profit attributable to shareholders of -130 million yuan, a year-on-year decrease of 140.66%[31]. - Research and development investment reached 355 million yuan, an increase of 17.59% year-on-year[31]. - The smart cable network segment generated revenue of 10.287 billion yuan, a year-on-year growth of 5.98%, with a net profit of 155 million yuan, down 72.78% year-on-year[32]. - The smart battery business achieved revenue of 491 million RMB, a year-on-year increase of 116.30%, with a net loss of 345 million RMB, a decrease of 30.14% year-on-year[36]. - The company reported a net profit for the first half of 2024 was a loss of ¥163,300,481.29, compared to a profit of ¥335,660,272.22 in the first half of 2023[108]. - The total comprehensive income for the first half of 2024 was -¥163,320,644.46, compared to ¥335,375,131.89 in the same period of 2023[109]. Market and Industry Trends - The total installed power generation capacity in China reached approximately 3.07 billion kilowatts, a year-on-year increase of 14.1%[18]. - Solar power generation capacity increased by 51.6% year-on-year, reaching approximately 710 million kilowatts[18]. - The shipment volume of lithium batteries in China exceeded 116 GWh in the first half of 2024, representing a year-on-year growth of 41%[20]. - The market for small power lithium batteries is expected to grow at a compound annual growth rate (CAGR) of over 30% from 2022 to 2027[20]. - The market for composite copper foil is projected to reach 47.4 billion yuan by 2027, with a CAGR of 556% from 2024 to 2027[20]. - The total scale of investment in the power grid is expected to exceed 500 billion yuan in 2024[18]. - The company is actively expanding in the clean energy sector, with significant contributions to wind, solar, and nuclear power projects[33]. Strategic Initiatives and Investments - The company aims to become a global leader in smart energy and smart city services, focusing on innovation in smart cables and smart batteries[17]. - The company has established a full industry chain layout from battery cells to energy storage systems, focusing on high safety and reliability products[24]. - The company has completed nearly 700 projects across over 160 military and civil airports, enhancing its market share in the airport construction sector[27]. - The company has accumulated over 200 products that meet international leading or advanced standards, holding more than 700 patents[26]. - The company has been recognized with over 40 national and provincial-level technology awards, reinforcing its industry leadership[26]. - The company aims to develop a diverse product matrix for energy storage, including portable and large-scale systems, to meet various market demands[26]. - The company plans to invest approximately 6 billion RMB in the Far East Intelligent Industrial Park project in Yibin, Sichuan, focusing on the production of smart cables and high-precision copper foil, with an annual production capacity of 21,500 kilometers of various cables and 50,000 tons of copper foil[45]. - The company is also investing around 3 billion RMB in a high-end marine cable equipment industrial base in Nantong, Jiangsu, with an expected annual output of 2,000 kilometers of optical-electrical composite submarine cables and 6,000 kilometers of submarine optical cables, projected to be operational by Q3 2024[47]. Environmental and Compliance Efforts - The company has established wastewater and air pollution control facilities that meet national standards, ensuring compliance with various environmental regulations[66]. - The company’s subsidiaries are listed as key pollutant discharge units, with all reported emissions meeting the required standards[63]. - The company has a total of 11 air discharge outlets and 1 wastewater discharge outlet at its subsidiary Xin Far East Cable, all of which comply with environmental standards[63]. - The company has committed to ecological civilization and green development, focusing on energy conservation and emission reduction[74]. - The company has established a strict management system for energy conservation and has received multiple national-level honors for its green initiatives[74]. - The company actively monitors wastewater and air emissions through online monitoring stations and third-party services to ensure compliance with environmental standards[70]. - The company adheres to national and local environmental laws, ensuring that wastewater and air emissions meet required standards[72]. Corporate Governance and Shareholder Relations - The company did not distribute profits or increase capital reserves in the first half of 2024, with a proposed distribution of 0 shares per 10 shares[58]. - As of the end of the reporting period, the company's directors and senior management held a total of 5.3783 million shares[61]. - A total of 740 core employees participated in the incentive plan, holding 25.7501 million shares, an increase of 13.73% year-on-year, accounting for 1.16% of the total share capital[61]. - The company has made long-term commitments to ensure no competition with its subsidiaries and to maintain independent operations[76]. - The company committed to avoiding or minimizing related party transactions with its controlling shareholder and actual controller, ensuring fair pricing based on market principles[78]. - The actual controller, Jiang Xipei, pledged not to use his position to harm the interests of the company and its minority shareholders, ensuring independent operations and financial integrity[78]. - The company reported a total of 179 million RMB in daily related transactions with Far East Holdings and other related parties for 2024[86]. - The company provided a guarantee of 26.45 million RMB for its subsidiary, Yiyuan Da[88]. - There are no significant lawsuits or arbitration matters reported during the period[85]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[84]. Financial Position and Assets - The company's cash and cash equivalents as of June 30, 2024, amount to RMB 3,149,092,712.54, a decrease from RMB 3,450,248,682.39 at the end of 2023[101]. - Accounts receivable increased to RMB 5,676,595,957.19 from RMB 5,156,173,361.43 year-over-year[101]. - Inventory as of June 30, 2024, is RMB 3,060,613,255.47, up from RMB 2,903,177,982.36 at the end of 2023[101]. - Total current assets reached RMB 14,855,148,504.69, compared to RMB 14,051,067,291.77 at the end of 2023[101]. - Total assets increased to ¥21,237,200,230.46, up from ¥20,078,257,274.55, representing an increase of approximately 5.8% year-over-year[102]. - Total liabilities rose to ¥16,777,809,389.40 from ¥15,324,134,908.24, indicating an increase of approximately 9.5%[103]. - Current liabilities amounted to ¥14,456,823,172.04, up from ¥14,077,938,263.07, which is an increase of about 2.7%[102]. - The company's equity attributable to shareholders decreased to ¥4,434,000,136.35 from ¥4,665,379,536.41, a decline of approximately 4.9%[103]. Accounting Policies and Financial Reporting - The financial statements comply with the requirements of the enterprise accounting standards, reflecting the company's financial position and operating results accurately as of June 30, 2024[136]. - The company recognizes significant bad debt provisions for receivables exceeding 5 million RMB[138]. - The company will adjust the financial statements of subsidiaries to align with its accounting policies during consolidation[143]. - The company recognizes revenue from joint operations based on its share of the output produced[146]. - The company ensures that financial instruments are classified and measured appropriately to avoid accounting mismatches in profit or loss[152]. - The company recognizes financial assets at fair value upon initial recognition, with transaction costs accounted for differently based on the asset classification[150]. - The company assesses expected credit losses based on significant increases in credit risk since initial recognition, measuring losses over the entire lifetime if risk has increased significantly[155]. - The company does not recognize changes in the fair value of equity instruments during their existence[154]. - The company assesses expected credit losses on contract assets based on individual and portfolio evaluations, with a specific provision method for the airport engineering portfolio set at 3% of the ending balance[166]. - The company recognizes revenue based on the performance obligations identified in contracts, confirming revenue at the point of control transfer or over time depending on the nature of the obligation[190].

远东智慧能源股份有限公司章程 （第十届董事会第十三次会议审议） 二〇二四年八月 | 目录 | | --- | | 第一章 总则 | 3 | | --- | --- | | 第二章 | 经营宗旨和范围 4 | | 第三章 股份 | 4 | | 第四章 | 股东和股东大会 7 | | 第五章 董事会 | 20 | | 第六章 | 总经理（首席执行官）及其他高级管理人员 25 | | 第七章 监事会 | 27 | | 第八章 | 财务会计制度、利润分配和审计 29 | | 第九章 通知和公告 | 33 | | 第十章 | 合并、分立、增资、减资、解散和清算 34 | | 第十一章 修改章程 | 37 | | 第十二章 附则 | 37 | 公司章程 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 根据《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》）和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其它有关规定成立的股份有限公司（以下简 称"公司"）。 公司经中国证券监督管理委员会证监发字（1995）2号文件批准，以募集方式 设 ...

对外担保制度 第一条 为了保护投资者的合法权益，规范远东智慧能源股份有限公司（以下 简称"公司"）的对外担保行为，有效防范公司对外担保风险，确保公司资产安 全，根据《中华人民共和国民法典》《中华人民共和国公司法》《中华人民共和 国证券法》《上海证券交易所股票上市规则》（以下简称《上市规则》）《上市 公司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》《上海证券 交易所上市公司自律监管指引第 1 号——规范运作》等法律、法规以及《公司章 程》的有关规定，结合公司实际情况，特制定本制度。 第二条 本制度所称担保是指公司以第三人身份为他人提供的保证、资产抵押 或质押。 公司为子公司提供的担保视为对外担保。子公司发生对外担保，按照本制度 执行。 第三条 公司对外担保实行统一管理，非经公司董事会或股东大会批准、授权， 任何人无权以公司名义签署对外担保的合同、协议或其他类似的法律文件。 远东智慧能源股份有限公司 对外担保制度 （第十届董事会第十三次会议审议） 第一章 总则 第四条 公司对外担保应当遵循合法、审慎、互利、安全的原则，严格控制担 保风险。 第五条 公司对外部企业和非全资子公司提供担保时，视情况要求 ...

证券代码：600869 证券简称：远东股份 公告编号：2024-069 远东智慧能源股份有限公司 关于召开 2024 年第一次临时股东大会的通知 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第一次临时股东大会 召开地点：江苏省宜兴市高塍远东大道 6 号 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 9 月 20 日至 2024 年 9 月 20 日 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律 ...

远东智慧能源股份有限公司（以下简称"公司"）第十届董事会第十三次会议于 2024 年 8 月 23 日以现场结合通讯方式召开。本次会议应参加董事 9 人，实际参加董事 9 人 （蒋锡培、蒋华君、陈静、周晓明、蒋承宏、万俊、陈冬华、赵健康、张世超）。会议 由董事长蒋锡培先生主持。会议的召集、召开符合《公司法》、《公司章程》、《董事会 议事规则》的规定。 二、董事会会议审议情况 （一）2024 年半年度报告及摘要 具体内容详见公司同日披露的《2024年半年度报告》及《2024年半年度报告摘要》。 同意票 9 票，反对票 0 票，弃权票 0 票。表决结果：通过。 本议案已经董事会审计委员会审议通过。 证券代码：600869 股票简称：远东股份 编号：临 2024-065 远东智慧能源股份有限公司 第十届董事会第十三次会议决议公告 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法律责任。 一、董事会会议召开情况 具体内容详见公司同日披露的《关于变更注册信息及修订公司章程的公告》。 同意票 9 票，反对票 0 票，弃权票 0 票。表决结果：通过。 ...

证券代码：600869 股票简称：远东股份 编号：临 2024-068 远东智慧能源股份有限公司（以下简称"公司"）于 2024 年 8 月 23 日召开了 第十届董事会第十三次会议，会议审议通过了《关于变更注册信息及修订<公司章程> 的议案》。具体情况如下： 一、变更注册信息 鉴于公司营业执照营业期限将于 2025 年 1 月 24 日到期，公司拟将营业期限变 更为长期。 二、《公司章程》修订情况 公司根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公 司章程指引》等相关法律法规文件，修订《公司章程》部分条款，具体如下： | 条款序号 | 修改前条款 | 修改后条款 | | --- | --- | --- | | 第二条 | 公司系依照《中华人民共和国公司法》和 | 公司系依照《公司法》和其它有关规定成 | | | 其它有关规定成立的股份有限公司（以下 | 立的股份有限公司（以下简称"公司"）。 | | | 简称"公司"）。 | | | 第八条 | 董事长为公司的法定代表人。 | 董事长为公司的法定代表人。董事长辞任 的，视为同时辞去法定代表人。法定代表 人辞任的，公司应当在法定代表人辞任之 ...

证券代码：600869 股票简称：远东股份 编号：临 2024-067 远东智慧能源股份有限公司 关于处理 2024 年半年度各项资产减值准备 和确认公允价值变动的公告 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。 一、处理各项资产减值准备和确认公允价值变动概述 根据《企业会计准则》和远东智慧能源股份有限公司（以下简称"公司"）会 计政策的相关规定，为真实反映公司截至2024年半年度末的财务状况及经营情况， 公司对各类资产进行清查，并进行分析和评估。 经资产减值测试，基于谨慎性原则，2024年半年度公司共计提资产减值准备 14,602.82万元，核销资产减值准备363.10万元，转回资产减值准备605.76万元， 转销资产减值准备8,602.42万元，确认公允价值变动收益-5,000.00万元。2024年8 月23日，公司第十届董事会第十三次会议、第十届监事会第十次会议审议通过了《关 于处理2024年半年度各项资产减值准备和确认公允价值变动的议案》，该议案尚需 提交公司股东大会审议。 | | | | | | 单位：人民币万元 ...