证券研究报告 | 2024年11月06日 四方股份（601126.SH） 优于大市 主营业务稳健增长，配网与海外成长可期 前三季度收入利润保持稳健增长。前三季度公司实现营收 50.93 亿元，同比 +20.22%；归母净利润 6.09 亿元，同比+16.82%；扣非净利润 5.94 亿元，同 比+14.56%。前三季度公司销售毛利率33.70%，同比-2.60pct；净利率11.98%， 同比-0.35pct。 三季度业绩同比增长 12%，盈利能力环比提升。三季度公司实现营收 16.16 亿元，同比+18.21%，环比-16.37%；归母净利润 1.86 亿元，同比+11.66%， 环比-23.50%。三季度公司毛利率 34.21%，同比-2.48pct，环比+1.14pct； 净利率 11.47%，同比-0.71pct，环比-1.09pct。 低价继保产品基本交付完毕，近期中标价格有所复苏。2023 年以来受多重因 素影响，国网继保与变电站监控产品价格明显下行；根据项目交付节奏，我 们估计低价产品基本完成交付。2024 年以来，继保与变电站监控产品价格环 比明显复苏，我们预计后续将保持稳定水平。 25 年集 ...

四方股份（601126）2024年三季报点评 《民营继保产品龙头，网内网外同步 增长》 业绩符合预期，毛利率环比改善 2024 年 11 月 05 日 【投资要点】 公司发布 2024年三季报。报告期内,实现营业收入 50.93 亿元,同 比+20.22%,实现归属于母公司净利润 6.09 亿元,同比+16.82%,实 现扣非后归属于母公司净利润 5.94 亿元，同比+14.56%; � 单 Q3 来看,实现营业收入 16.16 亿元，同比+18.21%，实现归母净利 润 1.86 亿元，同比+11.66%，实现扣非后归母净利润 1.85 亿元，同 比+13.33%。单Q3毛利率为 34.21%，环比Q2 提升 1.14pcts。 � 费用率方面,销售/管理费用準同比改善,研发方面,持续加大研发 投入。前三季度,销售费用率/管理费用率/研发费用率/财务费用率 分 别 为 6.97%4.46%/9.69%/-0.95%， 同 比 变 动 分 别 为 -1.04pcts/-0.06pcts/0.76pcts/0.01pcts。 � 现金流表现皮好。前三季度,经营活动产生的现金流量净额达 5.74 亿元，同比去年同 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating strong confidence in its future performance [1] Core Views - The company's Q3 2024 performance met expectations, with revenue reaching 5.093 billion yuan, a YoY increase of 20.22%, and net profit attributable to shareholders of 609 million yuan, up 16.82% YoY [1] - The company continues to lead in market share for grid-related business, ranking among the top in relay protection equipment bidding for State Grid projects [1] - R&D investment has been increasing, with R&D expenses reaching 494 million yuan in the first three quarters, a YoY increase of 30.42%, leading to breakthroughs in new technologies and products [1] - The company is well-positioned to benefit from the construction of new power systems in China, with contract liabilities reaching 1.392 billion yuan, a YoY increase of 49.64%, indicating strong order backlog [1] Financial Performance - For Q3 2024, the company achieved revenue of 1.616 billion yuan, a YoY increase of 18.21%, and net profit attributable to shareholders of 186 million yuan, up 11.66% YoY [1] - Gross margin for Q3 2024 was 34.21%, a slight decrease of 2.48 percentage points YoY but an increase of 1.41 percentage points QoQ, indicating stable profitability [1] - Operating cash flow for the first three quarters was 574 million yuan, a YoY increase of 50.53%, reflecting strong cash flow performance [1] Future Projections - The company is expected to achieve net profits of 750 million yuan, 865 million yuan, and 1.010 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.90 yuan, 1.04 yuan, and 1.21 yuan per share [1] - Revenue is projected to grow at a CAGR of 20.8% from 2024 to 2026, reaching 10.086 billion yuan by 2026 [2] - ROE is expected to increase from 16.7% in 2024 to 19.1% in 2026, indicating improving profitability [2] Industry and Market Position - The company is a leading provider of new power system solutions and is expected to benefit significantly from China's accelerated development of new power systems [1] - The company has a strong position in the secondary equipment market and is actively expanding into the new energy market, which is expected to drive long-term growth [1]

证券研究报告·公司点评报告·电网设备 四方股份（601126） 2024 年三季报点评：网内网外稳健增长，业 绩符合市场预期 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5078 | 5751 | 6859 | 8003 | 9017 | | 同比（ % ） | 18.15 | 13.24 | 19.26 | 16.69 | 12.67 | | 归母净利润（百万元） | 543.21 | 627.21 | 715.50 | 884.56 | 1,027.50 | | 同比（ % ） | 20.21 | 15.46 | 14.08 | 23.63 | 16.16 | | EPS- 最新摊薄（元 / 股） | 0.65 | ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,616,067,898.03, representing an increase of 18.21% compared to the same period last year[2]. - The net profit attributable to shareholders was ¥185,549,040.25, reflecting an increase of 11.66% year-over-year[2]. - The basic earnings per share for the quarter was ¥0.23, up by 15.00% from the previous year[3]. - Total revenue for the first three quarters of 2024 reached CNY 5,093,273,140.61, an increase from CNY 4,236,584,962.42 in the same period of 2023, representing a growth of approximately 20.3%[14]. - Net profit for the first three quarters of 2024 was CNY 610,125,760.91, up from CNY 522,346,985.66 in 2023, reflecting a growth of approximately 16.8%[15]. - The net profit for the third quarter of 2024 was CNY 39,765,529.97, significantly higher than CNY 15,675,074.83 in the third quarter of 2023, indicating an increase of about 153.5%[24]. Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥10,271,464,418.55, an increase of 8.07% compared to the end of the previous year[3]. - The company's total assets as of the end of Q3 2024 amounted to CNY 10,271,464,418.55, compared to CNY 9,504,776,565.38 at the end of Q3 2023, marking an increase of about 8.1%[13]. - Total liabilities were reported at CNY 5,851,794,304.47, compared to CNY 5,270,513,544.65 in the previous year, which is an increase of approximately 10.9%[13]. - The total liabilities as of September 30, 2024, were CNY 1,439,059,826.51, an increase from CNY 1,399,155,908.20 at the end of 2023[19]. - The total liabilities as of Q3 2024 were CNY 1,897,134,879.43, slightly down from CNY 1,939,000,288.53 in Q3 2023, showing a decrease of approximately 2.2%[21]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥573,740,733.56, showing a significant increase of 50.53% compared to the same period last year[6]. - Net cash flow from operating activities for the first three quarters of 2024 was negative CNY 57,828,429.80, compared to a positive CNY 241,275,864.05 in the first three quarters of 2023, indicating a significant decline[26]. - The cash inflow from operating activities in the first three quarters of 2024 totaled CNY 1,760,264,500.61, an increase from CNY 1,606,561,233.99 in the same period of 2023, representing a growth of approximately 9.54%[25]. - The cash and cash equivalents at the end of the third quarter of 2024 amounted to CNY 1,377,704,832.16, compared to CNY 1,224,863,260.31 at the end of the third quarter of 2023, marking an increase of about 12.5%[26]. Research and Development - The company's R&D expenses increased by 30.42% year-to-date, indicating a continued investment in technology leadership[6]. - Research and development expenses for the first three quarters of 2024 were CNY 227,246,322.86, compared to CNY 191,333,705.49 in 2023, reflecting an increase of approximately 18.8%[15]. - Research and development expenses for the first three quarters of 2024 totaled CNY 117,566,576.14, up from CNY 89,907,895.28 in the same period of 2023, reflecting a growth of approximately 30.8%[22]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 29,069, with the largest shareholder, Sifang Electric Group Co., Ltd., holding 350,507,666 shares, accounting for 42.05% of the total[8]. - The company has not reported any significant changes in shareholder relationships or actions regarding share lending during the reporting period[9]. Other Financial Metrics - The weighted average return on equity for the quarter was 4.30%, an increase of 0.14 percentage points year-over-year[3]. - The company reported a government subsidy income of ¥486,616.01 for the quarter, contributing to its non-operating income[4]. - The accounts receivable at the end of the reporting period increased by 35.01%, attributed to strong contract performance and business growth[5]. - The company's equity attributable to shareholders reached CNY 4,415,001,545.30, up from CNY 4,230,580,064.32 in 2023, indicating a growth of about 4.4%[13].

Investment Rating - The report gives the company a "Buy" rating for the first time [2] Core Views - The company is a leading private enterprise in the relay protection products sector, with steady growth in both grid and non-grid businesses [1] - The company has a strong position in the grid business, with stable market share and contributions to steady performance, while the non-grid business, especially in the new energy sector, brings significant incremental growth [2] - The company is expected to achieve revenues of 6.94/8.22/9.38 billion yuan in 2024-2026, with growth rates of 20.65%/18.50%/14.03%, and net profits of 726/857/1006 million yuan, with EPS of 0.87/1.03/1.21 yuan [2][6] Business Segments Grid Automation - The company maintains a leading position in main grid relay protection products and is closely following grid demands to develop new secondary products [7] - The grid automation business is expected to achieve revenues of 3.36/3.80/4.07 billion yuan in 2024-2026, with gross margins of 42%/41.5%/41.5% [7] Power Plant and Industrial Automation - The company has stable performance in traditional power generation markets and is seeing growth in new energy sectors, particularly in distributed photovoltaic products and reactive power compensation equipment [8] - The power plant and industrial automation business is expected to achieve revenues of 3.05/3.66/4.32 billion yuan in 2024-2026, with gross margins of 26.5%/26%/26% [8] Other Businesses - The company is expanding in areas such as grid-forming energy storage and industrial and commercial integrated cabinets, leveraging its power electronics technology [9] - The other businesses are expected to achieve revenues of 524/760/989 million yuan in 2024-2026, with gross margins maintained at the level of the first half of 2024 [9] Financial Performance - The company achieved revenues of 5.75 billion yuan in 2023, with a growth rate of 13.24%, and net profits of 627 million yuan, with a growth rate of 15.46% [3] - The company's EBITDA in 2023 was 785 million yuan, with a growth rate of 15.78%, and EPS was 0.75 yuan [3] - The company's P/E ratio in 2023 was 18.88, and the P/B ratio was 2.79 [3] Market Position - The company is a leading private enterprise in the relay protection products sector, with a stable market share in the grid business and significant growth in the new energy sector [1][2] - The company has a strong position in the grid automation business, with a market share of 15.6% in 2023 and 14.2% in the first four batches of centralized bidding in 2024 [45] Innovation and Growth Drivers - The company is innovating in grid automation, power plant and industrial automation, and other businesses, particularly in grid-forming energy storage and industrial and commercial integrated cabinets [9][10] - The company's growth is driven by the increasing demand for new energy equipment, reactive power compensation devices, and grid automation products [10][11]

证券代码：601126 证券简称：四方股份 北京四方继保自动化股份有限公司 投资者关系活动记录表 （2024 年第三季度） 北京四方继保自动化股份有限公司于近期以线上和线下的方式与投资者、 券商分析师等就公司生产经营情况进行交流，现将投资者关系活动的主要情况 汇总发布如下： | --- | --- | |------------|-----------------------------------------------------------| | | | | 投资者关系 | √ 特定对象调研 √分析师会议 □媒体采访 √业绩解读会 □ | | 活动类别 | 新闻发布会 √路演活动 √现场参观 □其他 | | | 新华资产、泰康基金、朱雀基金、中邮基金、招商基金、长江 | | | 养老、涌泉资本、银华基金、嘉实基金、兴全基金、太平养 | | 参与机构 | 老、汐泰投资、泉果基金、平安基金、摩根基金等 100 + 家机 | | | 构投资者 | | 地点 | 公司会议室、各策略会现场、线上会议等 | | 上市公司 | 董事会秘书、证券事务代表 | | --- | --- | |------------|-- ...

Investment Rating - Buy (Maintained) [1][2] Core Views - The company's 24H1 performance met expectations, with revenue reaching 3.477 billion yuan, a year-on-year increase of 21.18%, and net profit attributable to the parent company of 424 million yuan, a year-on-year increase of 19.24% [1] - The company continues to expand its market share in grid automation and power plant & industrial automation, with grid automation revenue reaching 1.689 billion yuan, a year-on-year increase of 11.58%, and power plant & industrial automation revenue reaching 1.526 billion yuan, a year-on-year increase of 24.89% [1] - The company has made significant breakthroughs in the new energy and energy storage markets, securing multiple projects in wind and solar power, as well as energy storage systems, which are expected to drive medium to long-term growth [2] Financial Performance - Revenue for 24H1 was 3.477 billion yuan, with a net profit attributable to the parent company of 424 million yuan [1] - Q2 revenue was 1.932 billion yuan, a year-on-year increase of 14.20%, with a net profit attributable to the parent company of 243 million yuan, a year-on-year increase of 13.71% and a quarter-on-quarter increase of 33.96% [1] - The company's EPS for 24-26 is forecasted to be 0.89/1.04/1.20 yuan, with a PE ratio of 19/16/14 times for the same period [2] Market Expansion - The company has secured multiple projects in grid automation, including the 500kV transmission and transformation project in Inner Mongolia and the 1000kV ultra-high voltage project in North China [1] - In the new energy sector, the company has won bids for several wind and solar power projects, including the Guangdong Datang Lemen offshore wind power expansion project and the Tianjin Jinghai Zhongwang 2GW photovoltaic project [2] - The company has also made progress in energy storage, with projects such as the 100MWh independent energy storage station at the Blue Sky Power Plant and the 44MW/40MWh thermal storage joint frequency modulation station at the Ninghai Power Plant [2] Financial Projections - The company's revenue is expected to grow from 5.078 billion yuan in 2022 to 8.658 billion yuan in 2026, with a CAGR of 13.09% [3] - Net profit attributable to the parent company is projected to increase from 543 million yuan in 2022 to 1.002 billion yuan in 2026, with a CAGR of 15.27% [3] - ROE (diluted) is expected to rise from 13.43% in 2022 to 19.82% in 2026 [3] Valuation Metrics - The company's current PE ratio is 19 times for 2024, 16 times for 2025, and 14 times for 2026 [2] - The PB ratio is 3.3 times for 2022 and 2023, decreasing to 2.7 times by 2026 [3] - The EV/EBITDA ratio is expected to decline from 18.4 times in 2022 to 9.8 times in 2026 [6]

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|------------------|----------------------------------------|--------------------------|----------------------------| | 2024 年 09 月 03 日 \n四方股份（ 601126.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | 电力设备及新能源 \| | 电力电子及自动化Ⅲ | | | 24H1 业绩稳健增长，持续受益新型电力系统建 | 投资评级 | | 买入 -A( | 维持) | | 设 | 股价 | (2024-09-02) | | 16.64 元 | | | 交易数据 | | | | | 投资要点 | 总市值（百万元） | | | 13,846.74 ...

Investment Rating - The report upgrades the investment rating to "Accumulate" from "Cautious Accumulate" [3][4]. Core Views - The company's H1 2024 performance meets expectations, with rapid growth in the distribution network segment and stable performance in the main network business [3][4]. - The target price for 2025 is set at 21.89 yuan, reflecting a valuation of approximately 21.02x PE for 2025 [4]. Financial Performance Summary - In H1 2024, the company achieved revenue of 3.477 billion yuan, a year-on-year increase of 21.18%, and a net profit attributable to shareholders of 424 million yuan, up 19.24% year-on-year [4]. - The company’s main network business generated revenue of 1.38 billion yuan, a year-on-year increase of 8.2%, while the distribution network segment saw revenue of 310 million yuan, a year-on-year increase of 30% [4]. - The company’s sales, management, and R&D expense ratios were 6.69%, 4.20%, and 9.22%, respectively [4]. Business Segment Performance - The renewable energy business showed significant growth, with revenue from the generation side reaching 1.31 billion yuan, up 13.5% year-on-year, and the energy storage segment revenue doubling to 250 million yuan [4]. - New orders in the renewable energy sector increased by 60% year-on-year, benefiting from the rapid development of clean energy [4]. Market Data - The company's market capitalization is 13.797 billion yuan, with a total share capital of 832 million shares [5]. - The stock price has ranged between 12.77 yuan and 19.96 yuan over the past 52 weeks [5]. Financial Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 6.784 billion yuan, 7.927 billion yuan, and 9.149 billion yuan, respectively, with corresponding net profits of 728 million yuan, 866 million yuan, and 1.034 billion yuan [10]. - The EPS forecasts for 2024, 2025, and 2026 are 0.87 yuan, 1.04 yuan, and 1.24 yuan, respectively [10].