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 | ...

北京四方继保自动化股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 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 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，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。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|--------------------------|--------------------------------------|----------------------- ...

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 | | --- | --- | |------------|-- ...

2024 年 9 月 3 日 公司研究 24H1 业绩符合预期，持续开拓新领域助力发展 ——四方股份（601126.SH）2024 年半年报点评 要点 买入（维持） 事件：公司发布 2024 年半年报，2024H1 实现营业收入 34.77 亿元，同比增长 21.18%；归母净利润 4.24 亿元，同比增长 19.24%；扣非归母净利润 4.09 亿元， 同比增长 15.14%。其中 2024Q2 公司实现营业收入 19.32 亿元，同比增长 14.20%，实现归母净利润 2.43 亿元，同比增长 13.71%，环比增长 33.96%。 主营业务规模稳健增长，持续扩大市场份额。电网自动化业务：公司持续深耕电 网，挖掘细分市场需求，24H1 中标蒙西卜尔汉图 500kV 输变电二次设备集成项 目、南方电网批量保护设备小型化示范工程、宁夏 220kV 月牙湖等多个安全稳 定控制系统项目、多个地调保护信息管理主站和子站项目等，顺利投运华北西电 东送 1000kV 横山-洪善特高压项目安全稳定控制系统，持续扩大市场份额。24H1 该业务实现营业收入 16.89 亿元，同比增长 11.58%，毛利率同比下降 1.31p ...

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 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 安证券 股票研究 /[Table_Date] 2024.09.02 | --- | |-----------------------------------| | | | [table_Authors] 庞钧文 ( 分析师 ) | | 021-38674703 | | pangjunwen@gtjas.com | | 登记编号 S0880517120001 | | --- | --- | |------------------------------|-------| | | | | | | | | | | 周奥铮 ( 分析师 ) | | | 010-83939782 | | | zhouaozheng026728@gtjas.co m | | | S0880524080014 | | ——24 年半年报业绩点评 24H1 业绩符合预期，配网版块快速成长 四方股份(601126) [Table_Industry] 资本货 ...