Workflow
SIFANG(601126)
icon
Search documents
四方股份:上海荣正企业咨询服务(集团)股份有限公司关于北京四方继保自动化股份有限公司启航2号限制性股票激励计划相关事项之独立财务顾问报告
2024-10-30 10:12
证券代码:601126 证券简称:四方股份 上海荣正企业咨询服务(集团)股份有限公司 关于 北京四方继保自动化股份有限公司 启航 2 号限制性股票激励计划首次授予部分 第一个解除限售期解除限售条件成就 之 独立财务顾问报告 2024 年 10 月 | 1 | | --- | | 2 K | (二)本独立财务顾问仅就本次限制性股票激励计划解除限售条件成就相关 事项对四方股份股东是否公平、合理,对股东的权益和上市公司持续经营的影响 发表意见,不构成对四方股份的任何投资建议,对投资者依据本报告所做出的任 何投资决策而可能产生的风险,本独立财务顾问均不承担责任。 (三)本独立财务顾问未委托和授权任何其它机构和个人提供未在本独立财 务顾问报告中列载的信息和对本报告做任何解释或者说明。 (四)本独立财务顾问提请上市公司全体股东认真阅读上市公司公开披露的 关于本次限制性股票激励计划的相关信息。 | | | 一、释义 本独立财务顾问报告中,除非文义载明,下列简称具有如下含义: | 四方股份、本公司、公 | 指 | 北京四方继保自动化股份有限公司 | | --- | --- | --- | | 司、上市公司 | | | | 独 ...
四方股份:四方股份关于部分限制性股票回购注销实施公告
2024-10-21 09:47
本次注销股份的有关情况: 证券代码:601126 证券简称:四方股份 公告编号:2024-039 北京四方继保自动化股份有限公司 关于部分限制性股票回购注销实施公告 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: 回购注销原因: 鉴于公司启航2号限制性股票激励计划(以下简称:"本激励计划")1名激 励对象离职,不再具备激励对象资格,经公司第七届董事会第十六次会议审议通 过,同意对其持有的已获授但尚未解除限售的限制性股票25,000股予以回购注销。 | 回购股份数量(股) | 注销股份数量(股) | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | | 25,000 | 25,000 | 2024 年 | 10 | 月 | 24 日 | 一、本次限制性股票回购注销的决策与信息披露 (一) 2024年8月29日,公司召开第七届董事会第十六次会议、第七届监事 会第十三次会议,审议通过了《关于调整启航2号激励计划预留授予价格及预留 授予数量、向激励对象授予预留部分限制 ...
四方股份:深度研究:民营继保产品龙头,网内网外同步增长
东方财富· 2024-10-10 08:23
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]
四方股份(601126) - 四方股份投资者关系活动记录表
2024-10-08 09:52
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 | | --- | --- | |------------|-- ...
四方股份:四方股份关于启航2号限制性股票激励计划预留授予限制性股票登记完成的公告
2024-09-24 09:17
证券代码:601126 证券简称:四方股份 公告编号:2024-037 同日,公司召开第七届监事会第七次会议,审议通过了《关于公司<启航 2 号限制性股票激励计划(草案)>及其摘要的议案》《关于公司<启航 2 号限制性 限制性股票预留授予登记日:2024 年 9 月 23 日 限制性股票预留授予登记数量:132.50 万股 股票激励计划实施考核管理办法>的议案》《关于核实公司<启航 2 号限制性股票 激励计划首次授予激励对象名单>的议案》。 北京四方继保自动化股份有限公司 关于启航 2 号限制性股票激励计划预留授予限制性 股票登记完成的公告 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个别及连带责任。 重要内容提示: 根据《上市公司股权激励管理办法》(以下简称"《管理办法》")、上 海证券交易所、中国证券登记结算有限责任公司上海分公司有关规定,北京四 方继保自动化股份有限公司(以下简称"公司"或"本公司")现已完成《北 京四方继保自动化股份有限公司启航2号限制性股票激励计划(草案)》(以下 简称"《激励计划》"、"本激励计划")限制性 ...
四方股份:四方股份关于控股股东、实际控制人合计持股比例因被动稀释超过1%的提示性公告
2024-09-24 09:15
证券代码:601126 证券简称:四方股份 公告编号:2024-038 北京四方继保自动化股份有限公司关于控股股东、实际控 制人合计持股比例因被动稀释超过 1%的提示性公告 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个别及连带责任。 重要内容提示: 本次权益变动系公司实施启航 2 号限制性股票激励计划向激励对象授予 限制性股票导致股本增加,公司控股股东、实际控制人持有的总股份数量不变, 总持股比例由 44.43%被动稀释为 43.35%,累计减少超过 1%,不涉及要约收购。 本次权益变动不会导致公司控股股东及实际控制人发生变化。 一、 本次权益变动基本情况 经北京四方继保自动化股份有限公司(以下简称"公司")2023 年第一次临 时股东大会审议通过,公司实施了启航 2 号限制性股票激励计划,授予限制性股 票共计 2028.9 万股,并于 2024 年 9 月在中国证券登记结算有限责任公司上海分 公司全部完成登记手续,公司总股本由 813,172,000 股变为 833,461,000 股。 北京四方继保自动化股份有限公司董事会 特此 ...
四方股份:四方股份关于召开2024年半年度业绩说明会的公告
2024-09-05 08:07
证券代码:601126 证券简称:四方股份 公告编号:2024-036 北京四方继保自动化股份有限公司 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: (网址:http://roadshow.sseinfo.com/) 会议召开方式:上证路演中心视频直播和网络互动 三、参加人员 刘志超 董事、总裁 投资者可于2024 年9 月6 日(星期五) 至9月12日(星期四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮 箱 ir@sf-auto.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。 北京四方继保自动化股份有限公司(以下简称"公司")已于 2024 年 8 月 31 日在上海证券交易所(www.sse.com.cn)及指定信息 披露媒体披露了《四方股份 2024 年半年度报告》。为便于广大投资 者更全面深入地了解公司 2024 年半年度经营成果、财务状况,公司 计划于 2024 年 9 月 13 日 上午 10:00- ...
四方股份:2024年半年报点评:24H1业绩符合预期,持续开拓新领域助力发展
EBSCN· 2024-09-04 03:41
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]
四方股份:24H1业绩稳健增长,持续受益新型电力系统建设
Huajin Securities· 2024-09-03 10:01
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 ...
四方股份:24年半年报业绩点评:24H1业绩符合预期,配网版块快速成长
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].