Core Viewpoint - The global power system is facing new challenges, leading to an increased demand for grid expansion and upgrades, which is expected to directly benefit the power equipment industry [1] Group 1: Main Grid Developments - The demand for ultra-high voltage (UHV) construction is increasing due to the growth of inter-provincial electricity flow and the pressure of renewable energy consumption. As of December 2024, China has built and put into operation 41 UHV transmission lines, including 20 AC lines and 21 DC lines [2] - During the 14th Five-Year Plan period, China is expected to start construction on "three AC and nine DC" UHV lines, with over 20 lines anticipated to be operational in the 15th Five-Year Plan period, which will boost demand for related equipment [2] - Flexible DC technology is expected to become mainstream due to its advantages in large-scale renewable energy transmission, especially as the prices of core components like IGBT decrease. Investment in this area is projected to reach 380 billion yuan from 2021 to 2025 [2] Group 2: Distribution Network Developments - Both domestic and international plans for distribution network upgrades are expected to increase demand for transformers. China emphasizes high-quality development in distribution networks, while the EU plans to invest 584 billion euros for grid modernization [3] - China's transformer production accounts for 35% of the global market, and with overseas production facing constraints, there is an opportunity for Chinese companies to benefit from rising global demand [3] Group 3: Investment Recommendations - The emergence of new electricity consumption scenarios, represented by computing power, is driving greater electricity demand and necessitating grid upgrades. The main grid sector is expected to benefit from the acceleration of UHV construction and the growing number of flexible DC projects [4] - The distribution network sector is also poised for growth due to ongoing domestic upgrades and strong overseas demand for transformers. Companies such as Huaming Equipment, Haixing Electric Power, and others are recommended for investment [4]

Investment Rating - The report maintains an "Outperform" rating for the power equipment industry [1]. Core Insights - The demand for power grid upgrades is driven by the increasing proportion of global renewable energy installations and the emergence of new electricity consumption scenarios, which directly benefits the power equipment sector [1][3]. - The construction of ultra-high voltage (UHV) transmission lines is accelerating due to the growing need for cross-regional power transmission and renewable energy delivery, with flexible direct current technology expected to increase its penetration rate [1][3]. - Domestic and international initiatives for power grid renovation are expected to boost transformer demand, benefiting the entire industry chain [1][3]. Summary by Sections New Power Consumption Scenarios - The emergence of new power consumption scenarios, represented by computing power, is creating greater electricity demand and necessitating upgrades to the power grid [3][33]. - The growth in renewable energy generation, particularly solar and wind, is placing additional demands on the grid to accommodate fluctuating supply [25][21]. Main Power Grid - The acceleration of UHV construction is expected to enhance the capacity for renewable energy consumption [44]. - As of December 2024, China has built and put into operation 41 UHV transmission lines, including 20 AC and 21 DC lines, with plans for more in the upcoming years [50]. - The investment scale for UHV projects is projected to reach 380 billion yuan from 2021 to 2025, benefiting core component manufacturers [3][30]. Distribution Network - The domestic push for distribution network upgrades, coupled with strong overseas demand for grid modernization, is anticipated to increase transformer requirements [3][31]. - China's transformer production accounts for 35% of the global market, with significant export potential due to supply constraints in overseas markets [3][32]. Investment Recommendations - The report suggests focusing on companies that will benefit from the high demand in the UHV sector and those with international expansion potential in the transformer segment [3]. - Recommended companies include Huaming Equipment and Haixing Electric, with additional attention to China Western Power, Guodian NARI, Siyuan Electric, Pinggao Electric, Mingyang Electric, Sifang Co., and Jiangsu Huachen [3].

Group 1: Company Performance - Wens Foodstuff's April chicken sales revenue was 2.543 billion yuan, a year-on-year decrease of 5.01% [1] - Wens Foodstuff sold 10.381 million chickens in April, a year-on-year increase of 10.87% [1] - Wens Foodstuff's average chicken selling price was 11.24 yuan/kg, a year-on-year decrease of 14.91% [1] - Zhongtong Bus's April vehicle sales volume was 1,046 units, a year-on-year decrease of 4.04% [1][2] - Kemin Food's April pig sales revenue reached 70.9048 million yuan, a year-on-year increase of 16.04% [3] - Muyuan Foods sold 6.573 million pigs in April, a year-on-year increase of 51.80% [5] - Muyuan Foods' pig sales revenue was 12.595 billion yuan in April, a year-on-year increase of 53.42% [5] - Xiamen Airport's April passenger throughput was 2.3881 million, a year-on-year increase of 7.73% [24] - Daqin Railway's April cargo transport volume was 30.62 million tons, a year-on-year increase of 0.99% [26] - Shaanxi Coal's April coal production was 14.24 million tons, a year-on-year decrease of 1.78% [28] Group 2: Industry Overview - Wens Foodstuff operates in the agriculture, forestry, animal husbandry, and fishery industry, specifically in pig farming [1] - Zhongtong Bus operates in the automotive industry, focusing on commercial vehicles [2] - Kemin Food operates in the food and beverage industry, specifically in food processing [3] - Muyuan Foods is also in the agriculture, forestry, animal husbandry, and fishery industry, focusing on pig farming [5] - Xiamen Airport is part of the transportation industry, specifically in airport operations [24] - Daqin Railway operates in the coal industry, focusing on coal mining and transportation [26] - Shaanxi Coal is also in the coal industry, focusing on coal mining and related services [28]

证券代码：601126 证券简称：四方股份 公告编号：2025-026 北京四方继保自动化股份有限公司 控股股东减持股份计划公告 本公司董事会、全体董事及相关股东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。 四方电气当前持有的公司股份来源于其 IPO 前取得股份以及历次资本公积金转增股份。 重要内容提示： 因自身资金需求，控股股东四方电气计划于本公告披露之日起 15 个交 易日后的 3 个月内，通过集中竞价方式及大宗交易方式减持股份不超 过公司总股本的 3%，合计拟减持公司股份不超过 24,998,040 股。其中 （1）通过集中竞价交易方式减持，将于本公告披露之日起 15 个交易 日后的 3 个月内进行，减持公司股份不超过 8,332,680 股（即不超过公 司总股本的 1.00%）；（2）通过大宗交易方式减持，将于本公告披露之 日起 15 个交易日后的 3 个月内进行，减持公司股份不超过 16,665,360 股（即不超过公司总股本的 2.00%） 若减持股份计划实施期间，公司发生送红股、增发新股或配股、转增 股本、股份回购等事项导致股东持股 ...

Investment Rating - The report provides a positive investment outlook for the industrial control and power equipment sectors, highlighting stable growth and potential for new growth curves driven by humanoid and AI technologies [1]. Core Insights - The industrial control and power equipment industry experienced a revenue increase of 9% year-on-year and a net profit increase of 14% in Q1 2025, with total revenues reaching 204.7 billion and net profits at 14 billion [2][6]. - The overall gross profit margin for the industry faced pressure, recorded at 27.4% in Q1 2025, showing a year-on-year decline of 0.8 percentage points but an increase of 3.2 percentage points compared to the previous quarter [2][8]. - The report indicates a recovery in demand for industrial control in Q1 2025, with leading companies like Huichuan Technology exceeding profit expectations [2][26]. Summary by Sections Industrial Control Sector - The industrial control sector achieved a revenue of 28.2 billion in Q1 2025, marking a 27% increase year-on-year, with net profits rising by 33% to 2.5 billion [2][6]. - The gross profit margin for the industrial control sector was 28.3%, down 3.4 percentage points year-on-year but up 2.7 percentage points quarter-on-quarter [2][8]. - Huichuan Technology reported a significant revenue increase of 38% and a net profit increase of 63% in Q1 2025 [2][26]. Power Equipment Sector - The power equipment sector's revenue for Q1 2025 was 118.8 billion, a 4% increase year-on-year, with net profits at 7.1 billion, reflecting a 6% increase [2][6]. - The gross profit margin for the power equipment sector was under pressure, with a slight decline in profitability observed [2][8]. - The report highlights that the high-voltage and ultra-high voltage segments are beginning to rebound, with revenue growth expected in the coming quarters [2][26]. Investment Recommendations - For the power grid sector, the report recommends companies such as Siyi Electric, Samsung Medical, and China West Electric, while suggesting a watch on companies like Huaming Equipment and Mingyang Electric [2][26]. - In the industrial control sector, recommended companies include Huichuan Technology, Hongfa Technology, and Sanhua Intelligent Control, with a focus on companies like Megmeet and Hechuan Technology for potential growth [2][26].

证券研究报告·公司点评报告·电网设备 四方股份（601126） 2025 年一季报点评：盈利能力提升，业绩略 超市场预期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,751 | 6,951 | 8,327 | 9,809 | 11,408 | | 同比（%） | 13.24 | 20.86 | 19.80 | 17.79 | 16.31 | | 归母净利润（百万元） | 627.21 | 715.59 | 884.78 | 1,055.06 | 1,238.28 | | 同比（%） | 15.46 | 14.09 | 23.64 | 19.25 | 17.37 | | EPS-最新摊薄（元/股） | 0.75 | 0.86 | 1.06 | 1.27 | 1.49 | | P/E（现价&最新摊薄） | 21.36 | 18.72 | 15.14 | 12.70 | 10.82 | [关键词： Table_ ...

第三条 审计委员会成员为3名，均为不在公司担任高级管理人员的董事， 其中独立董事2名，非独立董事1名，由独立董事中会计专业人士担任召集人，负 责主持委员会工作。 审计委员会应当切实有效地监督、评估公司内外部审计工作，推动公司建立 健全有效的内部控制体系，确保公司提供真实、准确、完整的财务报告。 第四条 审计委员会委员由董事长，1/2以上独立董事或者全体董事的1/3 提名，并由董事会选举产生。 第五条 审计委员会委员全部为公司董事，其在委员会的任职期限与其董 事任职期限相同，可以连选连任。如有委员因辞职或者其他原因不再担任公司董 北京四方继保自动化股份有限公司 董事会审计委员会议事规则 第一章 总 则 第一条 为强化董事会决策功能，做到事前审计，专业审计，确保董事会 对经营管理层的有效监督，进一步完善北京四方继保自动化股份有限公司（以下 简称"公司"）治理结构，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》《上市公司治理准则》《上市公司独立董事管理 办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指 引第1号——规范运作》和《北京四方继保自动化股份有限公司章 ...

北京四方继保自动化股份有限公司 董事会战略委员会议事规则 第一章 总 则 第一条 为适应北京四方继保自动化股份有限公司（以下简称"公司"）的 规范运作，维护公司利益，提高董事会工作效率和科学决策能力，保障董事的合 法权益，保证董事会程序及决议的合法性，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》《上市公司治理准则》《上市 公司独立董事管理办法》《上海证券交易所股票上市规则》《上海证券交易所上 市公司自律监管指引第1号——规范运作》，和《北京四方继保自动化股份有限 公司章程》（以下简称"《公司章程》"）等有关规定，特设立董事会战略委员会， 并制定本议事规则。 第二条 战略委员会是董事会下设的专门委员会，主要负责对公司长期发 展战略、重大投资决策进行研究并提出建议。 第二章 人员组成 第三条 战略委员会委员为公司董事，由董事长、1/2以上独立董事或者 全体董事的1/3提名,并由董事会选举产生，董事长为战略委员会固有委员。 第四条 战略委员会设主任委员（召集人）,由董事长担任。 第五条 战略委员会委员的任职期限与其董事任职期限相同，可以连选连 任。期间如有委员因辞职或者其他原因不 ...

北京四方继保自动化股份有限公司 董事会提名委员会议事规则 第一章 总 则 第一条 为规范北京四方继保自动化股份有限公司（以下简称"公司"）高级 管理人员的产生，优化董事会组成，完善公司治理结构，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》《上市公司治理准则》 《上市公司独立董事管理办法》《上海证券交易所股票上市规则》《上海证券交易 所上市公司自律监管指引第1号——规范运作》和《北京四方继保自动化股份有限公 司章程》（以下简称"《公司章程》"）等有关规定，特设立董事会提名委员会，并 制定本议事规则。 第二条 提名委员会是董事会下设的专门委员会，主要负责拟定董事、高级 管理人员的选择标准和程序，对董事、高级管理人员人选及其任职资格进行遴选、 审核。 第二章 人员组成 第三条 提名委员会成员由3名董事组成，其中独立董事应当过半数。 第四条 提名委员会委员由董事长、1/2以上独立董事或者全体董事的1/3提 名，并由董事会选举产生。 第五条 提名委员会设主任委员（召集人）1名，由独立董事委员担任，负 责主持委员会工作；主任委员（召集人）由董事会批准产生。 第六条 提名委员会委员全部为 ...