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 年第一季度） 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 华夏基金、国寿安保、鹏华基金、国泰基金、富国基金、博时 基金、淡水泉、太平资本、易方达基金、银华基金、朱雀基 ...

四方股份（601126.SH） | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------|-----------------------------|---------|---------|---------|---------|-----------------------------------------------------------------|-----------------------------|--------|--------|--------|--------| | 利润表（百万元） \n营业收入 5,078 5,751 6,688 7,656 8,658 | 2022 2023 2024E 2025E 2026E | | | | | 资产负债表（百万元） \n总资产 8,452 9,505 10,321 11,150 12,017 | 2022 2023 2024E 2 ...

电网与新能源业务量利齐增，高分红彰显稳健发展理念 网内外二次业务量利齐增，储能业务实现高质量发展。公司实现电网自动化 收入 29.24 亿元，同比+11.01%，毛利率 41.89%，同比+1.98pct.。电厂及工 业自动化收入 24.91 亿元，同比+11.55%，毛利率 27.54%，同比+2.77pct.。 其他收入 3.22 亿元，同比+61.87%，毛利率 18.93%，同比+7.93pct.。我们 估计其他收入主要来自储能业务，较高的毛利率水平体现公司稳健高质量发 展理念。 风险提示：新能源装机不及预期；网内市场竞争加剧。 | --- | --- | --- | --- | --- | --- | |----------------------------------------|-----------|-------------|-------------|----------------------------------|-------------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 5,07 ...

请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 目，及国网上海研究院低压台区柔性互联系统。储能方面，公司依托电 力电子平台优势，深入研究构网型控制技术，全面布局多种储能变流器 技术路线；高安全液冷储能 PACK 及电池舱、智能工商业一体柜完成 新品开发。公司注重研发，2023 年的研发费用率保持高位，为 9.41%， 方向包括氢能/柔直/储能等新产品新应用，以及工业互联网平台、人工 智能和信息安全等领域的创新。 风险因素：电网投资不及预期、原材料价格波动、电网建设进度不及预 期、市场竞争加剧等。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 武浩，新能源与电力设备行业首席分析师，中央财经大学金融硕士，7 年新能源行业研 究经验，2020 年加入信达证券研究所，负责电力设备新能源行业研究。2023 年获得新 浪金麒麟光伏设备行业菁英分析师第三名。研究聚焦细分行业及个股挖掘。 曾一赟，新能源与电力设备行业研究助理，悉尼大学经济分析硕士，中山大学金融学 学士， ...

http://www.huajinsc.cn/ 1 / 5 请务必阅读正文之后的免责条款部分 风险提示：1、电网投资不及预期；2、新品研发低于预期；3、行业竞争加剧。 数据来源：聚源、华金证券研究所 财务报表预测和估值数据汇总 公司快报/电力电子及自动化Ⅲ 买入—未来 6 个月的投资收益率领先沪深 300 指数 15%以上； 增持—未来 6 个月的投资收益率领先沪深 300 指数 5%至 15%； 中性—未来 6 个月的投资收益率与沪深 300 指数的变动幅度相差-5%至 5%； 减持—未来 6 个月的投资收益率落后沪深 300 指数 5%至 15%； 卖出—未来 6 个月的投资收益率落后沪深 300 指数 15%以上； 风险评级： 张文臣、周涛、申文雯声明，本人具有中国证券业协会授予的证券投资咨询执业资格，勤勉尽责、诚实守信。本人对本报告的内容 和观点负责，保证信息来源合法合规、研究方法专业审慎、研究观点独立公正、分析结论具有合理依据，特此声明。 | --- | --- | --- | --- | --- | |------------------------------------------------ ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 5.75 billion yuan for 2023, a year-on-year increase of 13%, and a net profit attributable to shareholders of 0.63 billion yuan, up 15% year-on-year [2] - The company's performance aligns with market expectations, with a focus on stable growth and operational efficiency [2] - The company is expanding its market presence in both traditional and new energy sectors, with significant growth in automation and distribution products [2] - The report highlights strong cash flow and a healthy order backlog, indicating a positive outlook for long-term stability [2] Summary by Sections Financial Performance - The company achieved a gross margin of 34.44% in 2023, an increase of 2.29 percentage points year-on-year [2] - The net profit margin for 2023 was 10.91%, reflecting a slight increase of 0.21 percentage points year-on-year [2] - The company expects net profits for 2024-2026 to be 0.73 billion, 0.91 billion, and 1.05 billion yuan respectively, with growth rates of 17%, 24%, and 16% [2][9] Business Segments - The automation segment generated revenue of 2.92 billion yuan in 2023, with a gross margin of 41.89% [2] - The new energy segment is projected to maintain a growth rate of over 20% in 2024, driven by significant project wins [2] - The company is actively exploring new technologies in green hydrogen and flexible interconnection systems [2] Cost Management - The report notes effective cost control, with operating cash flow increasing by 74% year-on-year to 1.23 billion yuan [2] - The company’s total liabilities to assets ratio stands at 55.45%, indicating a stable financial structure [2][14]

Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Insights - The company's 2023 performance met expectations, with revenue of 5.751 billion yuan, a year-on-year increase of 13.24%, and a net profit attributable to shareholders of 627 million yuan, up 15.46% year-on-year [2][19]. - The company has a high dividend payout ratio, distributing 500 million yuan in cash dividends, which accounts for 80% of the net profit attributable to shareholders [19]. - The company is expected to benefit from the digitalization of the power grid and has maintained a strong cash flow from operating activities, with a net cash flow of 1.233 billion yuan in 2023, a 73.63% increase year-on-year [19]. Financial Summary - Revenue for 2023 was 5.751 billion yuan, with a gross margin of 34.44% and a net margin of 10.92%, both showing year-on-year improvements [2][19]. - The company forecasts revenue growth of 13.2% for 2024, with an expected net profit of 730 million yuan, reflecting a growth rate of 16.3% [7][19]. - The company’s cash flow management has improved, as indicated by a significant increase in contract liabilities, which reached 1.389 billion yuan, up 27.10% year-on-year [19].

Financial Performance - The company's operating revenue for the reporting period reached 5.751 billion RMB, an increase of 13.24% year-on-year[3]. - The net profit attributable to shareholders was 627 million RMB, reflecting a year-on-year growth of 15.46%[3]. - The gross margin for the domestic business was 34.33%, up by 2.16 percentage points compared to the previous year[7]. - The international business revenue was 159.9 million RMB, with a gross margin of 35.77%, reflecting a 5.97 percentage point increase year-on-year[7]. - Basic earnings per share increased to RMB 0.75, up 11.94% from RMB 0.67 in the previous year[56]. - The weighted average return on net assets rose to 15.47%, an increase of 1.63 percentage points compared to the previous year[56]. - The total assets of the company as of the end of 2023 were ¥9,504,776,565.38, a 12.46% increase from ¥8,451,651,208.08 at the end of 2022[82]. - The net assets attributable to shareholders increased by 4.59% to ¥4,230,580,064.32 at the end of 2023, compared to ¥4,044,930,586.65 at the end of 2022[82]. Research and Development - Research and development expenses increased by 27.22% to 541 million RMB, indicating a strong focus on innovation[4]. - Total R&D investment for the period was ¥563,443,402.58, representing 9.80% of operating revenue[16]. - The number of R&D personnel is 1,159, accounting for 33.02% of the total workforce[19]. - The company has accumulated 782 authorized invention patents and 617 software copyrights, reflecting its strong commitment to R&D and innovation[125]. - The company is focusing on research and development in areas such as hydrogen-electric coupling microgrid technology and digital twin technology for substations, achieving significant progress[67]. - The company is actively developing new technologies, including multi-scenario solutions for new power systems and energy storage systems[124]. Cash Flow and Expenses - The net cash flow from operating activities surged by 73.63% to 1.233 billion RMB, attributed to improved contract payment management[4][5]. - The total operating costs increased by 9.43% to 3.770 billion RMB, driven by higher sales and management expenses[4]. - Sales expenses for 2023 amounted to ¥478,917,751.52, an increase of 12.78% compared to ¥424,663,809.09 in 2022[3]. - Management expenses rose to ¥277,715,310.21 in 2023, reflecting a 24.89% increase from ¥222,359,756.74 in 2022[3]. - The company reported a significant increase in other income, which rose by 18.61% to 113 million RMB, primarily due to government subsidies[4]. Market Expansion and Projects - The company successfully secured the first 500kV secondary optimization demonstration station project in Shandong and a new generation digital secondary integrated substation in Inner Mongolia[62]. - The company won the bid for the first 10 million kilowatt-level integrated renewable energy project in China, the "Shage Desert" project[64]. - The company expanded its market share in the renewable energy sector, winning multiple projects including the largest water-solar complementary project globally[64]. - The company is actively pursuing international markets, securing a bid for the Tarbela hydropower project in Pakistan[64]. - The company has successfully delivered the Nairobi ADMS project in Kenya, marking a significant achievement in international market applications[67]. Technology and Innovation - The company continues to enhance its R&D capabilities, with key technology projects passing technical acceptance and multiple engineering pilot projects completed[62]. - New product developments include the integration of environmental protection technologies, with several products passing national grid special tests and being included in the Southern Power Grid's new technology catalog for 2023[88]. - The company has developed new high-safety liquid-cooled energy storage PACK and battery cabinets, enhancing product competitiveness through continuous R&D investment[129]. - The company is focusing on the smart power generation and new energy sectors, enhancing competitiveness in automation and intelligent operation solutions[195]. Governance and Leadership - The total number of shares held by the board members increased from 1,329,708 to 3,129,708, reflecting a net increase of 1,800,000 shares during the reporting period[184]. - The company has a board of directors with a term from May 6, 2022, to May 5, 2025, indicating a stable governance structure during this period[184]. - The company is actively expanding its leadership team, with several executives holding significant positions in related companies, enhancing strategic oversight[186]. - The company’s governance structure includes a mix of independent and executive directors, ensuring a balanced approach to decision-making[186]. Strategic Focus and Future Plans - The company aims to leverage opportunities in the "dual carbon" initiative and the "14th Five-Year Plan" to enhance its service capabilities in various industries[153]. - The company is committed to becoming a world-class technology enterprise by enhancing its product innovation capabilities and smart manufacturing[138]. - The company is actively pursuing international development strategies, particularly in Southeast Asia and Africa, to strengthen local market capabilities[173]. - The company is focusing on digital transformation and the integration of new technologies such as IoT, cloud computing, and AI in the energy sector[138]. Risks and Challenges - The company faces risks from international macroeconomic conditions, national economic policies, and investment scales in the power industry, which may impact performance[197]. - The company is facing risks related to talent retention due to intense industry competition and the evolution of the energy internet[199]. - The company’s overseas business is influenced by the political, legal, and regulatory environments of the host countries, including political changes and tax policy instability[200].

Investment Rating - The report maintains a "Recommended" rating for the company [2][7]. Core Insights - The company achieved an annual revenue of 5.751 billion yuan in 2023, representing a year-on-year growth of 13.24%. The net profit attributable to shareholders was 627 million yuan, up 15.46% year-on-year [2][5]. - The company's profitability is steadily improving, with a gross margin of 34.44% in 2023, an increase of 2.29 percentage points year-on-year. The net profit margin was 10.92%, up 0.21 percentage points year-on-year [2][5]. - The company benefits from the construction of a new power system and the dual carbon policy, focusing on technological innovation and market opportunities [2][5]. Business Performance - The revenue from grid automation was 2.924 billion yuan, growing by 11.01% year-on-year, while revenue from power plant and industrial automation reached 2.491 billion yuan, increasing by 11.55% year-on-year [2][5]. - In Q4 2023, the company reported a revenue of 1.514 billion yuan, a year-on-year increase of 2.39% and a quarter-on-quarter increase of 10.78% [2][5]. - The company has a comprehensive business covering "generation, transmission, distribution, utilization, and storage," maintaining a leading technological advantage [2][5]. International Business Growth - The overseas business revenue reached 160 million yuan in 2023, a year-on-year increase of 10.6%, with several international projects successfully secured [2][5]. - Key international projects include a 500kV substation project in Pakistan and a dynamic reactive power compensation project in India, marking the company's expansion into new markets [2][5]. Financial Forecast - The company is projected to achieve revenues of 7.035 billion yuan, 8.467 billion yuan, and 10.211 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 22.3%, 20.4%, and 20.6% [2][5]. - The net profit attributable to shareholders is expected to be 752 million yuan, 893 million yuan, and 1.057 billion yuan for the same years, with growth rates of 19.9%, 18.7%, and 18.5% [2][5].

证券代码：601126 证券简称：四方股份 公告编号：2024-001 北京四方继保自动化股份有限公司 关于年度审计机构变更质量控制复核人的公告 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。 北京四方继保自动化股份有限公司（以下简称"公司"）于 2023 年 3 月 29 日召开 第七届董事会第四次会议，审议通过了《关于续聘公司 2023 年度审计机构的议案》， 同意续聘中证天通会计师事务所（特殊普通合伙）（以下简称"中证天通"）为公司 2023 年度财务审计机构和内控审计机构。该议案经公司 2022 年度股东大会审议通过，具体 内容详见公司于 2023 年 3 月 31 日在上海证券交易所网站（www.sse.com.cn）披露的《四 方股份关于续聘 2023 年度审计机构的公告》（公告编号：2023-004）。 一、 质量控制复核人变更情况 公司近日收到中证天通《关于变更 2023 年度财务审计及内部控制审计质量 控制复核人员的函》。中证天通为公司 2023 年度财务审计机构和内部控制审计 机构，原指派邵富霞作为质 ...