证券代码：601126 证券简称：四方股份 公告编号：2025-042 北京四方继保自动化股份有限公司 关于召开 2025 年半年度业绩说明会的公告 投资者可于 2025 年 9 月 12 日（星期五）至 9 月 18 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 2025 年 8 月 30 日在上海证券交易所（www.sse.com.cn）及指定信息披露 媒体发布《四方股份 2025 年半年度报告》。为便于广大投资者更全面 深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 9 月 19 日（星期五）10:00-11:30 举行 2025 年半年度业绩说明会， 就投资者关心的问题进行交流。 会议召开时间：2025 年 9 月 19 日（星期五）10:00-11:30 会议召开地点：上海证券交易所上证路演中心 一、说明会类型 本次投资者说明会以视频直播和网络互动结合的形式召开，公司 将针对 ...

Core Insights - The article highlights the advancements in the Fuxing high-speed train's design and technology, particularly focusing on its insulation and comfort features during the summer travel peak in China [1][2][3] Group 1: Passenger Experience - During the summer travel peak from July 1 to August 31, the national railway sent 943 million passengers, averaging over 15 million daily [1] - The Fuxing train utilizes a high-tech insulation material, aerogel composite, which has a thermal conductivity of only 0.018 watts per meter Kelvin, improving insulation effectiveness by over 15% compared to traditional materials [1] - The air conditioning system in the Fuxing train is designed for high temperatures and employs variable frequency technology to ensure energy efficiency and optimal temperature control [1] Group 2: Safety and Durability - The train wheels are made from high-strength special steel, weighing over 300 kilograms and nearly 1 meter in diameter, capable of withstanding temperatures above 50 degrees Celsius and impacts at minus 60 degrees Celsius [2] - The Fuxing train features a sealing design for its doors, which prevents rainwater from entering, ensuring passenger safety during adverse weather conditions [2] - A stability system, including anti-roll bars, hydraulic dampers, and air spring systems, helps maintain balance and stability during high winds and turns [3]

Core Viewpoint - Sifang Co., Ltd. has shown a mixed performance in financing activities and stockholder dynamics, with a notable increase in revenue and net profit year-on-year, indicating potential growth opportunities in the automation sector [1][2][3]. Financing Activities - On September 9, Sifang Co., Ltd. recorded a financing buy-in of 29.31 million yuan, with a net financing outflow of -9.59 million yuan, leading to a total financing balance of 350 million yuan [1]. - The current financing balance of 349 million yuan represents 2.46% of the circulating market value, which is above the 50th percentile level over the past year, indicating a relatively high financing position [1]. - In terms of securities lending, 3,700 shares were repaid, while 200 shares were sold, with a total selling amount of 3,464 yuan, and the remaining securities lending balance stood at 129.90 million yuan, exceeding the 70th percentile level over the past year [1]. Company Performance - As of June 30, Sifang Co., Ltd. had 39,600 shareholders, a decrease of 5.28% from the previous period, while the average circulating shares per person increased by 5.57% to 20,686 shares [2]. - For the first half of 2025, the company achieved a revenue of 4.02 billion yuan, reflecting a year-on-year growth of 15.62%, and a net profit attributable to shareholders of 476 million yuan, up by 12.41% year-on-year [2]. Dividend Distribution - Since its A-share listing, Sifang Co., Ltd. has distributed a total of 4 billion yuan in dividends, with 1.599 billion yuan distributed over the past three years [3]. Shareholder Composition - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder with 17.90 million shares, a decrease of 5.4755 million shares from the previous period [3]. - New entrants among the top ten shareholders included Zhuque Hengxin One-Year Holding and Southern CSI 1000 ETF, while several funds like E Fund New Emerging Growth Mixed and Invesco Great Wall Strategy Selected Flexible Allocation Mixed exited the list [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][26][30] Core Views - The company achieved stable revenue growth in the first half of 2025, with revenue of 4.02 billion yuan, up 15.62% year-on-year, and a net profit of 476 million yuan, up 12.41% year-on-year. However, the profit margins were affected by a shift in revenue structure [1][8] - The company is focusing on the AIDC (Artificial Intelligence Data Center) sector, leveraging its solid-state transformer technology to meet the demands of next-generation data centers [3][25] - The company has seen significant growth in its non-grid business, particularly in the offshore wind power and industrial automation sectors, with a 31.25% increase in revenue from power plants and industrial automation [2][21] Financial Performance - In Q2 2025, the company reported revenue of 2.19 billion yuan, a year-on-year increase of 13.44%, but a slight decline in net profit by 3.24% year-on-year due to slower revenue recognition [1][20] - The company's gross margin for the first half of 2025 was 30.52%, down 2.95 percentage points year-on-year, while the net margin was 11.84%, down 0.38 percentage points year-on-year [1][8] - The company has adjusted its profit forecast for 2025-2027, now expecting net profits of 828 million, 1.005 billion, and 1.205 billion yuan respectively, with year-on-year growth rates of 16%, 21%, and 20% [26][28] Market Position - The company has a leading position in the secondary equipment market, with a 60% increase in bid amounts for grid projects and a 15% increase in bids for southern grid projects [2][21] - The company is one of the few in China providing comprehensive solutions for data center power distribution systems, having secured multiple projects with major clients like Alibaba and China Mobile [25][21] Valuation Metrics - The company’s projected P/E ratios for 2025, 2026, and 2027 are 17, 14, and 12 respectively, indicating a favorable valuation compared to peers [26][27] - The expected revenue growth rates for the next few years are 17.3% in 2025, 13.2% in 2026, and 11.0% in 2027 [28]

Core Viewpoint - The company has won the bid for the relay protection system equipment package for the Huaneng Yajiang Company's JX Hydropower Station [1] Company Summary - The company is actively participating in significant projects within the hydropower sector, indicating its competitive position in the industry [1]

Core Insights - The company has developed a series of solutions and products centered around power electronics for data center power supply [1] - The company aims for "full-stack self-research of products and comprehensive support of systems" in its energy storage products, with a focus on advanced technologies [1] - The company’s energy storage technologies have achieved international leading levels in "large-capacity high-voltage cascade energy storage technology" and "high-safety lithium battery energy storage system integration" [1] Energy Storage Solutions - The company is increasing R&D investment to promote advanced technologies such as networked control technology and high-voltage cascade energy storage technology [1] - The energy storage products and solutions have been widely applied in various scenarios, effectively promoting efficient interaction among source, grid, load, and storage [1] Data Center Power Supply - In the data center power supply sector, the company has established a series of solutions and products that meet high power and high density supply demands [1] - The company's solutions can enhance energy utilization efficiency in data centers through collaboration with renewable energy and energy storage systems [1] - The high reliability, dynamic response capability, and grid coordination functions of the company's products contribute to the stability and safety of data center power supply [1]

Core Viewpoint - The company is a leading provider of power system solutions, focusing on smart generation, renewable energy, smart grids, new distribution networks, and industrial electricity [1] Group 1: Company Overview - The company specializes in relay protection, automation and control systems, power electronics, integration of primary and secondary systems, and smart IoT products and solutions [1] - The company is actively monitoring developments in AI technology and has strategically planned for its integration into various applications [1] Group 2: AI and Innovation - The company has developed an AI application development plan that includes scenarios such as centralized control systems, distribution network systems, secondary operation and maintenance, and substation monitoring systems [1] - Several AI innovations have been successfully implemented in products and applied in real-world settings, accelerating the smart upgrade of the company's products [1] Group 3: Robotics and Future Plans - The company is researching the application and feasibility of robots in operation and maintenance, as well as exploring their use in new business demands [1] - In the first half of 2025, the company won bids for nearly 200 indoor inspection robots for substations in the field of power equipment operation and maintenance [1] - The company plans to continue increasing investment in AI technology and explore innovative applications of advanced technologies such as machine learning and deep learning in smart grid operations and efficient energy management [1]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 4.02 billion yuan for the first half of 2025, representing a year-on-year increase of 15.6%. The net profit attributable to shareholders was 480 million yuan, up 12.4% year-on-year [2][4]. - The company’s revenue from power plants and industrial automation reached 2.003 billion yuan, a significant increase of 31.3% year-on-year, while revenue from grid automation was 1.726 billion yuan, up 2.2% year-on-year [9]. - The gross margin for the first half of 2025 was 30.52%, a decrease of 2.94 percentage points year-on-year, indicating pressure on the gross profit side [9]. - The company achieved a 60% increase in bid amounts for the State Grid's centralized bidding and a 15% increase for the Southern Grid's framework bidding, ranking among the top in bid scale [9]. Financial Performance - In Q2 2025, the company reported a revenue of 2.19 billion yuan, a year-on-year increase of 13.4%, but the net profit decreased by 3.2% to 230 million yuan [2][4]. - The company’s total revenue is projected to reach 8.305 billion yuan in 2025, with a net profit of 844 million yuan, corresponding to a PE ratio of approximately 17.87 times [14]. - The company’s four expense ratios for the first half of 2025 were 17.60%, a decrease of 1.51 percentage points year-on-year, with reductions in sales, management, and R&D expense ratios [9].

Core Viewpoint - Sifang Co., Ltd. has shown a mixed performance in stock price and financial results, with a notable increase in revenue and net profit year-on-year, while experiencing fluctuations in stock price over recent trading periods [1][2]. Financial Performance - For the first half of 2025, Sifang Co., Ltd. achieved a revenue of 4.02 billion yuan, representing a year-on-year growth of 15.62% [2]. - The net profit attributable to shareholders for the same period was 476 million yuan, reflecting a year-on-year increase of 12.41% [2]. - Cumulatively, the company has distributed a total of 4 billion yuan in dividends since its A-share listing, with 1.599 billion yuan distributed over the past three years [3]. Stock Market Activity - On September 5, Sifang Co., Ltd.'s stock price increased by 2.04%, reaching 17.00 yuan per share, with a trading volume of 165 million yuan and a turnover rate of 1.20% [1]. - The company’s total market capitalization is approximately 14.166 billion yuan [1]. - Year-to-date, the stock price has increased by 4.68%, but it has decreased by 6.13% over the last five trading days and by 1.90% over the last 20 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Sifang Co., Ltd. was 39,600, a decrease of 5.28% from the previous period [2]. - The average number of circulating shares per shareholder increased by 5.57% to 20,686 shares [2]. - Notable changes in the top ten circulating shareholders include a decrease in holdings by Hong Kong Central Clearing Limited and Guangfa Multi-Factor Mixed Fund, while new shareholders include Zhuque Hengxin One-Year Holding and Southern CSI 1000 ETF [3]. Business Overview - Sifang Co., Ltd. specializes in the research, development, production, sales, and technical services of relay protection, grid automation, and power plant automation products [1]. - The company's revenue composition includes 49.82% from power and industrial automation, 42.94% from grid automation, and 7.09% from other sources [1]. - The company operates within the electric equipment industry, specifically in grid automation equipment, and is involved in sectors such as nuclear power, railway infrastructure, military-civil integration, DC transmission, and ultra-high voltage [1].

Summary of Conference Call Records Industry Overview: Power Equipment Key Points on Domestic and International Demand - The acceleration of ultra-high voltage (UHV) project approvals is expected, with multiple AC lines approved in the second half of the year, significantly higher than the first half. The total investment for the Shaanxi to Henan and Nanjing to Sichuan projects exceeds 30 billion yuan [1] - The investment budget for distribution networks is projected to grow by approximately 5% in 2025, focusing on smart technology, replacement of old equipment, and energy-saving renovations. Investment in grid intelligence is expected to increase by 60% year-on-year [1][5] - The European power market is seeing substantial investment in grid upgrades, with the EU planning to invest 584 billion euros by 2030, with one-third for transmission and two-thirds for distribution [1][7] Core Insights and Arguments - The approval of UHV projects is expected to increase from 2-3 AC lines in 2024 to 4-5 in 2025, indicating a significant growth trajectory [4] - The regional joint procurement in the distribution network sector has pressured the gross margins of leading companies by about 10 percentage points, but it has also increased market share for companies like XJ Electric, Samsung Medical, and Oriental Electronics [5] - The demand for low-voltage transformers and UHV equipment in Europe is rising, with Chinese manufacturers having advantages in conversion efficiency and power density [8] Company-Specific Developments - **Pinggao Electric**: New order growth of approximately 15% in the first half of 2025, with a significant increase in UHV GIS delivery expected from 2026 [11] - **China XD Electric**: Improved gross margins through cost management, with a projected delivery of 30-40 billion yuan in UHV projects for the year [12] - **XJ Electric**: Anticipates a significant increase in delivery volume for UHV products in 2026, with current orders exceeding 3 billion yuan [13] - **Siyuan Electric**: Actively expanding in the North American data center market, with a projected net profit growth of about 30% for 2025 [15] - **Samsung Medical**: Achieved a 124% year-on-year increase in overseas distribution network orders, with a projected net profit growth of 10-15% [16] - **Huaming Equipment**: European market contributes 50% of overseas revenue, with a projected net profit growth of about 15% [17] - **Guodian NARI**: Strong performance in the low-carbon energy sector, with expected revenue growth of 14-15% [18] - **Sifang Co.**: Domestic business exceeded expectations, with a 15% growth in main network orders [19] Other Important Insights - The focus on smart grid investments is expected to reshape the competitive landscape in the distribution network sector, benefiting leading companies in the medium term [5] - The North American market is experiencing tight supply for transformers and switches, creating significant opportunities for domestic companies [9] - The overall trend in the power equipment industry indicates a shift towards intelligent and sustainable solutions, aligning with global energy transition goals [10]