Core Viewpoint - The article highlights the increasing focus of brokerage firms on various sectors, particularly electronics, pharmaceuticals, non-ferrous metals, and defense industries, with significant changes in stock ratings and research activities since May. Group 1: Brokerage Research Focus - Brokerage firms have conducted research on over 670 listed companies since May, with high attention on sectors like electronics, pharmaceuticals, and non-ferrous metals, as well as a notable rise in interest in the defense industry [1][5][7]. - The electronics sector has seen over 90 companies researched, with firms like Anji Technology and Huanxun Technology receiving attention from more than 25 brokerages [4][5]. - The pharmaceutical sector has also gained traction, with nearly 60 companies being researched, including Huadong Medicine and Sunlight Nuohe, which are focusing on innovative drug pipelines [5][6]. Group 2: Stock Rating Adjustments - Since May, nearly 50 stocks have had their ratings changed, with 17 stocks being upgraded, such as Sifang Co. and Weicai Technology, indicating a positive outlook on their business developments [2][10]. - Conversely, over 30 stocks have seen downgrades, including Wentai Technology and Tongwei Co., due to concerns over profitability and market conditions affecting their respective sectors [2][11]. - The adjustments in ratings reflect a dynamic response to market conditions and company performance, with analysts actively reassessing their forecasts [10][11].

Core Viewpoint - The company Sifang Co., Ltd. is experiencing steady growth in its main business, with potential incremental growth from overseas expansion and data center services, leading to a "buy" rating from Tianfeng Securities [1]. Financial Performance - In 2024, the company achieved a total revenue of 6.951 billion yuan, representing a year-over-year increase of 20.86%, with a net profit of 716 million yuan, up 14.09% year-over-year [2]. - For Q1 2025, the company reported revenue of 1.828 billion yuan, a year-over-year increase of 18.34%, and a net profit of 241 million yuan, up 33.38% year-over-year [2]. Business Segmentation - **Grid Automation**: In 2024, revenue reached 3.309 billion yuan, with a year-over-year growth of 13.18% and a gross margin of 41.54% [3]. - **Power Plant and Industrial Automation**: In 2024, revenue was 3.122 billion yuan, reflecting a year-over-year increase of 25.35%, with a gross margin of 25.48% [4]. Growth Outlook - The company plans to expand its main business by targeting industry users and regional distribution markets, focusing on high-quality development in new energy and storage [5]. - **Overseas Expansion**: The company aims to strengthen its presence in Southeast Asia and Africa, enhancing local market capabilities and expanding product offerings [5]. - **Data Center Services**: The company continues to provide core telecommunications equipment for major domestic data center projects, integrating advanced protective equipment and innovative green computing solutions [5]. Profit Forecast - Based on the company's performance in 2024 and Q1 2025, revenue forecasts for 2025-2027 have been adjusted to 8.22 billion, 9.43 billion, and 10.75 billion yuan, respectively, with net profit forecasts of 860 million, 990 million, and 1.15 billion yuan [6].

Investment Rating - The investment rating for the company is upgraded to "Buy" with a target price reflecting a potential return of over 20% within the next six months [6][16]. Core Insights - The company has shown steady revenue growth, achieving a total revenue of 6.95 billion yuan in 2024, representing a year-over-year increase of 20.86%. The net profit attributable to the parent company reached 715.59 million yuan, up 14.09% year-over-year [1]. - The company is expected to continue its robust growth trajectory, with revenue projections for 2025 set at 8.22 billion yuan, reflecting an 18.29% growth rate [4]. Summary by Sections Business Performance - In 2024, the company achieved revenue of 6.95 billion yuan, with a net profit of 715.59 million yuan and a gross margin of 32.33%, which is a slight decrease of 2.11 percentage points year-over-year [1]. - The first quarter of 2025 saw revenue of 1.83 billion yuan, a year-over-year increase of 18.34%, and a net profit of 241 million yuan, up 33.38% year-over-year [1]. Business Segmentation - The company’s revenue from grid automation in 2024 was 3.31 billion yuan, a year-over-year increase of 13.18%, with a gross margin of 41.54% [2]. - Revenue from power plant and industrial automation reached 3.12 billion yuan, marking a 25.35% increase year-over-year, with a gross margin of 25.48% [2]. Future Outlook - The company plans to expand its core business by targeting industry users and regional distribution markets, focusing on high-quality development in renewable energy and energy storage [3]. - The company aims to enhance its international presence, particularly in Southeast Asia and Africa, by strengthening local market strategies and expanding its product offerings [3]. - The data center segment is expected to contribute to growth, with the company providing core telecommunications equipment for major domestic data center projects [3]. Financial Forecast - Revenue forecasts for 2025, 2026, and 2027 are adjusted to 8.22 billion yuan, 9.43 billion yuan, and 10.75 billion yuan, respectively, with net profit projections of 856.96 million yuan, 993.13 million yuan, and 1.15 billion yuan [4]. - The company’s valuation is projected at 16X, 13X, and 12X PE for the years 2025, 2026, and 2027, respectively [4].

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - Domestic and international cloud service providers have significantly increased capital expenditures in Q1, indicating a rising investment sentiment in the domestic power grid [4] - The power equipment capacity can reach 3-5 times that of computing chips, with the supply and distribution market expected to reach 73 billion yuan by 2026 [4] - The AIDC power equipment sector has seen a general increase in stock prices, with lead-acid batteries, HVDC, and UPS showing the highest gains [4] - The industry is characterized by a long power transmission chain, with global giants like Eaton and Schneider having established strong product lines and solution capabilities, while domestic companies are gaining competitive advantages [4] - The year 2025 is anticipated to be a pivotal year for AIDC construction, with significant capital expenditures expected from major cloud providers [4] Summary by Sections AIDC Power Equipment - Major cloud companies like Tencent and Alibaba have ramped up their AI computing infrastructure investments, with Tencent's capital expenditure reaching 27.48 billion yuan, up 91% year-on-year, and Alibaba's at 24.612 billion yuan, up 121% [4][16] - The global data center's IT load is projected to grow significantly, with a compound annual growth rate (CAGR) of 48% from 2024 to 2026 [4] - The AIDC power equipment sector is expected to benefit from the increasing demand for power supply equipment, including transformers and UPS systems [4] Grid Industry - In March 2025, the national power engineering investment reached 56.9 billion yuan, a decrease of 5.7% year-on-year, while the grid engineering investment was 52 billion yuan, an increase of 18.4% year-on-year [30] - The National Grid's investment in ultra-high voltage equipment is expected to see significant growth in 2025, with a projected annual investment exceeding 650 billion yuan [4] - The bidding results for the National Grid's transmission and transformation equipment show a total bid amount of 17.636 billion yuan, an increase of 12.7% year-on-year [60]

Company Overview - Beijing Sifang Automation Co., Ltd. was established in 1994 and is primarily engaged in the manufacturing of computers, communications, and other electronic equipment with a registered capital of 832.251 million RMB [2] - Beijing Sifang Jibao Engineering Technology Co., Ltd. was founded in 2003 and focuses on the manufacturing of instruments and meters with a registered capital of 1.05 billion RMB [2] Patent Application - Beijing Sifang Jibao Engineering Technology Co., Ltd. applied for a patent titled "A Method for Automatic Identification of Multi-Bus CT Disconnection and Relay Protection Device," with publication number CN119994780A, on January 2025 [1] - The patent describes a method that includes obtaining multidimensional interval data models from each section within a station, creating a bus-interval two-dimensional grid map, and processing the grid map to identify isolation zones and calculate differential protection currents [1] - This invention aims to effectively identify various types of CT disconnections faced by relay protection devices and accurately locate the specific position of CT disconnections, enhancing the accuracy of CT disconnection judgment in complex bus structures [1] Investment and Business Activities - Beijing Sifang Jibao Engineering Technology Co., Ltd. has made investments in 5 companies and participated in 5,000 bidding projects, holding 792 patents and 13 administrative licenses [2] - Beijing Sifang Automation Co., Ltd. has invested in 21 companies, also participated in 5,000 bidding projects, and holds 1,674 patents along with 42 trademark registrations and 19 administrative licenses [2]

Core Viewpoint - Beijing Sifang Automation Co., Ltd. announced a cash dividend distribution of 0.72 CNY per share for the fiscal year 2024, totaling approximately 599.95 million CNY, which was approved at the annual shareholders' meeting on May 8, 2025 [1][2]. Summary by Sections Dividend Distribution - The cash dividend of 0.72 CNY per share is based on a total share capital of 833,268,000 shares [2]. - The total cash dividend distribution amounts to 599,952,960 CNY (including tax) [2]. Relevant Dates - The key dates for the dividend distribution are as follows: - Shareholding registration date: May 21, 2025 - Last trading date: May 22, 2025 - Ex-dividend date: May 22, 2025 - Payment date: May 22, 2025 [1][2]. Distribution Implementation - Cash dividends for shareholders with unrestricted circulating shares will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch [2]. - Shareholders who have not completed designated transactions will have their dividends held by the China Securities Depository and Clearing Corporation until the transactions are completed [2]. Taxation Policies - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax, resulting in an actual cash dividend of 0.72 CNY per share [3][5]. - For shares held for less than one year, the tax will be calculated upon transfer of the shares, with the tax amount deducted from the shareholder's account [3][5]. - For qualified foreign institutional investors (QFII), tax obligations will be determined based on applicable tax agreements [5][6].

证券代码：601126 证券简称：四方股份 公告编号：2025-031 北京四方继保自动化股份有限公司2024年年度权益分 派实施公告 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： 每股分配比例： A 股每股现金红利0.72元 相关日期： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利 | | --- | --- | --- | --- | --- | | | | | | 发放日 | | Ａ股 | 2025/5/21 | － | 2025/5/22 | 2025/5/22 | 差异化分红送转：否 一、 通过分配方案的股东会届次和日期 1. 发放年度：2024年年度 2. 分派对象： 3. 分配方案： 本次利润分配以方案实施前的公司总股本833,268,000股为基数，每股派发现 金红利0.72元（含税），共计派发现金红利599,952,960元（含税）。 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利 | | --- | --- | ...

Investment Rating - The report maintains a "Recommendation" rating for the power transmission and transformation equipment industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [28][29]. Core Insights - The total winning bid amount for the 2025 National Grid's 23rd batch procurement of power transmission and transformation equipment is 17.636 billion yuan, representing a year-on-year increase of 12.7% compared to the same batch in 2024 [5][6]. - Key equipment categories show varied performance: - Switchgear: 1.704 billion yuan, up 24.2% year-on-year - Power transformers: 4.129 billion yuan, down 2.19% year-on-year - Power cables: 1.647 billion yuan, up 2.26% year-on-year - Relay protection and substation computer monitoring systems: 1.520 billion yuan, up 45.97% year-on-year [6][7]. Summary by Category Winning Bid Overview - The total winning bid amount for the 2025 procurement is 17.636 billion yuan, with a breakdown as follows: - Combination electrical devices: 4.133 billion yuan, up 33.6% year-on-year - Transformers: 4.129 billion yuan, down 2.19% year-on-year - Switchgear: 1.704 billion yuan, up 24.2% year-on-year - Power cables: 1.647 billion yuan, up 2.26% year-on-year - Relay protection and monitoring systems: 1.520 billion yuan, up 45.97% year-on-year [6][7][8]. Key Equipment Winning Shares - Combination electrical devices: - Total winning amount: 4.133 billion yuan - Leading companies: Pinggao Electric (32.7%), Siyi Electric (18.6%), China West Electric (15.7%) [8][9]. - Transformers: - Total winning amount: 4.129 billion yuan - Leading companies: TBEA (23.8%), Shandong Electric (18.1%), Baobian Electric (9.8%) [8][9]. - Power cables: - Total winning amount: 1.647 billion yuan - Leading companies: Hengtong Optic-Electric (13.3%), TBEA (8.8%), Zhongtian Technology (7.6%) [9][10]. - Switchgear: - Total winning amount: 1.704 billion yuan - Leading companies: Pinggao Electric (8.8%), Shandong Taikai (7.9%), Teradyne (5.7%) [9][10]. - Relay protection and monitoring systems: - Total winning amount: 1.520 billion yuan - Leading companies: Guodian NARI (34.8%), Sifang Co. (15.4%), Changyuan Group (12.7%) [10][11].

Group 1 - Beijing Sifang Automation Co., Ltd. and Beijing Sifang Engineering Technology Co., Ltd. have applied for a patent titled "A Method for Building an Electromagnetic Transient Equivalent Model of Wind Turbines Reflecting Energy Balance Transfer" [1] - The patent aims to accurately reflect the energy balance transfer process from wind energy captured by the turbine blades to electrical energy, enhancing simulation efficiency while ensuring accuracy [1] - The method includes controlled current source modules and controlled voltage source modules to describe energy transfer processes, and it determines the fundamental frequency amplitude based on wind turbine control strategies [1] Group 2 - Beijing Sifang Automation Co., Ltd. was established in 1994, located in Beijing, with a registered capital of 832.251 million RMB, primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has invested in 21 enterprises, participated in 5,000 bidding projects, and holds 1,662 patents along with 42 trademark registrations [2] - Beijing Sifang Engineering Technology Co., Ltd. was founded in 2003, also located in Beijing, with a registered capital of 1,050 million RMB, focusing on the manufacturing of instruments and meters [2] - This company has invested in 5 enterprises, participated in 5,000 bidding projects, and holds 779 patents along with 13 administrative licenses [2]

一、公司第八届董事会组成情况 董事长：高秀环女士 非独立董事：刘志超先生、张涛先生、祝朝晖先生、赵志勇先生 证券代码：601126 证券简称：四方股份 公告编号：2025-030 北京四方继保自动化股份有限公司 关于董事会完成换届选举及聘任高级管理人员、证券 事务代表的公告 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2025年5月8日召开 2024年年度股东会，审议通过《关于选举公司第八届非独立董事的议案》和《关 于选举公司第八届独立董事的议案》；召开四方公司第五届职工代表大会第十四 次会议，审议通过《关于选举公司职工董事的议题》。同日，经全体董事一致同 意豁免会议通知时效要求，并在四方大厦第一会议室以现场方式召开第八届董事 会第一次会议，审议通过《关于选举公司第八届董事会董事长的议案》《关于公 司第八届董事会各专门委员会人员组成的议案》《关于聘任公司高级管理人员的 议案》《关于聘任公司证券事务代表的议案》。现将具体情况说明如下： 职工董事：郗沭阳先生 独立董事： ...