Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the electric power equipment industry, focusing on domestic and overseas market dynamics, investment trends, and company performance. Key Points Impact of Tariffs - Some companies, such as Dongfang Electric and Sifang Electric, have minimal business exposure in the U.S., making the impact of tariffs on their overall performance negligible [1][31] - The fluctuations in the electric power equipment sector due to tariffs are considered a setback rather than a significant risk [32] Domestic Market Conditions - The domestic market is experiencing high investment growth, with State Grid's investment in the first quarter showing a year-on-year increase of 28% [2] - The high investment growth is attributed to both the continuation of last year's investment momentum and a low base from the previous year [2][3] - For the entire year, State Grid's fixed asset investment growth is expected to remain high at around 12% [2][3] Overseas Market Opportunities - The overseas market, particularly in Southeast Asia and Africa, presents significant growth potential [3] - The Middle East, especially Saudi Arabia, is highlighted as a key market with substantial investment plans, including a seven-year investment plan of 950 billion RMB [4] Investment Trends in Specific Sectors - The ultra-high voltage (UHV) sector is projected to see rapid growth, with a first-quarter investment of nearly 20% growth and a total investment of around 20 billion RMB [5][6] - The company plans to initiate multiple UHV projects, including six DC and five AC lines, with significant progress expected in the second quarter [6][7] Company Performance and Financial Metrics - Companies in the sector are expected to see a 40% increase in profits, with specific companies like Pinggao Electric and Xuji Electric projected to achieve similar growth rates [11][16][18] - The overall profitability of the power equipment sector is improving, with companies focusing on cost management and efficiency [14][10] New Business Opportunities - New business segments, such as the replacement of components in UHV stations and the development of infrastructure for hydropower transmission, are expected to contribute to revenue growth [12][13] - The company is also focusing on enhancing its product offerings and expanding into new markets, particularly in Europe and the Middle East [31][32] Valuation and Investment Recommendations - The current valuations of key companies in the sector are considered low, with some trading at around 16-18 times earnings, suggesting potential for upside [16][30] - The overall sentiment is positive, with recommendations to invest in the electric power equipment sector due to its high growth potential and low valuations [32] Additional Insights - The conference highlighted the importance of strategic management in improving profit margins and operational efficiency [14] - There is a notable shift towards domestic production capabilities, reducing reliance on foreign technology and products [9][10] - The company is actively pursuing international certifications to facilitate market entry in regions like South America and the Middle East [21][23] This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the electric power equipment industry's current landscape and future prospects.

证券代码：601126 证券简称：四方股份 公告编号：2025-017 北京四方继保自动化股份有限公司 关于召开 2024 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个别及连带责任。 投资者可于 2025 年 4 月 15 日 （星期二） 至 4 月 21 日 （星 期一）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 3 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 年年度报告》。为便于广大投资者更全 面深入地了解公司 2024 年度经营成果、财务状况，公司计划于 2025 年 4 月 22 日 （星期二） 15:00-16:30 举行 2024 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 4 月 22 日 （星期二） 15:0 ...

Core Viewpoint - The "Good Guest Shandong • Qilu No. 1" tourist train, launched on April 10, represents a new initiative in integrating tourism and rail services, aiming to enhance cultural tourism and service consumption in Shandong province [3][6]. Group 1: Train Features and Design - The train is the first provincial government-led integrated tourism train in China, designed to enhance service consumption and promote cultural tourism [3][6]. - It consists of 15 carriages, including multifunctional cars, dining cars, hard seat cars, hard sleeper cars, soft sleeper cars, and a generator car, catering to various travel needs [3][4]. - The train incorporates numerous design elements from high-speed trains, such as upgraded LED lighting, hidden curtains, and modernized washrooms, improving passenger comfort and aesthetics [4][5]. Group 2: Target Audience and Services - The train features age-friendly designs, including handrails and non-slip surfaces, to accommodate elderly passengers [4][5]. - It offers a one-stop service that includes dining, accommodation, and entertainment, with specialized areas for families, couples, and seniors [5]. - The dining experience is enhanced with themed dining cars showcasing local cuisine, allowing passengers to enjoy Shandong's culinary offerings [5]. Group 3: Cultural Integration and Routes - The train's design reflects Shandong's cultural elements, with a theme that showcases the province's natural and historical features [5]. - It operates on three tourist routes covering 11 cities and 22 stations in Shandong, linking over 200 scenic spots, and offers combined ticket discounts for better tourist experiences [5][6]. - The initiative aims to create new consumption scenarios in cultural tourism, meeting diverse traveler needs and promoting high-quality service consumption [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in 2024 met expectations, with a revenue of 6.951 billion yuan, a year-on-year increase of 20.9%, and a net profit attributable to shareholders of 716 million yuan, up 14.1% year-on-year [5][6] - The company has successfully entered new business areas, including significant projects in the renewable energy sector and advancements in AI applications [5][6] - The company is well-positioned in the market, maintaining a strong order reserve and optimizing operational quality, which supports future performance growth [5][6] Financial Performance Summary - Revenue for 2024 is projected at 6.951 billion yuan, with a year-on-year growth of 20.9% [6] - The net profit for 2024 is expected to be 716 million yuan, reflecting a 14.1% increase year-on-year [6] - The gross margin is projected to be 32.3% for 2024, slightly down from 34.4% in 2023 [6] - The company anticipates net profits of 862 million yuan, 1.012 billion yuan, and 1.168 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.03, 1.21, and 1.40 yuan per share [5][6] Business Development Summary - The company has made significant strides in the renewable energy sector, winning major contracts for offshore wind projects and participating in national energy strategies [5][6] - The company is also advancing in AI technology, developing models for various operational scenarios [5][6] - The international business segment has shown growth, with revenue from overseas operations increasing by 32.59% year-on-year [5][6]

在AI 应用及设备两端加大布局。1）报告期公司已有IDC 相关的订单及收入，此前偏重控制保护。aIDC 项目容量更大，后续在电源方案、能耗功率优化方面的可为空间更大，有望打开新局面。2）应用层 面，公司增设人工智能工作室，研发覆盖电力领域多业务场景的四方AI 大模型矩阵，已成功应用于特 高压智能巡视、负荷预测与调度优化、运检等场景，推动电力产业数智化升级。 新增长在孕育中，海外市场取得进展。围绕历史业务的沉淀和积累，公司有几类业务的培育和拓展，部 分已经开始有贡献，可能成为比较重要的利润的增长点：a)系统稳定相关的安稳控制、调相机业务，壁 垒高、规模小、仅几家参与方，公司一直是核心供应商。新能源与电力电子器件的大量应用，可能促使 这些业务需求出现比较大的增长。b)包括储能PCS、电能质量、调频等电力电子业务。c)公司较早开始 设立子公司，结合公司二次优势发展一二次融合的配网设备，目前已有一定规模。d)网外与海外业务， 公司在发电厂自动化控制领域有竞争力，新能源配套业务、工商业企业、海外业务都在布局和投入，并 都已经有一定业务量。 投资建议：预测2025 年公司实现归上净利润8.5 亿，维持强烈推荐评级。 公司 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company achieved a revenue of 6.951 billion yuan in 2024, representing a year-on-year growth of 20.86%, and a net profit attributable to shareholders of 716 million yuan, up 14.09% year-on-year [1]. - The company is actively expanding its business in both grid automation and industrial automation sectors, with significant projects in the renewable energy market [2][3]. - The company has successfully participated in major projects, including offshore wind power expansions and advanced grid equipment, which are expected to contribute to long-term growth [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 6.951 billion yuan, a 20.86% increase from the previous year, and a net profit of 716 million yuan, reflecting a 14.09% growth [1]. - The fourth quarter of 2024 saw a revenue of 1.858 billion yuan, a 22.66% increase year-on-year, but a 42.63% decrease quarter-on-quarter [1]. Business Segments - The grid automation business generated 3.309 billion yuan in revenue, a 13.18% increase, while the gross margin slightly decreased to 41.54% [2]. - The industrial automation sector achieved 3.122 billion yuan in revenue, marking a 25.35% growth, with a gross margin of 25.48% [2]. Future Projections - The company forecasts net profits of 869 million yuan, 1.002 billion yuan, and 1.130 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.04 yuan, 1.20 yuan, and 1.36 yuan [4][5]. - The report anticipates a steady growth trajectory with a projected revenue increase of 21.36% in 2025 and 15.43% in 2026 [5]. Valuation Metrics - The current stock price corresponds to a P/E ratio of 16 for 2025, 14 for 2026, and 13 for 2027, indicating a favorable valuation compared to expected earnings growth [4][5].

Core Viewpoint - The article highlights the significant growth in the electrochemical energy storage sector in China, with a notable increase in installed capacity and the emergence of independent storage systems as a key driver of this growth [1][2]. Group 1: Installed Capacity - In 2024, 515 new energy storage stations were put into operation, totaling 37.13 GW/90.51 GWh, representing a year-on-year growth of over 100% [9]. - The cumulative operational capacity by the end of 2024 reached 62.13 GW/141.37 GWh, accounting for 1.86% of the total installed capacity of the national power supply [9][12]. - Independent storage systems saw the most rapid growth, with an additional 23.22 GW installed in 2024, a year-on-year increase of over 150%, making up 63% of the total new installations [12][19]. Group 2: Distribution by Application - By the end of 2024, independent storage systems had a cumulative operational capacity of 34.58 GW, primarily distributed across provinces such as Shandong, Jiangsu, and Ningxia, each with over 2 GW [12][13]. - New energy storage systems had a cumulative operational capacity of 24.23 GW, mainly in Xinjiang, Inner Mongolia, and Gansu, with each province exceeding 1 GW [12][13]. Group 3: Company Distribution - The top five battery manufacturers by installed capacity include CATL, BYD, and EVE Energy, with a total energy capacity of 33.89 GWh, accounting for 69.59% of the market [34]. - The top five BMS manufacturers include GOTECH Electronics and BYD, with a total energy capacity of 27.31 GWh, representing 56.08% of the market [34]. - The top five PCS manufacturers include Sungrow Power Supply and Kehua Data, with a total power of 12.55 GW, making up 54.18% of the market [34]. Group 4: Energy Efficiency - In 2024, the average conversion efficiency of electrochemical energy storage systems was 88.75%, with a total charging energy of 8,991 GWh and total discharging energy of 7,980 GWh [48]. - The average comprehensive efficiency for grid-side storage was 81.71%, with a total net energy delivered to the grid of 174,679 GWh [48][49]. Group 5: Reliability - The overall reliability of electrochemical energy storage stations in 2024 was good, with a usable coefficient of 0.98 and no major safety incidents reported [53]. - Non-planned outages accounted for over 75% of the total outages, primarily due to issues with key equipment and system integration [53].

四方股份（601126.SH）2024 年年报点评 业绩稳健增长，新布局贡献增量 2025 年 03 月 31 日 ➢ 事件：2025 年 3 月 30 日，公司发布 2024 年年报。2024 年公司实现营业 收入 69.51 亿元，同比+20.86%；实现归母净利润 7.16 亿元，同比+14.09%； 实现扣非净利润 6.98 亿元，同比+11.98%。单 24Q4 ，公司实现营业收入 18.58 亿元，同比+22.66%；实现归母净利润 1.06 亿元，同比+0.63%；实现扣非净利 润 1.04 亿元，同比-0.77%。同时，公司每 10 股派发现金 7.2 元（含税），分红 总金额 6 亿，股利支付率 84%。 | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 17.00 元 | [Table_Author] | 分析师 邓永康 | | --- | | 执业证书： S0100521100006 | | 邮箱： dengyongkang@mszq.com | | 分析师 李佳 | | 执业证书： S0100523120002 | | 邮箱： lijia@mszq.com | ...

事件：2025 年3 月30 日，公司发布2024 年年报。2024 年公司实现营业收入69.51 亿元，同比+20.86%； 实现归母净利润7.16 亿元，同比+14.09%；实现扣非净利润6.98 亿元，同比+11.98%。单24Q4 ，公司实 现营业收入18.58亿元，同比+22.66%；实现归母净利润1.06 亿元，同比+0.63%；实现扣非净利润1.04 亿元，同比-0.77%。同时，公司每10 股派发现金7.2 元（含税），分红总金额6 亿，股利支付率84%。 业绩稳步增长，网外、海外业务贡献突出。分行业来看，24 年公司电网自动化业务实现收入33.09 亿 元，同比+13.18%；毛利率41.54%，同比基本持平，行业地位稳固。电厂及工业自动化业务实现收入 31.22 亿元，同比+25.35%；毛利率25.48%，同比-2Pcts。此外，公司积极推进国际化发展战略，持续扎 根东南亚、非洲等海外市场，加强海外本地化策略，24 年公司海外业务维持较高增速，实现收入2.12 亿元，同比+32.59%，毛利率32.41%，同比-3Pcts。 费用率持续改善，合同资产、合同负债同比高增。受合同结构变化，2 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company has demonstrated stable revenue growth, achieving an operating income of 6.951 billion yuan in 2024, a year-on-year increase of 20.86%, and a net profit attributable to shareholders of 716 million yuan, up 14.09% year-on-year [4][5] - The company has a strong commitment to high dividend payouts, with a proposed cash dividend of 600 million yuan for 2024, representing approximately 83.86% of the net profit attributable to shareholders [5] - The company is actively expanding its international market presence, particularly in Southeast Asia and Africa, while also exploring opportunities in Europe and the United States [6][7] Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 69.51 billion yuan, with a breakdown showing 33.09 billion yuan from grid automation (up 13.18%) and 31.22 billion yuan from non-grid automation (up 25.35%) [5] - The company forecasts revenue growth for 2025-2027, with expected revenues of 84.15 billion yuan, 101.81 billion yuan, and 122.69 billion yuan respectively [8][10] Business Segments - The grid automation business remains robust, with the company holding a leading market share in relay protection products [6] - The non-grid business is also growing rapidly, particularly in the renewable energy sector, with revenues from this segment reaching 20.3 billion yuan, a 28% increase [5] International Expansion - The company is focusing on international market development, with plans to increase resource allocation for overseas operations in 2025 [6][7] - The company has obtained international certifications for several products, enhancing its competitiveness in global markets [7] Earnings Forecast - The earnings per share (EPS) are projected to be 1.01 yuan in 2025, 1.19 yuan in 2026, and 1.37 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 16.8, 14.3, and 12.4 [8][10]