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 年第三季度） 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 | | | 新华资产、泰康基金、朱雀基金、中邮基金、招商基金、长江 | | | 养老、涌泉资本、银华基金、嘉实基金、兴全基金、太平养 | | 参与机构 | 老、汐泰投资、泉果基金、平安基金、摩根基金等 100 + 家机 | | | 构投资者 | | 地点 | 公司会议室、各策略会现场、线上会议等 | | 上市公司 | 董事会秘书、证券事务代表 | | --- | --- | |------------|-- ...

证券代码：601126 证券简称：四方股份 公告编号：2024-037 同日，公司召开第七届监事会第七次会议，审议通过了《关于公司<启航 2 号限制性股票激励计划（草案）>及其摘要的议案》《关于公司<启航 2 号限制性 限制性股票预留授予登记日：2024 年 9 月 23 日 限制性股票预留授予登记数量：132.50 万股 股票激励计划实施考核管理办法>的议案》《关于核实公司<启航 2 号限制性股票 激励计划首次授予激励对象名单>的议案》。 北京四方继保自动化股份有限公司 关于启航 2 号限制性股票激励计划预留授予限制性 股票登记完成的公告 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。 重要内容提示： 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、上 海证券交易所、中国证券登记结算有限责任公司上海分公司有关规定，北京四 方继保自动化股份有限公司（以下简称"公司"或"本公司"）现已完成《北 京四方继保自动化股份有限公司启航2号限制性股票激励计划（草案）》（以下 简称"《激励计划》"、"本激励计划"）限制性 ...

证券代码：601126 证券简称：四方股份 公告编号：2024-038 北京四方继保自动化股份有限公司关于控股股东、实际控 制人合计持股比例因被动稀释超过 1%的提示性公告 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。 重要内容提示： 本次权益变动系公司实施启航 2 号限制性股票激励计划向激励对象授予 限制性股票导致股本增加，公司控股股东、实际控制人持有的总股份数量不变， 总持股比例由 44.43%被动稀释为 43.35%，累计减少超过 1%，不涉及要约收购。 本次权益变动不会导致公司控股股东及实际控制人发生变化。 一、 本次权益变动基本情况 经北京四方继保自动化股份有限公司（以下简称"公司"）2023 年第一次临 时股东大会审议通过，公司实施了启航 2 号限制性股票激励计划，授予限制性股 票共计 2028.9 万股，并于 2024 年 9 月在中国证券登记结算有限责任公司上海分 公司全部完成登记手续，公司总股本由 813,172,000 股变为 833,461,000 股。 北京四方继保自动化股份有限公司董事会 特此 ...

证券代码：601126 证券简称：四方股份 公告编号：2024-036 北京四方继保自动化股份有限公司 关于召开 2024 年半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法律责任。 重要内容提示： （网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 三、参加人员 刘志超 董事、总裁 投资者可于2024 年9 月6 日(星期五) 至9月12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 2024 年 8 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 年半年度报告》。为便于广大投资 者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司 计划于 2024 年 9 月 13 日 上午 10:00- ...

Investment Rating - Buy (Maintained) [1][2] Core Views - The company's 24H1 performance met expectations, with revenue reaching 3.477 billion yuan, a year-on-year increase of 21.18%, and net profit attributable to the parent company of 424 million yuan, a year-on-year increase of 19.24% [1] - The company continues to expand its market share in grid automation and power plant & industrial automation, with grid automation revenue reaching 1.689 billion yuan, a year-on-year increase of 11.58%, and power plant & industrial automation revenue reaching 1.526 billion yuan, a year-on-year increase of 24.89% [1] - The company has made significant breakthroughs in the new energy and energy storage markets, securing multiple projects in wind and solar power, as well as energy storage systems, which are expected to drive medium to long-term growth [2] Financial Performance - Revenue for 24H1 was 3.477 billion yuan, with a net profit attributable to the parent company of 424 million yuan [1] - Q2 revenue was 1.932 billion yuan, a year-on-year increase of 14.20%, with a net profit attributable to the parent company of 243 million yuan, a year-on-year increase of 13.71% and a quarter-on-quarter increase of 33.96% [1] - The company's EPS for 24-26 is forecasted to be 0.89/1.04/1.20 yuan, with a PE ratio of 19/16/14 times for the same period [2] Market Expansion - The company has secured multiple projects in grid automation, including the 500kV transmission and transformation project in Inner Mongolia and the 1000kV ultra-high voltage project in North China [1] - In the new energy sector, the company has won bids for several wind and solar power projects, including the Guangdong Datang Lemen offshore wind power expansion project and the Tianjin Jinghai Zhongwang 2GW photovoltaic project [2] - The company has also made progress in energy storage, with projects such as the 100MWh independent energy storage station at the Blue Sky Power Plant and the 44MW/40MWh thermal storage joint frequency modulation station at the Ninghai Power Plant [2] Financial Projections - The company's revenue is expected to grow from 5.078 billion yuan in 2022 to 8.658 billion yuan in 2026, with a CAGR of 13.09% [3] - Net profit attributable to the parent company is projected to increase from 543 million yuan in 2022 to 1.002 billion yuan in 2026, with a CAGR of 15.27% [3] - ROE (diluted) is expected to rise from 13.43% in 2022 to 19.82% in 2026 [3] Valuation Metrics - The company's current PE ratio is 19 times for 2024, 16 times for 2025, and 14 times for 2026 [2] - The PB ratio is 3.3 times for 2022 and 2023, decreasing to 2.7 times by 2026 [3] - The EV/EBITDA ratio is expected to decline from 18.4 times in 2022 to 9.8 times in 2026 [6]

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|------------------|----------------------------------------|--------------------------|----------------------------| | 2024 年 09 月 03 日 \n四方股份（ 601126.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | 电力设备及新能源 \| | 电力电子及自动化Ⅲ | | | 24H1 业绩稳健增长，持续受益新型电力系统建 | 投资评级 | | 买入 -A( | 维持) | | 设 | 股价 | (2024-09-02) | | 16.64 元 | | | 交易数据 | | | | | 投资要点 | 总市值（百万元） | | | 13,846.74 ...

Investment Rating - The report upgrades the investment rating to "Accumulate" from "Cautious Accumulate" [3][4]. Core Views - The company's H1 2024 performance meets expectations, with rapid growth in the distribution network segment and stable performance in the main network business [3][4]. - The target price for 2025 is set at 21.89 yuan, reflecting a valuation of approximately 21.02x PE for 2025 [4]. Financial Performance Summary - In H1 2024, the company achieved revenue of 3.477 billion yuan, a year-on-year increase of 21.18%, and a net profit attributable to shareholders of 424 million yuan, up 19.24% year-on-year [4]. - The company’s main network business generated revenue of 1.38 billion yuan, a year-on-year increase of 8.2%, while the distribution network segment saw revenue of 310 million yuan, a year-on-year increase of 30% [4]. - The company’s sales, management, and R&D expense ratios were 6.69%, 4.20%, and 9.22%, respectively [4]. Business Segment Performance - The renewable energy business showed significant growth, with revenue from the generation side reaching 1.31 billion yuan, up 13.5% year-on-year, and the energy storage segment revenue doubling to 250 million yuan [4]. - New orders in the renewable energy sector increased by 60% year-on-year, benefiting from the rapid development of clean energy [4]. Market Data - The company's market capitalization is 13.797 billion yuan, with a total share capital of 832 million shares [5]. - The stock price has ranged between 12.77 yuan and 19.96 yuan over the past 52 weeks [5]. Financial Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 6.784 billion yuan, 7.927 billion yuan, and 9.149 billion yuan, respectively, with corresponding net profits of 728 million yuan, 866 million yuan, and 1.034 billion yuan [10]. - The EPS forecasts for 2024, 2025, and 2026 are 0.87 yuan, 1.04 yuan, and 1.24 yuan, respectively [10].

Investment Rating - The report maintains a "Recommend" rating for the company [2][4] Core Views - The company's H1 2024 performance met expectations, with revenue reaching 3.477 billion yuan, a YoY increase of 21.18%, and net profit attributable to the parent company of 424 million yuan, a YoY increase of 19.24% [1] - The company's secondary equipment products have steadily increased their market share across various application fields, including smart grid, smart power generation, and smart power consumption [2] - The company is expected to benefit from the construction of new power systems, with both domestic and international businesses experiencing rapid growth [2] Financial Performance - In H1 2024, the company's gross margin was 33.46%, a YoY decrease of 2.64 percentage points, while the net margin was 12.22%, a YoY decrease of 0.19 percentage points [1] - The company's R&D investment in H1 2024 was 320 million yuan, a YoY increase of 25%, focusing on key areas such as distributed energy, flexible transmission, and new power system relay protection [2] - The company's revenue is expected to grow to 7.035 billion yuan in 2024, 8.467 billion yuan in 2025, and 10.211 billion yuan in 2026, with corresponding net profit growth rates of 19.9%, 19.2%, and 19.0% respectively [2][3] Business Segments - The grid automation business generated revenue of 1.689 billion yuan in H1 2024, a YoY increase of 11.58%, while the power plant and industrial automation business generated revenue of 1.526 billion yuan, a YoY increase of 24.89% [1] - Domestic revenue accounted for 3.353 billion yuan, a YoY increase of 20.62%, while international revenue was 117 million yuan, a YoY increase of 40.85% [1] Valuation and Forecast - The company's PE ratio is expected to be 18x in 2024, 15x in 2025, and 13x in 2026, based on the closing price on August 30, 2024 [2][3] - The company's EPS is forecasted to be 0.90 yuan in 2024, 1.08 yuan in 2025, and 1.28 yuan in 2026 [3][5]

证券代码：601126 证券简称：四方股份 公告编号：2024-032 北京四方继保自动化股份有限公司 关于为子公司提供担保公告 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。 重要内容提示: 一、担保情况概述 为满足子公司的经营发展需求，公司于 2024 年 8 月 29 日召开第七届董事会 第十六次会议，审议通过了： 1、 《关于公司为全资子公司向兴业银行股份有限公司申请综合授信提供 担保的议案》； 2、 《关于公司向平安银行股份有限公司北京分行申请综合授信及为子公 司提供担保的议案》； 3、 《关于公司向招商银行股份有限公司北京分行申请综合授信及为子公 1 被担保人名称：北京四方继保工程技术有限公司（以下简称"继保工程"）、 Sifang Automation India Private Limited（以下简称"四方印度"）、Sifang Electric Philippines Corporation（以下简称"四方电气菲律宾"） 本次担保金额及已实际为其提供的担保余额：本次公司为全资子公司、 控股子公司及间接 ...

证券代码：601126 证券简称：四方股份 公告编号：2024-030 北京四方继保自动化股份有限公司 第七届董事会第十六次会议决议公告 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。 一、董事会会议召开情况 北京四方继保自动化股份有限公司（以下简称"公司"）于2024年8月29日以 现场与通讯相结合的方式召开第七届董事会第十六次会议。本次会议通知于2024 年8月19日以电子邮件的方式发出，会议由董事长高秀环女士召集和主持，会议 应出席董事7名，实际出席董事7名，其中，董事张涛先生、祝朝晖先生、刘志超 先生、独立董事钱晖先生以通讯方式参与并表决，全部董事均参与并表决所有议 案。会议的召集和召开符合《中华人民共和国公司法》及《公司章程》等法律、 行政法规、部门规章、规范性文件的相关规定。 二、董事会会议审议情况 经与会董事认真审议，一致通过如下决议： 1、审议通过《关于公司 2024 年半年度报告的议案》，同意票 7 票，反对票 0 票，弃权票 0 票； 2024 年半年度报告中的财务信息已经第七届董事会审计委员会 20 ...