第二条 公司设董事会，董事会对股东大会负责。 第三条 董事会由九名董事组成，其中，非独立董事六名（含职工董事一 名，由职工代表大会选举产生）、独立董事三名，设董事长一人，由董事会选 举产生。董事会设董事会秘书一人，董事会秘书由董事长提名经董事会聘任或 解聘。独立董事至少有一名会计专业人士，独立董事除具有一般董事的职权外， 还具有《公司章程》规定的特别职权。有关独立董事的事宜应当符合《公司章 程》第五章第三节的规定。 公司董事会设立审计委员会、战略委员会、提名委员会、薪酬与考核委员 会。专门委员会对董事会负责，依照公司章程和董事会授权履行职责，提案应 当提交董事会审议决定。 公司董事会下设执行委员会，为公司相关决策机构提供参考依据。执行委 员会主任由董事长担任，执行委员会委员候选人由董事长提名并经董事会选任， 执行委员会主任和委员的任期同公司董事会任期。 1 北京四方继保自动化股份有限公司 董事会议事规则 第一章 总则 第一条 为规范北京四方继保自动化股份有限公司（以下简称"公司"）董 事会及其成员的行为，明确公司董事会的职责权限和议事程序，确保其决策行为 的民主化、科学化，根据《中华人民共和国公司法》（以下简 ...

证券代码：601126 证券简称：四方股份 公告编号：2024-045 北京四方继保自动化股份有限公司 关于召开 2024 年第三季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：上证路演中心网络互动 投资者可于 2024 年 11 月 20 日(星期三)至 11 月 26 日(星期 二)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 10 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 年第三季度报告》。为便于广大投 资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况， 公司计划于 2024 年 11 月 27 日 上午 11:00-12:00 举 ...

证券代码：601126 证券简称：四方股份 公告编号：2024-044 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首次授予部分 第一个解除限售期限售股份上市流通的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市 股数为 5,681,700 股。 本次股票上市流通总数为 5,681,700 股。 本次股票上市流通日期为 2024 年 11 月 13 日。 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"） 于2024年10月30日召开第七届董事会第十七次会议及第七届监事会第 十四次会议，审议通过了《关于启航2号限制性股票激励计划首次授予 部分第一个解除限售期解除限售条件成就的议案》。董事会认为公司启 航2号限制性股票激励计划首次授予部分第一个解除限售期解除限售 条件已成就，同意为符合解除限售条件的455名激励对象所持共计 568.17万股限制性股票办理解除限售的相关事宜，现将具体情况公告如 下： 一、本次限制性股 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][15][19] Core Views - The company has shown steady growth in revenue and profit in the first three quarters, with revenue reaching 5.093 billion yuan, a year-on-year increase of 20.22%, and a net profit of 609 million yuan, up 16.82% year-on-year [5][11] - The company is expected to benefit from the recovery in prices of relay protection and substation monitoring products starting in 2024, following a period of price decline [11][14] - The company is well-positioned in the concentrated renewable energy sector, with strong competitiveness in various projects, particularly in large bases and offshore wind power [14] Summary by Sections Financial Performance - In the first three quarters, the company achieved a revenue of 5.093 billion yuan, with a gross margin of 33.70% and a net margin of 11.98% [5][11] - For Q3, the company reported a revenue of 1.616 billion yuan, a year-on-year increase of 18.21%, and a net profit of 186 million yuan, up 11.66% year-on-year [11][14] Future Outlook - The company is expected to see a significant increase in overseas revenue, which reached 117 million yuan in the first half of 2024, a 41% year-on-year growth [14] - The investment in distribution networks is anticipated to enter a favorable cycle due to various policy implementations and market demands [14] Profit Forecast - The profit forecast for 2024-2026 has been slightly adjusted, with expected net profits of 731 million yuan, 836 million yuan, and 1.012 billion yuan respectively [15][17]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [5][15]. Core Insights - The company reported a revenue of 50.93 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 20.22%. The net profit attributable to the parent company was 6.09 billion yuan, up 16.82% year-on-year [1]. - In Q3 alone, the company achieved a revenue of 16.16 billion yuan, a year-on-year growth of 18.21%, with a net profit of 1.86 billion yuan, reflecting an 11.66% increase [1]. - The gross margin for Q3 was 34.21%, showing a sequential improvement of 1.14 percentage points from Q2 [1]. - The company has strengthened its cash flow management, with net cash flow from operating activities reaching 5.74 billion yuan, a 50.53% increase compared to the same period last year [2]. Summary by Sections Financial Performance - Revenue for 2024 is projected to reach 69.39 billion yuan, with growth rates of 20.65%, 18.50%, and 14.03% for the years 2024, 2025, and 2026 respectively. Corresponding net profits are expected to be 7.26 billion yuan, 8.57 billion yuan, and 10.06 billion yuan [5][6]. - The company’s EBITDA is forecasted to grow from 785.23 million yuan in 2023 to 1210.34 million yuan by 2026 [6]. Business Segments - The company maintains a strong position in the internal network business, with stable contributions to performance. In the external network business, there is significant demand in the traditional power generation and renewable energy sectors, which is expected to continue driving growth [2][5]. Cost Management - The report highlights improvements in expense ratios, with sales, management, and R&D expenses showing favorable year-on-year changes. The sales expense ratio was 6.97%, management expense ratio was 4.46%, and R&D expense ratio was 9.69% [1].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating strong confidence in its future performance [1] Core Views - The company's Q3 2024 performance met expectations, with revenue reaching 5.093 billion yuan, a YoY increase of 20.22%, and net profit attributable to shareholders of 609 million yuan, up 16.82% YoY [1] - The company continues to lead in market share for grid-related business, ranking among the top in relay protection equipment bidding for State Grid projects [1] - R&D investment has been increasing, with R&D expenses reaching 494 million yuan in the first three quarters, a YoY increase of 30.42%, leading to breakthroughs in new technologies and products [1] - The company is well-positioned to benefit from the construction of new power systems in China, with contract liabilities reaching 1.392 billion yuan, a YoY increase of 49.64%, indicating strong order backlog [1] Financial Performance - For Q3 2024, the company achieved revenue of 1.616 billion yuan, a YoY increase of 18.21%, and net profit attributable to shareholders of 186 million yuan, up 11.66% YoY [1] - Gross margin for Q3 2024 was 34.21%, a slight decrease of 2.48 percentage points YoY but an increase of 1.41 percentage points QoQ, indicating stable profitability [1] - Operating cash flow for the first three quarters was 574 million yuan, a YoY increase of 50.53%, reflecting strong cash flow performance [1] Future Projections - The company is expected to achieve net profits of 750 million yuan, 865 million yuan, and 1.010 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.90 yuan, 1.04 yuan, and 1.21 yuan per share [1] - Revenue is projected to grow at a CAGR of 20.8% from 2024 to 2026, reaching 10.086 billion yuan by 2026 [2] - ROE is expected to increase from 16.7% in 2024 to 19.1% in 2026, indicating improving profitability [2] Industry and Market Position - The company is a leading provider of new power system solutions and is expected to benefit significantly from China's accelerated development of new power systems [1] - The company has a strong position in the secondary equipment market and is actively expanding into the new energy market, which is expected to drive long-term growth [1]

证券研究报告·公司点评报告·电网设备 四方股份（601126） 2024 年三季报点评：网内网外稳健增长，业 绩符合市场预期 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5078 | 5751 | 6859 | 8003 | 9017 | | 同比（ % ） | 18.15 | 13.24 | 19.26 | 16.69 | 12.67 | | 归母净利润（百万元） | 543.21 | 627.21 | 715.50 | 884.56 | 1,027.50 | | 同比（ % ） | 20.21 | 15.46 | 14.08 | 23.63 | 16.16 | | EPS- 最新摊薄（元 / 股） | 0.65 | ...

公司活动让投资者实地走访更直观地了解公司的经营情况同时我们保持与财经媒体的良好互动关系通过多渠道多方式及时传递公司的投资价值那么下面请允许我介绍本次业绩说明会的出席嘉宾他们分别是四方股份董事总裁刘志超先生 独立董事钱辉先生首席财务官傅瑶先生 那么本次的会议流程大概如下第一项我们会播放公司的宣传片那么第二项是有请我们公司的董事总裁刘志超先生做公司的经营情况介绍那么第三项是我们在会前征集到的问题做一下相应的回复那么第四项我们也给现场的嘉宾提供一个互动的交流的机会那么第五项我们还要跟在网络上的投资者进行文字互动 那么下面有请大家观看公司的宣传片1984年中国首台维基气垫保护装置的诞生开启了维基气垫保护技术在电力系统跨时代突破的序幕其主言人就是四方股份创始人杨启迅 自1994年成立至今四方人坚持科技创新手握解码电力安全奥米的金钥匙传承产业报国的记忆 四方人 胸怀远大志向用科技创新 让电力更安全更智能 更高效 更清洁为能源电力的发 输 配 用 储提供自动化 数字化 智能化的产品与解决方案 我们不断创新为新能源发电注入新动力实现友好并网高效运行直动电力宝负自动化技术革命 提升电网智能化可自愈能力确保电力系统安全稳定运行用 ...

证券代码：601126 证券简称：四方股份 公告编号：2024-040 北京四方继保自动化股份有限公司 1、审议通过《关于公司 2024 年第三季度报告的议案》，同意票 7 票，反对 票 0 票，弃权票 0 票； 第七届董事会第十七次会议决议公告 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10月30 日在四方大厦第一会议室以现场会议方式召开第七届董事会第十七次会议。本次 会议通知于2024年10月28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，全部董事均出席并参与表决 应表决议案。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： 2024 年第三季度报告中的财务信息已经第七届董事会审计委员会 2024 年第 五次会议审议通过。 具体内容详见 2024 年 1 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,616,067,898.03, representing an increase of 18.21% compared to the same period last year[2]. - The net profit attributable to shareholders was ¥185,549,040.25, reflecting an increase of 11.66% year-over-year[2]. - The basic earnings per share for the quarter was ¥0.23, up by 15.00% from the previous year[3]. - Total revenue for the first three quarters of 2024 reached CNY 5,093,273,140.61, an increase from CNY 4,236,584,962.42 in the same period of 2023, representing a growth of approximately 20.3%[14]. - Net profit for the first three quarters of 2024 was CNY 610,125,760.91, up from CNY 522,346,985.66 in 2023, reflecting a growth of approximately 16.8%[15]. - The net profit for the third quarter of 2024 was CNY 39,765,529.97, significantly higher than CNY 15,675,074.83 in the third quarter of 2023, indicating an increase of about 153.5%[24]. Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥10,271,464,418.55, an increase of 8.07% compared to the end of the previous year[3]. - The company's total assets as of the end of Q3 2024 amounted to CNY 10,271,464,418.55, compared to CNY 9,504,776,565.38 at the end of Q3 2023, marking an increase of about 8.1%[13]. - Total liabilities were reported at CNY 5,851,794,304.47, compared to CNY 5,270,513,544.65 in the previous year, which is an increase of approximately 10.9%[13]. - The total liabilities as of September 30, 2024, were CNY 1,439,059,826.51, an increase from CNY 1,399,155,908.20 at the end of 2023[19]. - The total liabilities as of Q3 2024 were CNY 1,897,134,879.43, slightly down from CNY 1,939,000,288.53 in Q3 2023, showing a decrease of approximately 2.2%[21]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥573,740,733.56, showing a significant increase of 50.53% compared to the same period last year[6]. - Net cash flow from operating activities for the first three quarters of 2024 was negative CNY 57,828,429.80, compared to a positive CNY 241,275,864.05 in the first three quarters of 2023, indicating a significant decline[26]. - The cash inflow from operating activities in the first three quarters of 2024 totaled CNY 1,760,264,500.61, an increase from CNY 1,606,561,233.99 in the same period of 2023, representing a growth of approximately 9.54%[25]. - The cash and cash equivalents at the end of the third quarter of 2024 amounted to CNY 1,377,704,832.16, compared to CNY 1,224,863,260.31 at the end of the third quarter of 2023, marking an increase of about 12.5%[26]. Research and Development - The company's R&D expenses increased by 30.42% year-to-date, indicating a continued investment in technology leadership[6]. - Research and development expenses for the first three quarters of 2024 were CNY 227,246,322.86, compared to CNY 191,333,705.49 in 2023, reflecting an increase of approximately 18.8%[15]. - Research and development expenses for the first three quarters of 2024 totaled CNY 117,566,576.14, up from CNY 89,907,895.28 in the same period of 2023, reflecting a growth of approximately 30.8%[22]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 29,069, with the largest shareholder, Sifang Electric Group Co., Ltd., holding 350,507,666 shares, accounting for 42.05% of the total[8]. - The company has not reported any significant changes in shareholder relationships or actions regarding share lending during the reporting period[9]. Other Financial Metrics - The weighted average return on equity for the quarter was 4.30%, an increase of 0.14 percentage points year-over-year[3]. - The company reported a government subsidy income of ¥486,616.01 for the quarter, contributing to its non-operating income[4]. - The accounts receivable at the end of the reporting period increased by 35.01%, attributed to strong contract performance and business growth[5]. - The company's equity attributable to shareholders reached CNY 4,415,001,545.30, up from CNY 4,230,580,064.32 in 2023, indicating a growth of about 4.4%[13].