Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Insights - The company's 2023 performance met expectations, with revenue of 5.751 billion yuan, a year-on-year increase of 13.24%, and a net profit attributable to shareholders of 627 million yuan, up 15.46% year-on-year [2][19]. - The company has a high dividend payout ratio, distributing 500 million yuan in cash dividends, which accounts for 80% of the net profit attributable to shareholders [19]. - The company is expected to benefit from the digitalization of the power grid and has maintained a strong cash flow from operating activities, with a net cash flow of 1.233 billion yuan in 2023, a 73.63% increase year-on-year [19]. Financial Summary - Revenue for 2023 was 5.751 billion yuan, with a gross margin of 34.44% and a net margin of 10.92%, both showing year-on-year improvements [2][19]. - The company forecasts revenue growth of 13.2% for 2024, with an expected net profit of 730 million yuan, reflecting a growth rate of 16.3% [7][19]. - The company’s cash flow management has improved, as indicated by a significant increase in contract liabilities, which reached 1.389 billion yuan, up 27.10% year-on-year [19].

Investment Rating - The report maintains a "Recommended" rating for the company [2][7]. Core Insights - The company achieved an annual revenue of 5.751 billion yuan in 2023, representing a year-on-year growth of 13.24%. The net profit attributable to shareholders was 627 million yuan, up 15.46% year-on-year [2][5]. - The company's profitability is steadily improving, with a gross margin of 34.44% in 2023, an increase of 2.29 percentage points year-on-year. The net profit margin was 10.92%, up 0.21 percentage points year-on-year [2][5]. - The company benefits from the construction of a new power system and the dual carbon policy, focusing on technological innovation and market opportunities [2][5]. Business Performance - The revenue from grid automation was 2.924 billion yuan, growing by 11.01% year-on-year, while revenue from power plant and industrial automation reached 2.491 billion yuan, increasing by 11.55% year-on-year [2][5]. - In Q4 2023, the company reported a revenue of 1.514 billion yuan, a year-on-year increase of 2.39% and a quarter-on-quarter increase of 10.78% [2][5]. - The company has a comprehensive business covering "generation, transmission, distribution, utilization, and storage," maintaining a leading technological advantage [2][5]. International Business Growth - The overseas business revenue reached 160 million yuan in 2023, a year-on-year increase of 10.6%, with several international projects successfully secured [2][5]. - Key international projects include a 500kV substation project in Pakistan and a dynamic reactive power compensation project in India, marking the company's expansion into new markets [2][5]. Financial Forecast - The company is projected to achieve revenues of 7.035 billion yuan, 8.467 billion yuan, and 10.211 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 22.3%, 20.4%, and 20.6% [2][5]. - The net profit attributable to shareholders is expected to be 752 million yuan, 893 million yuan, and 1.057 billion yuan for the same years, with growth rates of 19.9%, 18.7%, and 18.5% [2][5].

Financial Performance - The company's operating revenue for the reporting period reached 5.751 billion RMB, an increase of 13.24% year-on-year[3]. - The net profit attributable to shareholders was 627 million RMB, reflecting a year-on-year growth of 15.46%[3]. - The gross margin for the domestic business was 34.33%, up by 2.16 percentage points compared to the previous year[7]. - The international business revenue was 159.9 million RMB, with a gross margin of 35.77%, reflecting a 5.97 percentage point increase year-on-year[7]. - Basic earnings per share increased to RMB 0.75, up 11.94% from RMB 0.67 in the previous year[56]. - The weighted average return on net assets rose to 15.47%, an increase of 1.63 percentage points compared to the previous year[56]. - The total assets of the company as of the end of 2023 were ¥9,504,776,565.38, a 12.46% increase from ¥8,451,651,208.08 at the end of 2022[82]. - The net assets attributable to shareholders increased by 4.59% to ¥4,230,580,064.32 at the end of 2023, compared to ¥4,044,930,586.65 at the end of 2022[82]. Research and Development - Research and development expenses increased by 27.22% to 541 million RMB, indicating a strong focus on innovation[4]. - Total R&D investment for the period was ¥563,443,402.58, representing 9.80% of operating revenue[16]. - The number of R&D personnel is 1,159, accounting for 33.02% of the total workforce[19]. - The company has accumulated 782 authorized invention patents and 617 software copyrights, reflecting its strong commitment to R&D and innovation[125]. - The company is focusing on research and development in areas such as hydrogen-electric coupling microgrid technology and digital twin technology for substations, achieving significant progress[67]. - The company is actively developing new technologies, including multi-scenario solutions for new power systems and energy storage systems[124]. Cash Flow and Expenses - The net cash flow from operating activities surged by 73.63% to 1.233 billion RMB, attributed to improved contract payment management[4][5]. - The total operating costs increased by 9.43% to 3.770 billion RMB, driven by higher sales and management expenses[4]. - Sales expenses for 2023 amounted to ¥478,917,751.52, an increase of 12.78% compared to ¥424,663,809.09 in 2022[3]. - Management expenses rose to ¥277,715,310.21 in 2023, reflecting a 24.89% increase from ¥222,359,756.74 in 2022[3]. - The company reported a significant increase in other income, which rose by 18.61% to 113 million RMB, primarily due to government subsidies[4]. Market Expansion and Projects - The company successfully secured the first 500kV secondary optimization demonstration station project in Shandong and a new generation digital secondary integrated substation in Inner Mongolia[62]. - The company won the bid for the first 10 million kilowatt-level integrated renewable energy project in China, the "Shage Desert" project[64]. - The company expanded its market share in the renewable energy sector, winning multiple projects including the largest water-solar complementary project globally[64]. - The company is actively pursuing international markets, securing a bid for the Tarbela hydropower project in Pakistan[64]. - The company has successfully delivered the Nairobi ADMS project in Kenya, marking a significant achievement in international market applications[67]. Technology and Innovation - The company continues to enhance its R&D capabilities, with key technology projects passing technical acceptance and multiple engineering pilot projects completed[62]. - New product developments include the integration of environmental protection technologies, with several products passing national grid special tests and being included in the Southern Power Grid's new technology catalog for 2023[88]. - The company has developed new high-safety liquid-cooled energy storage PACK and battery cabinets, enhancing product competitiveness through continuous R&D investment[129]. - The company is focusing on the smart power generation and new energy sectors, enhancing competitiveness in automation and intelligent operation solutions[195]. Governance and Leadership - The total number of shares held by the board members increased from 1,329,708 to 3,129,708, reflecting a net increase of 1,800,000 shares during the reporting period[184]. - The company has a board of directors with a term from May 6, 2022, to May 5, 2025, indicating a stable governance structure during this period[184]. - The company is actively expanding its leadership team, with several executives holding significant positions in related companies, enhancing strategic oversight[186]. - The company’s governance structure includes a mix of independent and executive directors, ensuring a balanced approach to decision-making[186]. Strategic Focus and Future Plans - The company aims to leverage opportunities in the "dual carbon" initiative and the "14th Five-Year Plan" to enhance its service capabilities in various industries[153]. - The company is committed to becoming a world-class technology enterprise by enhancing its product innovation capabilities and smart manufacturing[138]. - The company is actively pursuing international development strategies, particularly in Southeast Asia and Africa, to strengthen local market capabilities[173]. - The company is focusing on digital transformation and the integration of new technologies such as IoT, cloud computing, and AI in the energy sector[138]. Risks and Challenges - The company faces risks from international macroeconomic conditions, national economic policies, and investment scales in the power industry, which may impact performance[197]. - The company is facing risks related to talent retention due to intense industry competition and the evolution of the energy internet[199]. - The company’s overseas business is influenced by the political, legal, and regulatory environments of the host countries, including political changes and tax policy instability[200].

证券代码：601126 证券简称：四方股份 公告编号：2024-001 北京四方继保自动化股份有限公司 关于年度审计机构变更质量控制复核人的公告 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 2023 年 3 月 29 日召开 第七届董事会第四次会议，审议通过了《关于续聘公司 2023 年度审计机构的议案》， 同意续聘中证天通会计师事务所（特殊普通合伙）（以下简称"中证天通"）为公司 2023 年度财务审计机构和内控审计机构。该议案经公司 2022 年度股东大会审议通过，具体 内容详见公司于 2023 年 3 月 31 日在上海证券交易所网站（www.sse.com.cn）披露的《四 方股份关于续聘 2023 年度审计机构的公告》（公告编号：2023-004）。 一、 质量控制复核人变更情况 公司近日收到中证天通《关于变更 2023 年度财务审计及内部控制审计质量 控制复核人员的函》。中证天通为公司 2023 年度财务审计机构和内部控制审计 机构，原指派邵富霞作为质 ...

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 证券代码：601126 证券简称：四方股份 公告编号：2023-032 北京四方继保自动化股份有限公司 第七届董事会第十次会议决议公告 北京四方继保自动化股份有限公司（以下简称"公司"）于2023年12月13 日以现场与通讯相结合的方式召开第七届董事会第十次会议。本次会议通知于 2023年12月11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，董事刘志超先生、独立董事崔翔 先生以通讯方式参与并表决，全部董事均出席并参与表决所有议案。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： 特此公告。 北京四方继保自动化股份有限公司董事会 2023 年 12 月 13 日 1、审议通过《关于公司 2023 年度日常关联交易的议案》，同意票 7 票，反 对票 0 票，弃权票 0 票； ...

第七届董事会 2023 年第一次独立董事专门会议决议 北京四方继保自动化股份有限公司（以下称"公司"）第七届董事会 2023 年第一次 独立董事专门会议于 2023 年 12 月 5 日以邮件方式发出会议通知，并于 2023 年 12 月 8 日下午 15：00 以腾讯会议方式召开。本次会议应出席独立董事 3 名，实际出席独立董事 3 名，与会独立董事共同推举孙卫国先生为本次会议的召集人和主持人。会议召开符合有 关法律法规及《公司章程》的有关规定，会议合法有效。 独立董事对公司 2023 年度日常关联交易事项进行了审核，形成决议如下： 北京四方继保自动化股份有限公司 审议通过《关于公司 2023 年度日常关联交易的议案》，同意票 3 票，反对票 0 票， 弃权票 0 票。 在审阅了公司提交的关于公司 2023 年度日常关联交易事项的资料，并就有关情况向 公司董事会及有关工作人员进行询问的基础上，我们认为，公司 2023 年度日常关联交易 是保障公司生产经营所必须的交易事项，符合公司发展的需要，有利于公司可持续发展， 交易定价公允，交易行为公平合理，不存在损害公司及股东特别是中小股东利益的情形。 因此，我们同意 ...

证券代码：601126 证券简称：四方股份 公告编号：2023-033 北京四方继保自动化股份有限公司 关于公司2023年度日常关联交易的公告 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： 本次关联交易无需提交股东大会审议。 本次关联交易对公司无重大影响，本公司不会因关联交易对关联方形成 较大的依赖。 一、 关联交易基本情况 关联方一：四方电气（集团）股份有限公司（以下简称"四方集团"） 关联方二：中能智新科技产业发展有限公司（以下简称"中能智新"） 关联方三：四方蒙华电（北京）自动化技术有限公司（以下简称"四方蒙华 电"） （一）关联交易履行的审议程序 北京四方继保自动化股份有限公司（以下简称"公司"）与关联方四方集团、 中能智新发生的 2023 年度日常关联交易，已经公司相关审批机构审议批准。 本次公司与关联方四方蒙华电发生的日常关联交易，累计上述公司与四方集 团、中能智新已发生的日常关联交易，达到公司董事会的审批权限范围。2023 年 12 月 13 日，公司第七届董事会第十次会议审议通过了《关于 ...

北京四方继保自动化股份有限公司 独立董事关于第七届董事会第十次会议 有关事项发表的独立意见 根据《上市公司独立董事管理办法》、《上海证券交易所股票上市规则》及 《公司章程》等相关规定的要求，作为公司的独立董事，我们对以下议案进行了 审议，并发表独立意见如下： 经认真审核《关于公司 2023 年度日常关联交易的议案》，我们认为： 公司董事会对上述议案的审议、表决程序符合相关法律法规、规范性文件及 《公司章程》的规定。公司 2023 年度发生的日常关联交易是公司生产经营需要， 遵循了自愿、等价、有偿的市场原则，交易价格客观公允，不存在损害公司及股 东利益的情况，同意公司与关联方发生的上述关联交易事项。 ...

证券代码：601126 证券简称：四方股份 公告编号：2023-034 为了满足湖州智翔购买土地、工厂建设、数字化设备投入以及补充流动资金 的需要，公司全资子公司继保工程以自有资金向湖州智翔增资18,000万元，本次 增资完成后，湖州智翔的注册资本将由2,000万元增至20,000万元人民币。 根据《上海证券交易所股票上市规则》和《公司章程》等相关规定，本次增 资不构成关联交易，亦不构成《上市公司重大资产重组管理办法》规定的重大资 产重组。 二、增资标的基本情况 1、 名称：湖州四方智翔电气有限公司 增资标的名称：湖州四方智翔电气有限公司（以下简称"湖州智翔"） 增资金额：公司全资子公司北京四方继保工程技术有限公司（以下简称"继 保工程"）以自有资金向湖州智翔增资18,000万元，本次增资完成后，湖州智 翔的注册资本将由2,000万元增至20,000万元人民币。 本次增资不构成关联交易，亦不构成《上市公司重大资产重组管理办法》规 定的重大资产重组。 风险提示：本次增资符合公司战略发展规划和长远发展目标，不会对公司正 常经营产生重大影响，存在一定的市场风险、经营风险及管理风险。 2、 统一社会信用代码：9133 ...

证券代码：601126 证券简称：四方股份 公告编号：2023-031 北京四方继保自动化股份有限公司 关于向启航 2 号限制性股票激励计划激励对象 首次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"）限制性股票的首次授予登记工作，现将有关事项 公告如下： 一、 本激励计划已履行的决策程序和信息披露情况 1、2023 年 9 月 18 日，公司召开第七届董事会第七次会议，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 号限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会 授权董事会办理启航 2 号限 ...