证券代码：601179 证券简称：中国西电 公告编号：2024-046 中国西电电气股份有限公司 关于持股 5%以上股东权益变动达到 1% 暨减持计划实施完毕的公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况：本次权益变动前，中国西电电 气股份有限公司（以下简称公司）持股 5%以上股东 GE SMALLWORLD (SINGAPORE) PTE LTD（以下简称通用电气 新加坡公司）持有公司股份数量为 768,882,352 股，占公司总 股本的比例为 15%。 减持计划的实施结果情况：2024 年 10 月 1 日，公司披 露了《关于持股 5%以上股东减持股份计划的公告》（公告编 号：2024-040），公司持股 5%以上股东通用电气新加坡公司 因自身经营发展需要，拟减持公司股份不超过 153,776,470 股， 即不超过公司总股本的 3%。其中，拟通过集中竞价交易方式 减持不超过 51,258,823 股，拟通过大宗交易方式减持不超过 102,517,647 股。截至 ...

证券代码：601179 证券简称：中国西电 公告编号：2024-045 中国西电电气股份有限公司 产品中标公告 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。 三、风险提示 目前公司尚未与国家电网有限公司相关机构签署正式商务合 同，合同条款尚存在不确定性，上述中标项目交货时间需根据实际 合同要求确定，对公司当期业绩的影响存在不确定性，具体内容以 最终签署的合同为准。敬请广大投资者谨慎决策，注意投资风险。 特此公告。 中国西电电气股份有限公司董事会 一、中标情况 根据上述中标公告，公司下属西安西电变压器有限责任公司、 济南西电特种变压器有限公司、西安西电高压开关有限责任公司、 西安西电电力系统有限公司、西安西电避雷器有限责任公司为项 目中标人之一，中标电抗器、交流变压器、组合电器、隔离开关、 隔离开关和接地开关、交直流断路器、换流阀、避雷器等产品，总 中标金额为 13.3053 亿元。公司 2023 年度营业收入为 208.4791 亿元。 二、对公司的影响 相关项目签约后，其合同的履行将对公司未来经营发展产生 积极的影响。项目 ...

Investment Rating - The report maintains a "Buy" rating for China XD Electric (601179) [2] Core Views - China XD Electric's profitability has significantly improved year-over-year, driven by the delivery of high-value-added products, particularly in the UHV and power transmission sectors [3] - The company's Q3 2024 revenue reached 4.9 billion yuan, up 4% YoY, with net profit attributable to shareholders surging 200% YoY to 330 million yuan [3] - Gross profit margin in Q3 2024 rose to 23.7%, up 6.5 percentage points YoY, while net profit margin increased to 8.6%, up 5.3 percentage points YoY [3] - The company's new orders have been growing steadily in 2024, with a 32% YoY increase in power transmission bidding, outperforming the 12% growth in State Grid's total bidding amount [5] Financial Performance - For the first three quarters of 2024, China XD Electric achieved revenue of 15.2 billion yuan, up 6% YoY, and net profit attributable to shareholders of 790 million yuan, up 45% YoY [3] - The company's gross profit margin for the first three quarters of 2024 was 20.5%, up 3.7 percentage points YoY, while net profit margin was 6.5%, up 1.9 percentage points YoY [3] - In Q3 2024, the company's non-GAAP net profit attributable to shareholders surged 384% YoY to 310 million yuan [3] Market Position and Growth Prospects - China XD Electric is a leading domestic player in UHV-related power equipment, with significant market share in key products such as transformers and gas-insulated switchgear [3] - The company won 5.9 billion yuan in UHV and power transmission transformer bids in 2023, a 447% YoY increase, and 4.4 billion yuan in gas-insulated switchgear bids, up 94% YoY [3] - In 2024, the company secured 1.1 billion yuan in UHV flexible DC converter valve bids, capturing a 25% market share, indicating strong growth potential in the flexible DC sector [5] Financial Forecasts - Revenue is projected to grow to 22.3 billion yuan in 2024, 24.9 billion yuan in 2025, and 27.8 billion yuan in 2026, with YoY growth rates of 6%, 12%, and 12% respectively [5] - Net profit attributable to shareholders is expected to reach 1.29 billion yuan in 2024, 1.82 billion yuan in 2025, and 2.31 billion yuan in 2026, with YoY growth rates of 45%, 41%, and 27% respectively [5] - EPS is forecasted to be 0.3 yuan in 2024, 0.4 yuan in 2025, and 0.5 yuan in 2026, with corresponding P/E ratios of 35X, 24X, and 19X [5] Valuation Metrics - As of November 4, 2024, the company's stock price was 8.68 yuan, with a total market capitalization of 44.49 billion yuan and a circulating market capitalization of 44.49 billion yuan [3] - The 52-week price range was 4.38-9.54 yuan, with a daily average trading volume of 1.11 billion yuan and a one-month turnover rate of 2.37% [3][4]

证券代码：601179 证券简称：中国西电 公告编号：2024-044 中国西电电气股份有限公司 关于持股 5%以上股东权益变动达到 1%的 提示性公告 本公司董事会、全体董事及相关股东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： 本次权益变动为中国西电电气股份有限公司（以下简 称公司）持股 5%以上非第一大股东减持，不触及要约收购， 亦不会导致公司控股股东、实际控制人发生变化。 本次权益变动前，公司持股 5%以上股东 GE SMALLWORLD (SINGAPORE) PTE LTD（以下简称通用电气新加坡公司）持 有公司股份数量为 768,882,352 股，占公司总股本的比例为 15%。本次权益变动后，通用电气新加坡公司持有公司股份 数量为 717,623,529 股，占公司总股本的比例为 14%。 2024 年 11 月 1 日，公司收到持股 5%以上非第一大股东 通用电气新加坡公司发来的《关于股份减持进展暨权益变动 比例累计达到 1%的通知》，获悉通用电气新加坡公司于 2024 年 10 月 29 日至 2024 年 1 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company has shown significant profit acceleration, with a 45.33% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2024, reaching 787 million yuan. The net profit for Q3 2024 alone surged by 199.96% year-on-year to 334 million yuan [2][4]. - The company's profitability has improved, with a gross margin of 20.48% for the first three quarters of 2024, up 3.73 percentage points year-on-year, and a net margin of 6.52%, up 1.93 percentage points year-on-year. In Q3 2024, the gross margin reached 23.74%, reflecting a 6.51 percentage point increase year-on-year [3][4]. - The company is well-positioned to benefit from the ongoing growth in electricity consumption and substantial investments in the power grid, with a projected revenue growth of 18.3% in 2024 [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 15.162 billion yuan, a 6.94% increase year-on-year. The revenue for Q3 2024 was 4.878 billion yuan, a 4.29% increase year-on-year [1][2]. - The company’s net profit attributable to shareholders for 2024 is forecasted to be 1.265 billion yuan, with a growth rate of 43.0% [5][7]. Market Outlook - The total electricity consumption in China for January to September 2024 reached 74,094 billion kWh, a year-on-year increase of 7.9%. The investment in power grid projects during the same period was 398.2 billion yuan, reflecting a significant year-on-year growth of 21.1% [4]. - The company is expected to maintain its leading market share in the power transmission and transformation equipment sector while expanding into emerging sectors such as smart grids and renewable energy [4]. Earnings Forecast - The projected revenues for 2024, 2025, and 2026 are 24.896 billion yuan, 29.038 billion yuan, and 33.562 billion yuan, respectively, with corresponding growth rates of 18.3%, 16.6%, and 15.6% [5][7]. - The forecasted net profit attributable to shareholders for the same years is 1.265 billion yuan, 1.996 billion yuan, and 2.359 billion yuan, with growth rates of 43.0%, 57.7%, and 18.2% [5][7].

Investment Rating - The report maintains an "Accumulate" rating for China Xidian (601179.SH) with a target price of 8.67 CNY [1]. Core Views - The company reported significant growth in Q3 2024, with revenue reaching 4.878 billion CNY, a year-on-year increase of 4.29%, and a net profit attributable to shareholders of 334 million CNY, up 199.96% year-on-year [1]. - The company is expected to benefit from the ongoing construction of ultra-high voltage projects and the expansion of overseas markets, with projected net profits for 2024-2026 being 1.163 billion CNY, 1.464 billion CNY, and 1.904 billion CNY respectively [3][4]. - The company has a leading market share in domestic bidding and has made significant inroads into international markets, including projects in Turkey, Italy, and Sweden [1][3]. Financial Data Summary - For the first three quarters of 2024, the company achieved a revenue of 15.162 billion CNY, a 6.94% increase year-on-year, and a net profit of 787 million CNY, a 45.33% increase year-on-year [1]. - The projected financials for 2024-2026 include revenues of 24.707 billion CNY, 29.211 billion CNY, and 34.819 billion CNY, with corresponding net profits of 1.163 billion CNY, 1.464 billion CNY, and 1.904 billion CNY [4][6]. - The gross margin for Q3 2024 was reported at 23.74%, an increase of 6.51 percentage points year-on-year [1]. Market Position and Growth Potential - The company is positioned as a leading provider of complete sets of AC and DC transmission and distribution equipment in China, benefiting from the construction of ultra-high voltage lines and the continuous expansion of overseas markets [3]. - The company has successfully increased its R&D investment, with R&D expenses for the first three quarters of 2024 amounting to 588 million CNY, a year-on-year increase of 29.44% [1][3]. - The company has achieved significant export growth, with transformer exports reaching 4.668 billion USD in the first nine months of 2024, a 25.20% increase year-on-year [1].

Group 1: Market Outlook and Strategy - The company maintains an optimistic outlook on future market demand in the ultra-high voltage sector, aligning with national needs and macro policies for high-quality development [1] - The company emphasizes a development strategy focused on core business while diversifying related sectors, aiming for industrial structure optimization and accelerated layout in emerging industries [1] Group 2: Financial Performance and Shareholder Information - The company's contract liabilities are primarily composed of advance payments, indicating a growing order backlog [1] - In the third quarter, major institutional investors, including the top ten circulating insurance funds and two public funds, purchased over ten million shares, with inquiries about any changes in their holdings [1] Group 3: Product Offerings and Future Growth - The company possesses qualifications and capabilities to supply relevant equipment to the nuclear power industry, having already secured contracts for large-capacity circuit breakers and transformers for domestic and international nuclear projects [2] - The company’s revenue recognition and product delivery cycles are linked to quarterly performance, with specific growth expectations to be confirmed in regular reports [3] - Despite modest revenue growth in the third quarter, net profit saw a significant increase, with further details on the reasons to be provided [4] Group 4: Disclosure and Compliance - The activity did not involve any undisclosed significant information [5]

Investment Rating - The report maintains a "Buy" rating for China Xidian (601179) [1] Core Views - The company's Q3 2024 performance significantly exceeded market expectations, with a year-on-year revenue increase of 4% and a remarkable growth in net profit attributable to shareholders by 200% [1][2] - The improvement in profitability is attributed to optimized delivery structures and enhanced management, leading to a substantial increase in gross margin [2][3] - The company is expected to continue benefiting from high-margin orders and a strong market position in the ultra-high voltage (UHV) segment, with a projected gross margin recovery to around 25% for UHV products [3][4] Summary by Relevant Sections Financial Performance - For Q3 2024, the company reported a revenue of 4.9 billion yuan, a 4% increase year-on-year, and a net profit of 330 million yuan, reflecting a 200% increase [1][2] - The gross margin for Q3 reached 23.7%, up by 6.5 percentage points year-on-year, driven by the delivery of UHV products and optimized product designs [2] - The net profit margin for Q3 was 6.3%, an increase of 4.9 percentage points year-on-year [2] Order and Market Position - The company has maintained its leading position in the UHV market, securing contracts worth 2.3 billion yuan, representing a 25% market share [3][4] - The company is also seeing growth in non-UHV orders, with a significant increase in bidding activity from the State Grid [3] Profitability Forecast - The report revises the company's net profit forecasts for 2024-2026, projecting net profits of 1.26 billion yuan, 2.07 billion yuan, and 2.74 billion yuan respectively, with year-on-year growth rates of 42%, 65%, and 32% [4] - The target price for the stock is set at 10.0 yuan, based on a 25 times price-to-earnings ratio for 2025 [4]

Financial Performance - The company's operating revenue for Q3 2024 was approximately CNY 4.88 billion, an increase of 4.29% compared to the same period last year[3]. - Net profit attributable to shareholders for Q3 2024 reached CNY 334.39 million, representing a significant increase of 199.96% year-on-year[3]. - The net profit after deducting non-recurring gains and losses was CNY 309.92 million, up 383.60% from the previous year[3]. - The net profit attributable to shareholders for the year-to-date period reached RMB 45.33 million, driven by a year-on-year increase in operating revenue and high value-added product deliveries[9]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for the current period was RMB 383.60 million, with a significant increase in investment income from joint ventures and associates[9]. - Basic earnings per share for the current period was RMB 200.46, reflecting growth in operating revenue and a decrease in operating costs[9]. - Basic earnings per share for the year-to-date period was RMB 45.36, indicating a positive trend in financial performance[9]. - Operating profit for the first three quarters of 2024 was ¥1.15 billion, a significant increase of 57.7% compared to ¥725.92 million in 2023[16]. - The company reported a significant increase in investment income, reaching ¥99.84 million compared to ¥38.59 million in the previous year[16]. Cash Flow and Liquidity - The cash flow from operating activities for the year-to-date period was CNY 1.40 billion, a recovery from a negative cash flow in the same period last year[3]. - The net cash flow from operating activities improved significantly due to a larger increase in cash received from sales compared to cash paid for purchases[9]. - Cash flow from operating activities generated ¥1.40 billion, a turnaround from a negative cash flow of ¥1.05 billion in the same period of 2023[18]. - The net cash flow from investing activities was -969,462,279.73 CNY, compared to -984,376,013.56 CNY in the previous period[19]. - Cash inflow from financing activities totaled 775,667,512.40 CNY, significantly lower than 6,654,425,747.10 CNY in the prior period[19]. - The net increase in cash and cash equivalents was -1,459,206,573.70 CNY, contrasting with an increase of 550,540,238.95 CNY in the last period[19]. - The ending balance of cash and cash equivalents stood at 7,833,093,195.83 CNY, down from 9,292,299,769.53 CNY at the beginning of the period[19]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 45.65 billion, reflecting a 3.79% increase from the end of the previous year[4]. - The company's current assets totaled CNY 31.98 billion, slightly up from CNY 31.20 billion at the end of 2023, indicating a growth of about 2.5%[14]. - Total liabilities increased to CNY 20.90 billion from CNY 19.47 billion, which is an increase of about 7.3%[15]. - The company's equity attributable to shareholders rose to CNY 21.88 billion, up from CNY 21.66 billion, reflecting a growth of approximately 1.0%[15]. - The non-current assets totaled CNY 13.67 billion, an increase from CNY 12.78 billion, representing a growth of approximately 7.0%[14]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 136,960, with the largest shareholder, China Electric Equipment Group Co., Ltd., holding 51.87% of shares[10]. - GE Smallworld (Singapore) PTE LTD held 15.00% of shares, making it the second-largest shareholder[10]. Operational Efficiency - The increase in net profit was attributed to higher operating revenue, reduced operating costs, and increased investment income from joint ventures[8]. - The company is focusing on expanding its market presence and enhancing its product offerings, particularly in high value-added segments[9]. - The cash flow from operating activities showed a positive turnaround, indicating improved operational efficiency[9]. - Research and development expenses increased to ¥587.66 million, representing a rise of 29.4% from ¥454.00 million in the previous year[16]. Other Income and Expenses - The company reported a year-on-year increase in other income, primarily due to a significant rise in VAT deductions[9]. - The company achieved a total operating cost of ¥14.18 billion, an increase of 3.6% from ¥13.69 billion in the previous year[16]. - Other comprehensive income after tax was reported at -¥94.39 million, an improvement from -¥212.06 million in the same period of 2023[17].

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。 一、计提减值准备情况概述 为真实、准确地反映中国西电电气股份有限公司（以下简称 公司）2024 年 9 月 30 日的财务状况及 2024 年前三季度的经营成 果，根据《企业会计准则》和公司相关会计政策，基于谨慎性原 则，公司对 2024 年第三季度财务报告合并会计报表范围内相关资 产进行减值测试，对存在减值迹象的资产计提了相应的减值准备。 二、计提信用减值准备情况 （一）应收款项 对于应收款项，无论是否包含重大融资成分，公司始终按 照相当于整个存续期内预期信用损失的金额计量其损失准备。 对于存在客观证据表明存在减值，以及其他适用于单项评估的 应收账款，单独进行减值测试，确认逾期信用损失，计提单项 减值准备。对于不存在减值客观证据的应收账款或单项金融资 产无法以合理成本评估预期信用损失的信息时，公司依据信用 风险特征将应收款项划分为若干组合，在组合基础上计算预期 信用损失。 2024 年前三季度公司计提应收款项坏账准备 3,704.53 万元。 证券代码：601179 证券简称： ...