证券代码：601179 证券简称：中国西电 公告编号：2024-021 特此公告。 中国西电电气股份有限公司 第四届董事会第二十五次会议决议公告 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法律责任。 中国西电电气股份有限公司（以下简称公司）第四届董事会 第二十五次会议（以下简称本次会议）于 2024 年 6 月 21 日以邮 件、短信和电话方式发出会议通知，于 2024 年 6 月 28 日以通讯 表决方式召开，本次会议应出席董事 8 人，实到董事 8 人。本次 会议的召集、召开程序符合《公司法》等有关法律、行政法规、 其他规范性文件及《公司章程》的相关规定。 本次会议经过有效表决，形成以下决议： 一、审议通过了关于西安西变组件有限公司股权无偿划转的 议案 表决结果：同意 8 票、反对 0 票、弃权 0 票，审议通过。 同意西安西电变压器有限责任公司将所持有西安西变组件有 限公司 100%股权无偿划转至公司。 中国西电电气股份有限公司董事会 2024 年 6 月 29 日 第 1 页（共 1 页） ...

[中Tab国le_西Sto电ckN（ame6Rp0t1Ty1p7e]9） 公司研究/公司点评 一次设备领先企业，特高压与电网投资驱动增长新浪潮 [投 Ta资 bl评 e_级 Ra： nk买 ] 入（首次） 主要观点： 报告日期： 2024-06-21 ⚫[ T输ab配le电_S一um次ma设ry备] 领先企业，业绩表现稳健向好 中国西电作为输配电一次设备领域领先企业，自1953年成立以来，凭借 [收T盘ab价le（_B元as）eD ata] 7.64 深厚的历史经验和技术积累，为国内外多项超高压输电工程提供关键设 近12个月最高/最低（元） 8.47/4.38 备与服务。公司积极拓展海外市场，产品与服务遍布全球80多个国家， 总股本（百万股） 5,126 享有良好口碑和品牌影响力。2018-2023年，公司营业收入由136.80 流通股本（百万股） 5,126 亿元增长至208.48亿元，实现年均复合增长率为7.26%；公司归母净 流通股比例（%） 100.00 利润由5.69亿元增长至8.85亿元，实现年均复合增长率为7.64%， 总市值（亿元） 392 公司整体的经营表现稳健向好发展。 流通市值（亿元） ...

Investment Rating - Buy (首次) [1] Core Views - The company is a leading player in the power transmission and transformation equipment industry, with a comprehensive product portfolio covering transformers, switchgear, and power electronics. It has entered a new phase of development with improved profitability and growth prospects driven by domestic and international market expansion [1][2] - The company is expected to benefit from the high-growth cycle of ultra-high voltage (UHV) projects in China and the revival of the Belt and Road Initiative, which will drive overseas business recovery. The company's UHV orders surged by 1001% YoY in 2023, and its market share in key UHV equipment remains strong [2] - State-owned enterprise (SOE) reforms and management improvements have significantly enhanced the company's operational efficiency. The company has reduced its workforce by 3,310 employees from 2021 to 2023, while increasing per capita profit by 56% in 2023 [2] Profit Forecast and Valuation - The company's revenue is expected to grow from 21.05 billion yuan in 2023 to 32.63 billion yuan in 2026, with a CAGR of 15-20%. Net profit attributable to shareholders is projected to grow from 885 million yuan in 2023 to 2.51 billion yuan in 2026, with a CAGR of 35-40% [1] - The company's EPS is forecasted to increase from 0.17 yuan per share in 2023 to 0.49 yuan per share in 2026, with a P/E ratio declining from 41.98x in 2023 to 14.80x in 2026 [1] Market and Industry Analysis - The global power grid construction is entering a new cycle, with significant opportunities in both domestic and international markets. The company's overseas revenue reached 2.7 billion yuan in 2023, with new international orders exceeding 4 billion yuan [2] - The company's UHV business is a key growth driver, with a 1001% YoY increase in UHV project orders in 2023. The company's market share in key UHV equipment such as converter valves and transformers remains strong, with 20% and 25% market shares, respectively [2] - The company's overseas business is expected to become a second growth curve, supported by its early market entry, strategic partnerships with GE, and production bases in Egypt and Indonesia [2] Operational Improvements and Reforms - The company has undergone significant SOE reforms, including workforce optimization and market-oriented incentives. From 2021 to 2023, the company reduced its workforce by 3,310 employees, while increasing per capita profit by 56% in 2023 [2] - The company has focused on its core business by divesting low-margin new energy EPC projects, which is expected to further improve profitability. In 2023, the company transferred its new energy EPC subsidiaries, resulting in a gain of 715 million yuan [2] Product and Market Competitiveness - The company's product portfolio covers a wide range of power transmission and transformation equipment, including transformers, switchgear, and power electronics. Its market share in key UHV equipment such as converter valves and transformers remains strong, with 20% and 25% market shares, respectively [2] - The company has strengthened its market competitiveness through SOE reforms and strategic partnerships. Its UHV project orders surged by 1001% YoY in 2023, and its market share in key UHV equipment remains strong [2] Overseas Expansion - The company has a strong presence in overseas markets, with operations in over 80 countries and regions. Its overseas revenue reached 2.7 billion yuan in 2023, with new international orders exceeding 4 billion yuan [2] - The company has established production bases in Egypt and Indonesia, which provide a strong foundation for further international expansion. Its partnership with GE has also enhanced its technological capabilities and market access [2]

Investment Rating - The report assigns a "Buy" rating for China West Electric (601179) with a target price of 10.0 CNY per share, based on a 25x PE for 2024 [2][49]. Core Insights - China West Electric is a leading enterprise in the power transmission and transformation equipment sector, poised for growth due to the new high-demand cycle in the global power grid construction [1][2]. - The company has shown significant revenue and profit growth, with a projected CAGR of approximately 15-20% for revenue and 35-40% for net profit from 2023 to 2026 [1][2]. - The company is benefiting from the high demand for ultra-high voltage (UHV) projects and the revival of the Belt and Road Initiative, which is expected to create a second growth curve for international business [2][3]. Summary by Sections 1. Company Overview - China West Electric is a well-established supplier of power transmission and transformation equipment, covering all voltage levels with products such as transformers, switchgear, and converters [8][9]. - The company has a concentrated and stable shareholding structure, having undergone strategic restructuring to enhance its international presence [9][10]. 2. Corporate Reform and Management Efficiency - The company is undergoing significant reforms under the state-owned enterprise (SOE) reform initiative, focusing on high-quality development and operational efficiency [21][24]. - Management efficiency has improved, with a reduction in workforce and enhanced performance metrics, leading to a notable increase in average employee compensation and productivity [24][25]. 3. Market Demand and Growth Opportunities - The macroeconomic strategy is driving investment in power grid construction, with expectations of sustained growth in UHV projects [27][28]. - The company is well-positioned to capitalize on the increasing demand for power equipment due to the aging infrastructure in developed countries and the need for renewable energy integration [41][42]. 4. International Expansion - China West Electric has established early overseas production bases in Egypt and Indonesia, enhancing its ability to meet international demand [43][44]. - The company is leveraging the Belt and Road Initiative to expand its market presence and engage in comprehensive cooperation with countries along the route [46][47]. 5. Financial Projections - The company is expected to achieve total revenues of 24.74 billion CNY in 2024, with net profits projected at 12.5 billion CNY, reflecting a year-on-year growth of 42% [47][48]. - The report anticipates continued improvement in profitability, driven by high-margin UHV orders and international market expansion [47][49].

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨中国西电（ ） 601179.SH [Table_Title] 内部提效显著，全年收入有望加快释放 24Q1 报告要点 [公Ta司bl发e_布Su2m0m24ar年y]一季度报，24Q1公司实现营业收入47.11亿元，同比下降2.94%，归母净利 润2.03亿元，同比增长7.27%，扣非净利润1.9亿元，同比增长6.78%。 ...

证券代码：601179 证券简称：中国西电 公告编号：2024-020 中国西电电气股份有限公司 2023 年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一) 股东大会召开的时间：2024 年 5 月 16 日 (二) 股东大会召开的地点：西安天翼新商务酒店（西安市莲湖区西二环南 段 281 号） (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 34 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,526,772,639 | | 3、出席会议的股东所持有表决权股份数占公司有表 决权股份总数的比例（%） | 68.8032 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 公司董事长赵启先生主持本次会议。本次股东大会采用现场投票和网络投 票相结合的方式表决，会议的召集、召开程序符合《公司法》《证券法》 ...

北京市海间律师事务所 关于中国西电电气股份有限公司 2023 年年度股东大会的法律意见书 致:中国西电电气股份有限公司 根据《中华人民共和国公司法》、《中华人民共和国证券法》(以下统称"有 关法律")及《中国西电电气股份有限公司章程》(以下称"公司章程")的规定, 本所作为中国西电电气股份有限公司(以下称"公司")的法律顾问,应公司的 要求,指派律师(以下称"本所律师")列席公司于 2024年5月16日召开的2023 年年度股东大会(以下称"本次会议")现场会议,对本次会议召开的合法性进 行见证,并依法出具本法律意见书。 在本法律意见书中,本所律师仅对本次会议召集和召开的程序、表决程序、 出席本次会议现场会议的人员资格、召集人的资格是否符合有关法律和公司章程 的规定以及本次会议审议的议案表决结果是否有效发表意见,并不对本次会议所 审议的议案内容以及议案所表述的事实或数据的真实性、准确性、合法性发表意 见。本所律师假定公司提交给本所律师的资料(包括但不限于有关人员的居民身 份证、授权委托书、企业法人营业执照等)真实、完整,资料上的签字和/或印 章均是真实的,资料的副本或复印件均与正本或者原件一致。 本所律师按照 ...

中国西电电气股份有限公司 关于参加"2024 年陕西辖区上市公司投资者 集体接待日暨 2023 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。 为促进上市公司规范运作、健康发展，增强上市公司信息透 明度，加强与广大投资者沟通交流，进一步提升投资者关系管理 水平，陕西上市公司协会根据陕西证监局工作部署，联合深圳市 全景网络有限公司举办"2024 年陕西辖区上市公司投资者集体接 待日暨 2023 年度业绩说明会活动"。 届时，中国西电电气股份有限公司主要负责人及相关高管人 员将通过互动平台与投资者进行网络沟通和交流，欢迎广大投资 者踊跃参加！ 活动时间：2024 年 5 月 22 日 14:00-17:00。 证券代码：601179 证券简称：中国西电 公告编号：2024-019 特此公告。 中国西电电气股份有限公司董事会 2024 年 5 月 15 日 第 1 页（共 1 页） 活动地址："全景路演" 网址：http://rs.p5w.net。 ...

中国西电电气股份有限公司 （601179.SH） 2023 年年度股东大会会议资料 2024 年 5 月 16 日 股东大会会议资料 目 录 议案 1 | 关于 | 2023 | 年度董事会工作报告的议案 | 3 | | --- | --- | --- | --- | | 议案 | 2 | | | | 关于 | 2023 | 年度监事会工作报告的议案 | 14 | | 议案 | 3 | | | | 关于 | 2023 | 年度财务决算报告的议案 | 20 | | 议案 | 4 | | | | 关于 | 2023 | 年度利润分配的议案 | 32 | | 议案 | 5 | | | | 关于 | 2023 | 年年度报告及其摘要的议案 | 33 | | 议案 | 6 | | | | 关于调整 | | 2024 年日常关联交易预计的议案 | 34 | | 议案 | 7 | | | | 关于 | 2024 | 年度公司及所属子公司拟开展外汇金融衍生业务计划的议案 ... | 41 | | 议案 | 8 | | | | | | 关于拟与西电集团财务有限责任公司签署金融业务服务协议的议案45 | | | 议案 | 9 | ...

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、 常州西电变压器有限责任公司、西电济南变压器股份有限公司、 西安西电开关电气有限公司、西安西电高压开关有限责任公司、 上海西电高压开关有限公司、西安西电电力电容器有限责任公司、 西安西电避雷器有限责任公司、无锡恒驰中兴开关有限公司、阿 尔斯通隔离开关（无锡）有限公司、江苏南瑞恒驰电气装备有限 公司为项目中标人之一，中标变压器、电抗器、组合电器、断路 器、隔离开关、电容器、互感器、避雷器等产品，总中标金额为 13.8078 亿元。公司 2023 年度营业收入为 208.4791 亿元。 二、对公司的影响 第 1 页（共 2 页） 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。 2024 年 5 月 7 日，国家电网有限公司电子商务平台 （http://ecp.sgcc.com.cn）发布了"国家电网有限公司 2024 年 第十六批采购（输变电项目第二次变电设备（含电缆）招标采购） 中标公告"，中国西电电气股份有限公司（以下简称"公司"） 下属 11 家子公司为相关中标人，现将 ...