Core Viewpoint - The demand for ultra-high voltage (UHV) technology is increasing globally, leading China XD Electric (601179.SH) to enter a period of significant growth, as evidenced by its 2024 financial report showing revenue and profit increases [1][2]. Group 1: Financial Performance - In 2024, China XD Electric reported a revenue of 22.17 billion yuan, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 1.05 billion yuan, up 19.1% [1]. - The company's net profit excluding non-recurring items reached 999 million yuan, reflecting a substantial year-on-year increase of 55.5% [1]. Group 2: Overseas Market Expansion - China XD Electric has made strategic adjustments, including acquiring 55% of Henan High Voltage Electrical Research Institute and becoming the only non-European and American designated laboratory for Saudi Arabia's national grid [2]. - The company has secured contracts worth over 3.9 billion yuan in projects such as the Chile KiLo high-voltage direct current converter station and the State Grid's third batch of procurement for UHV projects [2]. Group 3: International Business Growth - In 2024, the company's overseas business revenue reached 2.825 billion yuan, with a gross margin of 13.79%, marking a year-on-year growth of 6.52% [3]. - The aging of electrical grid equipment in developed economies like Europe and Japan presents opportunities for China XD Electric, as over 50% of existing facilities have been in operation for more than 20 years [3]. Group 4: Strategic Opportunities - The global energy transition is driving demand for new energy integration, with China XD Electric winning projects in Turkey, Italy, Sweden, and other countries, expanding its engineering business [4]. - The company is positioned to benefit from national policies promoting the construction of new power systems and the ongoing upgrades of electrical grids in Europe and the Americas [4].

市场业绩可圈可点 报告期内，公司一方面网内市场提质扩量。特高压市场占有率持续保持行业领先，实现了"柔直阀"首次 突破。国网总部集采中标市场占有率稳居行业第一，中标量、占有率再创历史新高。配网市场显著提 升，累计在7个省份实现中标。南网市场份额不断提升，成功中标南网抽水蓄能电站项目设备。蒙网市 场组合电器、隔离开关产品市场占有率领先。 另一方面，网外市场加速推进。电源、工业市场中标量稳步提升，中标华电新能源主变、华能箱变等框 架标。核电市场斩获国内首台百万核电机组主变项目，海上风电市场连续中标多个海上升压站，抽水蓄 能市场中标三峡集团多个电站发断产品。 国际市场再创新高，取得佳绩。新签合同额稳步提升，国际业务范围扩大至土耳其、意大利、瑞典等国 家。设备类出口占比提升，中标巴西东北部新能源送出特高压直流项目换流变设备、土耳其阿库尤550 千伏组合电器项目。西高院成为中国唯一沙特电力公司认可高压GIS报告的实验室。 4月14日晚间，中国西电（601179.SH）发布2024年年度报告，公司2024年全年实现营业收入221.75亿 元，同比增长5.59%；实现归母净利润10.54亿元，同比增长17.50%；扣非净利润 ...

证券研究报告 中国西电 (601179 CH) Q1 利润高增，有望迎订单与交付大年 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 15 日│中国内地 | 电气设备 | 公司 25 年 Q1 实现总营收 52.61 亿元（+10.93%yoy），归母净利润 2.95 亿 元（42.10%yoy），同比高增。我们认为 25 年有望迎来特高压订单与交付大 年，带来公司收入与结构的进一步改善，同时公司市场开拓效果显著、提质 增效持续深化，看好公司盈利能力持续提升。 现金流同比高增，两级营销成效显著 公司 24 年实现总营收 222.81 亿元（+5.07%yoy），归母净利润 10.54 亿元 （+17.50%yoy），扣非净利润 9.97 亿元（+55.52%yoy），经营活动产生的 现金流量净额 34.99 亿元（+176.57%yoy）。公司两级营销成效显著，国南 网中标份额持续提升，实现"柔直阀"首次突破；网外市场加速推进，在核 电、海风、抽蓄等多个领域连续突破；海外新签合同额稳步提升。同时，公 司提级管理配网业务，启动西安配网 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant profit growth in the coming years [5]. Core Insights - The company reported a revenue of 22.28 billion RMB for 2024, a year-on-year increase of 5.1%, and a net profit attributable to shareholders of 1.05 billion RMB, up 17.5% year-on-year [2]. - The first quarter of 2025 saw revenues of 5.26 billion RMB, representing a 10.9% year-on-year growth, with a net profit of 290 million RMB, up 42.1% year-on-year, indicating better-than-expected performance [2]. - The company holds a leading position in the domestic market, with a 9.3% share in the State Grid's power transmission and transformation projects and a 20.4% share in ultra-high voltage projects [3]. - The company has expanded its international business, with new contracts signed in Turkey, Italy, and Sweden, increasing the export share of equipment to over 50% [3]. Revenue and Profitability Analysis - The transformer segment achieved a revenue of 9.22 billion RMB in 2024, up 17.8% year-on-year, with a gross margin of 14.4%, an increase of 5.9 percentage points [4]. - The switch segment generated 8.5 billion RMB in revenue, a year-on-year increase of 11.0%, with a gross margin of 26.5%, up 1.3 percentage points [4]. - The capacitor and lightning arrester segment reported a revenue of 980 million RMB, up 22.6% year-on-year, with a gross margin of 23.2%, an increase of 1.5 percentage points [4]. - The company’s operating cash flow improved significantly, reaching 3.5 billion RMB in 2024, a year-on-year increase of 176.6% [4]. Future Projections - The company is expected to achieve net profits of 1.58 billion RMB, 2.02 billion RMB, and 2.49 billion RMB for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 50%, 28%, and 23% [5]. - The projected P/E ratios for the upcoming years are 21, 16, and 13 times for 2025, 2026, and 2027, respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant profit growth in the coming years [5]. Core Insights - The company achieved a revenue of 22.28 billion RMB in 2024, a year-on-year increase of 5.1%, with a net profit of 1.05 billion RMB, up 17.5% year-on-year [2]. - The company is a leader in the first equipment sector, with a strong market presence in both domestic and international markets, benefiting from accelerated domestic grid expansion and increased overseas investments [5]. - The company is expected to achieve net profits of 1.58 billion RMB, 2.02 billion RMB, and 2.49 billion RMB in 2025, 2026, and 2027 respectively, reflecting growth rates of 50%, 28%, and 23% [5]. Revenue and Profitability - In 2024, the company reported revenue of 92.2 billion RMB from transformers, a 17.8% increase year-on-year, and a gross margin of 14.4%, up 5.9 percentage points [4]. - The switch segment generated revenue of 85.0 billion RMB, an 11.0% increase year-on-year, with a gross margin of 26.5%, up 1.3 percentage points [4]. - The company’s operating cash flow improved significantly, reaching 3.5 billion RMB in 2024, a year-on-year increase of 176.6% [4]. Market Position and Growth - The company holds a leading position in the domestic market, with a 9.3% share in the State Grid's power transmission and transformation projects and a 20.4% share in ultra-high voltage projects [3]. - The company has expanded its international business, signing contracts in countries such as Turkey, Italy, and Sweden, with equipment exports now accounting for over 50% of its international business [3]. - The company’s revenue from the capacitor and lightning arrester segment reached 980 million RMB in 2024, a 22.6% increase year-on-year, with a gross margin of 23.2% [4]. Financial Projections - The company is projected to achieve revenues of 25.52 billion RMB, 30.25 billion RMB, and 33.52 billion RMB in 2025, 2026, and 2027 respectively, with corresponding growth rates of 14.56%, 18.53%, and 10.80% [9]. - The diluted earnings per share are expected to increase from 0.206 RMB in 2024 to 0.485 RMB in 2027 [9]. - The return on equity (ROE) is projected to rise from 4.79% in 2024 to 9.68% in 2027 [9].

Group 1 - The US government has temporarily exempted certain electronic products from tariffs, but this exemption is not permanent and will last only until a new tariff plan for the semiconductor industry is established [2][21] - China's foreign trade in the first quarter of this year reached 10.3 trillion yuan, a year-on-year increase of 1.3%, with exports growing by 6.9% and imports declining by 6% [3] - The State Administration for Market Regulation in China has introduced 37 key measures to support the development of private enterprises, focusing on breaking down barriers and promoting fair competition [4][5] Group 2 - Hong Kong is preparing to attract Chinese concept stocks back to its market, emphasizing its stability and attractiveness amid global financial market volatility [6][7] - The China Securities Regulatory Commission has emphasized the importance of functionality in the fund industry, aiming for a balance between quality and scale [8] - Insurance funds are accelerating their entry into the stock market, with the scale of long-term stock investment trials increasing from 50 billion yuan to 162 billion yuan [9] Group 3 - The US is experiencing a significant drop in import orders, with a 64% decrease in overall import volume, indicating potential disruptions in trade due to tariff policies [10][11] - The total share of stock ETFs in A-shares has surpassed 2 trillion shares, marking a historical high, with substantial inflows of capital observed in April [12] - Global pension funds are pausing investments in US assets due to uncertainties stemming from aggressive tariff policies, indicating a shift in investment strategies [13] Group 4 - The AI industry is facing scrutiny over its energy consumption, with Elon Musk's AI company xAI being investigated for violating environmental regulations related to its power generation [14] - The UK government plans to take over the British Steel Company from a Chinese firm, raising concerns about foreign investments in critical industries [15] - The consumer electronics sector is seeing increased research interest, driven by strong domestic demand policies and a surge in M&A activities in the technology field [17]

中国西电电气股份有限公司 2025 年度投资者关系管理计划 为进一步加强中国西电电气股份有限公司（以下简称公 司）投资者关系管理工作，增进与投资者之间的良好关系， 保护投资者特别是中小投资者的合法权益，根据《中华人民 共和国公司法》《中华人民共和国证券法》《上市公司投资 者关系管理工作指引》《上海证券交易所股票上市规则》等 法律法规及规范性文件以及《公司章程》《投资者关系管理 办法》等相关制度要求，结合实际制定公司 2025 年度投资 者关系管理计划如下： 一、投资者关系管理工作目标 （一）促进公司与投资者间的良性互动，增进投资者对 公司的了解和认同。 （二）保障投资者知情权，维护投资者合法权益。 （三）建立稳定优质的投资者基础，争取长期支持。 （四）提高公司信息披露透明度，提升公司治理水平。 （五）倡导成熟理性的投资文化，实现公司及股东利益 最大化的和谐统一。 二、投资者关系管理的基本原则 （一）合规性原则。公司在遵守相关法律法规，真实、 准确、完整、及时、公平地披露信息基础上，积极开展投资 者关系管理工作。 （二）主动性原则。公司主动开展投资者关系管理活动， 实现双向沟通和良性互动。 （三）平等性原则。平 ...

中国西电电气股份有限公司 2024 年度 非经营性资金占用及其他关联资金 往来情况的专项报告 信会师报字[2025]第 ZG11305 号 关于中国西电电气股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 为了更好地理解中国西电 2024 年度非经营性资金占用及其他关 联资金往来情况，汇总表应当与已审计财务报表一并阅读。 专项报告第 1 页 信会师报字[2025]第 ZG11305 号 中国西电电气股份有限公司全体股东： 我们审计了中国西电电气股份有限公司(以下简称"中国西 电")2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公司 资产负债表、2024 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注，并于 2025 年 4 月 14 日出具了报告号为信会师报字[2025]第 ZG11301 号的 无保留意见审计报告。 中国西电管理层根据中国证券监督管理委员会《上市公司监管指 引第 8 号——上市公司资金往来、对外担保的监管要求》（证监会公 告〔2022〕26 号）和《上海证券交易所上市公司自律监管指南第 2 号——业 ...

中国西电电气股份有限公司 董事会审计及关联交易控制委员会 监督立信会计师事务所（特殊普通合伙）的 履职情况报告 中国西电电气股份有限公司（以下简称公司）聘请立信会 计师事务所（特殊普通合伙）（以下简称立信）作为对公司 2024 年度财务报告出具审计报告的会计师事务所。根据财政部、 国务院国有资产监督管理委员会、中国证券监督管理委员会 颁布的《国有企业、上市公司选聘会计师事务所管理办法》， 公司审计及关联交易控制委员会（以下简称审计委员会）切实 对立信在 2024 年度的审计工作情况履行了监督职责。具体情 况如下： 一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本情况 立信会计师事务所(特殊普通合伙)由潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制 的特殊普通合伙制会计师事务所，注册地址为上海市，首席合 伙人为朱建弟先生。立信是国际会计网络 BDO 的成员所，长 期从事证券服务业务，新证券法实施前具有证券、期货业务许 可证，具有 H 股审计资格，并已向美国公众公司会计监督委员 会(PCAOB)注册登记。 截至 2024 年 12 月底，立信拥有合伙人 2 ...

中国西电电气股份有限公司 2024 年度 涉及财务公司关联交易的专项说明 信会师报字[2025]第 ZG11303 号 关于中国西电电气股份有限公司 2024 年度 涉及财务公司关联交易的专项说明 信会师报字[2025]第 ZG11303 号 中国西电电气股份有限公司全体股东： 我们审计了中国西电电气股份有限公司(以下简称"中国西 电")2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公司 资产负债表、2024 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注，并于 2025 年 4 月 14 日出具了报告号为信会师报字[2025]第 ZG11301 号的 无保留意见审计报告。 中国西电管理层根据中国证券监督管理委员会《关于规范上市公 司与企业集团财务公司业务往来的通知》（证监发〔2022〕48 号） 和《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交 易》的相关规定编制了后附的中国西电 2024 年度涉及财务公司关联 交易汇总表（以下简称"财务公司关联交易汇总表"）。 编制财务公司关联交易汇总表并确保其真实、准确、完整是 ...