Investment Rating - Maintains an **OUTPERFORM** rating with a target price of RMB 8.56 [2] - Current price is RMB 7.48 as of April 26, 2024 [2] Core Viewpoints - The company's 2023 financial performance exceeded market expectations, with revenue reaching RMB 21.05 billion, a 12.21% YoY increase, and net profit attributable to the parent company reaching RMB 885 million, a 42.99% YoY increase [2][9] - The company's Q4 2023 performance was particularly strong, with revenue of RMB 7.23 billion, a 33.74% YoY increase, and net profit of RMB 365 million, a 144.32% YoY increase [2][9] - The company's market share in the State Grid batch increased YoY, ranking first in the industry, with a 38.1% share in transformers and 45.6% in valves [11] Financial Performance - Revenue for 2023 was RMB 21.05 billion, with a 17% YoY growth, and is expected to reach RMB 24.69 billion in 2024, RMB 28.77 billion in 2025, and RMB 32.68 billion in 2026 [2] - Net profit for 2023 was RMB 885 million, with a 45% YoY growth, and is expected to reach RMB 1.18 billion in 2024, RMB 1.48 billion in 2025, and RMB 1.74 billion in 2026 [2] - The company's gross margin remained stable at 18.6% in 2023, with a slight decrease to 18.2% expected in 2024 [2] R&D and Technological Advancements - The company increased its R&D investment by 19.70%, focusing on high-voltage transmission and distribution equipment [11] - Six national key R&D projects progressed as planned, with breakthroughs in core technologies such as the 190kA large-capacity generator circuit breaker and the ±800kV rubber-impregnated paper capacitor-type converter transformer bushings [11] Industry and Market Outlook - The company is expected to benefit from the acceleration of ultra-high-voltage (UHV) construction, with five DC UHV projects and two AC UHV projects expected to start construction in 2024 [12] - The total amount of UHV equipment procurement in 2023 was RMB 40.52 billion, a 1,072.3% YoY increase [12] - The UHV industry is expected to maintain high prosperity during the 15th Five-Year Plan period, with an average of 3-4 DC UHV lines expected to start construction annually [12] ESG Performance - The company has an ESG score of 3.0-3.0-4.0, with strengths in governance and environmental initiatives [2][14]

中国国际金融股份有限公司 关于中国西电电气股份有限公司分拆所属子公司 西安高压电器研究院股份有限公司至科创板上市 2023 年持续督导核查意见 中国西电电气股份有限公司（以下简称"公司""上市公司"或"中国西电"） 将其所属子公司西安高压电器研究院股份有限公司（以下简称"西高院"）分拆至上 海证券交易所（以下简称"上交所"）科创板上市（以下简称"本次分拆上市"或"本 次分拆"），中国国际金融股份有限公司（以下简称"中金公司"或"独立财务顾问"） 作为本次分拆上市的独立财务顾问，根据《上市公司分拆规则（试行）》（以下简称 "《分拆规则》"），对本次分拆后上市公司核心资产与业务的独立经营状况及持续经 营能力、西高院是否发生对上市公司权益有重要影响的资产和财务状况变化、西高 院是否存在其他对上市公司股票价格产生较大影响的重要信息以及上市公司是否依 法履行相关信息披露义务等持续督导事项进行了专项核查，发表核查意见如下： 一、本次分拆上市概况 中国西电分拆所属子公司西高院科创板上市后，没有发生对上市公司权益有重 要影响的资产和财务状况变化的情况。 2023 年度，中国西电主要财务数据如下所示： 单位：元 2022 年 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Viewpoints - The report highlights that China Xidian is one of the largest manufacturers of high, ultra-high, and extra-high voltage substation equipment in China, having participated in all major ultra-high voltage projects in the country [5][6]. - The company has a stable historical revenue with significant profit fluctuations linked to the cycles of ultra-high and extra-high voltage projects, and it is expected that profitability will improve significantly as these projects peak again [6][8]. - The report emphasizes the strong growth potential in the electric grid business, particularly with the recent surge in ultra-high voltage project tenders, which have increased significantly in 2023 [6][29]. Summary by Sections Company Overview - China Xidian is a leading enterprise in the manufacturing of substation equipment, with a comprehensive product range and strong capabilities in system integration [5][6]. - The company has multiple manufacturing bases across China, including in Shaanxi, Sichuan, Liaoning, Shandong, Jiangsu, Shanghai, and Guangzhou [5][6]. Financial Performance - The company's revenue has shown stability, with a historical high of 20.85 billion yuan in 2023, marking a continuous increase in recent years [18]. - Profit margins have been volatile, with significant fluctuations in net profit due to varying gross margins and expense ratios [22][19]. Business Segments - The company operates in several segments, including transformers, switches, power electronics, capacitors, and engineering trade, with a focus on providing complete solutions for power transmission and distribution [17][15]. - The transformer segment has seen significant activity, with the company holding a leading market share in various equipment types, including converter transformers and circuit breakers [31][32]. Market Opportunities - The report notes that the ultra-high voltage equipment market is experiencing a boom, with a total tender amount of 41.54 billion yuan in 2023, representing a year-on-year increase of 11 times [6][29]. - The company has successfully secured contracts worth 7.93 billion yuan in various equipment tenders, leading the market in several categories [31][32]. International Expansion - China Xidian is expanding its international presence through subsidiaries and has established manufacturing bases in countries such as Egypt and Indonesia, exporting to over 100 countries [7][6]. - The company aims to enhance its competitiveness in the global market by leveraging its established brand and partnerships with international giants [7][6].

Group 1: Future Outlook on High Voltage Lines - The company maintains a cautiously optimistic view on the construction pace of domestic ultra-high voltage lines in the coming years, supported by a 1.5-2 year average construction cycle and current project status [4] - The company plans to increase sales efforts in the ultra-high voltage sector to ensure steady growth in business volume [4] Group 2: International Business Expansion - The company has provided reliable products and services to over 80 countries and regions, establishing a strong brand image globally [5] - The company aims to actively participate in the "Belt and Road" initiative to enhance its international market presence [5] Group 3: New Business Directions - The company is focusing on upgrading its core business while expanding into emerging industries such as renewable energy, charging, and energy storage [5] - The construction of a smart industry base is underway, with significant progress in automation and production efficiency [5] Group 4: Order Situation and Market Performance - The company has seen a substantial increase in orders for 2023, with a strong performance in the grid market and growth in international markets [6] - The company has optimized its marketing system, leading to significant market expansion [6] Group 5: Technological Advancements - The IGCT technology offers advantages over traditional IGBT solutions, such as higher voltage tolerance and lower losses, and is expected to reduce manufacturing costs in the future [6] - The company is focusing on high-tech areas within the new power system to enhance its competitive edge [6] Group 6: Financial Transactions and Performance Metrics - The company transferred 100% equity of Xi'an Xidian New Energy Co., Ltd. and 95% equity of Xidian Comprehensive Energy Service Co., Ltd. to China Xidian Group for a total of RMB 717.5131 million [7] - The decrease in engineering trade revenue is attributed to the transfer of equity, while the proportion of high-margin product revenue has increased [7] Group 7: International Cooperation and Future Goals - The company has signed a memorandum of cooperation with Egypt and a framework agreement with Uzbekistan, indicating ongoing international collaboration [7] - The company aims to leverage the increasing international market demand and the opportunities presented by the "Belt and Road" initiative for future growth [8]

证券代码：601179 证券简称：中国西电 公告编号：2024-015 中国西电电气股份有限公司 股票交易异常波动公告 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。 （二）重大事项情况 中国西电电气股份有限公司（以下简称公司）股票于 2024 年 4 月 11 日、4 月 12 日连续 2 个交易日内日收盘价格 涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》 的有关规定，属于股票交易异常波动情况。 经公司自查并向控股股东书面发函查证，截至本公告 披露日，确认不存在应披露而未披露的重大事项或重要信息。 一、股票交易异常波动的具体情况 公司股票于 2024 年 4 月 11 日、4 月 12 日连续 2 个交易 日内日收盘价格涨幅偏离值累计超过 20%，根据《上海证券 交易所交易规则》的有关规定，属于股票交易异常波动情况。 二、公司关注并核实的相关情况 （一）生产经营情况 经公司自查，公司目前生产经营活动一切正常。市场环 境、行业政策没有发生重大变化，内部生产经营秩序正常。 重要内容提示： 经公司自查，并向公司控股股 ...

我公司于 2024年4月12日收到了你公司发来的《中国西电 电气股份有限公司关于公司股票交易异常波动情形的征询函》, 我公司作为你公司的控股股东,依据你公司来函立即进行了核实, 现将核实情况函告如下: 中国电气装备集团有限公司 关于中国西电电气股份有限公司股票交易 异常波动情形的回复函 中国西电电气股份有限公司: 特此函告。 中国 限公司 2024 日 年 4 一 2 一 a . 一、截至本回复函之日,我公司不存在影响你公司股票交易 异常波动的重大事项,不存在针对你公司应披露而未披露的重大 信息,包括但不限于筹划涉及上市公司的重大资产重组、股份发 行、重大交易类事项、业务重组、股份回购、股权激励、破产重 整、重大业务合作、引进战略投资者等重大事项。 二、在你公司股票价格异常波动期间,我公司无交易你公司 股票的情形。 ...

中国西电电气股份有限公司 内部控制审计报告 2023 年度 信会师报字[2024]第 ZG10927 号 内部控制审计报告 信会师报字[2024]第 ZG10927 号 中国西电电气股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，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 公司）2023 年 12 月 31 日的财务报告内部控制的有效性。 立信会计师事务所 中国注册会计师： （特殊普通合伙） 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 1 四、财务报告内部控制审计意见 我们认为，中国西电公司于 2023 年 12 月 31 日按照《企业内部 控制基本规范》和相关规定在所有重大方面保持了有效的财务报告内 部控制。 一、企业对内 ...

证券研究报告 公 2024年04月11日 司 报 告 中国西电(601179) │ 行 业： 电力设备/电网设备 公 投资评级： 买入（维持） 司 当前价格： 5.48元 业绩超预期，特高压中标支撑盈利增长 年 目标价格： 6.20元 报 点 事件： 评 基本数据 公司发布2023年年报，2023年实现营业收入208.48亿元，同比+12.36%； 总股本/流通股本(百万股) 5,125.88/5,125.88 实现归母净利润 8.85 亿元，同比+42.99%。其中 23Q4 公司实现营业收入 流通A股市值(百万元) 28,089.84 72.02亿元，同比+34.52%，环比+62.72%；实现归母净利润3.64亿元，同 每股净资产(元) 4.22 比+144.32%，环比+266.63%。 资产负债率(%) 44.21  23Q4业绩创新高，高毛利产品占比提升带动业绩增长 一年内最高/最低(元) 6.20/4.38 公司23Q4实现营收72.02亿元，实现归母净利润3.64 亿元，均创单季度 历史新高。2023 年全年公司主营业务毛利率同比+1.48pct,归母净利率同 股价相对走势 比+0.85pc ...

Financial Performance - The company's operating revenue for 2023 reached ¥20,847,910,805.44, representing a year-on-year increase of 12.36% compared to ¥18,554,289,763.87 in 2022[15]. - Net profit attributable to shareholders for 2023 was ¥885,188,186.50, a significant increase of 42.99% from ¥619,072,763.94 in 2022[15]. - The net profit after deducting non-recurring gains and losses was ¥640,788,188.66, up 142.48% from ¥264,266,765.41 in the previous year[15]. - The net cash flow from operating activities for 2023 was ¥1,215,069,883.41, an increase of 118.08% compared to ¥557,167,129.52 in 2022[15]. - Basic earnings per share for 2023 were ¥0.1727, reflecting a 42.96% increase from ¥0.1208 in 2022[16]. - The weighted average return on net assets for 2023 was 4.14%, up from 2.97% in 2022[16]. - The total assets at the end of 2023 amounted to ¥43,778,740,536.72, a 5.52% increase from ¥41,487,514,848.69 at the end of 2022[15]. - The net assets attributable to shareholders at the end of 2023 were ¥21,641,977,981.11, showing a 2.39% increase from ¥21,136,161,472.36 at the end of 2022[15]. Dividend Distribution - The company plans to distribute a cash dividend of 0.66 CNY per 10 shares, totaling approximately 338.31 million CNY, which represents 38.22% of the net profit attributable to shareholders for 2023[4]. - The total share capital of the company is 5,125,882,352 shares as of the dividend declaration date[4]. Audit and Compliance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[3]. - The company has confirmed that all board members can guarantee the authenticity, accuracy, and completeness of the annual report[5]. - There are no non-operating fund occupations by controlling shareholders or related parties[5]. - The company has not violated decision-making procedures for external guarantees[5]. - The company has maintained independence from its controlling shareholder in business operations, assets, and financial matters[70]. Risk Management - The management has outlined potential risks in the "Management Discussion and Analysis" section of the report[5]. - The company recognizes macroeconomic risks, market competition risks, overseas operational risks, and raw material price fluctuation risks as potential challenges to its development[66]. Research and Development - The company’s R&D expenses increased by 19.70% to 717 million RMB, reflecting a commitment to enhancing research and development capabilities[31]. - The company is focusing on enhancing its research and development capabilities for new technologies[75]. Environmental Responsibility - The company invested CNY 1,953.16 million in environmental protection during the reporting period[110]. - The company has implemented measures to optimize production processes, ceasing the discharge of heavy metal wastewater and ensuring compliance with hazardous waste disposal regulations[111]. - The company has been recognized as a "National Green Factory" and has received various provincial accolades for its commitment to green manufacturing[121]. Strategic Development - The company plans to maintain stable growth in electricity consumption, projecting a total of 10 trillion kWh in 2024, with an estimated growth rate of around 6%[26]. - The company is actively expanding into emerging business sectors such as smart grids and offshore wind power, with successful development of pumped storage machine switchgear[29]. - The company aims to enhance its core competitiveness and focus on strategic opportunities in the energy and power industry, which is expected to experience significant growth[62]. Shareholder Engagement - The company held three shareholder meetings during the reporting period, including one annual meeting and two extraordinary meetings, with no rejected proposals or changes to previous resolutions[72]. - The company emphasizes investor relations management, actively engaging with investors through various communication channels[72]. Financial Health - The company has a AAA credit rating and maintains a lower-than-average debt-to-asset ratio, ensuring strong financial health and liquidity[28]. - The company's cash and cash equivalents at the end of the period amounted to RMB 950,570.69 million, representing 21.71% of total assets, an increase of 28.38% compared to the previous period[50]. Corporate Governance - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[73]. - The company has established specialized committees, including the Audit Committee, Nomination Committee, Compensation and Assessment Committee, and Strategic Committee[88]. Market Expansion - The company has established a stable customer resource advantage, providing equipment and services for over 80 countries and regions[28]. - The international market expansion is a priority, with efforts to enhance global marketing networks and leverage overseas engineering capabilities[64]. Related Party Transactions - The company reported a total of 307,885.18 million RMB in related party transactions, with a significant portion being 256,337.58 million RMB for purchases from related parties, accounting for 14.96% of similar transactions[155]. - The balance of related party transactions with controlling shareholders and their subsidiaries as of July 31, 2023, was 78,845.17 million RMB[162]. Employee Engagement - The total number of employees in the company and its subsidiaries is 9,312, with 155 in the parent company and 9,157 in major subsidiaries[94]. - A total of 163,000 training sessions were conducted, with an investment exceeding 10 million yuan, achieving a training coverage rate of 100%[97].

中国西电电气股份有限公司 2023 年度 涉及财务公司关联交易的专项说明 信会师报字[2024]第 ZG10913 号 专项说明 第 1 页 关于中国西电电气股份有限公司 2023 年度 涉及财务公司关联交易的专项说明 信会师报字[2024]第 ZG10913 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")2023 年度的财务报表，包括 2023 年 12 月 31 日的合并及母公司 资产负债表、2023 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 2024 年 4 月 9 日出具了报告号为信会师报字[2024]第 ZG10911 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 2023 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 ...