Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 22.828 billion yuan for 2024, representing a year-on-year increase of 5.1%. The net profit attributable to shareholders was 1.05 billion yuan, up 17.5% year-on-year, while the net profit excluding non-recurring items reached 1 billion yuan, a significant increase of 55.5% year-on-year [3][4]. - In Q4 2024, the company achieved a revenue of 7.04 billion yuan, a year-on-year increase of 2.7%, but the net profit attributable to shareholders decreased by 24.9% to 270 million yuan. The net profit excluding non-recurring items was 220 million yuan, up 11.5% year-on-year [3][4]. - For Q1 2025, the company reported a revenue of 5.26 billion yuan, a year-on-year increase of 10.9%, with a net profit attributable to shareholders of 290 million yuan, up 42.1% year-on-year, and a net profit excluding non-recurring items also at 290 million yuan, reflecting a 54.1% increase year-on-year [3][4]. Financial Performance Summary - The company's total revenue for 2024 was 22.828 billion yuan, with a gross profit margin of 21%. The gross profit was 4.601 billion yuan, and the operating profit was 1.373 billion yuan, representing 6% of total revenue [12]. - The company’s net cash flow from operating activities reached 3.499 billion yuan in 2024, a year-on-year increase of 176.6% [8]. - The company’s inventory at the end of Q1 2025 was 4.868 billion yuan, a year-on-year increase of 51.2%, indicating a significant future delivery capacity [8]. Revenue Breakdown - In 2024, the revenue from transformers was 9.218 billion yuan, up 17.8% year-on-year, while switch revenue was 8.504 billion yuan, up 11.0% year-on-year. The revenue from power electronics, engineering, and trade was 2.456 billion yuan, down 32.9% year-on-year [8]. - Domestic revenue accounted for 19.002 billion yuan, a year-on-year increase of 5.9%, while international revenue was 2.825 billion yuan, up 6.5% year-on-year, making up approximately 13% of total revenue [8]. Profitability Metrics - The net profit margin for 2024 was 4.73%, an increase of 0.5 percentage points year-on-year, while for Q1 2025, it reached 5.6%, marking a new high since 2019 [8]. - The gross margin for transformers in 2024 was 14.35%, an increase of 5.88 percentage points year-on-year, and for switches, it was 26.52%, up 1.29 percentage points year-on-year [8].

中国西电电气股份有限公司 一、情况概述 （一）开展货币类衍生业务的目的 为防范汇率波动风险，降低市场波动对中国西电电气股份 有限公司（以下简称公司）经营业绩和股东权益的不利影响， 提高外汇资金使用效率，增强公司财务稳健性，公司拟根据实 际经营情况，适度开展货币类衍生业务。 （二）交易方式 公司拟开展的货币类衍生业务仅限于从事与公司生产经营 所使用的主要结算货币相同的币种，具体方式或产品主要包括 远期结售汇、掉期、外汇期权等业务或业务组合。 （三）交易额度及期限 公司拟开展货币类衍生业务额度为 93,300 万美元、7,700 万 欧元、20,000 万港币、40,000 万林吉特、800 万沙特里亚尔和 500 万英镑。在上述额度范围内，任一时点的交易金额不得超过 已审议额度。 （四）资金来源 关于开展货币类衍生业务的可行性分析报告 1.市场风险：即因金融市场价格波动，导致货币类衍生业务 可能出现亏损的市场风险。 2.履约风险：即因交易对方可能不履行或不完全履行衍生品 合约，导致公司产生经济损失或其他损失的履约风险。 3.操作风险：公司在开展货币类衍生业务时，若交易未能完 全按审批的方案执行、交易错单或未按规 ...

证券代码：601179 证券简称：中国西电 公告编号：2025-019 中国西电电气股份有限公司 关于2025年度货币类衍生业务计划的公告 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。 重要内容提示： 为防范汇率波动风险，降低市场波动对中国西电电气 股份有限公司（以下简称公司）经营业绩和股东权益的不利 影响，公司拟开展与日常经营相关的货币类衍生业务。2025 年度公司拟开展货币类衍生业务的额度为 93,300 万美元、 7,700 万欧元、20,000 万港币、40,000 万林吉特、800 万沙 特里亚尔和 500 万英镑。在上述额度范围内，任一时点交易 金额不得超过已审议额度。 该事项已经公司第四届董事会第三十五次会议审议通 过，尚需提交股东大会审议。 4.资金来源 公司的自有资金。 风险提示：公司开展货币类衍生业务以控制利率、汇 率风险为目的，但仍存在一定的市场风险、履约风险、法律 风险及境外交易风险等。敬请投资者注意投资风险。 一、 货币类衍生业务概述 1.交易目的 为避免汇率波动对公司经营业绩造成不利影响，降低公 ...

证券代码：601179 证券简称：中国西电 公告编号：2025-020 中国西电电气股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场 投票和网络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 16 日 10 点 00 分 召开地点：西安天翼新商务酒店（西安市莲湖区西二环 南段 281 号） (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2025年5月16日 本次股东大会采用的网络投票系统：上海证券交易所 股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 16 日 至2025 年 5 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票 平台的投票时间为股东大会召开 ...

中国西电电气股份有限公司 第四届董事会第三十五次会议决议公告 本次会议经过有效表决，形成以下决议： 审议通过了关于2025年度货币类衍生业务计划的议案 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 事会第三十五次会议（以下简称本次会议）经全体董事和监 事同意，豁免会议通知期限。本次会议于2025年4月24日以邮 件、短信和电话方式发出会议通知，于2025年4月25日以通讯 表决方式召开。本次会议应出席董事9人，实到董事9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。 证券代码：601179 证券简称：中国西电 公告编号：2025-018 表决结果：同意9票、反对0票、弃权0票，审议通过。 该议案尚需提交公司2024年年度股东大会审议。 具 体 详 见 公 司 同 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《关于2025年度货币类衍生业务 计划的公告》（公告编号：2024-01 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [10]. Core Views - The company has exceeded expectations in Q1 2025, benefiting from high demand in the ultra-high voltage sector [6][10]. - The company's revenue and profitability are expected to improve significantly due to the increasing proportion of high-margin products [6][10]. - The report highlights the company's strong market position in both internal and external markets, with significant breakthroughs in various projects [7][10]. - The investment outlook for the power grid remains positive, with expectations of a peak year for ultra-high voltage projects in 2025 [9][10]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 22.175 billion yuan, a year-on-year increase of 5.59%, and a net profit of 1.054 billion yuan, up 17.50% [5]. - For Q1 2025, the company reported revenue of 5.245 billion yuan, a year-on-year growth of 11.27%, and a net profit of 295 million yuan, up 42.10% [5]. Product Performance - The company's main business revenue for 2024 was 21.827 billion yuan, with a gross margin of 20.70%, an increase of 2.91 percentage points year-on-year [6]. - Revenue from transformers reached 9.218 billion yuan, growing 17.8% year-on-year, with a gross margin of 14.35% [6]. - The revenue from switches was 8.504 billion yuan, up 10.97%, with a gross margin of 26.52% [6]. Market Position - The company maintains the highest market share in the State Grid's centralized procurement market, achieving record high bidding volumes and market share [7]. - The company has made significant inroads into external markets, winning contracts in nuclear power and offshore wind power sectors [7]. Investment Outlook - The report forecasts the company's revenue for 2025-2027 to be 26.814 billion, 30.760 billion, and 34.670 billion yuan respectively, with corresponding EPS of 0.33, 0.40, and 0.46 yuan [10][12]. - The company is positioned to benefit from sustained high demand in the power grid investment sector, particularly in ultra-high voltage projects [9][10].

Investment Rating - The report maintains a "Buy" rating for the company, estimating a net profit of 1.421 billion and 1.712 billion yuan for 2025 and 2026, respectively, corresponding to valuations of 23 and 19 times earnings [2][3]. Core Insights - The company reported significant growth in Q1 2025, with revenue, net profit, and net profit excluding non-recurring items reaching 524.5 million, 29.5 million, and 29.3 million yuan, respectively, representing year-on-year increases of 11.63%, 42.1%, and 54.14% [1][6]. - The company benefits from the high-voltage construction sector, with a notable increase in high-margin product revenue contributing to improved profit margins [6][8]. - The company has a strong order pipeline, with 6.6 billion yuan in contracts awarded in 2024 for state grid transmission and transformation equipment, marking a 17% year-on-year increase [6][8]. Financial Data and Valuation - The total revenue for 2024 is projected at 22.281 billion yuan, with a year-on-year growth of 6%. The net profit for the same year is expected to be 1.054 billion yuan, reflecting a 19% increase [2][14]. - The company’s gross margin improved to 21.02% in Q1 2025, up 3.17 percentage points year-on-year, while the net margin reached 7.04%, an increase of 1.63 percentage points [6][14]. - The company’s total assets are projected to grow from 43.779 billion yuan in 2023 to 56.708 billion yuan by 2027, indicating a robust growth trajectory [11][14]. Business Performance - The company’s transformer segment reported revenue of 9.218 billion yuan in 2024, a year-on-year increase of 17.83%, with a gross margin of 14.35% [6][8]. - The switchgear segment generated 8.504 billion yuan in revenue, up 10.97% year-on-year, with a gross margin of 26.52% [6][8]. - The company has a strong cash position with approximately 8 billion yuan in net cash and a debt ratio of 44.96% [6][8].

Core Viewpoint - China XD Electric Co., Ltd. is set to hold an investor briefing on April 25, 2025, to discuss its 2024 annual and 2025 Q1 performance, aiming to enhance investor understanding of its financial results and operational status [2][3]. Group 1: Meeting Details - The investor briefing will take place on April 25, 2025, from 10:30 to 11:30 AM [4]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, which will feature a self-recorded video live stream and online text interaction [4][5]. - Participants will include the company's Chairman, General Manager, independent directors, and the Board Secretary, with potential adjustments to attendees if necessary [4]. Group 2: Participation Information - Investors can join the briefing online via the Shanghai Stock Exchange Roadshow Center [5]. - A pre-question submission period is available from April 18 to April 24, 2025, allowing investors to submit questions through the Roadshow Center website or via email [6]. - After the briefing, investors can access the meeting's main content and outcomes on the Roadshow Center's website [6].

重要内容提示： 会议召开时间：2025 年 4 月 25 日(星期五)上午 10:30-11:30 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心行自行录制视频直播和 网络文字互动 投资者可于 2025 年 4 月 18 日(星期五) 至 4 月 24 日 (星期四)16:00 前登录上证路演中心网站首页点击"提问预 征集"栏目或通过公司邮箱 dsh@xd.cee-group.cn 进行提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 中国西电电气股份有限公司（以下简称公司）已于 2025 年 4 月 15 日发布公司《2024 年年度报告》《2025 年第一季 度报告》，为便于广大投资者更全面深入地了解公司 2024 年 度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 证券代码：601179 证券简称：中国西电 公告编号：2025-017 中国西电电气股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩 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 ...

中国西电（601179） 公司点评 业务结构持续优化，盈利能力改善明显 主要观点： 业绩 | 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-04-17 | | 收盘价（元） | 6.18 | | 近 12 个月最高/最低（元） | 9.54/6.08 | | 总股本（百万股） | 5,126 | | 流通股本（百万股） | 5,126 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 317 | | 流通市值（亿元） | 317 | 公司价格与沪深 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 04-17 05-17 06-17 07-17 08-17 09-17 10-17 11-17 12-17 01-17 02-17 03-17 04-17 中国西电 沪深300 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 相关报告 1.业绩快速增长，特高压高景气 ...