审议通过了关于2024年三季度利润分配的议案 表决结果：同意3票、反对0票、弃权0票。 该议案尚需提交公司股东大会审议。 本公司监事会及全体监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 监事会第十六次会议（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2024年11月21 日以邮件、短信和电话方式发出会议通知，于2024年11月 22日以通讯表决方式召开，本次会议应出席监事3人，实到 监事3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： 证券代码：601179 证券简称：中国西电 公告编号：2024-048 中国西电电气股份有限公司 第四届监事会第十六次会议决议公告 特此公告。 中国西电电气股份有限公司监事会 2024年11月23日 ...

（三）坚持差异化激励约束原则：薪酬结果应真实反映董监事及高管人员的 经营业绩、工作业绩，适度拉开差距。 第四条 公司董监事薪酬事项由股东大会决定，公司高管人员的薪酬事项由董事 会决定，公司薪酬管理部门负责承办董监事及高管人员薪酬管理具体工作。 第二章 董监事薪酬 第五条 董事薪酬 （一）董事长 公司董事长工资关系在公司的，薪酬根据上级相关规定核定，经股东大会审 议后确定，在公司领取报酬；公司董事长工资关系不在公司的，不在公司领取报 酬。 中国西电电气股份有限公司 董事、监事及高级管理人员薪酬管理办法 第一章 总则 第一条 为进一步完善中国西电电气股份有限公司（以下简称公司）董事、监事 及高级管理人员的绩效考核和薪酬管理，促进公司经济效益增长和可持续发展， 按照《中华人民共和国公司法》《上市公司治理准则》《上市公司独立董事管理办 法》等相关法规以及《公司章程》的规定，结合公司实际情况，制定本办法。 第二条 本办法适用于公司董事、监事（以下简称董监事），以及公司总经理、 副总经理、总会计师和董事会秘书等高级管理人员（以下简称高管人员）。 第三条 董监事及高管人员薪酬管理遵循以下原则： （一）坚持依法依规原则：董监 ...

中国西电电气股份有限公司 关于 2024 年三季度利润分配预案的公告 证券代码：601179 证券简称：中国西电 公告编号：2024-049 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： 每 10 股分配比例：每 10 股派发现金红利 0.26 元（含税）。 在实施权益分派的股权登记日前公司总股本发生变动的， 拟维持分配总额不变，相应调整每股分配比例，并将另行公告 具体调整情况。 （一）董事会会议的召开、审议和表决情况 上述利润分配预案尚需提交公司股东大会审议。 本次利润分配以实施权益分派股权登记日登记的总股本 为基数，具体日期将在权益分派实施公告中明确。 公司于 2024 年 11 月 22 日召开第四届董事会第三十一次会 议审议通过了《关于 2024 年三季度利润分配的议案》，全体董 事参与表决并一致通过。 （二）监事会意见 在实施权益分派的股权登记日前中国西电电气股份有限 公司（以下简称公司）总股本发生变动的，拟维持分配总额不 变，相应调整每股分配比例，并将另行公告具体调整情况。 二、公司履行的决策程序 ...

Investment Rating - Maintain OUTPERFORM rating with a target price of Rmb8.56 [1][2] - Current price is Rmb8.17 as of November 15, 2024 [3] Core Views - The company's Q3 2024 performance exceeded market expectations, with revenue reaching Rmb4.903 billion, up 3.74% YoY, and net profit surging 199.96% YoY to Rmb334 million [8] - Gross profit margin improved significantly to 23.74% in Q3 2024, driven by increased delivery of high-value-added products [8] - R&D expenses grew 33.77% in the first three quarters of 2024, far exceeding revenue growth, with R&D expense ratio reaching 3.85% [9] - The company won a Rmb1.34 billion bid for the flexible DC UHV converter valve in Gansu-Zhejiang, accounting for 7.5% of the total UHV equipment bidding [9] Financial Performance - Revenue for 2024E is projected at Rmb24.693 billion, with net profit of Rmb1.181 billion, representing a 33% YoY growth [5] - Gross profit margin is expected to remain stable at around 18.2%-18.3% from 2024E to 2026E [5] - ROE is forecasted to increase from 5.4% in 2024E to 7.2% in 2026E [5] - P/E ratio is expected to decline from 47x in 2023A to 24x in 2026E [5] Industry Outlook - The UHV and power transmission equipment sector maintains high prosperity, with total bidding for UHV equipment reaching Rmb17.929 billion by November 2024 [9] - The company is expected to benefit from the industry's growth, with an average of 3-4 DC UHV lines projected to start construction annually during the 15th Five-Year Plan period [9] - Total bidding for power transmission and transformation equipment reached Rmb65.82 billion in the first five batches, up 11.6% YoY [9]

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].