Group 1: Market Outlook and Strategy - The company maintains an optimistic outlook on future market demand in the ultra-high voltage sector, aligning with national needs and macro policies for high-quality development [1] - The company emphasizes a development strategy focused on core business while diversifying related sectors, aiming for industrial structure optimization and accelerated layout in emerging industries [1] Group 2: Financial Performance and Shareholder Information - The company's contract liabilities are primarily composed of advance payments, indicating a growing order backlog [1] - In the third quarter, major institutional investors, including the top ten circulating insurance funds and two public funds, purchased over ten million shares, with inquiries about any changes in their holdings [1] Group 3: Product Offerings and Future Growth - The company possesses qualifications and capabilities to supply relevant equipment to the nuclear power industry, having already secured contracts for large-capacity circuit breakers and transformers for domestic and international nuclear projects [2] - The company’s revenue recognition and product delivery cycles are linked to quarterly performance, with specific growth expectations to be confirmed in regular reports [3] - Despite modest revenue growth in the third quarter, net profit saw a significant increase, with further details on the reasons to be provided [4] Group 4: Disclosure and Compliance - The activity did not involve any undisclosed significant information [5]

Investment Rating - The report maintains a "Buy" rating for China Xidian (601179) [1] Core Views - The company's Q3 2024 performance significantly exceeded market expectations, with a year-on-year revenue increase of 4% and a remarkable growth in net profit attributable to shareholders by 200% [1][2] - The improvement in profitability is attributed to optimized delivery structures and enhanced management, leading to a substantial increase in gross margin [2][3] - The company is expected to continue benefiting from high-margin orders and a strong market position in the ultra-high voltage (UHV) segment, with a projected gross margin recovery to around 25% for UHV products [3][4] Summary by Relevant Sections Financial Performance - For Q3 2024, the company reported a revenue of 4.9 billion yuan, a 4% increase year-on-year, and a net profit of 330 million yuan, reflecting a 200% increase [1][2] - The gross margin for Q3 reached 23.7%, up by 6.5 percentage points year-on-year, driven by the delivery of UHV products and optimized product designs [2] - The net profit margin for Q3 was 6.3%, an increase of 4.9 percentage points year-on-year [2] Order and Market Position - The company has maintained its leading position in the UHV market, securing contracts worth 2.3 billion yuan, representing a 25% market share [3][4] - The company is also seeing growth in non-UHV orders, with a significant increase in bidding activity from the State Grid [3] Profitability Forecast - The report revises the company's net profit forecasts for 2024-2026, projecting net profits of 1.26 billion yuan, 2.07 billion yuan, and 2.74 billion yuan respectively, with year-on-year growth rates of 42%, 65%, and 32% [4] - The target price for the stock is set at 10.0 yuan, based on a 25 times price-to-earnings ratio for 2025 [4]

Financial Performance - The company's operating revenue for Q3 2024 was approximately CNY 4.88 billion, an increase of 4.29% compared to the same period last year[3]. - Net profit attributable to shareholders for Q3 2024 reached CNY 334.39 million, representing a significant increase of 199.96% year-on-year[3]. - The net profit after deducting non-recurring gains and losses was CNY 309.92 million, up 383.60% from the previous year[3]. - The net profit attributable to shareholders for the year-to-date period reached RMB 45.33 million, driven by a year-on-year increase in operating revenue and high value-added product deliveries[9]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for the current period was RMB 383.60 million, with a significant increase in investment income from joint ventures and associates[9]. - Basic earnings per share for the current period was RMB 200.46, reflecting growth in operating revenue and a decrease in operating costs[9]. - Basic earnings per share for the year-to-date period was RMB 45.36, indicating a positive trend in financial performance[9]. - Operating profit for the first three quarters of 2024 was ¥1.15 billion, a significant increase of 57.7% compared to ¥725.92 million in 2023[16]. - The company reported a significant increase in investment income, reaching ¥99.84 million compared to ¥38.59 million in the previous year[16]. Cash Flow and Liquidity - The cash flow from operating activities for the year-to-date period was CNY 1.40 billion, a recovery from a negative cash flow in the same period last year[3]. - The net cash flow from operating activities improved significantly due to a larger increase in cash received from sales compared to cash paid for purchases[9]. - Cash flow from operating activities generated ¥1.40 billion, a turnaround from a negative cash flow of ¥1.05 billion in the same period of 2023[18]. - The net cash flow from investing activities was -969,462,279.73 CNY, compared to -984,376,013.56 CNY in the previous period[19]. - Cash inflow from financing activities totaled 775,667,512.40 CNY, significantly lower than 6,654,425,747.10 CNY in the prior period[19]. - The net increase in cash and cash equivalents was -1,459,206,573.70 CNY, contrasting with an increase of 550,540,238.95 CNY in the last period[19]. - The ending balance of cash and cash equivalents stood at 7,833,093,195.83 CNY, down from 9,292,299,769.53 CNY at the beginning of the period[19]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 45.65 billion, reflecting a 3.79% increase from the end of the previous year[4]. - The company's current assets totaled CNY 31.98 billion, slightly up from CNY 31.20 billion at the end of 2023, indicating a growth of about 2.5%[14]. - Total liabilities increased to CNY 20.90 billion from CNY 19.47 billion, which is an increase of about 7.3%[15]. - The company's equity attributable to shareholders rose to CNY 21.88 billion, up from CNY 21.66 billion, reflecting a growth of approximately 1.0%[15]. - The non-current assets totaled CNY 13.67 billion, an increase from CNY 12.78 billion, representing a growth of approximately 7.0%[14]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 136,960, with the largest shareholder, China Electric Equipment Group Co., Ltd., holding 51.87% of shares[10]. - GE Smallworld (Singapore) PTE LTD held 15.00% of shares, making it the second-largest shareholder[10]. Operational Efficiency - The increase in net profit was attributed to higher operating revenue, reduced operating costs, and increased investment income from joint ventures[8]. - The company is focusing on expanding its market presence and enhancing its product offerings, particularly in high value-added segments[9]. - The cash flow from operating activities showed a positive turnaround, indicating improved operational efficiency[9]. - Research and development expenses increased to ¥587.66 million, representing a rise of 29.4% from ¥454.00 million in the previous year[16]. Other Income and Expenses - The company reported a year-on-year increase in other income, primarily due to a significant rise in VAT deductions[9]. - The company achieved a total operating cost of ¥14.18 billion, an increase of 3.6% from ¥13.69 billion in the previous year[16]. - Other comprehensive income after tax was reported at -¥94.39 million, an improvement from -¥212.06 million in the same period of 2023[17].

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。 一、计提减值准备情况概述 为真实、准确地反映中国西电电气股份有限公司（以下简称 公司）2024 年 9 月 30 日的财务状况及 2024 年前三季度的经营成 果，根据《企业会计准则》和公司相关会计政策，基于谨慎性原 则，公司对 2024 年第三季度财务报告合并会计报表范围内相关资 产进行减值测试，对存在减值迹象的资产计提了相应的减值准备。 二、计提信用减值准备情况 （一）应收款项 对于应收款项，无论是否包含重大融资成分，公司始终按 照相当于整个存续期内预期信用损失的金额计量其损失准备。 对于存在客观证据表明存在减值，以及其他适用于单项评估的 应收账款，单独进行减值测试，确认逾期信用损失，计提单项 减值准备。对于不存在减值客观证据的应收账款或单项金融资 产无法以合理成本评估预期信用损失的信息时，公司依据信用 风险特征将应收款项划分为若干组合，在组合基础上计算预期 信用损失。 2024 年前三季度公司计提应收款项坏账准备 3,704.53 万元。 证券代码：601179 证券简称： ...

证券代码：601179 证券简称：中国西电 公告编号：2024-041 中国西电电气股份有限公司 2024 年半年度权益 分派实施公告 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： 每股分配比例 A 股每股现金红利 0.035 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利 | | --- | --- | --- | --- | --- | | | | | | 发放日 | | Ａ股 | 2024/10/24 | － | 2024/10/25 | 2024/10/25 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 9 月 27 日的 2024 年第一次临时 股东大会审议通过。 四、 分配实施办法 1. 实施办法 除公司自行发放对象外，其他无限售条件流通股的红利委托中国结 算上海分公司通过其资金清算系统向股权登记日上海证券交易所收市 后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。 已办理指定交易的投 ...

证券代码：601179 证券简称：中国西电 公告编号：2024-042 中国西电电气股份有限公司 关于召开 2024 年第三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。 会议召开时间：2024年11月1日(星期五)上午10:00-11:00 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：上证路演中心网络互动 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经营成果及财务指标的具体情况与投资 者进行互动交流和沟通，在信息披露允许的范围内就投资者 普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024年11月1日上午10:00-11:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 重要内容提示： 投资者可于 2024 年 10 月 25 日(星期五)至 10 月 31 日 (星期四)16:00 前登录上证路演中心网站首页点击"提问 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Views - The company is a leading enterprise in the power transmission and distribution equipment sector, benefiting from the ongoing infrastructure cycle in the power grid [2]. - The company has shown significant improvement in profitability, with gross margin rising to 19.83% and net margin to 5.59% in Q2 2024 [2]. - The company is well-positioned to capitalize on the growth in both domestic and international markets, particularly in the context of increasing clean energy investments and the global push for energy transition [2]. Summary by Sections 1. Company Overview - The company has a long-standing presence in the power transmission and distribution equipment industry, focusing on high-voltage switches, transformers, and DC transmission converters [8]. - It has established a strong market position in the ultra-high voltage sector and is expanding its international footprint, including projects in Turkey and various countries in Africa [2][10]. 2. Financial Performance - The company has experienced steady revenue growth, with total revenue increasing from 13.91 billion yuan in 2018 to 21.05 billion yuan in 2023, representing a CAGR of 8.6% [16]. - The forecast for revenue from 2024 to 2026 is 24.896 billion yuan, 29.038 billion yuan, and 33.562 billion yuan, with growth rates of 18.3%, 16.6%, and 15.6% respectively [3]. 3. Market Demand and Growth - The domestic market is witnessing a wave of ultra-high voltage construction, with significant growth in new contracts signed by the company [25]. - Internationally, the company has seen a doubling of new contracts in equipment exports in 2023, indicating strong demand for its products [2][32]. 4. Investment Recommendations - The report suggests that the company will continue to maintain its leading market share in the domestic power grid sector while expanding into emerging sectors such as smart grids and renewable energy [2]. - The projected earnings per share for 2024, 2025, and 2026 are 0.25 yuan, 0.39 yuan, and 0.46 yuan, respectively, with corresponding PE ratios of 32X, 21X, and 17X [3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][3]. Core Views - The company is a leading enterprise in the power transmission and distribution equipment sector, benefiting from the ongoing infrastructure cycle in the power grid [2]. - The company has shown significant improvement in profitability, with gross margin rising to 19.83% and net margin to 5.59% in Q2 2024 [2][19]. - The company is well-positioned to capitalize on the growth in both domestic and international markets, particularly in the context of increasing clean energy investments and the global push for energy transition [2][32]. Summary by Sections 1. Company Overview - The company has a long-standing presence in the power transmission and distribution equipment industry, focusing on high-voltage switches, transformers, and DC transmission converters [2][8]. - It has established a strong market position in the ultra-high voltage sector and is expanding its international footprint through projects in countries like Turkey, Italy, and Sweden [2][10]. 2. Financial Performance - The company has experienced steady revenue growth, with total revenue increasing from 13.91 billion yuan in 2018 to 21.05 billion yuan in 2023, representing a CAGR of 8.6% [16]. - The forecast for revenue from 2024 to 2026 is 24.896 billion yuan, 29.038 billion yuan, and 33.562 billion yuan, with growth rates of 18.3%, 16.6%, and 15.6% respectively [3][19]. 3. Market Dynamics - The domestic market is witnessing a surge in ultra-high voltage construction, with the company securing significant contracts from the State Grid [30]. - Internationally, the company has seen a doubling of new contracts for equipment exports in 2023, indicating robust demand for its products [2][32]. 4. Investment Recommendations - The report suggests that the company will continue to lead in the transmission and distribution equipment sector, with a focus on smart grids and renewable energy [2][19]. - The projected earnings per share for 2024, 2025, and 2026 are 0.25 yuan, 0.39 yuan, and 0.46 yuan, respectively, with corresponding PE ratios of 32X, 21X, and 17X [3][19].

证券代码：601179 证券简称：中国西电 公告编号：2024-040 中国西电电气股份有限公司 关于持股 5%以上股东减持股份计划的公告 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： 股东持股的基本情况：截至本公告披露之日，中国西 电电气股份有限公司（以下简称公司）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 15%， 股份来源为非公开发行方式取得。 减持计划的主要内容：通用电气新加坡公司因自身经 营发展需要，拟于本公告发布之日起十五个交易日后的三个 月内，即 2024 年 10 月 29 日至 2025 年 1 月 28 日期间，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。 上述减持主体无一致行动人。 通用电气新加坡公司认 ...

中国西电电气股份有限公司 2024 年第一次临时股东大会决议公告 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。 证券代码：601179 证券简称：中国西电 公告编号：2024-037 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 (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 | 1,163 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,641,739,711 | | 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 | 71.0461 | | 份总数的比例（%） | | (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。 依据《公司法》《公司章程》和《股东大会议事规则》等有关规定，公司董 事共同推举董事刘克民先生主持本次会议。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》《上市公 司股东大会规则》等有关法律、法规、规范 ...