2024年05月04日 公司研究●证券研究报告 中国西电（ ） 公司快报 601179.SH 电力设备及新能源 | 输变电设备Ⅲ 输配电一次设备龙头，受益特高压建设+海外市 投资评级 增持-B(首次) 场拓展 股价(2024-04-30) 7.07元 交易数据 投资要点 总市值（百万元） 36,239.99 流通市值（百万元） 36,239.99 事件：公司发布2023年年报和2024年第一季度报告，2023全年实现营业总收入 总股本（百万股） 5,125.88 210.51亿元，实现归母净利润8.85亿元，实现归母扣非净利润6.41亿元，实现经 流通股本（百万股） 5,125.88 营活动产生的现金流量净额12.15亿元。2024年第一季度，实现营业总收入47.11 12个月价格区间 7.93/4.50 亿元，同比-2.94%；实现归母净利润2.03亿元，同比+7.27%；实现归母扣非净利 一年股价表现 润1.9亿元，同比+6.78%。 输配电一次设备龙头，特高压中标提升。公司作为能源电力装备行业内多年深耕的 国资央企，输配电产业链设备齐全，主导产品包括110kV及以上电压等级的高压 开关、变压器、电抗 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 4,681,880,755.97, a decrease of 2.35% compared to CNY 4,673,947,869.53 in the same period last year[4] - Net profit attributable to shareholders was CNY 203,266,211.89, representing an increase of 7.27% from CNY 185,736,354.13 year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 190,154,927.22, up by 6.78% from CNY 174,320,211.51 in the previous year[4] - Basic earnings per share for Q1 2024 were CNY 0.0397, an increase of 7.30% compared to CNY 0.0362 in the previous year[5] - Net profit for Q1 2024 was CNY 301,970,253.19, an increase of 20.9% compared to CNY 250,044,503.87 in Q1 2023[16] - The net profit for the first quarter of 2024 was approximately ¥253.13 million, an increase of 19.3% compared to ¥212.24 million in the same period of 2023[17] - The total comprehensive income for the first quarter of 2024 was approximately ¥212.76 million, a decrease of 30% from ¥303.88 million in the first quarter of 2023[17] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 225,175,759.26, a significant improvement from a negative cash flow of CNY -1,906,223,682.86 in the same period last year[4] - Operating cash flow for the first quarter of 2024 was approximately ¥225.18 million, a significant improvement from a negative cash flow of ¥1.92 billion in the first quarter of 2023[19] - Cash received from sales of goods and services in the first quarter of 2024 was approximately ¥4.13 billion, an increase of 43.5% compared to ¥2.88 billion in the same period of 2023[19] - The company reported a net cash outflow from investing activities of approximately ¥347.95 million in the first quarter of 2024, compared to a net outflow of ¥770.09 million in the same period of 2023[20] - The cash and cash equivalents at the end of the first quarter of 2024 were approximately ¥8.75 billion, a decrease from ¥3.62 billion at the end of the first quarter of 2023[20] Assets and Liabilities - Total assets at the end of Q1 2024 were CNY 43,609,666,648.61, a decrease of 0.39% from CNY 43,778,740,536.72 at the end of the previous year[5] - Total liabilities decreased to CNY 18,976,030,563.80 in Q1 2024 from CNY 19,352,453,393.21 in Q1 2023, a reduction of 1.9%[15] - The company's total equity increased to CNY 24,633,636,084.81 in Q1 2024 from CNY 24,426,287,143.51 in Q1 2023, reflecting a growth of 0.9%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 137,982, with the largest shareholder, China Electric Equipment Group Co., Ltd., holding 2,658,914,685 shares, representing 51.87% of the total[10] - The top ten shareholders include GE Smallworld (Singapore) PTE LTD with 768,882,352 shares, accounting for 15.00% of the total[10] - The number of shares held by the top ten unrestricted shareholders remains unchanged, with no significant changes in their participation in margin trading[12] - The company has not identified any related party relationships or concerted actions among the top shareholders[11] Revenue and Expenses - The decrease in operating revenue was attributed to changes in the consolidation scope compared to the previous year, which included revenues from West Electric New Energy and West Electric Comprehensive Energy[9] - The increase in net profit was mainly due to an increase in gross profit margin during the reporting period[9] - Research and development expenses increased to CNY 151,327,216.32 in Q1 2024, up from CNY 124,512,843.25 in Q1 2023, representing a growth of 21.5%[16] - The company reported a decrease in interest income to CNY 29,209,781.20 in Q1 2024 from CNY 58,970,416.98 in Q1 2023, a decline of 50.5%[16] Inventory and Receivables - Accounts receivable increased to ¥10,884,575,142.26 as of March 31, 2024, compared to ¥9,872,979,731.16 at the end of 2023, indicating a growth of approximately 10.2%[13] - Inventory decreased to ¥3,218,998,367.41 from ¥3,545,467,231.09, indicating a decline of about 9.2%[13] - The company holds trading financial assets worth ¥951,124,894.13, an increase from ¥876,490,271.51, representing a growth of approximately 8.5%[13] - The company has a total of 1,568,029,368.05 in contract assets as of March 31, 2024, compared to 1,490,734,383.87 at the end of 2023, showing an increase of approximately 5.4%[13]

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 ...