（报告书及附件） 共 1 册 第 1 册 上海东洲资产评估有限公司 2024 年 5 月 29 日 中国资产评估协会 本资产评估报告依据中国资产评估准则编制 西安高压电器研究院股份有限公司拟以现金收购河 南省高压电器研究所有限公司股权所涉及的河南省 高压电器研究所有限公司股东全部权益价值 资产评估报告 东洲评报字【2024】第 0946 号 资产评估业务报告备案回执 | 报告编码： | 3131020001202401610 | | --- | --- | | 合同编号： | 东洲评委（202403093）号 | | 报告类型： | 法定评估业务资产评估报告 | | 报告文号： | 东洲评报字【2024】第0946号 | | 报告名称： | 西安高压电器研究院股份有限公司拟以现金收购河 南省高压电器研究所有限公司股权所涉及的河南省 高压电器研究所有限公司股东全部权益价值资产评 | | 评估结论： | 估报告 823,054,400.00元 | | 评估报告日： | 2024年05月29日 | | 评估机构名称： | 上海东洲资产评估有限公司 | | 签名人员： | 冯赛平 （资产评估师） 会员编号：31200 ...

具体详见同日在上海证券交易所网站（www.sse.com.cn） 披露的《关于控股子公司收购河南省高压电器研究所有限公 司55%股权暨关联交易的公告》。 中国西电电气股份有限公司 第四届监事会第十三次会议决议公告 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 事会第十三次会议（以下简称本次会议）于2024年8月2日以 邮件、短信和电话方式发出会议通知，于2024年8月9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： 审议通过了关于西高院以非公开协议方式收购河高所55% 股权事项的议案 表决结果：同意3票、反对0票、弃权0票。 证券代码：601179 证券简称：中国西电 公告编号：2024-026 特此公告。 中国西电电气股份有限公司监事会 2024年8月10日 ...

中国西电电气股份有限公司 产品中标公告 证券代码：601179 证券简称：中国西电 公告编号：2024-024 一、中标情况 特此公告。 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、 西安西电开关电气有限公司、西安西电高压开关有限责任公司、 西安西电电力电容器有限责任公司、西安西电避雷器有限责任公 司、西安西电高压套管有限公司为项目中标人之一，中标换流变 压器、直流穿墙套管、电容器、电阻器、避雷器、组合电器、交 直流断路器、隔离开关和接地开关等产品，总中标金额为 18.3401 亿元。公司 2023 年度营业收入为 208.4791 亿元。 二、对公司的影响 1 三、风险提示 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。 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。 2024 年 7 月 30 日，国家电网有限公司电子商务平台 ...

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。项目的中标不影响公司业务的独立性。 三、风险提示 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。 2024 年 7 月 9 日，国家电网有限公司电子商务平台 （http://ecp.sgcc.com.cn）发布了"国家电网有限公司 2024 年 第四十一批采购（输变电项目第三次变电设备（含电缆）招标采 购）中标公告"。中国西电电气股份有限公司（以下简称"公司"） 下属 12 家子公司为相关中标人，现将有关情况公告如下： 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、 常州西电变压器有限责任公司、西电济南变压器股份有限公司、 成都西电中特电气有限责任公司、西安西电开关电气有限公司、 西安西电高压开关有限责任公司、上海西电高压开关有限公司、 西安西电电力电容器有限责任公司、西安西电避雷器有限责任公 司、无锡恒驰中兴开关有限公司、阿尔斯通隔离开关（无锡）有 限公司、江苏南瑞恒驰电气装备有限公司为项目中标人之 ...

证券代码：601179 证券简称：中国西电 公告编号：2024-022 中国西电电气股份有限公司 2023 年年度权 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 0.066 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 | 2024/7/10 | － | 2024/7/11 | 2024/7/11 | 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 5 月 16 日的 2023 年年度股东大 会审议通过。 在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 5,125,882,352 股为基 数，每股派发现金红利 0.066 元（含税），共计派发现金红利 338,308,235.23 元（含税）。 四、 分配实施办法 1. 实 ...

证券代码：601179 证券简称：中国西电 公告编号：2024-021 特此公告。 中国西电电气股份有限公司 第四届董事会第二十五次会议决议公告 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。 中国西电电气股份有限公司（以下简称公司）第四届董事会 第二十五次会议（以下简称本次会议）于 2024 年 6 月 21 日以邮 件、短信和电话方式发出会议通知，于 2024 年 6 月 28 日以通讯 表决方式召开，本次会议应出席董事 8 人，实到董事 8 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： 一、审议通过了关于西安西变组件有限公司股权无偿划转的 议案 表决结果：同意 8 票、反对 0 票、弃权 0 票，审议通过。 同意西安西电变压器有限责任公司将所持有西安西变组件有 限公司 100%股权无偿划转至公司。 中国西电电气股份有限公司董事会 2024 年 6 月 29 日 第 1 页（共 1 页） ...

Investment Rating - The report assigns a "Buy" rating for China West Electric (601179) for the first time [1]. Core Views - China West Electric is a leading enterprise in the field of power transmission and distribution equipment, showing stable and positive performance [1]. - The company has a strong competitive edge, ranking first in bids for both ultra-high voltage and power transmission and transformation equipment [1][20]. - The company is actively optimizing its overseas business layout, aiming to create growth points in international markets [1][23]. - The investment outlook is positive, with expectations of significant profit growth in the coming years [1][25]. Summary by Sections 1. Company Overview - China West Electric, established in 1953, specializes in manufacturing, research, and testing of power transmission and distribution equipment [6]. - The company has a stable shareholding structure and a wide regional layout with subsidiaries across various provinces and overseas markets [6]. 2. Performance and Growth - From 2018 to 2023, the company's revenue grew from 136.80 billion to 208.48 billion yuan, achieving a compound annual growth rate (CAGR) of 7.26% [7]. - The net profit attributable to the parent company increased from 5.69 billion to 8.85 billion yuan during the same period, with a CAGR of 7.64% [7]. - In Q1 2024, the company reported a revenue of 46.82 billion yuan, a year-on-year decline of 2.35%, while net profit increased by 7.27% [7]. 3. Market Position and Competitive Advantage - The company achieved a bid amount of 79.28 billion yuan for ultra-high voltage equipment in 2023, a year-on-year increase of 913.79%, capturing a market share of 19.56% [22]. - The company’s equipment is well-received in the market due to its strong technical performance and comprehensive solutions [20]. 4. International Expansion - The company has established manufacturing bases in countries such as Egypt, Indonesia, and Malaysia, enhancing its brand influence globally [23]. - As of October 2023, the company has signed contracts worth over 250 billion yuan in international markets, with production exceeding 150 units of power transmission and transformation equipment [23]. 5. Financial Projections - The projected net profits for 2024, 2025, and 2026 are 12.23 billion, 20.24 billion, and 25.15 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 32, 19, and 16 times [25].

Investment Rating - Buy (首次) [1] Core Views - The company is a leading player in the power transmission and transformation equipment industry, with a comprehensive product portfolio covering transformers, switchgear, and power electronics. It has entered a new phase of development with improved profitability and growth prospects driven by domestic and international market expansion [1][2] - The company is expected to benefit from the high-growth cycle of ultra-high voltage (UHV) projects in China and the revival of the Belt and Road Initiative, which will drive overseas business recovery. The company's UHV orders surged by 1001% YoY in 2023, and its market share in key UHV equipment remains strong [2] - State-owned enterprise (SOE) reforms and management improvements have significantly enhanced the company's operational efficiency. The company has reduced its workforce by 3,310 employees from 2021 to 2023, while increasing per capita profit by 56% in 2023 [2] Profit Forecast and Valuation - The company's revenue is expected to grow from 21.05 billion yuan in 2023 to 32.63 billion yuan in 2026, with a CAGR of 15-20%. Net profit attributable to shareholders is projected to grow from 885 million yuan in 2023 to 2.51 billion yuan in 2026, with a CAGR of 35-40% [1] - The company's EPS is forecasted to increase from 0.17 yuan per share in 2023 to 0.49 yuan per share in 2026, with a P/E ratio declining from 41.98x in 2023 to 14.80x in 2026 [1] Market and Industry Analysis - The global power grid construction is entering a new cycle, with significant opportunities in both domestic and international markets. The company's overseas revenue reached 2.7 billion yuan in 2023, with new international orders exceeding 4 billion yuan [2] - The company's UHV business is a key growth driver, with a 1001% YoY increase in UHV project orders in 2023. The company's market share in key UHV equipment such as converter valves and transformers remains strong, with 20% and 25% market shares, respectively [2] - The company's overseas business is expected to become a second growth curve, supported by its early market entry, strategic partnerships with GE, and production bases in Egypt and Indonesia [2] Operational Improvements and Reforms - The company has undergone significant SOE reforms, including workforce optimization and market-oriented incentives. From 2021 to 2023, the company reduced its workforce by 3,310 employees, while increasing per capita profit by 56% in 2023 [2] - The company has focused on its core business by divesting low-margin new energy EPC projects, which is expected to further improve profitability. In 2023, the company transferred its new energy EPC subsidiaries, resulting in a gain of 715 million yuan [2] Product and Market Competitiveness - The company's product portfolio covers a wide range of power transmission and transformation equipment, including transformers, switchgear, and power electronics. Its market share in key UHV equipment such as converter valves and transformers remains strong, with 20% and 25% market shares, respectively [2] - The company has strengthened its market competitiveness through SOE reforms and strategic partnerships. Its UHV project orders surged by 1001% YoY in 2023, and its market share in key UHV equipment remains strong [2] Overseas Expansion - The company has a strong presence in overseas markets, with operations in over 80 countries and regions. Its overseas revenue reached 2.7 billion yuan in 2023, with new international orders exceeding 4 billion yuan [2] - The company has established production bases in Egypt and Indonesia, which provide a strong foundation for further international expansion. Its partnership with GE has also enhanced its technological capabilities and market access [2]

Investment Rating - The report assigns a "Buy" rating for China West Electric (601179) with a target price of 10.0 CNY per share, based on a 25x PE for 2024 [2][49]. Core Insights - China West Electric is a leading enterprise in the power transmission and transformation equipment sector, poised for growth due to the new high-demand cycle in the global power grid construction [1][2]. - The company has shown significant revenue and profit growth, with a projected CAGR of approximately 15-20% for revenue and 35-40% for net profit from 2023 to 2026 [1][2]. - The company is benefiting from the high demand for ultra-high voltage (UHV) projects and the revival of the Belt and Road Initiative, which is expected to create a second growth curve for international business [2][3]. Summary by Sections 1. Company Overview - China West Electric is a well-established supplier of power transmission and transformation equipment, covering all voltage levels with products such as transformers, switchgear, and converters [8][9]. - The company has a concentrated and stable shareholding structure, having undergone strategic restructuring to enhance its international presence [9][10]. 2. Corporate Reform and Management Efficiency - The company is undergoing significant reforms under the state-owned enterprise (SOE) reform initiative, focusing on high-quality development and operational efficiency [21][24]. - Management efficiency has improved, with a reduction in workforce and enhanced performance metrics, leading to a notable increase in average employee compensation and productivity [24][25]. 3. Market Demand and Growth Opportunities - The macroeconomic strategy is driving investment in power grid construction, with expectations of sustained growth in UHV projects [27][28]. - The company is well-positioned to capitalize on the increasing demand for power equipment due to the aging infrastructure in developed countries and the need for renewable energy integration [41][42]. 4. International Expansion - China West Electric has established early overseas production bases in Egypt and Indonesia, enhancing its ability to meet international demand [43][44]. - The company is leveraging the Belt and Road Initiative to expand its market presence and engage in comprehensive cooperation with countries along the route [46][47]. 5. Financial Projections - The company is expected to achieve total revenues of 24.74 billion CNY in 2024, with net profits projected at 12.5 billion CNY, reflecting a year-on-year growth of 42% [47][48]. - The report anticipates continued improvement in profitability, driven by high-margin UHV orders and international market expansion [47][49].

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨中国西电（ ） 601179.SH [Table_Title] 内部提效显著，全年收入有望加快释放 24Q1 报告要点 [公Ta司bl发e_布Su2m0m24ar年y]一季度报，24Q1公司实现营业收入47.11亿元，同比下降2.94%，归母净利 润2.03亿元，同比增长7.27%，扣非净利润1.9亿元，同比增长6.78%。 ...