证券代码：601179 证券简称：中国西电 公告编号：2024-020 中国西电电气股份有限公司 2023 年年度股东大会决议公告 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。 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 (一) 股东大会召开的时间：2024 年 5 月 16 日 (二) 股东大会召开的地点：西安天翼新商务酒店（西安市莲湖区西二环南 段 281 号） (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 | 34 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,526,772,639 | | 3、出席会议的股东所持有表决权股份数占公司有表 决权股份总数的比例（%） | 68.8032 | (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。 公司董事长赵启先生主持本次会议。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》 ...

北京市海间律师事务所 关于中国西电电气股份有限公司 2023 年年度股东大会的法律意见书 致:中国西电电气股份有限公司 根据《中华人民共和国公司法》、《中华人民共和国证券法》(以下统称"有 关法律")及《中国西电电气股份有限公司章程》(以下称"公司章程")的规定, 本所作为中国西电电气股份有限公司(以下称"公司")的法律顾问,应公司的 要求,指派律师(以下称"本所律师")列席公司于 2024年5月16日召开的2023 年年度股东大会(以下称"本次会议")现场会议,对本次会议召开的合法性进 行见证,并依法出具本法律意见书。 在本法律意见书中,本所律师仅对本次会议召集和召开的程序、表决程序、 出席本次会议现场会议的人员资格、召集人的资格是否符合有关法律和公司章程 的规定以及本次会议审议的议案表决结果是否有效发表意见,并不对本次会议所 审议的议案内容以及议案所表述的事实或数据的真实性、准确性、合法性发表意 见。本所律师假定公司提交给本所律师的资料(包括但不限于有关人员的居民身 份证、授权委托书、企业法人营业执照等)真实、完整,资料上的签字和/或印 章均是真实的,资料的副本或复印件均与正本或者原件一致。 本所律师按照 ...

中国西电电气股份有限公司 关于参加"2024 年陕西辖区上市公司投资者 集体接待日暨 2023 年度业绩说明会"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。 为促进上市公司规范运作、健康发展，增强上市公司信息透 明度，加强与广大投资者沟通交流，进一步提升投资者关系管理 水平，陕西上市公司协会根据陕西证监局工作部署，联合深圳市 全景网络有限公司举办"2024 年陕西辖区上市公司投资者集体接 待日暨 2023 年度业绩说明会活动"。 届时，中国西电电气股份有限公司主要负责人及相关高管人 员将通过互动平台与投资者进行网络沟通和交流，欢迎广大投资 者踊跃参加！ 活动时间：2024 年 5 月 22 日 14:00-17:00。 证券代码：601179 证券简称：中国西电 公告编号：2024-019 特此公告。 中国西电电气股份有限公司董事会 2024 年 5 月 15 日 第 1 页（共 1 页） 活动地址："全景路演" 网址：http://rs.p5w.net。 ...

中国西电电气股份有限公司 （601179.SH） 2023 年年度股东大会会议资料 2024 年 5 月 16 日 股东大会会议资料 目 录 议案 1 | 关于 | 2023 | 年度董事会工作报告的议案 | 3 | | --- | --- | --- | --- | | 议案 | 2 | | | | 关于 | 2023 | 年度监事会工作报告的议案 | 14 | | 议案 | 3 | | | | 关于 | 2023 | 年度财务决算报告的议案 | 20 | | 议案 | 4 | | | | 关于 | 2023 | 年度利润分配的议案 | 32 | | 议案 | 5 | | | | 关于 | 2023 | 年年度报告及其摘要的议案 | 33 | | 议案 | 6 | | | | 关于调整 | | 2024 年日常关联交易预计的议案 | 34 | | 议案 | 7 | | | | 关于 | 2024 | 年度公司及所属子公司拟开展外汇金融衍生业务计划的议案 ... | 41 | | 议案 | 8 | | | | | | 关于拟与西电集团财务有限责任公司签署金融业务服务协议的议案45 | | | 议案 | 9 | ...

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、 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一，中标变压器、电抗器、组合电器、断路 器、隔离开关、电容器、互感器、避雷器等产品，总中标金额为 13.8078 亿元。公司 2023 年度营业收入为 208.4791 亿元。 二、对公司的影响 第 1 页（共 2 页） 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 5 月 7 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 第十六批采购（输变电项目第二次变电设备（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 11 家子公司为相关中标人，现将 ...

Investment Rating - The report assigns a rating of "Buy" for the company, indicating a positive outlook for future performance [2][10]. Core Insights - The company, China West Electric (601179.SH), is a leading player in the power transmission and distribution equipment sector, benefiting from the construction of ultra-high voltage projects and expansion into overseas markets [1][2]. - In 2023, the company achieved total revenue of 21.05 billion yuan, with a net profit attributable to shareholders of 885 million yuan, reflecting a year-on-year growth of 44.5% [1][3]. - The company has a comprehensive product line in the power transmission and distribution industry, including high-voltage switches, transformers, and reactors, with significant growth in revenue from these segments [1][6]. Financial Performance - The company reported a revenue of 21.05 billion yuan in 2023, with a projected revenue growth to 24.71 billion yuan in 2024, representing a year-on-year increase of 17.4% [3][9]. - The net profit attributable to shareholders is expected to grow from 1.16 billion yuan in 2024 to 1.90 billion yuan in 2026, with corresponding EPS increasing from 0.23 yuan to 0.37 yuan [2][3]. - The gross margin is projected to remain stable around 18.1% for 2024 and 2025, slightly improving to 18.2% in 2026 [9][12]. Product Segmentation - The high-voltage switch segment generated revenue of 76.63 billion yuan in 2023, with a year-on-year growth of 21.53%, and is expected to reach 85.83 billion yuan by 2024 [6][8]. - The transformer segment saw a significant increase in revenue to 78.23 billion yuan in 2023, up 40.31% year-on-year, with projections of 101.70 billion yuan in 2024 [6][8]. - The electronic power and engineering trade segment is anticipated to grow steadily, with expected revenues of 38.41 billion yuan in 2024 [6][8]. Market Position and Outlook - The company secured contracts worth approximately 79.28 billion yuan for ultra-high voltage equipment in 2023, maintaining a market share of about 19.56% [1][2]. - The report highlights the expected acceleration in ultra-high voltage construction, with total investment in grid construction projected to exceed 500 billion yuan in 2024 [1][2]. - The company is well-positioned to benefit from ongoing domestic and international market expansions, particularly in the context of global energy transitions and grid upgrades [2][10].

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].