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 ...

Financial Performance - The company's operating revenue for 2023 reached ¥20,847,910,805.44, representing a year-on-year increase of 12.36% compared to ¥18,554,289,763.87 in 2022[15]. - Net profit attributable to shareholders for 2023 was ¥885,188,186.50, a significant increase of 42.99% from ¥619,072,763.94 in 2022[15]. - The net profit after deducting non-recurring gains and losses was ¥640,788,188.66, up 142.48% from ¥264,266,765.41 in the previous year[15]. - The net cash flow from operating activities for 2023 was ¥1,215,069,883.41, an increase of 118.08% compared to ¥557,167,129.52 in 2022[15]. - Basic earnings per share for 2023 were ¥0.1727, reflecting a 42.96% increase from ¥0.1208 in 2022[16]. - The weighted average return on net assets for 2023 was 4.14%, up from 2.97% in 2022[16]. - The total assets at the end of 2023 amounted to ¥43,778,740,536.72, a 5.52% increase from ¥41,487,514,848.69 at the end of 2022[15]. - The net assets attributable to shareholders at the end of 2023 were ¥21,641,977,981.11, showing a 2.39% increase from ¥21,136,161,472.36 at the end of 2022[15]. Dividend Distribution - The company plans to distribute a cash dividend of 0.66 CNY per 10 shares, totaling approximately 338.31 million CNY, which represents 38.22% of the net profit attributable to shareholders for 2023[4]. - The total share capital of the company is 5,125,882,352 shares as of the dividend declaration date[4]. Audit and Compliance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[3]. - The company has confirmed that all board members can guarantee the authenticity, accuracy, and completeness of the annual report[5]. - There are no non-operating fund occupations by controlling shareholders or related parties[5]. - The company has not violated decision-making procedures for external guarantees[5]. - The company has maintained independence from its controlling shareholder in business operations, assets, and financial matters[70]. Risk Management - The management has outlined potential risks in the "Management Discussion and Analysis" section of the report[5]. - The company recognizes macroeconomic risks, market competition risks, overseas operational risks, and raw material price fluctuation risks as potential challenges to its development[66]. Research and Development - The company’s R&D expenses increased by 19.70% to 717 million RMB, reflecting a commitment to enhancing research and development capabilities[31]. - The company is focusing on enhancing its research and development capabilities for new technologies[75]. Environmental Responsibility - The company invested CNY 1,953.16 million in environmental protection during the reporting period[110]. - The company has implemented measures to optimize production processes, ceasing the discharge of heavy metal wastewater and ensuring compliance with hazardous waste disposal regulations[111]. - The company has been recognized as a "National Green Factory" and has received various provincial accolades for its commitment to green manufacturing[121]. Strategic Development - The company plans to maintain stable growth in electricity consumption, projecting a total of 10 trillion kWh in 2024, with an estimated growth rate of around 6%[26]. - The company is actively expanding into emerging business sectors such as smart grids and offshore wind power, with successful development of pumped storage machine switchgear[29]. - The company aims to enhance its core competitiveness and focus on strategic opportunities in the energy and power industry, which is expected to experience significant growth[62]. Shareholder Engagement - The company held three shareholder meetings during the reporting period, including one annual meeting and two extraordinary meetings, with no rejected proposals or changes to previous resolutions[72]. - The company emphasizes investor relations management, actively engaging with investors through various communication channels[72]. Financial Health - The company has a AAA credit rating and maintains a lower-than-average debt-to-asset ratio, ensuring strong financial health and liquidity[28]. - The company's cash and cash equivalents at the end of the period amounted to RMB 950,570.69 million, representing 21.71% of total assets, an increase of 28.38% compared to the previous period[50]. Corporate Governance - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[73]. - The company has established specialized committees, including the Audit Committee, Nomination Committee, Compensation and Assessment Committee, and Strategic Committee[88]. Market Expansion - The company has established a stable customer resource advantage, providing equipment and services for over 80 countries and regions[28]. - The international market expansion is a priority, with efforts to enhance global marketing networks and leverage overseas engineering capabilities[64]. Related Party Transactions - The company reported a total of 307,885.18 million RMB in related party transactions, with a significant portion being 256,337.58 million RMB for purchases from related parties, accounting for 14.96% of similar transactions[155]. - The balance of related party transactions with controlling shareholders and their subsidiaries as of July 31, 2023, was 78,845.17 million RMB[162]. Employee Engagement - The total number of employees in the company and its subsidiaries is 9,312, with 155 in the parent company and 9,157 in major subsidiaries[94]. - A total of 163,000 training sessions were conducted, with an investment exceeding 10 million yuan, achieving a training coverage rate of 100%[97].

中国西电电气股份有限公司 2023 年度 涉及财务公司关联交易的专项说明 信会师报字[2024]第 ZG10913 号 专项说明 第 1 页 关于中国西电电气股份有限公司 2023 年度 涉及财务公司关联交易的专项说明 信会师报字[2024]第 ZG10913 号 中国西电电气股份有限公司全体股东： 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")2023 年度的财务报表，包括 2023 年 12 月 31 日的合并及母公司 资产负债表、2023 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注，并于 2024 年 4 月 9 日出具了报告号为信会师报字[2024]第 ZG10911 号的 无保留意见审计报告。 中国西电管理层根据中国证券监督管理委员会《关于规范上市公 司与企业集团财务公司业务往来的通知》（证监发〔2022〕48 号） 和《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交 易》的相关规定编制了后附的中国西电 2023 年度涉及财务公司关联 交易汇总表（以下简称"财务公司关联交易汇总表"）。 编制财务公司关联交易汇总表并确保 ...

中国西电电气股份有限公司 关于 2023 年年度利润分配方案的公告 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。 重要内容提示： 每 10 股分配比例：每 10 股派发现金红利 0.66 元（含税）。 证券代码：601179 证券简称：中国西电 编号：2024-007 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。 上述利润分配预案尚需提交公司 2023 年年度股东大会审 议。 二、公司履行的决策程序 （一）董事会会议的召开、审议和表决情况 公司于 2024 年 4 月 9 日召开第四届董事会第二十三次会议 审议通过了本次利润分配方案，全体董事参与表决并一致通过。 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。 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。 一、利润分配方案内容 经立信会计师 ...

目录 CONTENTS 关于本报告 | | 01 | | --- | --- | | 董事长寄语 | 03 | | 走进中国西电 | 05 | | 数说西电 | 05 | | 公司简介 | 07 | | 组织架构 | 08 | | 发展历程 | 09 | | 业务概况 | 11 | | 企业荣誉 | 13 | 附录 | 指标索引 | | --- | | 反馈意见表 | | 01 | 强化合规执行 夯实治理之基 | | --- | --- | | 完善公司治理 | 17 | | 健全内控体系 | 19 | | 维护股东权益 | 20 | | 优化合规管理 | 23 | | 坚持党建引领 | 25 | | 推进ESG治理 | 27 | 安全管理体系 职业健康保障 产品质量管理 55 60 61 共建安全环境 04 协同质量建设 合法合规雇佣 助力员工成长 关爱员工生活 加强人才培养 05 携手员工成长 | 02 | 加速科技创新 增强产业协同 | | 03 | 推动环保落实 助力双碳目标 | | --- | --- | --- | --- | --- | | 研发技术创新 | | 31 | 环境保护管理 | 43 ...