证券代码：603191 证券简称：望变电气 公告编号：2026-020 重庆望变电气（集团）股份有限公司 关于限制性股票回购注销实施公告 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： 回购注销原因：鉴于当前市场宏观环境变化以及重庆望变电气（集团） 股份有限公司（以下简称"公司"）战略迭代与升级，公司 2024 年限制性股票 激励计划不能匹配当前公司发展需要，难以达到核心员工工作目标与公司发展需 要相统一的预期激励目的与效果。综合考虑多方因素，公司终止实施 2024 年限 制性股票激励计划（以下简称"本次激励计划"），涉及回购已授予未解锁限制 性股票 2,316,000 股并予以注销（以下简称"本次回购注销股票"）。 本次注销股份的有关情况 | 回购股份数量 | 注销股份数量 | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 2,316,000 | 2,316,000 | 2026 | 年 3 | 月 | 12 日 | 一、本次限制性股票回购注销的决策 ...

北京市嘉源律师事务所 关于重庆望变电气（集团）股份有限公司 终止实施 2024 年限制性股票激励计划 暨回购注销限制性股票实施相关事项之 法律意见书 师事务所 官 LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 型 师生 学习 VUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:重庆望变电气(集团)股份有限公司 北京市嘉源律师事务所 关于重庆望变电气(集团)股份有限公司 终止实施 2024 年限制性股票激励计划 暨回购注销限制性股票实施相关事项之 法律意见书 嘉源(2026)-01-111 敬启者: 北京市嘉源律师事务所(以下简称"本所")是中国境内具有合法执业资格 的律师事务所,接受重庆望变电气(集团)股份有限公司(以下简称"望变电气" 或"公司"）的委托,担任望变电气实施2024年限制性股票激励计划(以下简称 "本激励计划")的专项法律顾问,就终止实施本激励计划暨回购注销限制性股 票(以下简称"本次终止计划暨回购注销")的实施所涉相关法律事项 ...

证券代码：603191 证券简称：望变电气 公告编号：2026-019 重庆望变电气（集团）股份有限公司 2026 年 2 月对子公司提供担保的进展公告 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： 被担保人：2026 年 2 月 1 日-2 月 28 日期间，重庆望变电气（集团）股 份有限公司(以下简称"公司"或"望变电气")及下属子公司无对外新增担保合 同情况;截止 2026 年 2 月末，公司对外担保余额为 68,653.12 万元，均为对子公 司提供的担保。 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至 2 月末上市公司及其控股子 | 130,374.10 | | 公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一 | 54.02 | | 期经审计净资产的比例（%） | | | 特别风险提示（如有请勾选） | □对外担保总额超过最近一期经审计净资产 | | | 100% | | | □担保金额超过上市公司最近一期经审计净 | | | 资产 ...

重庆望变电气（集团）股份有限公司 关于已回购未使用股票注销实施公告 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： 注销原因：公司于 2023 年 10 月 27 日至 2024 年 10 月 24 日从二级市场 回购股份 3,202,768 股。2024 年 1 月 18 日公司召开第四届董事会第二次会议， 审议通过《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》 等相关股权激励议案（以下简称"《2024 年限制性股票激励计划》"）。根据 《2024 年限制性股票激励计划》，公司计划向激励对象授予不超过 320 万股限 制性股票。至此，股份回购计划的已回购股份中尚余 2,768 股流通股未使用。另 根据公司《关于 2024 年限制性股票激励计划首次授予结果公告》（公告编号： 2024-029）和《关于 2024 年限制性股票激励计划预留授予结果公告》（公告编 号：2025-011），有 4 名激励对象因个人原因自愿放弃其认购获授的部分或全部 共计 70,000 股股票，该部分股票系未授予流 ...

Core Viewpoint - Wangbian Electric has clarified that there are no shareholding disputes with Baobian Electric, and it has provided details on its current equity holdings in various subsidiaries [1] Group 1: Company Holdings - The company holds a 35% stake in Shenzhen Nanhai Electric Technology Co., Ltd. [1] - The company owns a 5% stake in Wangbian Wanjia (Guizhou) Technology Co., Ltd. [1] - The company possesses a 30% stake in Chongqing Energy Investment Changshou Economic Development Zone Electricity Sales Co., Ltd. [1] Group 2: Investment Announcements - Major investments will be announced as per official announcements [1]

Core Viewpoint - Wangbian Electric (603191) is actively expanding its international market presence, with a focus on high-quality overseas projects and a diverse customer base including Siemens, Schneider, and GE [1] Group 1 - The company's product orders have expanded to regions including South America, Texas in the USA, and Oman [1] - Wangbian Electric is committed to continuously exploring international markets [1] - The company will keep a close watch on high-quality overseas projects in the future [1]

Core Viewpoint - The A-share market shows positive momentum with significant gains in various sectors, particularly in the small metals, electric grid equipment, and semiconductor industries, while the film and gaming sectors are experiencing declines [3]. Market Performance - The Shanghai Composite Index rose by 0.12% to 4137.06, while the Shenzhen Component Index increased by 0.8% to 14274.93. The ChiNext Index saw a rise of 1.18% to 3323.56, and the STAR Market Index gained 0.93% to 1804.89 [4][12]. - Over 2700 stocks in the market experienced an increase by midday [3]. Sector Highlights - The electric grid equipment sector showed strong performance, with companies like Hailianxun rising over 18% and others reaching their daily limit [4]. - The shipping sector also performed well, with China Merchants Energy hitting its daily limit and achieving a historical high [5]. - The computing power leasing sector saw significant gains, with Yuke Technology hitting its daily limit and other companies like Dazhi Technology and Capital Online also rising [5]. Trading Volume - The total trading volume in the Shanghai and Shenzhen markets exceeded 1 trillion yuan [6]. Currency Movement - The offshore RMB against the US dollar broke the 6.9 yuan mark, indicating a strengthening of the currency [8]. Stock Movements - The film and cinema sector continued to adjust, with companies like Hengdian Film and Bona Film hitting their daily limit down [9]. - AI application stocks in the Hong Kong market showed strength, with Zhiyuan rising over 11% [10].

Group 1 - The electric grid equipment sector experienced significant intraday fluctuations, with companies like BianDianQi reaching the daily limit increase [1] - Other companies such as Liangxin Co., Sifang Co., ShunNa Co., Jinpan Technology, and Xinte Electric saw their stock prices rise by over 5% [1]

Group 1 - The company plans to issue 19,493,177 shares to a controlling shareholder, raising a total of 300 million yuan at an issue price of 15.39 yuan per share, with a lock-up period of 36 months. The funds will be used to supplement working capital after deducting issuance costs [1] - The full participation of the major shareholder in the issuance reinforces control and demonstrates confidence in the company's development. The company specializes in the research, production, and sales of power distribution and control equipment, as well as oriented silicon steel, which are widely used in various sectors including renewable energy and traditional power generation [2] - The domestic power grid investment during the "14th Five-Year Plan" is expected to reach 4 trillion yuan, a 40% increase from the previous plan, focusing on green energy transition and new power system construction, which will boost demand for electrical equipment [3] Group 2 - The company is one of the few that integrates the entire supply chain from oriented silicon steel to transformers, ensuring stable supply and cost advantages for high-end transformers. The revenue share of high-end transformers (110kV and above) is expected to increase to 44.26% by mid-2025 [4] - The company is actively expanding its global market presence, particularly in Southeast Asia, the Middle East, and Europe, while also exploring new business opportunities in the emerging sectors such as new energy heavy-duty vehicles [5] - The company is expected to benefit significantly from domestic power grid investments and overseas infrastructure demands, with projected net profits for 2025, 2026, and 2027 being 142 million, 215 million, and 290 million yuan respectively, indicating a positive long-term growth outlook [5]

Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [24]. Core Insights - The major shareholder's full participation in the private placement enhances market confidence and demonstrates commitment to the company's long-term value. The funds raised will be used to supplement working capital, which will lower the company's debt ratio and optimize its capital structure [10][7]. - The domestic power grid investment during the "14th Five-Year Plan" is expected to reach 4 trillion yuan, a 40% increase from the previous plan, which will boost demand for equipment in the industry. The high-end oriented silicon steel market is experiencing structural opportunities due to increased demand for high-grade products [10]. - The company is one of the few that integrates the entire supply chain from oriented silicon steel to transformers, ensuring stable supply and cost advantages for high-end transformers. The revenue share from high-end transformers (110kV and above) increased to 44.26% in the first half of 2025 [10][11]. - The company is actively expanding its global market presence, particularly in countries along the "Belt and Road" initiative, and is also exploring new business areas such as new energy heavy-duty vehicle charging [10]. Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are 41.11 billion yuan, 52.34 billion yuan, and 65.33 billion yuan, respectively, with growth rates of 22.65%, 27.33%, and 24.81% [12]. - Net profit is expected to recover from 0.65 billion yuan in 2024 to 1.42 billion yuan in 2025, and further to 2.90 billion yuan by 2027, reflecting a significant growth trajectory [12]. - The earnings per share (EPS) are projected to be 0.43 yuan, 0.65 yuan, and 0.87 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 52.08, 34.54, and 25.56 [12].