Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the performance and outlook of **Wangbian Electric** in the **power distribution and transformer industry**. Key Points and Arguments 1. **Revenue Breakdown**: The company reported revenues of **299 million** and **230 million** from two main segments, with a noted shrinkage in overall gross margin due to rising copper prices, which increased from **50,000** to **890,000** [2][4][8]. 2. **Impact of Copper Prices**: The increase in copper prices has significantly affected the gross margin, particularly in the power distribution segment, which has a high cost structure [2][4]. 3. **Silicon Steel Segment**: The silicon steel segment reported a gross margin of **10.4%** for the quarter, influenced by delayed price increases and high shipping costs [3][4]. 4. **Production Capacity**: The company is in the process of ramping up production capacity for new projects, which is currently in the depreciation phase, impacting gross margins [4][5][10]. 5. **Market Conditions**: The domestic power distribution market is under pressure, with fewer orders compared to previous years, while international orders are performing better [8][9]. 6. **Export Strategy**: The company aims to leverage its new projects and export opportunities, particularly in Southeast Asia, with expectations of achieving **100 million** in export orders [8][22][24]. 7. **New Production Capacity**: The company plans to add **50,000 to 60,000 tons** of new production capacity in the silicon steel segment, with an expected total production of **167,778 tons** for 2024 [10][11]. 8. **Product Development**: The company is expanding its product offerings in smart electrical equipment, with projected revenue growth from **400 million** in 2021 to **700-800 million** by 2024 [12][13]. 9. **Technological Advancements**: The company is focusing on reducing waste rates and enhancing production efficiency through advanced manufacturing techniques [16][17]. 10. **Industry Trends**: The overall demand for power distribution equipment is expected to grow due to various government policies and international market needs [43][44]. 11. **Competitive Landscape**: The company is monitoring competitors' expansion plans, which are expected to be moderate due to market conditions [51][53]. 12. **Profitability Outlook**: The company anticipates challenges in maintaining profitability due to increased competition and fluctuating material costs, with gross margins potentially dropping to around **10%** [47][60]. Additional Important Information - The company is actively pursuing international certifications and establishing sales offices in regions like Southeast Asia and the Middle East to enhance its market presence [22][23]. - The integration of the recently acquired **Yun Store** is ongoing, with expectations of improving profit margins through synergies [26][28]. - The company is optimistic about the long-term demand for its products, driven by infrastructure projects and energy transition initiatives [43][44][60]. This summary encapsulates the key insights from the conference call, highlighting the company's current performance, challenges, and strategic direction in the power distribution industry.

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for the first half of 2024 to be between 32 million and 38 million yuan, a decrease of 11.6 million to 12.2 million yuan compared to the same period last year, representing a year-on-year decline of 75.34% to 79.23%[5]. - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is projected to be between 13 million and 19 million yuan, down 13.3 million to 13.9 million yuan year-on-year, reflecting a decline of 87.52% to 91.46%[2]. - The company anticipates a decline of approximately 10% in sales revenue from oriented silicon steel products compared to the same period last year, with the gross profit margin expected to drop from 30% to around 7%[16]. - The previous year's earnings per share was 0.46 yuan[14]. Reasons for Performance Decline - The main reason for the expected decrease in performance is the decline in sales prices of oriented silicon steel products, with the average sales price dropping from 19,225 yuan/ton in the first half of 2023 to 12,370 yuan/ton in the first half of 2024, a decrease of 35.7%[8]. - The company has not identified any significant uncertainties that could affect the accuracy of this performance forecast[10]. Production Capacity and Market Context - The domestic production capacity of oriented silicon steel increased from 2.066 million tons in 2022 to 2.906 million tons by the end of 2023, a year-on-year increase of over 40%[15]. Financial Reporting and Investor Guidance - The performance forecast is based on preliminary calculations by the company's financial department and has not been audited by certified public accountants[7]. - The company will provide detailed financial data in its official 2024 semi-annual report[18]. - The company emphasizes the importance of cautious decision-making for investors due to the anticipated performance decline[18].

证券代码：603191 证券简称：望变电气 公告编号：2024-046 重庆望变电气（集团）股份有限公司 关于使用暂时闲置募集资金进行现金管理进展公告 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 履行的审议程序：重庆望变电气（集团）股份有限公司（以下简称"公 司"）于2024年4月24日召开第四届董事会第五次会议和第四届监事会第四次会 议，分别审议通过了《关于使用暂时闲置募集资金进行现金管理的议案》。保 荐机构和监事会发表了同意意见。具体内容详见公司披露的《关于使用暂时闲 置募集资金进行现金管理的公告》（公告编号：2024-035）。 特别风险提示：公司本次购买的投资产品类型为定期存款，属于谨慎型 低风险投资产品。但金融市场受宏观经济的影响，不排除该投资受政策风险、 市场风险、不可抗力及意外事件风险等因素影响，存在一定的投资风险。 一、 本次现金管理概况 （一） 本次现金管理的目的 为提高本公司募集资金使用效率，在不影响募集资金项目建设和本公司正 1 投资类型：定期存款 产品名称："新满溢存" 投资金额：不超 ...

关于使用暂时闲置募集资金进行现金管理进展公告 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。 证券代码：603191 证券简称：望变电气 公告编号：2024-045 重庆望变电气（集团）股份有限公司 重要内容提示 投资种类：银行结构性存款 投资金额：2,500万元 履行的审议程序：重庆望变电气（集团）股份有限公司（以下简称"公 司"）于2024年4月24日召开第四届董事会第五次会议和第四届监事会第四次会 议，分别审议通过了《关于使用暂时闲置募集资金进行现金管理的议案》。保 荐机构和监事会发表了同意意见。具体内容详见公司披露的《关于使用暂时闲 置募集资金进行现金管理的公告》（公告编号：2024-035）。 特别风险提示：公司本次购买的投资产品类型为保本浮动收益，属于谨 慎型低风险投资产品。但金融市场受宏观经济的影响，不排除该投资受政策风 险、市场风险、不可抗力及意外事件风险等因素影响，存在一定的投资风险。 一、 本次现金管理概况 （一） 本次现金管理的目的 为提高本公司募集资金使用效率，在不影响募集资金项目建设和本公司正 常经营 ...

| | | | | 日 | | --- | --- | --- | --- | --- | | 股份类别 Ａ股 | 股权登记日 2024/7/1 | 最后交易日 － | 除权（息）日 2024/7/2 | 现金红利发放 2024/7/2 | 差异化分红送转：是 证券代码：603191 证券简称：望变电气 公告编号：2024-044 重庆望变电气（集团）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 0.15 元（税前） 相关日期 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。 二、 分配方案 1. 发放年度：2023 年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份 ...

中信证券股份有限公司 关于重庆望变电气（集团）股份有限公司 差异化分红事项的核查意见 公司于 2024 年 4 月 9 日披露了《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），公司 2024 年限制性股票激励计划实际授 予数量为 2,550,000 股，标的股票已过户至各激励对象名下。 截至本核查意见出具日，公司剩余 652,768 股回购股份尚在回购专用证券账 户内。 根据《公司法》《证券法》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》及《公司章程》等有关规定，公司回购的股份不参与利润分配， 故 2023 年年度利润分配实施差异化分红。 中信证券股份有限公司（以下简称"保荐人"）作为重庆望变电气（集团） 股份有限公司（以下简称"望变电气""公司"）首次公开发行股票并上市的保 荐人，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上海证券交易所上市公司自 律监管指引第 7 号——回购股份》等有关规定，对望变电气 2023 年度利润分配 所涉及的差异化分红（以下简称"本次差异化分红"）进行了 ...

Financial Performance - In Q1 2024, the company achieved revenue of approximately ¥520 million, with a net income of ¥21 million after expenses [2] - The company expects to gradually reach design capacity as ongoing projects conclude by April 30, 2024 [2] High-end Magnetic Material Project - The 80,000-ton high-end magnetic material project commenced domestic production on June 30, 2023, with plans for full production by June 30, 2024 [2] - The output ratio of grades 095 and above has exceeded 80%, while grades 085 and above have surpassed 10% [3] Export and Market Strategy - In 2023, the company's oriented silicon steel exports accounted for 21.18% of total sales, with expectations to increase to 50%-60% in 2024 [3] - The company has a saturated order book in the power distribution sector, with export contracts totaling nearly ¥50 million [4] - The company is expanding its global footprint, targeting markets in Southeast Asia, the Middle East, and North America [5] Production Capacity and Supply Chain - The company plans to evaluate the potential upgrade of existing production lines after stabilizing the new high-end magnetic material project [3] - The company has secured a 2-3 month order reserve for its power distribution segment and 4-6 months for cloud power distribution [4] Strategic Partnerships and Certifications - The company is establishing sales centers in various regions, including the UAE and Africa, to enhance its bidding capabilities for major power projects [5] - Compliance with international certifications such as UL and CE is essential for exporting electrical equipment to the US and EU [6] Future Outlook - The company anticipates stable growth in the power distribution and control equipment sector, supported by national policies and infrastructure development [7] - The price of oriented silicon steel is expected to remain stable or increase due to rising demand for energy-efficient transformers [8]

Summary of Conference Call for Wangbian Electric Company Overview - **Company**: Wangbian Electric - **Industry**: Transformer and Silicon Steel Manufacturing Key Points Financial Performance - In Q1, the company reported revenues of approximately 520 million with a net income of 21 million [2] - Production operations in April and May were normal, with projects reaching completion stages by April 30 [2] - The company expects production capacity to gradually ramp up, aiming to reach designed capacity levels [2] Production Capacity - The company has a total production capacity of 180,000 tons, including 80,000 tons from a newly constructed project expected to contribute 50,000 to 60,000 tons in 2024 [3][4] - Current production lines include 50,000 tons of CDO and 50,000 tons of Haifei steel, with plans to reach close to 200,000 tons in total production capacity [4] - The new 80,000-ton line is designed to produce high-grade silicon steel, with expectations to achieve 60% to 80% of high-grade output over the next 1-2 years [5][6] Market Dynamics - Silicon steel prices have rebounded due to price adjustments by competitors, particularly Baowu, which has increased prices by 200-300 per month since March [10][11] - The company anticipates a steady increase in prices driven by market demand and the need for price protection [11] - The price gap between high-grade and low-grade silicon steel is expected to widen as high-grade products gain market traction [12] Customer Orders and Sales Strategy - The company operates on a "production to sales" model, ensuring that production aligns with market demand [14] - Orders are typically placed monthly, with current orders covering several months of production [14] - The company has a procurement strategy involving primary and secondary suppliers, with a focus on maintaining a one-month supply of raw materials [15] Export and International Strategy - The company aims for 50% to 60% of its silicon steel production to be exported by 2025, with a focus on Southeast Asian markets [26] - In Q1, the company reported 50 million in transformer exports, primarily to Southeast Asia [18] - The company plans to leverage its partnerships with large infrastructure projects to enhance its export capabilities [46][49] Future Outlook - The company expects a 20% to 30% growth in revenue for the transformer segment, driven by increased demand and successful project completions [17] - The integration of the newly acquired Yun Electric is anticipated to contribute positively to overall profitability, although initial performance may take time to stabilize [35][36] - The company is optimistic about achieving production targets and maintaining competitive pricing in the silicon steel market [64] Additional Insights - The company is exploring opportunities in high-voltage transformer production, particularly after acquiring Yun Electric, which has capabilities for 500 kV transformers [20] - The company maintains a balanced approach to domestic and international markets, ensuring that high-grade products are marketed effectively across both [34] This summary encapsulates the key insights from the conference call, highlighting the company's current performance, production capabilities, market dynamics, and future strategies.

证券代码：603191 证券简称：望变电气 公告编号：2024-041 二、 董事会会议审议情况 （一） 审议通过《关于使用部分闲置自有资金进行现金管理的议案》 同意公司及子公司在确保日常经营资金需求和资金安全的前提下，任一时点 使用闲置自有资金进行现金管理总额不超过11亿元（含本数），购买低风险、流 动性好的短期（不超过1年）理财产品或结构性存款，在上述额度内可以滚动使 用，现金管理期限自董事会审议通过之日起12个月内有效。授权总经理或其授权 人士行使该项投资决策权并签署相关合同或协议等文件资料，并由公司财务部组 1 重庆望变电气（集团）股份有限公司 第四届董事会第六次会议决议公告 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。 一、 董事会会议召开情况 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"） 第四届董事会第六次会议通知于2024年5月18日以通讯的方式发出，会议于2024 年5月23日在公司会议室以通讯方式召开。本次会议应出席董事9人，实际出席董 事9人，会议由董事长杨泽民先生召集并主持，公司监 ...

证券代码：603191 证券简称：望变电气 公告编号：2024-043 重庆望变电气（集团）股份有限公司 第四届监事会第五次会议决议公告 同意公司及子公司在确保日常经营资金需求和资金安全的前提下，任一时点 使用闲置自有资金进行现金管理总额不超过 11 亿元（含本数），购买低风险、 流动性好的短期（不超过 1 年）理财产品或结构性存款，在上述额度内可以滚动 使用，现金管理期限自董事会审议通过之日起 12 个月内有效。授权总经理或其 授权人士行使该项投资决策权并签署相关合同或协议等文件资料，并由公司财务 部组织实施相关事宜。具体内容详见同日披露在上海证券交易所网站 1 （www.sse.com.cn）《关于使用部分闲置自有资金进行现金管理的公告》（公告 编号：2024-042）。 表决结果：同意3票；反对0票；弃权0票。 特此公告。 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。 一、 监事会会议召开情况 重庆望变电气（集团）股份有限公司（以下简称"公司"）第四届监事会第 五次会议于 2024 年 5 月 23 日在公司会议室以通 ...