证券代码：603191 证券简称：望变电气 公告编号：2024-042 重庆望变电气（集团）股份有限公司 关于使用部分闲置自有资金进行现金管理的公告 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。 重庆望变电气（集团）股份有限公司（以下简称"公司"）于 2024 年 5 月 23 日召开了第四届董事会第六次会议和第四届监事会第五次会议，审议通过了 《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），该额度的有效期自董 事会审议通过之日起 12 个月内有效，在上述额度及有效期限内，公司可循环滚 动使用，公司董事会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。具体情况如下： 一、本次使用部分闲置自有资金进行现金管理的基本情况 1、现金管理目的：在确保日常经营资金需求和资金安全的前提下，对部分 闲置自有资金进行现金管理，提高资金使用效率，增加公司收益。 2、现金管理额度：公司及子公司任一时点使用闲置 ...

Group 1: Business Performance - In 2023, the company achieved total revenue of 2.718 billion yuan, a year-on-year increase of 7.57% [2] - The revenue from the power distribution and control equipment business reached 1.353 billion yuan, up 38.52% year-on-year [2] - The oriented silicon steel business saw an increase in production by 14,700 tons and sales by 8,700 tons, but total revenue decreased by 13.14% due to falling sales prices [2] Group 2: Export and Market Strategy - In 2023, the export proportion of oriented silicon steel was reduced to 21.18% due to weakened price advantages in overseas markets [3] - The company anticipates increasing the export proportion to approximately 50%-60% in 2024 as prices stabilize [3] - As of early May 2024, the company has signed multiple export contracts in the power distribution sector, totaling nearly 50 million yuan [3] Group 3: Acquisition and Integration - The company signed a property transaction contract for the acquisition of Yunbian Electric on March 20, 2024, with the merger date set for April 1, 2024 [4] - Previous operational losses at Yunbian Electric were attributed to high fixed costs and increased product costs; post-acquisition, the company plans to improve profitability through operational synergies [4][5] Group 4: Future Outlook - The company expects stable growth in the power distribution and control equipment sector in 2024, supported by ongoing infrastructure projects [5] - The high-grade oriented silicon steel project is projected to contribute positively to operational performance once new capacities are released [5] - The company does not foresee an oversupply of high-grade oriented silicon steel due to increasing demand driven by energy transition policies [7] Group 5: Market Conditions and Challenges - The company is monitoring the impact of rising copper prices on profit margins, with limited effects expected due to pricing strategies with suppliers [9] - Competition in the new energy sector remains intense, but the company maintains a cost advantage in its oriented silicon steel production [8]

Summary of Conference Call Company or Industry Involved - The document does not specify a particular company or industry involved in the conference call Core Points and Arguments - The document does not provide any core viewpoints or arguments from the conference call Other Important but Possibly Overlooked Content - The document only contains introductory information about joining the conference call and does not include any substantive content or data related to the company or industry Overall, the document lacks detailed information and does not provide any insights into the company or industry discussed during the conference call

Summary of Conference Call Company or Industry Involved - The document does not specify a particular company or industry involved in the conference call Core Points and Arguments - The document does not provide any core viewpoints or arguments from the conference call Other Important but Possibly Overlooked Content - The document only contains introductory information about joining the conference call and does not include any substantive content or data related to the company or industry discussed Overall, the document lacks detailed information necessary for a comprehensive analysis of any company or industry.

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 2023 年年度股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 SRYE UT FIC Fir A YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西 & XI'AN 关于重庆望变电气(集团) 股份有限公司 2023 年年度股东大会的 法律意见书 嘉源(2024)-04-342 北京市嘉源律师事务所(以下简称"本所") 接受重庆望变电气(集团) 股 份有限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下 简称"《公司法》")、《上市公司股东大会规则》(以下简称"《股东大会规则》") 等现行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规") 以及《重庆望变电气(集团)股份有限公司章程》(以下简称"《公司章程》"的 有关规定,指派本所律师对公司 2023年年度股东大会(以下简称"本次股东大 会")进行见证,并依法出具本法律意见书。 为出具本法律意见书,本所 ...

(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：重庆市长寿区化北路 18 号望变电气研发楼 606 会议室 (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： 证券代码：603191 证券简称：望变电气 公告编号：2024-040 重庆望变电气（集团）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 | 1、出席会议的股东和代理人人数 | | 56 | | --- | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 143,571,624 | | | 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（%） | | 43.1775 | (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。 本次股东大会由本公司董事会负责召集，以现场投票与网络投票相结合的方 式表决，董事长杨 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [17] Core Viewpoints - The transformer market remains robust, with the company achieving a record production of 1,133.25 million kVA, a year-on-year increase of 32.90%. The acquisition of Yunbian Electric enhances competitive strength, particularly in high-voltage applications [20][21] - The company is the only domestic manufacturer that integrates upstream raw materials with downstream services, benefiting from the energy transition and the new cycle of global grid construction [21][27] - The company’s revenue from the transformer business has shown stable growth, with a production increase of 46.98% in 2023 compared to 2019, although it still lags behind the top tier in the domestic market [15][21] Summary by Sections Company Overview - The company has been deeply involved in the power distribution and control equipment sector for over 30 years, focusing on high-end magnetic materials and smart grid solutions. It has a solid technological foundation and a broad customer base [24][36] Financial Performance - The company’s revenue has grown steadily from 571 million to 2.718 billion, with a compound annual growth rate of 34.64% from 2017 to 2023. However, net profit in 2023 decreased by 21.31% due to falling prices of oriented silicon steel [59][62] Product and Market Dynamics - The company’s oriented silicon steel production reached 125,900 tons in 2023, a year-on-year increase of 13.25%. The revenue from the power distribution business was 1.353 billion, up 38.52% year-on-year [27][59] - The company’s product line includes energy-efficient transformers and high-magnetic silicon steel, which are essential for various applications, including renewable energy and smart grids [55][71] Future Outlook - The company is expected to benefit from rising demand for high-grade silicon steel and the ongoing energy transition, with projected net profits of 309 million, 459 million, and 612 million for 2024-2026 [21][27]

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook based on expected performance improvements in the coming years [3]. Core Insights - The company is expected to benefit from a recovery in oriented silicon steel prices and strong demand for power transmission and transformation equipment, leading to improved profitability [2][3]. - The company's revenue for 2023 is projected to be 27.18 billion yuan, with a year-on-year growth of 7.57%, while the net profit attributable to shareholders is expected to be 2.35 billion yuan, reflecting a decline of 21.31% [10]. - The report highlights the company's strategic acquisition of Yunbian, which is anticipated to enhance synergies and product offerings in the oriented silicon steel segment [3][11]. Financial Summary - Revenue projections for the company are as follows: 2023 at 27.18 billion yuan, 2024 at 37.94 billion yuan (39.6% growth), 2025 at 46.75 billion yuan (23.2% growth), and 2026 at 56.81 billion yuan (21.5% growth) [1]. - The net profit attributable to shareholders is forecasted to be 2.35 billion yuan in 2023, increasing to 2.92 billion yuan in 2024 (24.5% growth), 3.95 billion yuan in 2025 (35.4% growth), and 5.42 billion yuan in 2026 (37.1% growth) [1]. - The company's gross margin is expected to slightly decline to 16.9% in 2024 but is projected to recover to 18.5% by 2026 [1]. - Return on equity (ROE) is anticipated to improve from 9.8% in 2023 to 15.6% in 2026 [1]. Market Data - As of May 8, 2024, the closing price of the company's stock is 17.67 yuan, with a total share capital of 333 million shares and a net asset value of 2.417 billion yuan [9].

2023年度持续督导报告书 | 上市公司: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") | | | --- | --- | | 保荐人名称:中信证券股份有限公司(以下简称"中信证券"或"保荐人") | | | 保荐代表人姓名:张阳 | 联系申话:010-60838794 | | 保荐代表人姓名:叶建中 | 联系申话:010-60833934 | 经中国证券监督管理委员会《关于核准重庆望变电气(集团)股份有限公司 首次公开发行股票的批复》(证监许可(2022)490 号)核准,并经上海证券交 易所同意,公司于 2022年 4 月 18 日首次向社会公开发行人民币普通股( A 股) 83,291,852 股,每股发行价格为 11.86元,募集资金总额为 98,784.14 万元,扣除 各类发行费用之后实际募集资金净额 85.456.18 万元。大华会计师事务所(特殊 普通合伙)于 2022年 4 月 26 日对望变电气首次公开发行股票的资金到位情况进 行了审验,并出具了"大华验字[2022]000143 号"验资报告。2022年4月28日, 公司在上海证券交易所上市。 根据《证券发行上市保荐 ...

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 2023 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第11号 -- 持续督导》等有 关法律、法规的规定,中信证券股份有限公司(以下简称"中信证券"或"保荐 人")作为正在对重庆望变电气(集团)股份有限公司(以下简称"望变电气" "公司""上市公司")进行持续督导工作的保荐人,对公司 2023年度(以下简 称"本持续督导期间")的规范运作情况进行了现场检查,现就现场检查的有关 情况报告如下: 一、本次现场检查的基本情况 (一) 保荐人 中信证券股份有限公司 (二) 保荐代表人 张阳、叶建中 (四)现场检查时间 (三) 现场检查人员 2024 年 4 月 28 日 (五) 现场检查内容 现场检查人员对本持续督导期内望变电气的公司治理和内部控制情况、信息 披露情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情 况、募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等 方面进行了现场检查,具体检查内容详见本报告"二、本次现场检查主要事项及 意见"。 1 张阳 二、本次现场检查主要事项及意见 (一) 公 ...