Financial Performance - The net profit attributable to the parent company for 2023 is CNY 234,586,738.82, with distributable profits amounting to CNY 995,843,075.29 as of December 31, 2023[7]. - The company plans to distribute a cash dividend of CNY 1.5 per 10 shares, totaling CNY 49,877,195.85, which represents 21.26% of the net profit attributable to the parent company[7]. - The company's operating revenue for 2023 was CNY 271,778.88 million, representing a 7.57% increase compared to CNY 252,647.97 million in 2022[28]. - The net profit attributable to shareholders for 2023 was CNY 23,458.67 million, a decrease of 21.31% from CNY 29,811.02 million in 2022[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 22,512.62 million, down 18.55% from CNY 27,639.91 million in 2022[28]. - The cash flow from operating activities for 2023 was CNY 29,186.40 million, an increase of 42.83% compared to CNY 20,434.99 million in 2022[28]. - The total assets at the end of 2023 were CNY 487,524.19 million, a 39.03% increase from CNY 350,651.72 million at the end of 2022[28]. - The net assets attributable to shareholders at the end of 2023 were CNY 239,080.85 million, reflecting a 5.48% increase from CNY 226,658.58 million at the end of 2022[28]. - The basic earnings per share for 2023 were CNY 0.70, down 28.57% from CNY 0.98 in 2022[29]. - The diluted earnings per share for 2023 were also CNY 0.70, a decrease of 28.57% compared to CNY 0.98 in 2022[29]. - The weighted average return on equity for 2023 was 10.02%, down from 16.28% in 2022, a decrease of 6.26%[29]. Business Operations and Strategy - The company focuses on two main businesses: oriented silicon steel and power distribution and control equipment, leveraging 30 years of accumulated advantages[4]. - The company aims to enhance its R&D, manufacturing, and solution capabilities in the context of global energy transition and revolution[5]. - The company has a strategic goal of becoming a hundred billion enterprise and entering the top 100 in the industry[4]. - The company maintained a stable production and construction strategy, achieving historical highs in production across both main business sectors[42]. - The company has established a vertical management system to enhance operational efficiency and reduce reporting layers, improving response times across functional departments[73]. - The company is focused on developing advanced electronic soft magnetic materials from oriented silicon steel waste, creating new profit growth points and expanding application fields[68]. - The company is committed to modern management system development, ensuring stable and sustainable growth through organizational restructuring and capability enhancement[70]. Research and Development - The company invested 170 million yuan in R&D in 2023, representing a 70% year-on-year increase, with successful development of high-end oriented silicon steel products and new power distribution products[62]. - The company has established a complete R&D system, focusing on the development of high magnetic induction oriented silicon steel and intelligent energy-saving power distribution and control equipment[116]. - The company applied for 44 new patents in 2023, including 22 invention patents, and received 12 patent grants, highlighting its commitment to innovation[63]. - The company is in the trial production phase for advanced electronic soft magnetic materials, which could become a new profit growth point[149]. - The company is focusing on expanding its new materials division, which is expected to drive future growth[200]. Market and Industry Trends - The demand for energy-efficient transformers has notably increased due to the implementation of the "dual carbon" policy and the "Transformer Energy Efficiency Improvement Plan (2021-2023)"[81]. - The company is positioned to benefit from the "dual carbon" policy and the "Guidelines for Green Procurement," which promote the development of green power equipment[167]. - The company anticipates an average annual growth rate of over 9% in the main business revenue of the power equipment industry from 2023 to 2024[168]. - The market for energy-efficient transformers is expected to see an increase of over 10 percentage points in the proportion of transformers meeting energy efficiency level 2 or above by 2025 compared to 2021[83]. - The company ranks third nationally in oriented silicon steel production, with a market share of 44% from private enterprises, which is a 3 percentage point increase year-on-year[94]. Production and Supply Chain - The company produced 125,900 tons of oriented silicon steel in 2023, marking a year-on-year growth of 13.25%[46]. - The production of power transformers increased by 32.90% to 11.3325 million kVA, while the production of box-type substations rose by 36.82% to 1,557 units[44]. - The company has established a direct sales model combined with trade partnerships for its oriented silicon steel products, targeting both production enterprises and trade channels[114]. - The company utilizes a procurement model focused on "sales-driven purchasing" with a stable supply of key materials like oriented silicon steel and copper[107]. - The production model for oriented silicon steel products is based on "sales-driven production," ensuring alignment with market demand and inventory management[111]. Financial Position and Investments - The company’s cash and cash equivalents increased by 44,014.56 million yuan, a year-on-year growth of 47.18% due to increased operating cash inflows[155]. - Accounts receivable rose by 22,764.59 million yuan, a year-on-year increase of 30.80%, primarily driven by a 38.52% increase in revenue from power distribution and control equipment[155]. - Fixed assets increased by 52,550.46 million yuan, reflecting a year-on-year growth of 89.17% as projects reached operational status[155]. - The company has increased its special reserves by CNY 6.59 million, a growth of 43.05%, due to the new policy for safety production costs in the power distribution and control equipment industry[156]. - Long-term borrowings increased by 271.15%, reflecting a significant rise in financing activities[155]. Governance and Compliance - The company has established a comprehensive governance structure, ensuring compliance with legal regulations and protecting shareholder rights[192]. - The company has implemented measures to maintain the independence of its operations from its controlling shareholders, ensuring proper governance practices[192]. - The company has not faced any penalties from securities regulatory agencies in the past three years, indicating strong compliance[200]. Challenges and Risks - The company faces risks related to macroeconomic conditions and industry demand, which are closely tied to the power sector's investment and demand[184]. - The company anticipates increased competition in the oriented silicon steel market due to industry expansion and imports, which may impact profitability[185]. - The company is exposed to risks from fluctuations in commodity prices, particularly for copper and silicon steel, which can affect production costs and profitability[188]. - The company exports a significant portion of its oriented silicon steel products, making it vulnerable to exchange rate fluctuations that could impact financial performance[189].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [3]. Core Views - The new production line is expected to further enhance the profitability of the oriented silicon steel business [1]. - The company reported a revenue of 2.72 billion yuan in 2023, a year-on-year increase of 7.57%, while the net profit attributable to the parent company was 234.59 million yuan, a decrease of 21.31% [6]. - The company aims to improve its competitive edge through the acquisition of Yunbian Electric, which will enhance its transformer production capabilities [6]. Financial Data and Valuation - Revenue (million yuan): - 2022: 2,526.48 - 2023: 2,717.79 - 2024E: 3,318.11 - 2025E: 3,724.94 - 2026E: 4,168.60 - Growth Rate (%): - 2022: 30.68 - 2023: 7.57 - 2024E: 22.09 - 2025E: 12.26 - 2026E: 11.91 [2][10] - EBITDA (million yuan): - 2022: 434.55 - 2023: 384.21 - 2024E: 464.61 - 2025E: 537.80 - 2026E: 641.90 [2] - Net Profit Attributable to Parent Company (million yuan): - 2022: 298.11 - 2023: 234.59 - 2024E: 287.12 - 2025E: 356.67 - 2026E: 456.77 [2][10] - Earnings Per Share (EPS): - 2022: 0.89 - 2023: 0.70 - 2024E: 0.86 - 2025E: 1.07 - 2026E: 1.37 [2][10] - Price-to-Earnings Ratio (P/E): - 2022: 19.22 - 2023: 24.43 - 2024E: 19.96 - 2025E: 16.07 - 2026E: 12.55 [2][10] Production and Sales Performance - In 2023, the company produced 125,900 tons of oriented silicon steel, ranking third nationally and first among private enterprises [7]. - The revenue from the oriented silicon steel business in 2023 was 1.293 billion yuan, with a gross margin of 19.6%, a decrease of 4.45 percentage points year-on-year [7]. - The company expanded its export markets to 15 countries and regions in 2023, achieving export revenue of 274 million yuan, accounting for 21.18% of the total revenue from oriented silicon steel [7]. Acquisition and Business Expansion - The company announced the acquisition of 79.97% of Yunbian Electric in March 2024, which is expected to enhance its research and development capabilities for transformers and expand its product scale [6][7].

2023年年度股东大会会议资料 1 2023年年度股东大会会议资料 | 2023年年度股东大会会议须知 | | 3 | | --- | --- | --- | | 2023年年度股东大会会议议程 | | 5 | | 2023年年度股东大会会议议案： | | 7 | | 议案一 | 关于公司2023年度董事会工作报告的议案 | 7 | | 议案二 | 关于公司2023年度财务决算报告的议案 | 32 | | 议案三 | 关于公司2024年度财务预算报告的议案 | 46 | | 议案四 | 关于公司2023年度利润分配方案的议案 | 51 | | 议案五 | 关于公司2023年年度报告全文及其摘要的议案 | 54 | | 议案六 | 关于修订公司对外投资管理制度的议案 | 55 | | 议案七 | 关于公司2023年度监事会工作报告的议案 | 67 | | 议案八 | 关于审议2024年度监事薪酬的议案 | 73 | | 议案九 | 关于审议2024年度董事薪酬的议案 | 75 | | 议案十 | 关于为子公司云南变压器电气股份有限公司申请授信 | | | 提供担保的议案 | | 77 | 2 2023年年度股东 ...

第四届董事会第五次会议资料 重庆望变电气（集团）股份有限公司 2023 年度独立董事述职报告 王 勇 本人自担任重庆望变电气（集团）股份有限公司(以下简 称"公司")独立董事以来，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上海证券交易所股票上市规则》 《重庆望变电气（集团）股份有限公司章程》（以下简称" 《公司章程》"）和公司《独立董事工作制度》等相关法律 法规和规章制度的规定和要求，认真行使法规所赋予的权利， 恪尽职守、勤勉尽责，积极参加董事会、审计委员会会议及 董事会组织的其他各项活动，通过与公司持续沟通，收集有 关资料，积极主动了解公司的生产经营和运行情况，对公司 的重大决策等事项发表独立意见，维护公司的整体利益，维 护全体股东尤其是中小股东的合法权益，为健全和完善上市 公司法人治理结构和提高董事会科学决策、依法运作做了一 些工作，并能积极地为公司稳健和长远发展建言献策，提出 自己的意见和建议。 现将2023年本人担任公司独立董事以来的工作情况报告 如下： 本人基本情况：王勇，男，1973年出生，中国国籍，无 境外永久居留权，研究生学历，会计硕士、工商管理硕士， 中国注册会计师（资深会员） ...

第四届董事会第五次会议资料 重庆望变电气（集团）股份有限公司 2023 年度独立董事述职报告 赵宇 作为重庆望变电气（集团）股份有限公司(以下简称"公 司")的独立董事，根据《中华人民共和国公司法》《中华人 民共和国证券法》《上海证券交易所股票上市规则》《重庆 望变电气（集团）股份有限公司章程》（以下简称"《公司 章程》"）和公司《独立董事工作制度》等相关法律法规和 规章制度的规定和要求，本人认真行使法规所赋予的权利， 恪尽职守、勤勉尽责，通过与公司持续沟通，收集有关资料， 积极主动了解公司的生产经营和运行情况，对公司的重大决 策等事项发表独立意见，维护公司的整体利益，维护全体股 东尤其是中小股东的合法权益，为健全和完善上市公司法人 治理结构和提高董事会科学决策、依法运作做了一些工作， 并能积极地为公司稳健和长远发展建言献策，提出自己的意 见和建议。 现将2023年本人担任公司独立董事以来的工作情况报 告如下： 公司于2023年11月13日召开2023年第二次临时股东大会， 换届选举本人及沈江先生、王勇先生为公司第四届董事会独立 董事，本人并从即日开始履行公司独立董事职责。 第四届董事会第五次会议资料 本人基 ...

重庆望变电气（集团）股份有限公司 审计报告 大华审字[2024]0011003189 号 大 华 会 计 师 事 务 所 ( 特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants (Special General Partnership ) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.go 重庆望变电气（集团）股份有限公司 审计报告及财务报表 (2023 年 1 月 1 日至 2023 年 12 月 31 日止) 录 目 一、 1-7 1 í 已审财务报表 | 合并资产负债表 | 1-2 | | --- | --- | | 合并利润表 | 3-3 | | 合并现金流量表 | 4-4 | | 合并股东权益变动表 | 5-6 | | 母公司资产负债表 | 7-8 | | 母公司利润表 | d-d | | 母公司现金流量表 | 10-10 | 母公司股东权益变动表 11-12 财务报表附注 1-102 页 次 大美食計師事務所 大华会计师事务所 (特殊普通合伙) 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100 ...

公司代码：603191 公司简称：望变电气 重庆望变电气（集团）股份有限公司 2023 年度内部控制评价报告 重庆望变电气（集团）股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内 部控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专 项监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了 评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标 提供合理保证。此外， ...

重庆望变电气（集团）股份有限公司 独立董事专门会议工作制度 第一条 为进一步完善重庆望变电气（集团）股份有限公司(以下简称"公 司")的法人治理结构，充分发挥独立董事在公司治理中的作用，促进提高公司 规范运作水平，保障全体股东特别是中小股东的合法权益，根据《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司独立董事管理办法》《上市公司 治理准则》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第 1 号—— 规范运作》等法律、法规和规范性文件，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》"）《重庆望变电气（集 团）股份有限公司独立董事工作制度》等的有关规定，并结合公司的实际情况， 制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及公 司主要股东、实际控制人不存在直接或间接利害关系，或者其他可能影响其进行 独立客观判断关系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、 行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、上海证 券交易所业务规则和《公司章程》的规定，认真履行职责，在董事会中发 ...

大华核字[2024]0011004948 号 重庆望变电气(集团) 股份有限公司 大 华 会 计 师 事 务 所 ( 特 殊 普 通 合 伙 ) 募集资金存放与使用情况鉴证报告 Da Hua Certified Public Accountants (Special General Partnership ) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.eov.com 重庆望变电气（集团）股份有限公司 募集资金存放与使用情况鉴证报告 (2023 年度) 页 次 目 录 募集资金存放与使用情况鉴证报告 1 1-2 $\begin{array}{c}\includegraphics[height=142.26375pt]{Fig1}\end{array}$ 大半會計師事務所 大华会计师事务所(特殊普通合伙) 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话: 86 (10) 5835 0011 传真: 86 (10) 5835 0006 www.dahua-cpa.com 募 集 资 金 存 放 与 使 用 情 况 鉴 证 报 告 大华核字 ...

证券代码：603191 证券简称：望变电气 公告编号：2024-037 特此公告。 附：《杨宏伟先生简历》 重庆望变电气（集团）股份有限公司董事会 2024 年 4 月 26 日 附： 杨宏伟先生简历 关于聘任公司副总经理公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重庆望变电气（集团）股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日召开了第四届董事会第五次会议，审议通过《关于聘任公司副总经理的议 案》。 因工作需要，经公司总经理提名，第四届董事会提名委员会第二次会议审核， 公司第四届董事会同意聘任杨宏伟先生（简历详见附件）为公司副总经理，任期 自公司董事会会议审议通过之日起至公司第四届董事会任期届满之日止。 截止本公告披露之日，杨宏伟先生未持有公司股份，与公司实际控制人及其 他董事、监事、高级管理人员之间不存在关联关系，不存在不得担任公司高级管 理人员的情形，不存在被中国证监会确定为市场禁入者且尚在禁入期的情形，也 不存在被证券交易所公开认定不适合担任上市公司高级管理人员情形，未受过中 国证监会、 ...