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 ...

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]