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 证券代码：603530 证券简称：神马电力 公告编号：2025-034 江苏神马电力股份有限公司2024年年度权益分派实施公告 相关日期 差异化分红送转： 是 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/3 | － | 2025/6/4 | 2025/6/4 | A 股每股现金红利0.46元 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2025 年 4 月 25 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日 2025 年 6 月 3 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"）扣除公司回购专用账户后登记在册 的本公司全体股东。 2025 年 4 月 25 日，公司 2024 年年度股东大会审议通过了《关于 2024 ...

关于 江苏神马电力股份有限公司 差异化权益分派事项的法律意见书 中国 深圳 福田区益田路6001号太平金融大厦11、12层 邮政编码：518038 11-12/F, Taiping Finance Tower, Yitian Road No.6001, Futian District, Shenzhen 518038 电话(Tel)：(0755)88265288 传真(Fax)：(0755)88265537 电子邮件（E-mail）：info@sundiallawfirm.com 网站（Website）：sundiallawfirm.com 广东信达律师事务所 关于江苏神马电力股份有限公司 差异化权益分派事项的法律意见书 信达专字[2025]第 005 号 致：江苏神马电力股份有限公司 广东信达律师事务所（以下简称"信达"）接受贵公司的委托，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司股份回购规则》 《上海证券交易所交易规则》《上海证券交易所上市公司自律监管指引第 7 号 ——回购股份》等有关法律、法规及规范性文件的规定，就贵公司 2024 年度利 润分配涉及的差异化权益分派特殊除权除息（ ...

Investment Rating - The investment rating for the company is "Hold" [7] Core Views - The company achieved impressive performance in 2024 with total revenue of 1.345 billion, a year-on-year increase of 40.22%, and a net profit attributable to shareholders of 311 million, up 96.17% year-on-year [1] - The company has a strong order backlog, with new orders amounting to 1.528 billion by the end of 2024, representing a year-on-year growth of 38.31% [3] - The company is expanding its overseas market presence, with significant growth in overseas contract revenue, particularly in the US and Europe [4] Financial Performance - In 2024, the company reported revenue of 1.345 billion, with a gross margin of 43.62% and a net margin of 23.10% [1] - The breakdown of revenue by business segments in 2024 includes: - Substation composite insulators: 879 million, up 34.71% year-on-year, with a gross margin of 46.98% - Rubber seals: 223 million, up 14.10% year-on-year, with a gross margin of 46.86% - Power transmission and distribution line composite insulators: 209 million, up 126.57% year-on-year, with a gross margin of 25.95% [2] - The company’s net profit forecast for 2025-2027 is adjusted to 420 million, 552 million, and 701 million respectively, with corresponding P/E ratios of 27, 20, and 16 [5] Order Backlog - As of the end of 2024, the company had a robust order backlog with new orders of 1.528 billion, including 786 million from domestic markets and 742 million from overseas [3] Overseas Expansion - The company has made significant progress in its overseas market strategy, with overseas contract revenue exceeding 100 million, a growth of over 200% [4] - The construction of a factory in the US is progressing well, with an expected production start in 2027 [4]

Investment Rating - The report maintains a "Hold" rating for the company [7] Core Views - The company achieved impressive performance in 2024, with total revenue of 1.345 billion yuan, a year-on-year increase of 40.22%, and a net profit attributable to shareholders of 311 million yuan, up 96.17% year-on-year [1] - The company has a strong order backlog, with new orders amounting to 1.528 billion yuan by the end of 2024, representing a year-on-year increase of 38.31% [3] - The company is expanding its overseas market presence, with significant growth in overseas contract revenue, particularly in the U.S. and Europe [4] Financial Performance Summary - In 2024, the company reported revenue of 1.345 billion yuan, with a gross margin of 43.62% and a net margin of 23.10% [1] - The breakdown of revenue by business segment in 2024 includes: - Substation composite insulators: 879 million yuan, up 34.71% year-on-year, with a gross margin of 46.98% - Rubber seals: 223 million yuan, up 14.10% year-on-year, with a gross margin of 46.86% - Power transmission and distribution composite insulators: 209 million yuan, up 126.57% year-on-year, with a gross margin of 25.95% [2] - The company’s revenue forecast for 2025-2027 has been adjusted to 1.87 billion, 2.62 billion, and 3.53 billion yuan, respectively [5] Order Backlog and Market Expansion - As of the end of 2024, the company had a robust order backlog, with new orders of 1.528 billion yuan, including 786 million yuan from domestic markets and 742 million yuan from overseas markets [3] - The company is making significant progress in building a factory in the U.S., expected to be operational by 2027, which will further enhance its overseas market capabilities [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported Q1 2025 revenue of 290 million yuan, a year-on-year increase of 23.4%, and a net profit attributable to shareholders of 70 million yuan, up 7.0% year-on-year [4] - The company has seen a rapid increase in overseas orders, with a 42% year-on-year growth in overseas orders amounting to 220 million yuan in Q1 2025 [5] - The company has successfully passed technical identification for new transformer bushing products, which are expected to contribute to revenue growth [5] - The company is progressing with its U.S. factory project, with production expected to start in 2027 [6] Financial Performance and Forecast - The company’s gross margin and net margin for Q1 2025 were 46.8% and 23.9%, respectively, showing a slight decline compared to the previous year [4] - The company’s projected net profits for 2025, 2026, and 2027 are 430 million yuan, 540 million yuan, and 670 million yuan, respectively, with corresponding P/E ratios of 26, 21, and 17 [6] - Revenue forecasts for 2024 to 2027 are 1.345 billion yuan, 1.863 billion yuan, 2.484 billion yuan, and 3.177 billion yuan, with growth rates of 40.22%, 38.55%, 33.29%, and 27.92% respectively [10]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported Q1 2025 revenue of 290 million yuan, a year-on-year increase of 23.4%, and a net profit of 70 million yuan, up 7.0% year-on-year [4] - The gross margin and net margin for Q1 2025 were 46.8% and 23.9%, respectively, showing a decline of 1.6 and 3.7 percentage points year-on-year [4] - The company has seen a rapid increase in overseas orders, with a 42% year-on-year growth in overseas orders amounting to 220 million yuan in Q1 2025 [5] Financial Performance - The company’s total revenue is projected to grow from 1,345 million yuan in 2024 to 3,177 million yuan in 2027, with a compound annual growth rate (CAGR) of 40.22% in 2024 and 27.92% in 2027 [10] - The net profit attributable to the parent company is expected to increase from 310.73 million yuan in 2024 to 669.59 million yuan in 2027, reflecting a growth rate of 96.17% in 2024 and 24.83% in 2027 [10] - The company’s PE ratio is projected to decrease from 36.04 in 2024 to 16.73 in 2027, indicating improving valuation over time [10] Product Development - The company’s new transformer bushing products have passed technical certification, which is expected to contribute positively to future performance [5] - The company has successfully secured a contract for the Chile ±600 kV ultra-high voltage direct current transmission project, indicating strong international market presence [5] Future Outlook - The company’s net profit forecasts for 2025, 2026, and 2027 are adjusted to 430 million yuan, 540 million yuan, and 670 million yuan, respectively, reflecting slight downward revisions due to uncertainties related to U.S. tariffs [6]

证券代码：603530 证券简称：神马电力 公告编号：2025-033 二、募集资金专户的开立情况 为规范募集资金的存放、使用与管理，公司对发行的募集资金采取了专户存 储制度，公司及保荐人华泰联合证券有限责任公司与存放募集资金的银行分别签 署了募集资金监管协议。截至本公告披露日，公司开设的募集资金专项账户如下： | 序 号 | 开户银行 | 银行账户 | 备注 | | --- | --- | --- | --- | | 1 | 中国建设银行股份有限公司南通港闸支行 | 32050164263600002671 | 存续 | | 2 | 中信银行股份有限公司南通分行 | 8110501011601796461 | 本次注销 | | 3 | 招商银行股份有限公司上海天山支行 | 512903540710302 | 存续 | | 4 | 中国建设银行股份有限公司如皋支行 | 32050164723600008777 | 已注销 | | 5 | 兴业银行股份有限公司如皋支行 | 408890100100127646 | 已注销 | 关于注销部分募集资金专项账户的公告 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 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months compared to the benchmark index [9]. Core Views - The company has shown strong revenue growth, with Q1 2025 revenue reaching 285 million yuan, a year-on-year increase of 23.39%. The net profit attributable to shareholders was 68 million yuan, up 7.02% year-on-year [5]. - The company has a robust order backlog, with new orders totaling 447 million yuan in Q1 2025, including 220 million yuan from overseas, reflecting a 42% increase year-on-year. This strong order growth is expected to support future performance [5]. - The company is developing new transformer bushing products, which are anticipated to contribute to future revenue growth. These products have passed technical and product evaluations by relevant industry associations [5]. - The company’s profitability remains stable, with a gross margin of 46.78% in Q1 2025, despite a slight year-on-year decline. The increase in operating expenses is attributed to new product development and overseas market expansion [5]. Financial Projections - The company’s projected revenue for 2025 is 1,843 million yuan, with a year-on-year growth rate of 37%. The net profit attributable to shareholders is expected to reach 418 million yuan, reflecting a growth rate of 35% [3][6]. - The earnings per share (EPS) is projected to be 0.97 yuan for 2025, with a continued upward trend in subsequent years [3][6]. - The price-to-earnings (P/E) ratio is expected to decrease from 35.1 in 2024 to 25.7 in 2025, indicating improving valuation metrics as earnings grow [3][6]. Market Position and Outlook - The company is well-positioned for future growth, with a strong focus on expanding its overseas market presence and enhancing its product offerings. The anticipated increase in operational capacity and project deliveries is expected to further bolster profitability [5]. - The report suggests that the company’s long-term growth potential remains promising, supported by a solid order pipeline and ongoing product innovations [5].

金十数据5月13日讯，神马电力在业绩说明会上表示，美国工厂已完成土地的签署，目前正在进行厂区 规划，预计2027年投产；美国工厂的产能主要以服务美国当地电网客户为主，公司密切关注全球贸易政 策变化，公司将通过供应链本地化、区域化等方式提升抗风险能力。公司同时强调，美国关税对业务影 响有限。 神马电力：美国关税对公司业务影响有限 ...

证券代码：603530 证券简称：神马电力 公告编号：2025-031 江苏神马电力股份有限公司 关于 2024 年度暨 2025 年第一季度业绩说明会 召开情况的公告 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。 江苏神马电力股份有限公司（以下简称"公司"）于 2025 年 5 月 8 日披露 了《关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告》（公告编号： 2025-030）。2025 年 5 月 13 日（星期二）上午 9:00-10:00，公司通过价值在线 以网络互动方式召开 2024 年度暨 2025 年第一季度业绩说明会，现将有关情况公 告如下： 一、本次说明会召开情况 2025 年 5 月 13 日（星期二），公司通过价值在线以网络互动方式召开了公 司 2024 年度暨 2025 年第一季度业绩说明会，公司董事长马斌先生、轮值总经理 张文斌先生、独立董事徐胜利先生、董事金书渊先生、董事会秘书韩笑女士出席 了本次会议并与投资者进行了沟通交流。 二、本次说明会提出的主要问题及公司的回复情况 2、问 ...