Q/CSG-GPG-NY 2 14 1 001 2020-A/0 南方电网电力科技股份有限公司累积投票制实施规则 南方电网电力科技股份有限公司 累积投票制实施规则 （2025 年 5 月修订） 第 1 页 共 6 页 Q/CSG-GPG-NY 2 14 1 001 2020-A/0 南方电网电力科技股份有限公司累积投票制实施规则 术语词典 | 术语 | 定义 | | --- | --- | | 累积投票制 | 指公司股东会在选举两名以上的董事时采用的一种投票方式。 | | | 即公司股东会选举董事时，股东所持的每一有效表决权股份拥 | | | 有与该次股东会应选董事总人数相等的投票权，股东拥有的投 | | | 票权等于该股东持有股份数与应选董事总人数的乘积。股东既 | | | 可以用所有的投票权集中投票选举一位候选董事，也可以将投 | | | 票权分散行使，投票给数位候选董事，各候选人在得票数超过 | | | 出席股东会股东所持股份总数的 1/2（含 1/2，以未累积的股份 | | | 数为准）的前提下最后按得票多少依次决定当选董事。 | 职责库 | 机构/部门 | 职责 | | --- | --- | | ...

证券代码：688248 证券简称：南网科技 公告编号：2025-016 南方电网电力科技股份有限公司 关于修订《公司章程》及部分公司治理制度的公告 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。 一、《公司章程》的修订情况 南方电网电力科技股份有限公司（以下简称"公司"）于 2025 年 5 月 30 日召开第二届董事会第十五次会议，审议通过了《关于修订<公司章程>的议案》， 本议案尚需提交公司股东大会审议并需股东大会特别决议通过。具体情况如下： 为落实《中华人民共和国公司法（2023年修订）》《关于新<公司法>配套制度 规则实施相关过渡期安排》《上市公司章程指引（2025年修订）》《上海证券交易 所科创板股票上市规则（2025年4月修订）》及中国南方电网控股上市子公司章程 范本等法律法规及文件，公司拟针对不设监事会等要求修订现有章程，主要修订 内容详见附件《<南方电网电力科技股份有限公司章程>修订情况对比表》，具体 以市场监督管理部门登记备案为准。本次修订后的《公司章程》详见公司同日在 上海证券交易所网站（www.sse.c ...

南方电网电力科技股份有限公司（以下简称"公司"）于 2025 年 5 月 30 日在公司会 议室分别召开第二届董事会第十五次会议及第二届监事会第十三次会议，审议通过了《关于 公司增加使用暂时闲置募集资金进行现金管理的议案》，同意公司在保证不影响公司募集资 金投资计划正常进行的前提下，将原使用最高不超过人民币 3 亿元的暂时闲置募集资金进行 现金管理，增加至使用最高不超过人民币 5.8 亿元的暂时闲置募集资金进行现金管理，购买 安全性高、流动性好、满足保本要求的产品（包括但不限于结构性存款、大额存单、定期存 款等保本型产品），使用期限不超过 12 个月，该额度自董事会审议通过之日起 12 个月内有 效。在上述额度及期限范围内，公司可以循环滚动使用资金。保荐机构中信建投证券股份有 限公司对上述事项出具了明确的核查意见。 一、募集资金基本情况 证券代码：688248 证券简称：南网科技 公告编号：2025-015 南方电网电力科技股份有限公司 关于公司增加使用暂时闲置募集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、准确性和完整性依法承 ...

证券代码：688248 证券简称：南网科技 公告编号：2025-017 审议通过《关于公司增加使用暂时闲置募集资金进行现金管理的议案》 经审议，监事会认为：公司增加使用暂时闲置募集资金进行现金管理，用于 在设立募集资金专户的商业银行购买安全性高、流动性好、满足保本要求的产品， 符合《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等相关法 律法规及其他规范性文件的规定，不影响募集资金投资项目的正常实施，不存在 变相改变募集资金投向和损害公司股东利益特别是中小股东利益的情形，符合公 司发展利益的需要，有利于提高募集资金使用效率，获取一定的投资效益。综上， 监事会同意公司将原使用最高不超过人民币 3 亿元的暂时闲置募集资金进行现金 管理，增加至使用最高不超过人民币 5.8 亿元的暂时闲置募集资金进行现金管理。 表决结果：5 票赞成，0 票反对，0 票弃权。 南方电网电力科技股份有限公司 第二届监事会第十三次会议决议公告 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 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [6][16]. Core Views - The company is driven by a dual engine of "technical services + smart devices," indicating strong growth potential. The 2024 revenue reached 3.01 billion yuan, a year-on-year increase of 18.8%, with a net profit of 370 million yuan, up 29.8% [1][6]. - The company has a robust order backlog, with significant contracts in the energy storage and testing services sectors, suggesting sustained revenue growth in the coming years [6][7]. Financial Performance Summary - **2024 Financials**: - Total revenue: 3,014 million yuan, up 18.8% year-on-year - Net profit attributable to shareholders: 365 million yuan, up 29.8% - Earnings per share: 0.65 yuan [2][6]. - **2025 Projections**: - Expected total revenue: 4,126 million yuan, with a growth rate of 36.9% - Expected net profit: 481 million yuan, with a growth rate of 31.9% - Expected earnings per share: 0.85 yuan [2][6]. - **Profitability Metrics**: - Gross margin for 2024: 30.8%, up 1.8 percentage points year-on-year - Net profit margin for 2024: 12.1%, up 1.0 percentage points year-on-year [6][7]. Order Backlog and Growth Potential - As of Q1 2025, the company has a backlog of approximately 9.5 billion yuan in energy storage system technical services and over 5 billion yuan in testing and commissioning services [6][7]. - The company is involved in significant projects, including the largest user-side energy storage project in Jiangsu and various testing projects in Guangdong [6][7]. Valuation and Target Price - The target price for the company is set at 34.10 yuan, based on a projected price-to-earnings ratio of 40 times for 2025, reflecting its leading position in the smart energy sector [2][6].

Investment Rating - The report suggests a positive investment outlook for the computer sector, highlighting significant investment opportunities due to recent tariff reductions between China and the US [6][7]. Core Insights - The easing of tariffs is expected to boost confidence in the computer sector, particularly benefiting companies previously affected by tariff sentiments and those in the AI industry chain and fintech segments [6][7]. - The report emphasizes the importance of companies with core technology, high growth potential, and domestic substitution capabilities for long-term investment [6][7]. - The computer sector's foreign revenue is approximately 12%, indicating limited direct impact from tariff policies, while holdings in the sector are at a historical low, suggesting potential for valuation recovery [7][8]. Summary by Sections Investment Highlights - The report notes that the computer sector achieved a total revenue of RMB 286.03 billion in Q1 2025, representing a year-on-year increase of 15.25%, with net profit attributable to shareholders rising by 193.52% [8]. - The report identifies key companies for investment, including Streamax Technology, Autel Intelligent Technology, and Beijing Kingsoft Office Software, among others [6][8]. Market Dynamics - The report highlights that the demand for IT investments from downstream clients is expected to continue rising, supported by domestic policy efforts and economic recovery [8]. - The growth logic of the sector is further strengthened by technological iterations and demand recovery, particularly in AI applications and domestic chip development [9].

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Insights - In Q1 2025, national grid engineering investment reached 95.6 billion yuan, a year-on-year increase of 24.8% [42] - The report highlights the rapid growth trend in grid investment and suggests focusing on leading companies benefiting from increased domestic infrastructure investment [3][67] Market Review - As of May 8, 2025, the Shenwan power equipment industry rose by 4.41% over the past two weeks, outperforming the CSI 300 index by 2.60 percentage points, ranking 7th among 31 industries [10] - The wind power equipment sector increased by 4.57%, the photovoltaic equipment sector by 5.69%, and the battery sector by 4.06% during the same period [11][12] Valuation and Industry Data - As of May 8, 2025, the price-to-earnings (P/E) ratio for the power equipment sector is 24.50 times, with sub-sectors showing varied P/E ratios: motors at 51.04, photovoltaic equipment at 17.54, and wind power equipment at 30.52 [25][21] - The report indicates that the photovoltaic equipment sector has seen a year-to-date decline of 13.31%, while the motor sector has increased by 22.44% [15] Company Announcements - The report notes that leading companies such as Zhongchao Holdings, Huamin Co., and Zhenjiang Co. have shown significant stock price increases of 38.95%, 29.66%, and 28.37% respectively over the past two weeks [17] - Conversely, companies like Huaxi Energy, Mubang High-tech, and Hezhong Technology have experienced declines of 28.74%, 28.38%, and 26.91% respectively [18]

证券代码：688248 证券简称：南网科技 公告编号：2025-014 南方电网电力科技股份有限公司 关于公司副总经理、核心技术人员辞职的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 南方电网电力科技股份有限公司（以下简称"公司"或"南网科技"） 副总经理、核心技术人员林国营先生因在中国南方电网有限责任公司（以下简称 "南方电网"）集团内工作变动，已向公司董事会申请辞职。综合考虑公司核心 技术研发等实际情况，经公司管理层研究，公司不再认定林国营先生为核心技术 人员。 公司高度重视研发工作，已建立完备的研发体系和管理机制，持续吸收 高素质复合型人才加入研发团队并做好人才储备。经过多年研发投入和技术积累， 公司研发团队人员持续增加、整体实力不断提高。公司目前的研发、生产和经营 工作均照常进行。截至本公告披露日，公司各项研发项目正常进行，此次核心技 术人员的变动不会对公司现有项目研发进展、核心竞争力、持续经营能力造成实 质性影响。 一、核心技术人员变动的具体情况 公司董事会近日收到公司副总经理、核心技术人 ...

Core Viewpoint - The article discusses the recent developments in the energy storage industry, highlighting the performance and strategies of key companies in response to market changes and regulatory impacts, particularly focusing on the upcoming "Document 136" and its implications for the sector [2][17][18]. Company Performance and Strategies - **Trina Solar**: Aims for a storage shipment target of 8-10 GWh in 2025, with a 2024 shipment of 4.3 GWh, indicating a focus on overseas markets, especially Europe, and a significant increase in orders [2][3]. - **Canadian Solar**: Reported a Q1 storage shipment of 0.79 GWh, with a full-year target of 6.5 GWh, reflecting over 500% year-on-year growth. Despite challenges from U.S. tariffs, the company maintained profitability with a net profit of 87.3 million yuan in Q1 [4]. - **Hibos Technology**: Achieved nearly 3 GWh in sales in Q1 2025, with a focus on expanding overseas projects in Europe, North America, and Southeast Asia. The company aims for overseas revenue to match domestic levels within 3-5 years [5]. - **Southern Power Grid Technology**: Reported over 1 billion yuan in storage revenue in Q1, despite a 37.5% year-on-year decline due to project timelines. The company has a robust order backlog of approximately 9.5 billion yuan [6][7]. Market Trends and Regulatory Impact - The recent large-scale power outages in Southern Europe have increased the demand for energy storage solutions, emphasizing their importance in stabilizing power systems during extreme weather events [9]. - Companies are adapting to U.S. tariff barriers by exploring non-U.S. markets and enhancing supply chain flexibility. Trina Solar and Canadian Solar are both actively assessing the impact of tariffs on their operations and adjusting strategies accordingly [10][13][14]. - The implementation of "Document 136" is expected to disrupt the storage market in the short term by removing mandatory storage requirements, but it may lead to long-term growth and a more competitive landscape, favoring companies with technological and cost advantages [17][18].

Investment Rating - The report provides a positive investment outlook for the industrial control and power equipment sectors, highlighting stable growth and potential for new growth curves driven by humanoid and AI technologies [1]. Core Insights - The industrial control and power equipment industry experienced a revenue increase of 9% year-on-year and a net profit increase of 14% in Q1 2025, with total revenues reaching 204.7 billion and net profits at 14 billion [2][6]. - The overall gross profit margin for the industry faced pressure, recorded at 27.4% in Q1 2025, showing a year-on-year decline of 0.8 percentage points but an increase of 3.2 percentage points compared to the previous quarter [2][8]. - The report indicates a recovery in demand for industrial control in Q1 2025, with leading companies like Huichuan Technology exceeding profit expectations [2][26]. Summary by Sections Industrial Control Sector - The industrial control sector achieved a revenue of 28.2 billion in Q1 2025, marking a 27% increase year-on-year, with net profits rising by 33% to 2.5 billion [2][6]. - The gross profit margin for the industrial control sector was 28.3%, down 3.4 percentage points year-on-year but up 2.7 percentage points quarter-on-quarter [2][8]. - Huichuan Technology reported a significant revenue increase of 38% and a net profit increase of 63% in Q1 2025 [2][26]. Power Equipment Sector - The power equipment sector's revenue for Q1 2025 was 118.8 billion, a 4% increase year-on-year, with net profits at 7.1 billion, reflecting a 6% increase [2][6]. - The gross profit margin for the power equipment sector was under pressure, with a slight decline in profitability observed [2][8]. - The report highlights that the high-voltage and ultra-high voltage segments are beginning to rebound, with revenue growth expected in the coming quarters [2][26]. Investment Recommendations - For the power grid sector, the report recommends companies such as Siyi Electric, Samsung Medical, and China West Electric, while suggesting a watch on companies like Huaming Equipment and Mingyang Electric [2][26]. - In the industrial control sector, recommended companies include Huichuan Technology, Hongfa Technology, and Sanhua Intelligent Control, with a focus on companies like Megmeet and Hechuan Technology for potential growth [2][26].