Investment Rating - The report maintains a "Strong Buy" rating for the company [1] Core Views - The company has shown significant growth in multiple sectors, particularly in energy storage and testing services, with a notable increase in revenue and net profit for 2023 and Q1 2024 [1] - The revenue for 2023 reached 2.537 billion yuan, a year-on-year increase of 41.77%, while the net profit was 281 million yuan, up 36.71% [1] - The first quarter of 2024 saw a revenue of 505 million yuan, growing by 9.85%, and a net profit of 42 million yuan, increasing by 38.21% [1] Summary by Sections Revenue Breakdown - Energy storage system technology services generated 726 million yuan in revenue, a 123.11% increase year-on-year - Testing and commissioning services brought in 582 million yuan, up 64.73% - Smart distribution and utilization equipment achieved 442 million yuan, a 31.85% increase - Smart monitoring equipment generated 258 million yuan, a modest growth of 5.04% - Robotics and drone services saw a decline, with revenue of 275 million yuan, down 7.36% [1] Profitability Metrics - The gross margin for 2023 was 28.98%, a slight decrease of 0.68 percentage points, while the net margin was 11.19%, down 0.31 percentage points - In Q1 2024, the gross margin improved to 32.15%, an increase of 7.58 percentage points, and the net margin was 8.43%, up 1.83 percentage points [1] Business Strategy - The company is diversifying its business, focusing on core technologies in energy storage and enhancing its competitive edge in testing services - It aims to expand its market presence through digitalization and smart detection equipment development - The smart electricity business is set to deepen ecosystem construction and offer standardized product packages to clients - The robotics and drone segment will strengthen its core technologies to increase market share [1] Financial Forecast - Revenue projections for 2024-2026 are 3.879 billion yuan, 5.512 billion yuan, and 7.438 billion yuan, with growth rates of 52.9%, 42.1%, and 34.9% respectively - Expected net profits for the same period are 414 million yuan, 570 million yuan, and 763 million yuan, with growth rates of 47.4%, 37.6%, and 33.8% respectively [1]

储能盈利能力同比提升，看好公司 24 年业绩 邮编：100031 风险因素：市场竞争加剧，电网投资不及预期，原材料价格波动风险等。 P/B 12.45 5.04 5.11 4.27 3.50 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 武浩，新能源与电力设备行业首席分析师，中央财经大学金融硕士，7 年新能源行业研究经验，2020 年加 入信达证券研究所，负责电力设备新能源行业研究。2023 年获得新浪金麒麟光伏设备行业菁英分析师第 三名。研究聚焦细分行业及个股挖掘。 孙然，新能源与电力设备行业研究助理，山东大学金融硕士，2022 年加入信达证券研发中心，负责人形 机器人、工控及充电桩行业研究。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 4 免责声明 本报告是针对与信达证券签署服务协议的签约客户的专属研究产品，为该类客户进行投资决策时提供辅助和参考，双方对权利与 义务均有严格约定。本报告仅提供给上述特定客户，并不面向公众发布。信达证券不会因接收人收到本 ...

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南方电网电力科技股份有限公司关于 部分董监高及管理人员自愿增持公司股份计划 实施完成暨增持结果公告 证券代码：688248 证券简称：南网科技 公告编号： 2024-011 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"）于2023年10月27日 披露了《关于部分董监高及管理人员自愿增持公司股份计划的公告》(公告编号： 2023-034)，计划增持总金额不低于人民币440万元（含），不超过人民币880万元 （含）。截至2024年4月30日，公司部分董监高及管理人员通过上海证券交易所系 统集中竞价交易方式累计增持公司股份232,783股，累计增持金额为5,320,066.91元 ，已超过本次计划增持下限，未超本次计划增持上限。 2023年10月27日，公司披露了《关于部分董监高及管理人员自愿增持公司股 份计划的公告》（公告编号：2023-034），基于对公司未来发展的信心和对公司长 期投资价值的认可，公司部分董事、监事、高级管理人员及管理人员计划自2023 年1 ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥505,339,156.36, representing a year-on-year increase of 9.85%[7] - Net profit attributable to shareholders was ¥41,968,925.83, reflecting a significant growth of 38.21% compared to the same period last year[7] - The net profit after deducting non-recurring gains and losses was ¥40,453,597.52, up by 37.19% year-on-year[7] - Basic earnings per share increased by 40.00% to ¥0.07[7] - The net profit for Q1 2024 was CNY 42,588,053.19, an increase from CNY 30,366,322.31 in Q1 2023, representing a growth of approximately 40.2%[38] - The operating profit for Q1 2024 was CNY 45,395,597.89, compared to CNY 32,606,493.48 in Q1 2023, indicating a year-over-year increase of about 39.2%[38] - The total comprehensive income attributable to the parent company's shareholders for Q1 2024 was CNY 41,968,925.83, compared to CNY 30,366,322.31 in Q1 2023, showing an increase of approximately 38.2%[38] - The company's net profit for Q1 2024 was not explicitly stated, but the increase in R&D expenses indicates a strategic focus on innovation[54] - The net profit for Q1 2024 was approximately ¥25.58 million, a decrease from ¥31.62 million in Q1 2023, representing a decline of about 19.1%[56] Research and Development - Research and development expenses totaled ¥46,947,497.98, which is 51.11% higher than the previous year, accounting for 9.29% of operating revenue[11] - Research and development expenses in Q1 2024 amounted to ¥46,947,497.98, a significant increase of 51.1% from ¥31,067,676.50 in Q1 2023[30] - Research and development expenses increased to ¥44,271,608.03 in Q1 2024, up 44.7% from ¥30,610,314.10 in Q1 2023[54] - The company plans to continue increasing its R&D investment to enhance its competitive edge in the market[15] - The company is focusing on market expansion and new product development, as indicated by the significant increase in R&D expenses[54] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,442,498,071.94, a decrease of 3.80% from the end of the previous year[11] - As of March 31, 2024, the total current assets amounted to approximately RMB 3.82 billion, a decrease from RMB 3.98 billion as of December 31, 2023, representing a decline of about 4.0%[25] - The total assets decreased to ¥4,442,498,071.94 in Q1 2024 from ¥4,618,181,027.76 in Q1 2023, indicating a decline of approximately 3.8%[28] - The company's long-term equity investments stood at approximately RMB 67.58 million as of March 31, 2024, slightly down from RMB 68.59 million at the end of 2023[25] - Total liabilities decreased to ¥1,578,960,575.30 in Q1 2024 from ¥1,797,231,584.31 in Q1 2023, a reduction of about 12.2%[28] - Current liabilities totaled ¥1,303,361,081.88 in Q1 2024, a decrease of 12.4% from ¥1,487,897,826.07 in Q4 2023[52] Cash Flow - Cash inflow from operating activities for Q1 2024 totaled CNY 510,383,072.59, compared to CNY 306,793,978.04 in Q1 2023, marking a rise of approximately 66.3%[42] - Cash outflow from operating activities increased to CNY 747,462,099.14 in Q1 2024 from CNY 522,917,281.67 in Q1 2023, representing a growth of about 42.9%[45] - The net cash flow from operating activities for Q1 2024 was negative CNY 237,079,026.55, compared to negative CNY 216,123,303.63 in Q1 2023[45] - The total operating cash inflow for Q1 2024 was approximately ¥439.15 million, compared to ¥301.99 million in Q1 2023, indicating a growth of about 45.5%[60] - The company reported a total operating cash outflow of approximately ¥653.93 million in Q1 2024, an increase from ¥518.33 million in Q1 2023[60] Shareholder Information - The company reported a total of 13,924 shareholders at the end of the reporting period[19] - The top ten shareholders include state-owned enterprises, with the largest shareholder holding 43.06% of the shares[19] - The company plans to increase its A-share public stock holdings by management personnel, with a total investment amount between RMB 4.4 million and RMB 8.8 million[22] - As of the report date, management personnel have cumulatively increased their holdings by 221,533 shares, accounting for 0.0392% of the total share capital, with an investment amount reaching RMB 4.995 million[22] - The company has not reported any changes in the participation of major shareholders in margin trading and securities lending activities[21]

&& 1,549 法 营 1,421 1,200 1,920 -38 YoY - 1721 2% -25 f% 21.4% 49.7% -0.3% 36.0% 25.0% -2 1% 38.1% DCF 分析 自由民金太郎组 6,533 899 are 負債率 降值 23,473 36.0% 终值在绿植 10,575 1.30 p 企业价值 16,428 咒风险利率 2.7% 净现金(饮债)、少数股东权益 2,371 风险盗价 7.0% 収益封值 18,810 ପ୍ରିୟା 11.8% 部副部份) (rmb) 33.31 優質成本 安安 使帆成本(脱后) WACQ 9.3% 永续增长率 1.0% | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|--------------------------|--------------------------------------|--------|----------------------|---------------|------------------------| ...

中信建投证券股份有限公司 关于南方电网电力科技股份有限公司 2023 年持续督导年度报告书 | 保荐机构名称：中信建投证券股份有 | 被保荐公司名称： 南方电网电力科技股 | | --- | --- | | 限公司 | 份有限公司 | | 保荐代表人姓名：龚建伟 | 联系方式：020-38381065 联系地址：北京市朝阳区安立路 号 | | | 66 4 | | | 号楼 | | 保荐代表人姓名：温家明 | 联系方式：020-38381085 | | | 联系地址：北京市朝阳区安立路 66 号 4 | | | 号楼 | 经中国证券监督管理委员会（简称"中国证监会"）"证监许可〔2021〕3567 号文"批准，南方电网电力科技股份有限公司（简称"公司"或"南网科技"）公开 发行股票 8,470 万股，占发行后总股本的 15.00%。本次公司发行新股的发行价 为 12.24 元/股，募集资金总额为 103,672.80 万元，扣除发行费用 4,726.58 万元后， 实际募集资金净额为 98,946.22 万元。本次公开发行股票于 2021 年 12 月 22 日在 上海证券交易所上市。中信建投证券股份有限公司 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5][6][32] Core Insights - The company achieved a revenue of 2.537 billion yuan in 2023, representing a year-on-year growth of 41.77%, and a net profit attributable to shareholders of 281 million yuan, up 36.71% year-on-year [5][15] - The company plans to distribute a cash dividend of 99 million yuan, accounting for 35% of the net profit attributable to shareholders [5][15] - The fourth quarter of 2023 saw significant growth, with revenue reaching 903 million yuan, a year-on-year increase of 32.04% and a quarter-on-quarter increase of 139.02% [39] Revenue and Profitability - The company’s revenue from smart distribution and power supply equipment reached 442 million yuan in 2023, up 31.85% year-on-year, with a gross margin of 34.32%, an increase of 8.27 percentage points [2][5] - The revenue from the energy storage system technology services grew significantly to 726 million yuan, a year-on-year increase of 123.11%, with a gross margin of 14.69%, up 3.08 percentage points [12][21] - The testing and commissioning services revenue was 582 million yuan, reflecting a year-on-year growth of 64.73%, with a gross margin of 42.34% [11][41] Financial Forecasts - The company is expected to achieve net profits of 453 million yuan, 621 million yuan, and 814 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 34, 25, and 19 times [6][31][46] - Revenue projections for 2024-2026 are estimated at 3.541 billion yuan, 4.727 billion yuan, and 6.316 billion yuan, with year-on-year growth rates of 39.6%, 33.5%, and 33.6% [31][46] Market Position and Competitive Landscape - The company has a market share of over 30% in the broadband carrier module segment within the Southern Power Grid [2] - The company is actively expanding its testing services from Guangdong to Guizhou and Guangxi, enhancing its market presence in the testing and commissioning sector [11][41]

Investment Rating - The report maintains a "Buy" rating for the company [18]. Core Insights - The company achieved a revenue of 2.537 billion yuan in 2023, representing a year-on-year growth of 41.77%. The net profit attributable to the parent company was 281.27 million yuan, up 36.71% year-on-year [24]. - The report highlights significant growth in various business segments, particularly in testing and commissioning services, energy storage systems, and smart distribution equipment [24]. - The company has adjusted its profit forecasts for 2024-2026, expecting revenues of 3.773 billion yuan, 5.556 billion yuan, and 7.399 billion yuan, with corresponding net profits of 408.49 million yuan, 542.96 million yuan, and 754.49 million yuan [13]. Summary by Sections Financial Performance - Revenue for 2023 was 2.537 billion yuan, with a growth rate of 41.77%. The EBITDA was 365.54 million yuan, and the net profit attributable to the parent company was 281.27 million yuan, reflecting a growth rate of 36.71% [6][24]. - The company reported a significant increase in Q4 2023, with revenue of 903 million yuan, a year-on-year increase of 32.04%, and a net profit of 121 million yuan, up 74.04% year-on-year [24]. Business Segments - Testing and commissioning services generated 582 million yuan in revenue, a 64.73% increase, driven by the expansion of the company's testing business and acquisitions [24]. - Energy storage system services saw revenue of 726 million yuan, a remarkable 123.11% increase, with several large-scale projects contributing to this growth [24]. - Smart distribution equipment revenue reached 442 million yuan, up 31.85%, supported by the successful launch of new products [24]. - The robotics and drone segment experienced a slight decline, with revenue of 275 million yuan, down 7.36%, attributed to changes in customer procurement cycles [24]. Future Projections - The company expects to achieve revenues of 3.773 billion yuan in 2024, 5.556 billion yuan in 2025, and 7.399 billion yuan in 2026, with corresponding net profits of 408.49 million yuan, 542.96 million yuan, and 754.49 million yuan [13].

证券代码：688248 证券简称：南网科技 公告编号：2024-009 南方电网电力科技股份有限公司 关于参加中国南方电网有限责任公司控股上市公司 2023 年度集体业绩说明会的公告 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"）已于 2024 年 3 月 30 日发布《2023 年年度报告》。为便于广大投资者更全面、更深入地了解公司 2023 年经营业绩和未来发展方向等内容，公司定于 2024 年 4 月 19 日（星期五）下午 参加中国南方电网有限责任公司（以下简称"南方电网"）控股上市公司 2023 年度集体业绩说明会，通过视频与网络文字互动相结合的方式，与广大投资者进 行互动交流。 一、会议主题及类型 本次业绩说明会将围绕国务院国资委提高央企控股上市公司质量专项工作 关于"争做资本市场主业突出、优强发展、治理完善、诚信经营的表率"的要求， 秉承让投资者"走得近、听得懂、看得清、有信心"的原则，以"坚持以投资者 为本，全面提高上市公司质量，加快发展新质 ...