Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by more than 15% over the next 6-12 months [12]. Core Views - The company achieved a significant year-on-year increase in net profit, primarily due to improved profit margins. In Q1 2025, the net profit attributable to the parent company was 0.57 billion yuan, up 35.66% year-on-year [2]. - The company is expanding its market presence in the technical services sector, particularly in energy storage system services and testing services. Notable projects include winning bids for major energy storage projects totaling approximately 3.7 billion yuan [2]. - In the smart devices sector, the company is focusing on the development of robotics and drones, offering various inspection and operational robots, as well as specialized drones for the power industry [3]. Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 5.1 billion yuan, a year-on-year increase of 0.87% but a quarter-on-quarter decrease of 43.61%. The net profit attributable to the parent company was 0.57 billion yuan, reflecting a year-on-year increase of 35.66% [1][2]. - The gross profit margin for Q1 2025 was 32.51%, up 0.36 percentage points year-on-year, while the net profit margin was 11.46%, an increase of 3.03 percentage points year-on-year [2]. Business Segments - The technical services segment includes energy storage system services and testing services. The company has secured significant contracts in energy storage, with a total scale exceeding 400MWh [2]. - The smart devices segment includes smart monitoring equipment, smart distribution equipment, and robotics. The company has developed a range of inspection robots and drones, enhancing operational capabilities in various industries [3]. Profit Forecast and Valuation - The company’s profit forecasts for 2025-2027 have been adjusted, with expected net profits of 4.81 billion yuan, 6.23 billion yuan, and 7.74 billion yuan respectively. The forecasts have been revised down by 23% for 2025 and 2026 [4][5]. - The company is backed by the Southern Power Grid, with significant growth potential in technical services and smart devices [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by 5% to 15% over the next 6-12 months [5][12]. Core Insights - The company's net profit increased significantly by 35.66% year-on-year in Q1 2025, primarily due to improved profit margins. The gross profit margin was 32.51%, up by 0.36 percentage points year-on-year, while the net profit margin rose to 11.46%, an increase of 3.03 percentage points [2][3]. - The company is expanding its market presence in the technical services sector, particularly in energy storage system services and testing services. Notable projects include winning bids for major energy storage projects totaling approximately 3.7 billion yuan [2][3]. - In the smart equipment sector, the company focuses on the development of robots and drones, introducing innovative solutions for outdoor inspections and operations in various industries [3]. Financial Performance Summary - For Q1 2025, the company reported revenue of 510 million yuan, a year-on-year increase of 0.87%, but a quarter-on-quarter decrease of 43.61%. The net profit attributable to shareholders was 57 million yuan, with a year-on-year increase of 35.66% and a quarter-on-quarter decrease of 33.31% [1][2]. - The company expects net profits for 2025, 2026, and 2027 to be 481 million yuan, 623 million yuan, and 774 million yuan, respectively, reflecting a downward revision of 23% for 2025 and 2026 [4][5]. Profitability and Valuation Metrics - The report provides a detailed forecast of key financial metrics, including revenue growth rates and net profit margins, with expected revenue growth of 33.04% in 2025 and a net profit margin of 12.0% [4][10]. - The company's P/E ratio is projected to decrease from 59 in 2023 to 22 in 2027, indicating an improving valuation as earnings grow [4][11]. Market Position and Future Outlook - The company is well-positioned within the energy sector, backed by the South Grid Group, with significant growth potential in both technical services and smart equipment [2][3]. - The report highlights the company's innovative approaches and successful project acquisitions as key drivers for future growth [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance aligns with market expectations, driven by the dual engines of smart devices and energy storage [2][8] - The company has a robust order backlog in the energy storage sector, with orders amounting to 800 million and projects exceeding 6 billion registered with the National Energy Storage Research Institute [8] - The new chairman brings significant industry experience and is expected to drive innovation and growth within the company [8] Financial Performance Summary - Total revenue for 2023 is projected at 2,537 million, with a year-on-year growth of 41.77% [1] - Net profit attributable to shareholders is expected to reach 281.27 million in 2023, reflecting a 36.71% increase year-on-year [1] - The company anticipates substantial revenue growth in the energy storage segment, with projections of 4,423 million in 2025, representing a 46.78% increase [1][9] Earnings Forecast and Valuation - The report forecasts net profits of 4.59 billion, 6.29 billion, and 8.61 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 36x, 27x, and 19x [8][9] - The latest diluted EPS is projected to be 0.81, 1.11, and 1.52 for the years 2025, 2026, and 2027 respectively [1][9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance aligns with market expectations, driven by intelligent devices and energy storage [2][8] - The energy storage segment shows significant growth potential, with a backlog of orders amounting to 800 million and projects exceeding 6 billion registered with the National Energy Research Institute [8] - The intelligent devices segment is expected to grow, with innovative products like drones and robots being developed in collaboration with leading companies [8] - The new chairman brings extensive industry experience and is expected to drive further growth and innovation [8] Financial Summary - Total revenue for 2023 is projected at 2,537 million, with a year-on-year growth of 41.77% [1] - Net profit attributable to shareholders is forecasted to be 281.27 million in 2023, reflecting a 36.71% increase year-on-year [1] - The earnings per share (EPS) is expected to reach 0.50 in 2023, with a projected P/E ratio of 59.43 [1] - Revenue is expected to grow significantly, reaching 4,423 million by 2025, with a year-on-year growth of 46.78% [1] - Net profit is projected to increase to 458.65 million by 2025, with a growth rate of 25.64% [1] - The company’s operating cash flow is expected to improve, with a net outflow of 3.7 billion in Q1 2025, primarily due to supplier payments [8]

二、关于聘任副总经理的情况 根据《中华人民共和国公司法》（以下简称《公司法》）和《南方电网电力 科技股份有限公司章程》（以下简称《公司章程》）的规定，经公司董事长姜海 龙先生（代行总经理职责）提名，经公司提名委员会审查通过，公司于 2025 年 4 月 25 日召开第二届董事会第十四次会议，审议通过了《关于聘任副总经理的 议案》，同意聘任胡政先生、吴昊先生为公司副总经理（简历详见附件），任期 自本次董事会审议通过之日起至第二届董事会任期届满之日止。 1 证券代码：688248 证券简称：南网科技 公告编号：2025-012 南方电网电力科技股份有限公司 关于副总经理辞职及聘任副总经理的公告 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担法律责任。 一、关于副总经理辞职的情况 南方电网电力科技股份有限公司（以下简称"公司"）董事会于 2025 年 4 月 24 日收到公司副总经理廖宏楷先生递交的书面辞职报告，由于中国南方电网 有限责任公司（以下简称"南方电网"）集团内部工作安排调整，廖宏楷先生申 请辞去公司副总经理职务，辞职后将不在公 ...

证券代码：688248 证券简称：南网科技 公告编号：2025-013 南方电网电力科技股份有限公司 截至本公告披露日，冯永新先生未直接持有公司股份。 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"） 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，因冯永新先生在中 国南方电网有限责任公司（以下简称"南方电网"）集团内部发生工作调动，不 再在公司任职，因此不再认定为公司核心技术人员。 冯永新先生工作变动后，其负责的工作已完成交接，不会对公司技术研 发、核心竞争力和持续经营能力产生实质性影响，不会影响公司现有核心技术及 研发项目的工作开展。 一、核心技术人员工作变动的具体情况 公司核心技术人员冯永新先生因在南方电网集团内部发生工作调动，不再在 公司任职，因此不再担任公司核心技术人员。冯永新先生在公司任职期间恪尽职 守、勤勉尽责，为公司发展发挥了积极作用，公司及公司董事会对冯永新先生为 公司发展所做出的贡献表示衷心感谢! （一）核心技术人员具体情况 关于公司核心技术人员变动的公告 冯永新先生，1968 年出生，中国国籍，无境外永久居留权，研究生学历， 博士学位，正高级工程师。1 ...

证券代码：688248 证券简称：南网科技 公告编号：2025-011 南方电网电力科技股份有限公司 第二届监事会第十二次会议决议公告 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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 南方电网电力科技股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日在公司会议 室以现场会议和视频会议相结合的方式召开第二届监事会第十二次会议，会议通知已于 2025 年 4 月 15 日以文件送达、电子邮件等方式发出。本次会议应出席监事 5 名，实际出席监事 5 名。本次会议由监事会主席陈志新先生主持。本次会议的召集、召开和表决程序符合《中华 人民共和国公司法》等法律、法规、规范性文件和《南方电网电力科技股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，会议决议合法、有效。 二、监事会会议审议情况 （一）审议通过《公司 2025 年第一季度报告》 监事会审阅了《公司 2025 年第一季度报告》，认为董事会编制和审议程序符合相关法律、 行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 509,733,375.74, representing a year-on-year increase of 0.87% compared to CNY 505,339,156.36 in the same period last year[4] - Net profit attributable to shareholders increased by 35.66% to CNY 56,933,524.20 from CNY 41,968,925.83 in the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 47.05% to CNY 59,487,308.28, up from CNY 40,453,597.52[4] - The basic earnings per share increased by 42.86% to CNY 0.10 from CNY 0.07 in the same period last year[5] - Net profit for Q1 2025 was ¥58,414,366.90, up 37.3% from ¥42,588,053.19 in Q1 2024[20] - Earnings per share for Q1 2025 increased to ¥0.10, compared to ¥0.07 in Q1 2024, representing a growth of 42.9%[20] - The total comprehensive income for the first quarter of 2025 was CNY 42,416,321.61, compared to CNY 25,582,352.38 in the first quarter of 2024, representing a significant increase[32] Cash Flow - The net cash flow from operating activities was negative at CNY -367,974,639.68, compared to CNY -237,079,026.55 in the same period last year, indicating increased cash outflow[4] - Cash flow from operating activities showed a net outflow of ¥367,974,639.68 in Q1 2025, worsening from a net outflow of ¥237,079,026.55 in Q1 2024[23] - The net cash flow from operating activities was -CNY 470,719,755.40 in Q1 2025, worsening from -CNY 214,780,367.51 in Q1 2024[34] - The company's cash flow from investing activities showed a net outflow of ¥227,326,853.54, compared to a net inflow of ¥82,618,908.79 in the previous period[25] - Cash inflow from operating activities was CNY 524,398,558.81 in Q1 2025, up from CNY 439,145,161.62 in Q1 2024, indicating a growth of approximately 19.4%[34] - The company incurred cash outflows of CNY 700,660,804.28 for purchasing goods and services in Q1 2025, compared to CNY 508,700,265.10 in Q1 2024, marking a rise of about 37.7%[34] Assets and Liabilities - The total assets at the end of the reporting period were CNY 4,316,855,005.89, a decrease of 8.35% from CNY 4,710,085,613.32 at the end of the previous year[5] - As of March 31, 2025, the total current assets amounted to CNY 3,463,612,416.78, a decrease from CNY 3,854,333,577.34 as of December 31, 2024, reflecting a decline of approximately 10.16%[14] - The total liabilities decreased from CNY 1,516,253,865.84 to CNY 1,062,014,878.02, indicating a reduction of approximately 30%[15] - The accounts receivable decreased from CNY 511,133,964.24 to CNY 427,631,464.11, a decline of about 16.3%[14] - The total liabilities decreased to ¥1,233,003,855.11 in the latest report from ¥1,684,648,829.44 in the previous period[16] - The company's total assets decreased to ¥4,076,008,695.31 from ¥4,575,040,807.94, indicating a reduction of approximately 10.9%[27] Research and Development - Research and development expenses totaled CNY 44,209,137.17, accounting for 8.67% of operating revenue, down from 9.29% in the previous year[5] - Research and development expenses for Q1 2025 were ¥39,210,777.71, down from ¥44,271,608.03 in Q1 2024, a decrease of 11.5%[31] Other Observations - The company reported a significant decrease in accounts payable, leading to increased cash outflow for supplier payments compared to the previous year[8] - The company has no significant changes in the shareholder structure or any new strategic initiatives reported during the conference call[12] - There were no new product launches or technological advancements mentioned in the earnings call[13]

南网科技公告，2025年第一季度营收为5.1亿元，同比增长0.87%；净利润为5693.35万元，同比增长 35.66%。 ...

证券代码：688248 证券简称：南网科技 公告编号：2025-010 南方电网电力科技股份有限公司 关于召开 2025 年一季度网上业绩说明会的公告 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"）将于 2025 年 4 月 26 日发布 2025 年第一季度报告。为便于广大投资者更全面、更深入地了解公司 2025 年一季度经营成果及财务状况，公司将于 2025 年 4 月 29 日（星期二）15:30-16:30 举行业绩说明会，与广大投资者进行互动交流。 一、会议主题及类型 本次业绩说明会以音频结合文字互动的方式召开，公司将针对 2025 年一季 度的经营成果、财务指标等内容与投资者进行互动交流和沟通，并在信息披露允 许的范围内就投资者关注的问题进行回答。 二、会议时间及地点 1、会议时间：2025 年 4 月 29 日（星期二）15:30-16:30 三、公司参会人员 董事长：姜海龙先生 总会计师：叶敏娜女士 （如有特殊情况，公司可能会对参会人员进行调 ...