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 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].

Summary of Nanwang Technology Conference Call Company Overview - **Company**: Nanwang Technology - **Date**: Q1 2025 Key Points Industry and Company Performance - In Q1 2025, Nanwang Technology's total revenue was 510 million yuan, showing a year-on-year stability. The net profit attributable to shareholders was 56.93 million yuan, a year-on-year increase of 35.66% due to favorable accounts receivable recovery and a reversal of impairment provisions contributing approximately 10 million yuan to profit growth [3][4][6]. Revenue Breakdown - **Technical Services**: Revenue share decreased to 64%, down 8 percentage points year-on-year, primarily due to a reduction in project delivery conditions for energy storage business [2][3]. - **Smart Devices**: Revenue share increased to 32.2%, up nearly 10 percentage points year-on-year, with both smart distribution and monitoring equipment revenues growing over 90% [2][3]. - **Energy Storage Services**: Revenue decreased by 37.5% year-on-year to 110 million yuan, but the backlog of orders reached 950 million yuan [2][6]. - **Experimental Testing Services**: Revenue grew by 14.3% year-on-year to 215 million yuan, with a backlog exceeding 500 million yuan [2][6]. Business Segment Highlights - **Smart Distribution Equipment**: Revenue increased by 72.5% year-on-year to 72.89 million yuan, with a backlog close to 800 million yuan [2][6]. - **Smart Monitoring Equipment**: Revenue grew by 74% year-on-year to 47.43 million yuan, with a backlog of approximately 300 million yuan [2][6]. - **Robotics and Drones**: Revenue remained stable at 43.66 million yuan, with a backlog of about 100 million yuan [2][6]. Future Outlook - **Smart Distribution Equipment**: Expected to continue its growth trend, but specific order and revenue scales will depend on market demand [4][8]. - **Experimental Testing**: Anticipated growth of 20% to 30% driven by new thermal power unit commissioning projects [4][12]. - **Robotics and Drones**: Transitioning to a comprehensive service provider, aiming to establish a drone operation platform for grid inspection and maintenance, with plans to expand into municipal and other sectors [7][13]. Market Conditions and Trends - **Energy Storage**: The industry is expected to grow significantly, with the Guangdong Energy Bureau's subsidy policy potentially accelerating project implementation [23][16]. - **Electric Meter Procurement**: The procurement scale is expected to remain stable compared to the previous year, with significant orders anticipated [19][10]. Additional Insights - **Order Delivery Cycle**: Energy storage services have a delivery cycle of 6 to 9 months, while smart devices typically complete delivery within three months [18]. - **Market Penetration**: High market penetration for communication modules, with new generation smart meters yet to see widespread adoption [9][10]. - **Technological Development**: Nanwang Technology is focusing on creating a unified digital platform for smart distribution equipment, enhancing compatibility and standardization across various devices [26]. Conclusion Nanwang Technology is navigating a mixed performance landscape with strong growth in smart devices and experimental testing, while facing challenges in energy storage services. The company is strategically positioning itself for future growth through technological advancements and market expansion initiatives.

Core Viewpoint - The company reported its Q1 2025 earnings, showing revenue of 510 million yuan, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of 60 million yuan, up 35.7% year-on-year, indicating performance in line with market expectations [1] Financial Performance - Q1 2025 revenue was 510 million yuan, with a net profit of 60 million yuan, and a gross margin of 32.5%, reflecting a year-on-year increase of 0.4 percentage points [1] - The net profit margin was 11.2%, up 2.9 percentage points year-on-year [1] - Operating expenses for Q1 2025 were 110 million yuan, down 0.8% year-on-year, with an expense ratio of 22.4%, a decrease of 0.4 percentage points [2] - Operating cash flow showed a net outflow of 370 million yuan, which was an increase of 130 million yuan compared to the same period last year [2] Business Segments - The energy storage segment has a strong order backlog, with 800 million yuan in hand orders by the end of 2024 and over 6 billion yuan in projects registered with the National Energy Storage Research Institute, indicating significant growth potential [1] - The smart devices segment is expected to grow, with the company collaborating with leading robotics firms to develop applications such as inspection robots and humanoid robots for the power grid [1] - The company has completed acquisitions in three provinces for testing services and established a national research institute for energy storage, enhancing its business capabilities [1] Leadership Changes - The company has appointed a new chairman, who has a strong background in the industry and market influence, marking a new starting point for the company [1] Profit Forecast - The company maintains its profit forecast for 2025-2027, expecting net profits of 459 million yuan, 629 million yuan, and 861 million yuan, representing year-on-year growth of 26%, 37%, and 37% respectively [2] - Corresponding price-to-earnings ratios are projected at 36x, 27x, and 19x for the respective years [2]

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].