[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 许继电气（000400）公司半年报点评 2024 年 09 月 06 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 06 日收盘价（元） ] | 29.62 | | 52 周股价波动（元） | 16.66-35.41 | | 总股本 / 流通 A 股（百万股） | 1019/1008 | | 总市值 / 流通市值（百万元） | 30179/29866 | | 相关研究 | | | [Table_ReportInfo] 《三季度业绩持续增长，有望深度受益特高压 | | | 加速推进》 2023.11.14 | | 市场表现 [Table_QuoteInfo] 许继电气 海通综指 -22.02% -1.02% 19.98% 40.98% 61.98% 2023 ...

证券代码：000400 证券简称：许继电气 许继电气股份有限公司投资者关系活动记录表 编号：2024-04 | --- | --- | --- | |-----------------------|---------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------| | | | | | | | □特定对象调研 □分析师会议 | | | □媒体采访 | 业绩说明会 | | 投资者关系活动 | □新闻发布会 | □路演活动 | | 类别 | □现场参观 | | | | □其他 | | | 参与单位名称及 | | 通过深圳证券交易所"互动易平台""云访谈"栏目，参与 | | 人员姓名 | 许继电气 2024 | 年半年度业绩说明会的投资者 | | 时间 | 2024 年 9 月 6 日 | 15:00——16:00 | ...

Investment Rating - The report maintains a "Buy" rating for XJ Electric (许继电气) [1][3] Core Views - The company is expected to accelerate revenue in the second half of the year as high-voltage projects begin to be delivered, with a projected annual revenue of over 900 million yuan [2][14] - The domestic grid business shows steady growth, with significant cost reduction and efficiency improvements [2][15] - The company has increased its mid-term dividend payout to approximately 30%, enhancing shareholder returns [2][15] Summary by Sections Revenue and Profit Forecast - Total revenue for 2022 was 15,030 million yuan, with a projected increase to 17,061 million yuan in 2023, and expected to reach 25,940 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of 15.14% [1][19] - The net profit attributable to shareholders is forecasted to grow from 785.26 million yuan in 2022 to 1,978.69 million yuan by 2026, with a CAGR of 22.36% [1][19] - The earnings per share (EPS) is expected to rise from 0.77 yuan in 2022 to 1.94 yuan in 2026 [1][19] Business Performance - In the first half of 2024, the company's revenue was 6.84 billion yuan, a decrease of 5.1% year-on-year, while the net profit was 630 million yuan, an increase of 10.3% year-on-year [7][18] - The gross margin for the first half of 2024 was 20.9%, up 2.2 percentage points year-on-year [7][18] Market and Industry Outlook - The report highlights that the national grid investment is expected to exceed 600 billion yuan in 2024, indicating a robust growth trajectory for the industry [9][10] - The company is well-positioned to benefit from the increasing penetration of flexible high-voltage direct current (HVDC) technology, with expectations of over 50% penetration by 2025 [2][14] Financial Metrics - The current price-to-earnings (P/E) ratio is 30.52, projected to decrease to 15.52 by 2026, indicating an attractive valuation as earnings grow [1][19] - The company’s return on equity (ROE) is expected to improve from 9.39% in 2023 to 12.91% by 2026 [20][19]

Investment Rating - The report maintains a "Recommended" rating for XJ Electric (stock code: 000400.SZ) [3] Core Views - The company's revenue for H1 2024 is 6.836 billion, a year-on-year decrease of 5.10%, while the net profit attributable to shareholders is 628 million, an increase of 10.35% year-on-year [1] - The company benefits from increased investment in the power grid, with steady growth in its main business segments [1] - The report forecasts revenue of 19.909 billion and 23.238 billion for 2024 and 2025 respectively, with net profits of 1.226 billion and 1.628 billion [2][6] Summary by Sections Financial Performance - In H1 2024, the revenue from smart distribution and transformation equipment is 2.123 billion, accounting for 31.05% of total revenue, with a gross margin of 23.12% [1] - The revenue from smart meters is 1.599 billion, representing 23.40% of total revenue, with a gross margin of 27.56% [1] - The revenue from new energy and system integration is 999 million, a year-on-year decrease of 29.74%, with a gross margin of 6.50% [1] - The company reported a significant improvement in profitability in Q2 2024, with a net profit margin of 9.7% [2] Market Position and Growth Drivers - The company has strengthened its marketing efforts, achieving significant wins in both domestic and international markets [1] - The report highlights the company's strong position in high-voltage and smart grid-related businesses, anticipating continued high growth as industry conditions improve [2] Future Projections - The report projects a revenue growth rate of 16.70% for 2024 and 16.72% for 2025, with an expected EPS of 1.20 yuan and 1.60 yuan respectively [6] - The company is expected to benefit from ongoing investments in the power grid, with a projected net profit growth rate of 21.94% in 2024 [6]

2024 年 09 月 02 日 公司研究 评级：买入(维持) 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn 证券分析师： 王刚 S0350524020001 wangg06@ghzq.com.cn 研究所： [Table_Title] 公司业绩稳健，有望受益柔性直流需求释放 ——许继电气（000400）2024 年半年报点评 最近一年走势 相对沪深 300 表现 2024/08/30 表现 1M 3M 12M 许继电气 -4.4% -4.2% 47.1% 沪深 300 -1.4% -7.6% -12.3% 市场数据 2024/08/30 当前价格（元） 28.60 52 周价格区间（元） 16.66-35.41 总市值（百万） 29,139.81 流通市值（百万） 28,837.96 总股本（万股） 101,887.43 流通股本（万股） 100,832.03 日均成交额（百万） 799.45 近一月换手（%） 1.38 相关报告 《许继电气（000400）2023 年年报点评：直流输 电头部厂商，柔直高景气释放成长潜力（买入）* 电网设备*李航，王刚》——2024- ...

Investment Rating - The report maintains a "Recommend" rating for XJ Electric (000400 SZ) [2][3] Core Views - XJ Electric's 24H1 revenue was RMB 6 836 billion, down 5 10% YoY, while net profit attributable to parent company increased by 10 35% YoY to RMB 628 million [2] - In 24Q2, revenue grew 3 38% YoY to RMB 4 026 billion, but net profit attributable to parent company declined 4 26% YoY to RMB 391 million [2] - The company's gross margin improved by 2 17pcts to 20 90% in 24H1, and net margin increased by 1 50pcts to 10 58% [2] - Revenue from smart metering grew 9 90% YoY, while new energy and system integration revenue declined 29 74% YoY [2] - The company is expected to achieve revenue of RMB 20 073 billion, RMB 24 351 billion, and RMB 28 830 billion in 2024-2026, with YoY growth rates of 17 7%, 21 3%, and 18 4% respectively [2] - Net profit attributable to parent company is forecasted to be RMB 1 197 billion, RMB 1 763 billion, and RMB 2 288 billion in 2024-2026, with YoY growth rates of 19 0%, 47 3%, and 29 7% respectively [2] Financial Performance - In 24H1, the company's operating income was RMB 6 836 billion, down 5 10% YoY, while net profit attributable to parent company increased by 10 35% YoY to RMB 628 million [2] - The company's gross margin improved by 2 17pcts to 20 90% in 24H1, and net margin increased by 1 50pcts to 10 58% [2] - Revenue from smart metering grew 9 90% YoY, while new energy and system integration revenue declined 29 74% YoY [2] - The company's 24-26E revenue is forecasted to be RMB 20 073 billion, RMB 24 351 billion, and RMB 28 830 billion, with YoY growth rates of 17 7%, 21 3%, and 18 4% respectively [2] - Net profit attributable to parent company is forecasted to be RMB 1 197 billion, RMB 1 763 billion, and RMB 2 288 billion in 2024-2026, with YoY growth rates of 19 0%, 47 3%, and 29 7% respectively [2] Market Expansion - The company won a RMB 179 million bid for the converter valve in the Qinghai-Tibet Phase II expansion project [2] - It achieved a breakthrough in the southern power grid market with digital substation monitoring terminals and transmission line monitoring devices [2] - The company completed demonstration projects such as the Jiangxi Yingtan Zero-Carbon Substation and Hebei Shijiazhuang Substation Energy Storage [2] Operational Efficiency - The company implemented the "Three Calculations and Three Comparisons" plan for orders, improving gross margin by 1 86pcts YoY in 24H1 [2] - It strengthened performance evaluation, setting differentiated indicators to drive value creation [2] Valuation - The company's 24-26E PE ratios are 24X, 17X, and 13X respectively [2] - The current price is RMB 28 60 as of August 30, 2024 [3]

许继电气股份有限公司 2024 年半年度报告全文 许继电气股份有限公司 2024 年半年度报告 2024 年 8 月 1 许继电气股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人李俊涛、主管会计工作负责人王斐及会计机构负责人(会计主 管人员)杨小宇声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司已在本报告中详细描述存在的行业风险、市场风险等。敬请查阅"第 三节 管理层讨论与分析"中"十、公司面临的风险和应对措施"部分的内容。 本报告中涉及的未来计划等前瞻性陈述不构成公司对投资者的实质承诺， 投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异。 公司经本次董事会审议通过的利润分配预案为：以 1,018,874,309 股 | --- | |----------------------------------------------- ...

证券代码：000400 证券简称：许继电气 公告编号：2024-37 关于"质量回报双提升"行动方案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 许继电气股份有限公司（以下简称"公司"）积极贯彻党中央、国务院决策 部署，认真落实国资委、证监会、交易所的相关指导要求，为持续推动公司高质 量发展和投资价值提升，切实履行上市公司责任，维护全体股东利益，共同促进 资本市场平稳健康发展，制定了"质量回报双提升"行动方案，具体举措如下： 一、全面提升核心竞争力，实现高质量可持续发展 公司是中国电力装备行业的领先企业，致力于为国民经济和社会发展提供能 源电力高端技术装备，为清洁能源生产、传输、配送以及高效使用提供全面的技 术、产品和服务支撑。公司聚焦特高压、智能电网、新能源、电动汽车充换电、 轨道交通及工业智能化五大核心业务，先进储能、智能运维、电力物联网、氢能 产业等新兴业务，产品广泛应用于电力系统各环节。公司产品主要分为智能变配 电系统、直流输电系统、智能电表、智能中压供用电设备、新能源及系统集成、 充换电设备及其它制造服务六类。 公司将加强前瞻性布局、全局性 ...

证券代码：000400 证券简称：许继电气 公告编号：2024-33 特别提示： 1. 许继电气股份有限公司（以下简称"公司"）本次回购注销2022年限制 性股票激励计划的限制性股票数量为135,000股，占回购注销前公司总股本的 0.0132%，涉及激励对象7人，本次回购金额合计人民币1,581,537.20元。 2. 本 次 回 购 注 销 完 成 后 ， 公 司 总 股 本 由 1,019,009,309 股 减 少 至 1,018,874,309股。 许继电气股份有限公司 3. 截至本公告披露日，公司已在中国证券登记结算有限责任公司深圳分公 司办理完成上述限制性股票的回购注销手续。 关于2022年限制性股票激励计划部分限制性股票 回购注销完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 2. 2023年5月6日，公司披露了《关于2022年限制性股票激励计划获得国务 院国资委批复的提示性公告》（公告编号：2023-24），根据国务院国有资产监 督管理委员会（以下简称"国务院国资委"）《关于许继电气股份有限公司实施 限制性股票激励计划的批复》（国 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 许继电气 原文 20240702_ 2024年07月04日00:47 发言人 00:00 今天我们很荣幸的邀请到了许多电器的杨总，来跟大家做一个线上的交流。我先抛砖引玉提个 小问题。杨总你好，王总好，杨总您好，辛苦您了。我想先请教您一下，因为今天是就七月份 72号，我们上半年的一个大概的一个情况，您看方便的一些内容，您帮我们介绍一下。另外就 是今年以来，国家电网直流在可研招标，其实我们觉得还是比较超预期，尤其是在这个形式方 面，基本上全是柔性直流。这样的一个趋势，那么您站在您这个角度，您是怎样来来看待，然 后请您帮我们分享一下，谢谢。 发言人 00:54 好的，我先针对第一个问题先大概说一下。因为我们1到6月份因为是刚结束，我们这边还会 有一个统计的一个周期。所以我先说一下1到5月，1到5月我是大概有一个感受，感受的话 就是同比它还是一个向上的一个趋势。然后公司的各个业绩指标，经营都是一切正常的，比较 向好的。另外第二个，王总说的这个层高压力，这边是这个问题是吧？对对对，上周四的时候 看网上不是有一个文件，就是开开了一个会，就是说要加强特高压高质量建设 ...