[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]

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company is expected to benefit from the release of flexible DC demand, with a robust performance in its business segments [4][5] - The company is a leading player in flexible DC transmission, with anticipated growth in revenue and profit over the next few years [4][5] Financial Performance Summary - For H1 2024, the company achieved revenue of 6.8 billion yuan, a year-on-year decrease of 5%, while net profit attributable to shareholders was 630 million yuan, an increase of 10% [3] - In Q2 2024, revenue reached 4.03 billion yuan, a quarter-on-quarter increase of 43% and a year-on-year increase of 3% [3] - The gross profit margin for H1 2024 was 20.9%, up 1.9 percentage points year-on-year, and the net profit margin was 10.6%, up 1.5 percentage points year-on-year [3] Business Segment Performance - The smart distribution and transformation system generated revenue of 2.12 billion yuan, down 2% year-on-year, with a gross margin of 23.1% [5] - The smart meter segment saw revenue of 1.6 billion yuan, up 10% year-on-year, with a gross margin of 27.6% [5] - The direct current transmission system reported revenue of 150 million yuan, down 42% year-on-year, but with a high gross margin of 51.5% [5] Future Earnings Forecast - Revenue projections for 2024-2026 are 18.5 billion, 20.6 billion, and 23.3 billion yuan, with year-on-year growth rates of 8%, 12%, and 13% respectively [4][7] - Net profit forecasts for the same period are 1.29 billion, 1.70 billion, and 2.09 billion yuan, with growth rates of 28%, 31%, and 23% respectively [4][7] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 23X for 2024, 17X for 2025, and 14X for 2026 [4][7]

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]

Financial Performance - The company's operating revenue for the first half of 2024 was ¥6,835,568,793.06, a decrease of 5.10% compared to the same period last year[13]. - Net profit attributable to shareholders was ¥627,858,221.25, representing an increase of 10.35% year-on-year[13]. - The net profit after deducting non-recurring gains and losses was ¥611,214,091.40, up by 15.90% compared to the previous year[13]. - The net cash flow from operating activities was ¥332,136,297.51, a significant decrease of 64.75% from the same period last year[13]. - Basic earnings per share were ¥0.6195, reflecting a growth of 9.78% year-on-year[13]. - The company's operating revenue for the reporting period was ¥6,835,568,793.06, a decrease of 5.10% compared to ¥7,203,037,896.77 in the same period last year[25]. - The company's R&D investment was ¥240,500,420.56, down 8.18% from ¥261,927,900.83 year-on-year[25]. - The revenue from smart electric meters increased by 9.90% to ¥1,599,338,839.65, accounting for 23.40% of total revenue[26]. - The revenue from new energy and system integration dropped by 29.74% to ¥999,355,956.58, representing 14.62% of total revenue[26]. - The company's operating revenue for the electrical machinery and equipment manufacturing sector was approximately ¥6.84 billion, a decrease of 5.10% year-over-year[28]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥22,605,074,066.30, an increase of 3.20% from the end of the previous year[13]. - Net assets attributable to shareholders amounted to ¥11,059,048,703.57, up by 3.31% compared to the previous year[13]. - The company's cash and cash equivalents at the end of the reporting period were approximately ¥4.94 billion, accounting for 21.86% of total assets, a decrease of 1.04 percentage points from the previous year[30]. - Accounts receivable amounted to approximately ¥7.35 billion, representing 32.52% of total assets, a decrease of 0.47 percentage points year-over-year[30]. - The company's inventory increased to approximately ¥2.81 billion, accounting for 12.45% of total assets, reflecting a slight increase of 0.08 percentage points year-over-year[30]. - The company's contract liabilities rose to approximately ¥1.49 billion, representing 6.57% of total liabilities, an increase of 0.35 percentage points from the previous year[30]. - Total liabilities reached CNY 10,460,778,537.99, compared to CNY 10,209,761,933.26 at the beginning of the period, showing an increase of about 2.5%[91]. Market and Industry Developments - The company has acknowledged various industry and market risks in its report[2]. - The company made significant breakthroughs in key technologies, including the development of a 40.5 kV/4000 A gas-insulated switch and a 2.5 MW centralized liquid-cooled PCS[18]. - The company secured a contract worth 179 million yuan for the Qinghai-Tibet expansion project, contributing to a solid foundation in the power grid market[19]. - The company successfully entered international markets, with projects in Singapore, Germany, Nigeria, and Chile, enhancing its global business presence[20]. - The company is actively optimizing its industrial layout, focusing on a "source-network-load-storage" based industrial system[21]. Shareholder and Dividend Information - The company plans to distribute a cash dividend of ¥1.86 per share to all shareholders[3]. - The company distributed a cash dividend of CNY 2.96 per 10 shares to shareholders in June 2024[59]. - The company plans to distribute a cash dividend of 1.86 CNY per 10 shares, totaling 189,510,621.48 CNY, which represents 100% of the distributable profit[42]. - The total number of common shareholders at the end of the reporting period is 47,127, with the largest shareholder being China Electric Equipment Group Co., Ltd., holding 37.91% of shares (386,286,454 shares)[80]. Research and Development - The company has established three engineering technology research centers in Henan Province, focusing on power electronics and environmental protection equipment[18]. - The company is committed to enhancing its marketing capabilities and has improved customer service efficiency, leading to higher customer satisfaction[21]. - The company emphasizes continuous innovation to enhance competitiveness and expand market reach despite increasing competition in the electrical machinery sector[37]. - The company has implemented a "Quality Return Dual Improvement" action plan aimed at enhancing core competitiveness and investor relations[39]. Environmental and Compliance Measures - The company has not faced any administrative penalties related to environmental issues during the reporting period[49]. - The company is actively enhancing its environmental protection measures in compliance with national regulations[51]. - The company obtained a wastewater discharge permit from the Xuchang Ecological Environment Bureau, valid until November 2028[53]. - The company achieved compliance with all pollutant discharge standards, with total emissions including 26 tons of COD and 5 tons of nitrogen oxides[53]. - The company has a comprehensive environmental management system certified by GB/T24001-2016, with annual goals set and achieved[57]. Corporate Governance and Management Changes - The company has undergone significant management changes, including the election of Li Juntao as the new chairman on May 29, 2024[41]. - The annual shareholders' meeting had a participation rate of 60.81% on May 29, 2024, indicating strong investor engagement[40]. - The company held its first temporary shareholders' meeting on June 16, 2023, to approve various proposals related to the 2022 restricted stock incentive plan[6]. Related Party Transactions - The total amount of related party transactions for the company was 4,328.38 million yuan, accounting for 0.75% of similar transaction amounts[65]. - The company reported a related party purchase from Xuchang Xujie Electric Technology Co., Ltd. amounting to 16,247 million yuan, which represents 2.80% of similar transaction amounts[65]. - The related party sales to Xujie Group Co., Ltd. reached 16,202.90 million yuan, accounting for 2.37% of similar transaction amounts[66]. - The approved transaction limit for related party transactions was 70,000 million yuan, with no transactions exceeding this limit[66]. Financial Reporting and Accounting Policies - The financial report was approved by the board of directors on August 28, 2024[117]. - The company adheres to the accounting standards set by the Ministry of Finance and the China Securities Regulatory Commission[119]. - The company uses RMB as its functional currency[124]. - The company recognizes income when control of goods is transferred to customers, considering factors such as contract approval and payment terms[168].

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 ...