证券研究报告 电力设备|电网设备 公司点评 2024年04月30日 许继电气 (000400.SZ) 买入 ——业绩略超预期 柔直行业景气度有望持续提升 （维持） 投资要点： 证券分析师 ➢ 事件：4月29日许继电气发布24年一季报。24Q1实现营业收入28.1亿元，同比下降15.09%， 刘晓宁 实现归母净利润 2.37 亿元，同比增长 47.39%，实现扣非归母净利润 2.26 亿元，同比增长 S1350523120003 57.09%，业绩超出预期。 liuxiaoning@huayuanstock.com ➢ 毛利率水平同比大幅提升，预计与收入结构变化有关。公司 24Q1 整体毛利率 18.27%，同比 23Q1大幅增长约4.63pct，是收入下滑但归母净利润表现良好的核心原因。整体毛利率同比23 联系人 全年增长约0.27pct，变化不大，估计与23Q1低毛利率板块收入占比高有关。费用率同比有所 刘晓宁 上升，销售/管理/研发/财务费用率分别为 2.36%/4.19%/3.00%/-0.52%，分别同比 S1350523120003 +0.45/+1.33/+0.26/-0.07pct，整体费用率增 ...

Revenue and Profit - Revenue for the first quarter of 2024 was 2.809 billion yuan, a decrease of 15.09% compared to the same period last year[4] - Net profit attributable to shareholders of the listed company was 237.16 million yuan, an increase of 47.39% year-on-year[4] - The company's comprehensive gross profit margin improved, contributing to the increase in net profit[9] - Total operating revenue decreased to 2.81 billion yuan from 3.31 billion yuan, a decline of 15.08%[18] - Operating profit increased to 295.43 million yuan from 226.22 million yuan, a growth of 30.59%[18] - Net profit attributable to the parent company increased to 302.34 million yuan from 228.80 million yuan, a growth of 32.15%[18] - Net profit attributable to the parent company's owners was RMB 237.16 million, an increase from RMB 160.91 million in the previous period[19] - Total comprehensive income for the period was RMB 263.35 million, compared to RMB 189.67 million in the previous period[19] - Basic earnings per share (EPS) were RMB 0.2352, up from RMB 0.1596 in the previous period[19] Cash Flow and Financial Activities - Net cash flow from operating activities was 260.31 million yuan, a significant increase of 401.81% compared to the same period last year[4] - Cash received from sales of goods and services was RMB 3.27 billion, an increase from RMB 2.52 billion in the previous period[20] - Cash inflows from operating activities totaled RMB 3.46 billion, compared to RMB 2.69 billion in the previous period[21] - Cash outflows from operating activities were RMB 3.20 billion, up from RMB 2.77 billion in the previous period[21] - Net cash flow from operating activities was RMB 260.31 million, a significant improvement from a net outflow of RMB 86.25 million in the previous period[21] - Net cash flow from investing activities was a negative RMB 26.74 million, compared to a negative RMB 36.09 million in the previous period[21] - Net cash flow from financing activities was a negative RMB 1.25 million, compared to a negative RMB 257.42 million in the previous period[21] - The ending balance of cash and cash equivalents was RMB 5.18 billion, up from RMB 3.21 billion in the previous period[21] Assets and Liabilities - Total assets as of March 31, 2024, were 22.38 billion yuan, an increase of 2.18% compared to the end of the previous year[4] - Total assets increased to 22.38 billion yuan from 21.90 billion yuan, a growth of 2.18%[16] - Total liabilities increased to 10.41 billion yuan from 10.21 billion yuan, a growth of 1.94%[16] - Total equity increased to 11.97 billion yuan from 11.69 billion yuan, a growth of 2.39%[17] - The monetary funds at the end of the period amount to 5,238,179,989.04 yuan, an increase from 5,015,936,284.10 yuan at the beginning of the period[14] - Accounts receivable at the end of the period amount to 7,316,834,574.06 yuan, slightly up from 7,225,308,071.28 yuan at the beginning of the period[14] - Inventory at the end of the period is 2,757,022,531.41 yuan, compared to 2,708,435,233.16 yuan at the beginning of the period[14] - Total current assets at the end of the period are 18,224,174,267.61 yuan, up from 17,829,319,103.39 yuan at the beginning of the period[14] - Fixed assets at the end of the period are 1,737,862,259.11 yuan, a slight decrease from 1,760,895,991.12 yuan at the beginning of the period[14] - Intangible assets at the end of the period are 771,442,604.01 yuan, down from 796,436,518.44 yuan at the beginning of the period[14] - Other non-current assets increased to 717.72 million yuan from 580.43 million yuan, a growth of 23.65%[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 52,841[10] - China Electric Equipment Group Co., Ltd. holds 37.91% of the shares, totaling 386,286,454 shares[10] - Hong Kong Securities Clearing Company Limited holds 7.30% of the shares, totaling 74,427,240 shares[10] Other Financial Metrics - Contract liabilities increased by 43.15% to 1.95 billion yuan, mainly due to an increase in advance receipts[8] - Other income increased by 149.27% to 46.62 million yuan, primarily due to the impact of the advanced manufacturing industry's input tax deduction policy[8] - The company received 34.81 million yuan in input tax deductions, which positively impacted financial performance[7] - The fair value change of other equity instrument investments decreased by 195.63%, mainly due to market price fluctuations[9] - The company's weighted average return on equity increased by 0.64 percentage points to 2.19%[4] - Research and development expenses decreased to 84.25 million yuan from 90.52 million yuan, a decline of 6.93%[18] - Contract liabilities increased to 1.95 billion yuan from 1.36 billion yuan, a growth of 43.16%[16]

公用事业|电力 首次覆盖 2024年04月08日 许继电气 (000400.SZ) 买入 ——直流输电核心供应商 受益直流特高压及柔直发展 （首次覆盖） 投资要点： 证券分析师 ➢ 许继电气是我国行业地位领先的电力设备供应商，原控股股东为许继电气集团，由国家电网实际控制，后根 刘晓宁 S1350523120003 据国务院国资委公告，将其控股股东调整为中国电气装备集团。公司业务涵盖一二次设备。公司主要业务由 liuxiaoning@huayuanstock.com 6 大板块构成：智能变配电系统、智能电表、智能中压供用电系统、智能电源及应用系统、直流输电系统、 EMS加工服务。其中智能变配电系统是公司基础和核心业务，营收占比最高。智能电表、智能中压供用电系 联系人 统收入体量相当。EMS加工服务近两年收入增速显著，截止2022年底已成为公司第二大板块。 刘晓宁 S1350523120003 ➢ 公司历史盈利能力受直流板块影响较大，近年来其他板块持续发力补齐短板。公司近年来营收保持稳定增长， liuxiaoning@huayuanstock.com 从2015年营收73.5亿元稳步增长至2022年的149.2亿 ...

证券研究报告 电力设备|电网设备 公司点评 2024年04月13日 许继电气 (000400.SZ) 买入 ——业绩超出预期 静待柔直花开 （维持） 投资要点： 证券分析师 ➢ 事件：4月10日许继电气发布2023年年度报告。2023年公司实现营业收入170.61亿元，同 刘晓宁 比增长 13.51%，实现归母净利润 10.05 亿元，同比增长 28.03%。实现扣非归母净利润 8.68 S1350523120003 亿元，同比+21.82%。全年业绩超出预期（此前预测归母净利润为9.1亿）。 liuxiaoning@huayuanstock.com ➢ 毛利率水平有所下降，费用率水平控制良好。公司全年整体毛利率水平为 18.0%，同比去年下 降 1.35pct，略微下降。但费用率水平控制良好，销售/管理/研发/财务费用率分别为 联系人 2.88%/3.54%/3.30%/-0.32%，同比+0.01/-0.11/-0.24/-0.22pct，总期间费用率下降0.57pct。 刘晓宁 S1350523120003 ➢ 直流输电空档期导致对利润贡献占比缩小，智能电表毛利率继续上升。直流输电板块毛利率水平 liu ...

Investment Rating - The report assigns an "Accumulate" investment rating for the company, indicating a potential increase in stock price relative to the market index [2][4]. Core Insights - The company has achieved continuous revenue growth for five consecutive years, with a 13.51% year-on-year increase in revenue for 2023, reaching 17.061 billion yuan [2][4]. - The acceleration of ultra-high voltage engineering construction has significantly boosted demand for both primary and secondary equipment, contributing to the company's growth [2][4]. - The company is positioned to benefit from the rapid development of the renewable energy sector, with expectations for continued high growth in its renewable energy business [4][4]. Summary by Relevant Sections Financial Performance - In 2023, the company reported a net profit of 1.005 billion yuan, reflecting a year-on-year growth of 28.03% [2][4]. - The company's operating cash flow per share reached 2.70 yuan, indicating strong cash generation capabilities [2][4]. - The gross profit margin for the company stood at 18.00% [2][4]. Business Segments - The renewable energy segment saw revenue growth of 42% in 2023, reaching 3.941 billion yuan, driven by increased installations of wind and solar power [4][4]. - The smart meter business is expected to grow steadily, with the company holding the largest market share in the national grid's procurement rankings [4][4]. - International revenue increased significantly by 98% in 2023, with the company expanding its presence in markets such as the Middle East, Europe, and South America [4][4]. Future Outlook - The company anticipates continued high growth in its renewable energy business, supported by the ongoing expansion of renewable energy installations [4][4]. - The report forecasts net profits for 2024, 2025, and 2026 to be 1.183 billion yuan, 1.454 billion yuan, and 1.795 billion yuan, respectively, with corresponding earnings per share of 1.16 yuan, 1.43 yuan, and 1.76 yuan [4][4].

2024 年 04 月 17 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 直流输电头部厂商，柔直高景气释放成长潜力 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn 证券分析师： 王刚 S0350524020001 ——许继电气（ ） 年年报点评 000400 2023 wangg06@ghzq.com.cn 最近一年走势 事件 : 许继电气2024年4月11日发布2023年度报告：2023年，公司实现营 收171亿元，同比+14%；归母净利润10.1亿元，同比+28%；扣非归母 净利润8.7亿元，同比+22%；毛利率18.0%，同比-1.0pct；净利率7.0%， 同比+0.5pct；扣非净利率5.1%，同比+0.3pct。 其中，2023Q4，营收64亿元，环比+80%，同比+8%；归母净利润2.3 亿元，环比+4%，同比+70%；扣非归母净利润1.5亿元，环比-22%，同 比+69%；毛利率16.8%，环比-1.9pct，同比+0.6pct；净利率4.4%，环 比-3.0pct，同比+1.5pct。 相对沪深300表现 2024/04/ ...

[Table_Page] 年报点评|电网设备 证券研究报告 [许Table_继Title] 电气（000400.SZ） [公Tab司le_I评nves级t] 买入 当前价格 27.08元 23 年业绩超预期，多重催化落地在即 合理价值 28.01元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-15  23 年业绩超预期，现金流表现强劲。公司公布 23 年年报，23 年实现 [相Tab对le_P市icQ场uote表] 现 营收170.61亿元，同比+13.5%，归母净利润10.05亿元，同比+28.0%， 扣非归母净利润8.69亿元，同比+21.8%。非经常性损益主要来自债务 30% 20% 重组收益（5383 万元）。全年减值 1.04 亿元，对利润产生负面影响。 9% 受会计政策变更影响，公司所得税率偏低，对利润存在正向贡献。全年 -1% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 毛利率 18.0%，净利率 6.95%。经营活动现金流 27.48 亿元，同比 -12% +56.5%。分季度来看，23Q4调整后营收6 ...

Investment Rating - The investment rating for the company is "Buy" [5][12][15]. Core Views - The company has shown steady growth in its annual performance, with a revenue of 17.06 billion and a net profit of 1.01 billion in 2023, reflecting year-on-year increases of 13.51% and 28.03% respectively [6][11]. - The company plans to distribute a cash dividend of 300 million, which accounts for 30% of the net profit [6][11]. - The company is expected to enter a peak delivery period for its ultra-high voltage direct current (UHV DC) projects in 2024-2025, with significant orders already secured [11][12]. - The offshore wind power sector is anticipated to reach a turning point in 2024, with the company holding a leading market share of 50% in relevant projects [11][12]. - The acquisition of a 100% stake in a metering company has enhanced the company's capabilities in the electric meter business, with notable international market performance [11][12]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 170.61 billion, a year-on-year growth of 13.51%, and a net profit of 10.05 billion, up 28.03% year-on-year [6][11]. - The gross profit margin for the year was 18.00%, a decrease of 1.04 percentage points compared to the previous year [6][11]. - The fourth quarter of 2023 saw a revenue of 63.97 billion, representing an 8.17% year-on-year increase and a 70.20% increase in net profit [11][12]. Business Segments - The UHV DC business generated revenue of 7.16 billion in 2023, with a gross margin of 42.29% [11][12]. - The smart distribution and transformation business maintained steady performance, with revenue of 45.77 billion, a slight decline of 0.88% year-on-year [11][12]. - The company has secured significant international contracts, expanding its market presence in regions such as the Middle East, Europe, and South America [11][12]. Future Outlook - The company is expected to achieve net profits of 12.07 billion, 17.09 billion, and 21.42 billion for the years 2024 to 2026, with corresponding price-to-earnings ratios of 23, 16, and 13 [11][12]. - The anticipated launch of flexible UHV DC bidding in 2024 is expected to significantly increase the value of converter valve projects [11][12].

股 票 研 究 [Table_industryInfo] 资本货物/工业 [ Table_Main[许ITnaf 继bol]e 电_Ti气tle]( 000400) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩略超预期，网内外业务成效显著 目标价格： 29.68 上次预测： 23.63 公 ——2023年报点评 当前价格： 24.77 司 庞钧文(分析师) 2024.04.11 更 021-38674703 [交Ta易bl数e_M据a rket] 新 pangjunwen@gtjas.com 证书编号 S0880517120001 52周内股价区间（元） 16.88-25.65 报 总市值（百万元） 25,241 告 本报告导读： 总股本/流通A股（百万股） 1,019/1,008 流通 B股/H股（百万股） 0/0 公司23年报业绩略超预期，网内业务成长稳健，网外业务发展迅速。 流通股比例 99% 日均成交量（百万股） 13.90 投资要点： 日均成交值（百万元） 317.47 [T abl维e_S持um增m持ar评y]级 ，上调目标价至29.68元。公司23 年报业绩略超预期， [ ...

[Table_StockInfo] 持有 2024年 04月 10日 （维持） 证券研究报告•2023年年报点评 当前价： 24.77元 许继电气（000400） 电力设备 目标价： ——元（6个月） 盈利略超预期，24 年受益于柔直增长 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma2r0y2] 3年实现营业收入170.6亿元，同比增长13.5%；实现归母净利 [分Ta析bl师e_：Au韩th晨or ] 润 10.1亿元，同比增长28%；扣非归母净利润8.7亿元，同比增长21.8%。2023 年第四季度公司实现营收64亿元，同比增长8.2%；实现归母净利润2.3亿元， 执业证号：S1250520100002 电话：021-58351923 同比增长70.2%；扣非归母净利润1.5亿元，同比增长68.6%。 邮箱：hch@swsc.com.cn  净利率有所提升，费用率管控较好。盈利端：2023年公司销售毛利率/净利率分 联系人：李昂 别为 18%/7%，同比-1/+0.5pp；单 Q4毛利率/净利率分别为 16.8%/4.4%，分 别环比下降1.9/3pp。费用端：公司2023年销 ...