Investment Rating - The report assigns a "Buy" rating to the company, with a projected PE valuation of 27.2x, 22.3x, and 15.8x for 2023, 2024, and 2025 respectively [2] Core Views - The company is a leading player in primary and secondary power equipment, with significant growth potential in the DC transmission system due to the ongoing construction of ultra-high voltage (UHV) projects and the adoption of flexible DC technology [1] - The DC transmission system, particularly the converter valve segment, is expected to be a major driver of revenue and profit growth, with flexible DC technology penetration expected to surge from 0 to 1 [1][2] - The company is a core supplier of converter valves for State Grid and China Southern Grid, with a stable market share, and is poised to benefit from the UHV construction boom [1] - The company's smart power distribution system and medium-voltage power supply equipment are also expected to see strong demand growth, driven by the increasing investment in grid infrastructure and the trend towards intelligent and flexible power distribution [1] Financial Performance - The company's revenue is projected to grow from 170.76 billion yuan in 2023 to 223.51 billion yuan in 2025, with a CAGR of 14% [2] - Net profit attributable to shareholders is expected to increase from 906 million yuan in 2023 to 1.56 billion yuan in 2025, with a CAGR of 19% [2] - EPS is forecasted to rise from 0.89 yuan/share in 2023 to 1.53 yuan/share in 2025 [2] Industry and Market Trends - The UHV construction cycle is entering a new phase, with 4 UHV DC projects approved in 2023 and another 4 expected in 2024, creating a long-term growth opportunity for the company [1] - The adoption of flexible DC technology in UHV projects and offshore wind power is expected to drive significant demand for converter valves, with the company well-positioned to benefit from this trend [1][2] - The company's smart meter business is also expected to grow, driven by both domestic and international demand, with the company accelerating its overseas expansion [1] Business Segments - The company's business is divided into six major categories: smart power distribution systems, DC transmission systems, medium-voltage power supply equipment, smart meters, EV charging and swapping systems, and EMS processing services [1] - The smart power distribution system is the largest revenue contributor, while the DC transmission system has the highest profit elasticity and is expected to be the main driver of future revenue and profit growth [1] - The company is also expanding its presence in the EV charging and hydrogen storage markets, with a focus on heavy-duty truck charging and hydrogen storage solutions [2]

证券代码：000400 证券简称：许继电气 公告编号：2024-03 许继电气股份有限公司 九届十三次董事会决议公告 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。 一、董事会会议召开情况 许继电气股份有限公司（以下简称"公司"）九届十三次董事会会议于2024 年3月29日以电话和邮件方式发出会议通知，在保障董事充分表达意见的前提下， 于2024年4月2日以通讯表决方式召开。应参加表决的董事8人，实际参加表决的 董事8人，符合《公司法》《证券法》及《公司章程》的有关规定。 二、董事会会议审议情况 1.会议以8票同意、0票反对、0票弃权审议通过公司《关于制定<会计师事 务所选聘制度>的议案》； 为进一步规范公司选聘（含新聘、续聘、改聘）会计师事务所的行为，提高 审计工作质量，根据《公司法》《国有企业、上市公司选聘会计师事务所管理办 法》等有关法律、行政法规、部门规章及《公司章程》的规定，结合公司实际， 公司董事会制定《会计师事务所选聘制度》。 上述议案已经公司董事会审计委员会全体成员审核同意，提交公司董事会审 议。 公 司 《 会 计 师 事 务 所 选 聘 制 ...

许继电气股份有限公司 信息披露事务管理制度 （2024年4月2日经公司九届十三次董事会审议修订） 第一章 总则 第一条 为加强许继电气股份有限公司信息披露事务管理，确保信 息披露的真实、准确、完整、及时，保护公司、股东、债权人及其他利 益相关人的合法权益，根据《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司信息披露管理办法》《深圳证券交易所股票上市 规则》等相关法律、行政法规，结合本公司实际，制定本制度。 第二条 本制度所称"信息"是指所有可能对公司证券及其衍生品 种交易价格产生较大影响的信息以及证券监管部门要求披露的其他信 息。 第三条 本制度所称"披露"是指在规定的时间内、规定的媒体上、 以规定的披露方式向社会公众公布前述的信息。 第四条 本制度所称"信息披露义务人"是指公司及其董事、监事、 高级管理人员、股东、实际控制人，收购人，重大资产重组、再融资、 重大交易有关各方等自然人、单位及其相关人员，破产管理人及其成员， 以及法律、行政法规和中国证监会规定的其他承担信息披露义务的主体。 第五条 本制度所称"重大事件"是指按照《上市公司信息披露管 理办法》《深圳证券交易所股票上市规则》等相关法律、 ...

许继电气股份有限公司 会计师事务所选聘制度 （2024年4月2日经公司九届十三次董事会审议制定，提交公司股东 大会审议） 第一章 总则 第一条 为规范许继电气股份有限公司（以下简称"公司"）选聘（含 新聘、续聘、改聘）会计师事务所的行为，提高审计工作质量，切实维 护股东利益，根据《中华人民共和国公司法》《国有企业、上市公司选 聘会计师事务所管理办法》等有关法律、行政法规、部门规章及《许继 电气股份有限公司章程》（以下简称"《公司章程》"）的规定，制定 本制度。 第二条 本制度适用于公司及所属子公司选聘进行财务报表审计业 务、内部控制审计业务的会计师事务所。 第三条 公司聘用或解聘会计师事务所，应当经董事会审计委员会 （以下简称"审计委员会"）审议同意后，提交董事会审议，并由股东 大会决定。公司不得在股东大会决定前委任会计师事务所开展年度审计 工作。 第四条 公司控股股东、实际控制人不得干预审计委员会、董事会及 股东大会独立履行审核职责。 第二章 会计师事务所执业质量要求 第五条 公司选聘的会计师事务所应当具备下列条件： （一）具有独立的法人资格，具有固定的工作场所、健全的组织机 构和完善的内部管理和控制制度； ...

证券代码：000400 证券简称：许继电气 公告编号：2024-02 截止本公告日，张帆先生未持有公司股份。根据《公司法》及《公司章程》 等有关规定，辞职报告自送达公司董事会之日起生效，辞职不会影响公司正常生 产经营和管理。公司将按照《公司法》《公司章程》等有关规定尽快完成增补董 事的相关事宜。 公司董事会对张帆先生在任职期间的勤勉工作和为公司发展做出的贡献表 示衷心感谢！ 特此公告。 许继电气股份有限公司董事会 许继电气股份有限公司 关于董事辞职的公告 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"）董事会近日收到董事张帆先生 提交的书面辞职报告，因工作变动，张帆先生提出辞去公司董事及董事会专门委 员会的相关职务。辞去以上职务后，张帆先生不再担任公司任何职务。 2024 年 3 月 28 日 ...

证券代码：000400 证券简称：许继电气 公告编号：2024-01 许继电气股份有限公司 关于变更签字注册会计师的公告 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。 信永中和作为公司2023年度审计机构，原计划安排的签字注册会计师邓丽女 士，表示其工作安排发生变化，不再担任公司签字注册会计师。因此，签字注册 会计师拟变更为信永中和审计合伙人胡松林先生、经理王变平女士。 二、本次变更的签字注册会计师基本信息 胡松林先生，2002年获得中国注册会计师资质，2012年开始从事上市公司审 计，2017年开始在信永中和执业，2020年开始为本公司提供审计服务，近三年签 署和复核的上市公司超过3家。胡松林先生不存在违反《中国注册会计师职业道 德守则》对独立性要求的情形、近三年无执业行为受到刑事处罚，无受到证监会 及其派出机构、行业主管部门的行政处罚、监督管理措施，无受到证券交易场所、 行业协会等自律组织的自律监管措施、纪律处分等情况。 王变平女士，2008年获得中国注册会计师资质，2020年开始从事上市公司审 计，2017年开始在信永中和执业，2023年开始为本公司提 ...

Investment Rating - The report assigns a "Buy" rating to XJ Electric (000400 SZ) [8] Core Views - XJ Electric's DC transmission business is expected to grow rapidly due to the dual drivers of increased UHV DC volume and flexible DC value upgrades in China [2] - The company's domestic power distribution and transformation business is developing positively, with stable market share and steady growth [2] - Smart meters are expected to see a surge in demand both domestically and internationally, while the power supply and charging-swapping businesses also show good demand [2] - XJ Electric is actively expanding into emerging fields such as heavy-duty truck battery swapping and hydrogen production power supplies [2] Company Overview - XJ Electric, a veteran in the electrical equipment manufacturing industry, has entered a new development phase after joining China Electrical Equipment Group in 2022 [5] - The company operates 31 subsidiaries and branches, with six major business segments: smart power distribution and transformation systems, DC transmission systems, smart medium-voltage power supply and distribution equipment, smart meters, EV charging and swapping systems, and EMS processing services [5] - Historically, the company has shown healthy growth in revenue, gross margin, expense ratio, R&D investment, and profit performance [5] DC Transmission Business - DC transmission is a key driver for XJ Electric's future performance, with China planning 9 UHV DC projects during the 14th Five-Year Plan, 4 of which have already started [6] - The adoption of flexible DC technology in projects like Gansu-Zhejiang and Inner Mongolia-Beijing-Tianjin-Hebei is expected to significantly increase the value of converter valve systems, with XJ Electric holding a top-three market position [6] - The company's DC transmission business is expected to drive significant revenue growth, with the flexible DC converter valve market being highly competitive and concentrated [6] Power Distribution and Transformation Business - XJ Electric's power distribution and transformation business is expected to grow steadily as China transitions to a new power system [7] - The company has maintained a stable market share in the domestic power distribution and transformation market, with significant growth in State Grid's equipment tenders in 2022-2023 [7] - Overseas demand for transformers, high-voltage switchgear, and meters is also growing, driven by energy transition and infrastructure upgrades [7] Smart Meter Business - XJ Electric's smart meter business is poised for growth, with both domestic and international demand expected to increase [7] - The company has been expanding its presence in overseas markets, particularly in Southeast Asia and Africa, with recent breakthroughs in Brazil and Italy [79] - The domestic market is entering a new replacement cycle, with State Grid's first batch of meter tenders in 2024 showing an 85% year-on-year increase [75] Financial Projections - The report forecasts XJ Electric's net profit attributable to shareholders to be approximately 900 million yuan in 2023 and 1.15 billion yuan in 2024, with corresponding valuations of 28x and 22x, respectively [8]

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 电力设备 ＃investSuggestion＃ ＃ ＃d 许yCo 继mp 电any＃气 （ 000400 ） investSug 增持 ( 首ges次tion ）Ch 0000 特09 起＃ ，title＃ 高 压 柔直东风 网 内外 业务齐头进 ange＃ ＃ createTime1＃ 2024年 2月 29日 投资要点 公 ＃市场ma数rk据et Data＃ ＃summary＃ ⚫ 公司继电器设备起家，电装集团赋能公司进一步成长。许继电气股份有限公 司 日期 2024-2-27 司成立于 1993 年，其前身许昌继电器厂自行研制出了我国第一代保护继电 跟 收盘价（元） 22.43 器。2010年，国家电网全资子公司中国电科院通过对许继集团增资扩股，成 踪 总股本（百万股） 1019 为许继电气的实控人。2021年许继集团、西电集团、平高集团等战略性重组 报 流通股本（百万股） 1008 成立中国电气装备集团有限公司，实现国内电力设备巨头的资源整合，为公 净资产（百万元） 10740 司未来发展夯实基础。 告 总资产（百万元） ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company is expected to benefit from increased investment in the power grid during the "14th Five-Year Plan" period, with projected revenues of 171.41 billion, 196.21 billion, and 226.18 billion yuan for 2023-2025, representing growth rates of 14.9%, 14.5%, and 15.3% respectively [2]. - The company's net profit attributable to shareholders is forecasted to be 9.01 billion, 11.31 billion, and 15.30 billion yuan for the same period, with growth rates of 18.6%, 25.5%, and 35.3% respectively [2]. Company Overview - The company, established in 1970, focuses on power transmission and distribution equipment, with a diverse product range including smart substations, smart medium-voltage power supply equipment, smart meters, electric vehicle charging systems, and DC transmission systems [2][19]. - The company has shown steady performance, with a revenue CAGR of 16% and a net profit CAGR of 40% from 2018 to 2022 [2][35]. DC Transmission - The company is a core supplier of UHV (Ultra High Voltage) converter valves and DC control protection systems, benefiting from accelerated construction of UHV projects [2][40]. - The "14th Five-Year Plan" outlines significant investment in UHV construction, with expectations for continued high demand [2][40]. Grid Investment - The company is poised to benefit from increased grid investment, with the State Grid expected to accelerate construction of UHV and EHV (Extra High Voltage) networks, with total investment exceeding 500 billion yuan [2][40]. - The company's smart distribution systems and smart medium-voltage power supply products are expected to see growth due to structural shifts in grid investment [2][40]. New Energy Initiatives - The company is expanding into new energy sectors, particularly in electric vehicle charging and energy storage, with significant production capabilities in EV charging systems and energy management systems [2][40]. - The company is well-positioned to capture growth in the energy storage market, with ongoing projects expected to drive rapid growth [2][40]. Financial Analysis - The company reported a revenue of 106.64 billion yuan in the first three quarters of 2023, a year-on-year increase of 16.98%, and a net profit of 7.72 billion yuan, up 19.11% [2][35]. - The implementation of cost control measures has improved the company's net profit margin from 3.33% in 2018 to 8.5% in the first three quarters of 2023 [2][37].

许继电气（000400.SZ）深度报告 特直柔直接踵至，配电充储齐发力 2024年02月22日 ➢ 公司概览：背靠中电装备集团，业务聚焦输变配用。公司前身为成立于1970 推荐 维持评级 年的许昌继电器厂，是我国最早具备自主设计继电保护产品能力的企业。公司 当前价格： 21.88元 1997 年在深交所成功上市，经过多年发展已完成多种一、二次设备产品布局， 覆盖电力系统输变配用环节。目前公司主营业务包括智能变配电系统、智能中压 供用电设备、智能电表、电动汽车智能充换电系统、直流输电系统、EMS加工服 务等六大板块。业绩稳步提升，2018-2022年期间营收/归母净利润CAGR分别 [Table_Author] 为 16%/40%。23 年前三季度，公司实现营业收入 106.64 亿元，同比增长 16.98%，实现归母净利润7.72亿元，同比增长19.11%。 ➢ 直流输电：受益特高压建设加速，柔直有望提升换流阀价值量。“十四五”、 “十五五”规划风光大基地总装机分别为200GW（外送150GW）、255GW（外 送165GW），“十四五”十四条直流规划已出，“十五五”特高压直流建设需求仍 高企。公司是特高压换 ...