Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - Domestic and international cloud service providers have significantly increased capital expenditures in Q1, indicating a rising investment sentiment in the domestic power grid [4] - The power equipment capacity can reach 3-5 times that of computing chips, with the supply and distribution market expected to reach 73 billion yuan by 2026 [4] - The AIDC power equipment sector has seen a general increase in stock prices, with lead-acid batteries, HVDC, and UPS showing the highest gains [4] - The industry is characterized by a long power transmission chain, with global giants like Eaton and Schneider having established strong product lines and solution capabilities, while domestic companies are gaining competitive advantages [4] - The year 2025 is anticipated to be a pivotal year for AIDC construction, with significant capital expenditures expected from major cloud providers [4] Summary by Sections AIDC Power Equipment - Major cloud companies like Tencent and Alibaba have ramped up their AI computing infrastructure investments, with Tencent's capital expenditure reaching 27.48 billion yuan, up 91% year-on-year, and Alibaba's at 24.612 billion yuan, up 121% [4][16] - The global data center's IT load is projected to grow significantly, with a compound annual growth rate (CAGR) of 48% from 2024 to 2026 [4] - The AIDC power equipment sector is expected to benefit from the increasing demand for power supply equipment, including transformers and UPS systems [4] Grid Industry - In March 2025, the national power engineering investment reached 56.9 billion yuan, a decrease of 5.7% year-on-year, while the grid engineering investment was 52 billion yuan, an increase of 18.4% year-on-year [30] - The National Grid's investment in ultra-high voltage equipment is expected to see significant growth in 2025, with a projected annual investment exceeding 650 billion yuan [4] - The bidding results for the National Grid's transmission and transformation equipment show a total bid amount of 17.636 billion yuan, an increase of 12.7% year-on-year [60]

证券代码：000400 证券简称：许继电气 公告编号：2025-26 为进一步加强与投资者的互动交流，许继电气股份有限公司（以下简称"公司"） 定于 2025 年 5 月 22 日(周四)15:25-16:55 参加在全景网举办的河南辖区上市公司 2025 年投资者网上集体接待日活动，本次活动将采用网络远程的方式举行，投资者可 登录"全景·路演天下"(http://rs.p5w.net)参与本次互动交流。 许继电气股份有限公司 关于参加河南辖区上市公司 2025 年投资者网上集体接待日 活动的公告 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。 许继电气股份有限公司董事会 2025 年 5 月 19 日 出席本次网上集体接待日活动的人员有:公司董事会秘书万桂龙先生，欢迎广大 投资者积极参与。 特此公告。 ...

Summary of XJ Electric Conference Call Company Overview - **Company**: XJ Electric - **Industry**: Electric Equipment and Renewable Energy Key Points Business Structure Adjustment - XJ Electric is adjusting its business structure, leading to revenue growth in the State Grid segment while experiencing a decline in revenue from low-margin businesses in the new energy sector [2][3] - The company aims to enhance profitability and improve accounts receivable and inventory turnover rates [2][3] High Voltage Direct Current (HVDC) Projects - As of now, there are no new HVDC line announcements from the State Grid tender platform; however, XJ Electric won the Lingbao back-to-back DC transformation project in April 2025, with six planned lines expected to be released in June [2][4] - The current HVDC orders on hand amount to approximately 4 billion RMB (including tax), with expected non-tax revenue of about 2 billion RMB from these orders in 2025 and beyond [2][6] Revenue Projections - For 2025, XJ Electric anticipates total revenue of 18.3 billion RMB, representing a year-on-year growth of approximately 7% [5][20] - The HVDC segment is expected to generate 1.2 billion RMB in revenue, while the new energy and system integration segments are projected to remain stable compared to 2024 [5][20] Distribution Network Business - The company is building a secondary marketing system, which has led to a year-on-year increase in new orders despite price declines due to joint procurement policies [9] - The market share for certain products has increased by 1-2 percentage points compared to the previous year, although competition has intensified, leading to price reductions [9] New Energy Sector Developments - XJ Electric is expanding its distributed energy business with products like photovoltaic tracking systems and flexible control conversion switches, along with a digital management cloud platform for distributed energy [11][12] - The new energy segment's revenue structure is being controlled to improve margins, as the total package revenue is expected to shrink [17] International Expansion - The company expects to secure approximately 1.5 billion RMB in new overseas orders in 2025, with a growth rate of about 10% compared to 2024 [21] - Significant growth is noted in South America and Africa, particularly in smart meters, with ongoing projects in Europe [22][23] Future Plans and Strategies - XJ Electric plans to maintain a focus on single-machine business rather than EPC total package projects, with strict controls on domestic EPC projects based on scale and risk assessment [26][28] - The company has no immediate plans to establish offices or factories in Europe, focusing instead on markets in Asia, Africa, and Latin America [25] Financial Performance and Margins - The gross margin for the HVDC segment is expected to fluctuate based on final revenue and project confirmations, with a target to improve overall gross margin by one percentage point in 2025 [19][15] Market Outlook - The first batch of smart meter tenders in 2025 is expected to see a slight decrease compared to 2024, but the second batch is anticipated to positively impact volume and pricing [10] Additional Insights - The company is actively managing risks associated with overseas EPC projects, focusing on smaller, less risky projects while avoiding large-scale high-risk ventures [28]

Investment Rating - The report maintains a "Recommendation" rating for the power transmission and transformation equipment industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [28][29]. Core Insights - The total winning bid amount for the 2025 National Grid's 23rd batch procurement of power transmission and transformation equipment is 17.636 billion yuan, representing a year-on-year increase of 12.7% compared to the same batch in 2024 [5][6]. - Key equipment categories show varied performance: - Switchgear: 1.704 billion yuan, up 24.2% year-on-year - Power transformers: 4.129 billion yuan, down 2.19% year-on-year - Power cables: 1.647 billion yuan, up 2.26% year-on-year - Relay protection and substation computer monitoring systems: 1.520 billion yuan, up 45.97% year-on-year [6][7]. Summary by Category Winning Bid Overview - The total winning bid amount for the 2025 procurement is 17.636 billion yuan, with a breakdown as follows: - Combination electrical devices: 4.133 billion yuan, up 33.6% year-on-year - Transformers: 4.129 billion yuan, down 2.19% year-on-year - Switchgear: 1.704 billion yuan, up 24.2% year-on-year - Power cables: 1.647 billion yuan, up 2.26% year-on-year - Relay protection and monitoring systems: 1.520 billion yuan, up 45.97% year-on-year [6][7][8]. Key Equipment Winning Shares - Combination electrical devices: - Total winning amount: 4.133 billion yuan - Leading companies: Pinggao Electric (32.7%), Siyi Electric (18.6%), China West Electric (15.7%) [8][9]. - Transformers: - Total winning amount: 4.129 billion yuan - Leading companies: TBEA (23.8%), Shandong Electric (18.1%), Baobian Electric (9.8%) [8][9]. - Power cables: - Total winning amount: 1.647 billion yuan - Leading companies: Hengtong Optic-Electric (13.3%), TBEA (8.8%), Zhongtian Technology (7.6%) [9][10]. - Switchgear: - Total winning amount: 1.704 billion yuan - Leading companies: Pinggao Electric (8.8%), Shandong Taikai (7.9%), Teradyne (5.7%) [9][10]. - Relay protection and monitoring systems: - Total winning amount: 1.520 billion yuan - Leading companies: Guodian NARI (34.8%), Sifang Co. (15.4%), Changyuan Group (12.7%) [10][11].

Investment Rating - The report initiates coverage on Xuji Electric with a "Buy" rating and sets a target price of 26.41 RMB, based on a 19x PE for 2025 [1][5][7]. Core Views - Xuji Electric is a key enterprise under China Electric Equipment Group, positioned as a leading supplier of secondary equipment and converter valves in China. The company is expected to benefit from the steady growth of the new power system construction [12][13][17]. - The report anticipates the approval of 5-6 ultra-high voltage direct current (UHVDC) projects and 5-6 back-to-back projects within the year, which will significantly benefit Xuji Electric as a core supplier of converter valves and direct current control protection systems [2][12][13]. - The company is expected to achieve a compound annual growth rate (CAGR) of 23.8% in net profit from 2025 to 2027, with projected net profits of 14.12 billion, 18.21 billion, and 21.22 billion RMB for those years [5][11]. Summary by Sections Business Overview - Xuji Electric's business covers core aspects of the new power system, with a steady growth outlook aligned with the national grid's total investment, which is expected to exceed 650 billion RMB in 2025 [3][14]. - The company has seen a continuous increase in its market share for smart substation products, with bidding shares rising from 6.7% in 2022 to an expected 8.6% in 2024 [3][16]. Direct Current Transmission - Xuji Electric leads in UHVDC technology, with a market share of approximately 20% for converter valves and 40% for direct current control protection systems. The company has a strong technical foundation and project experience in flexible direct current transmission [22][30]. - The report estimates that a single conventional/flexible UHVDC project could contribute 0.66-0.99 billion RMB and 1.48-2.35 billion RMB in net profit for 2027, translating to profit elasticity of 3.1-4.7% and 7.0-11.1% respectively [4][32]. Financial Projections - The projected revenue for Xuji Electric is expected to reach 17.09 billion RMB in 2024, with a slight increase to 18.32 billion RMB in 2025, reflecting a growth rate of 7.2% [6][11]. - The net profit for 2025 is projected at 1.41 billion RMB, with a year-on-year growth of 26.4% [6][11]. Market Position - Xuji Electric's competitive position is strengthened by its ability to provide complete solutions for both UHVDC and flexible direct current transmission, making it a key player in the industry [22][26]. - The company is expected to maintain a stable market share in smart metering, with ongoing demand driven by the peak replacement cycle and international expansion [16][17].

Investment Rating - The report initiates coverage on Xuji Electric with a "Buy" rating and sets a target price of 26.41 RMB, based on a 19x PE for 2025 [1][5][7]. Core Views - Xuji Electric is a key enterprise under China Electric Equipment Group, positioned as a leading supplier of secondary equipment and converter valves in China. The company is expected to benefit from the steady growth of the new power system construction [12][13][17]. - The report anticipates the approval of 5-6 ultra-high voltage direct current (UHVDC) projects and 5-6 back-to-back projects within the year, which will significantly benefit Xuji Electric as a core supplier of converter valves and direct current control protection systems [2][12][13]. - The company has a leading position in flexible direct current technology, with the value of a single conventional UHVDC/back-to-back project estimated at approximately 1.3 billion RMB/300 million RMB, while the value of flexible direct current is about three times that of traditional direct current [2][12][22]. Summary by Sections Business Growth - Xuji Electric's business covers core aspects of the new power system, and its performance is expected to grow steadily alongside the total investment from the State Grid, which is projected to exceed 650 billion RMB in 2025 [3][14][19]. - The company's market share in smart substation products is steadily increasing, with winning bids of 340 million RMB, 495 million RMB, and 533 million RMB for 2022, 2023, and 2024 respectively, indicating a growing presence in the market [16][22]. Profitability Forecast - The forecasted net profit for Xuji Electric is expected to reach 1.41 billion RMB, 1.82 billion RMB, and 2.12 billion RMB for 2025, 2026, and 2027 respectively, with a three-year CAGR of 23.8% [5][11]. - The report estimates that a single conventional/flexible UHVDC project could contribute a net profit elasticity of 3.1-4.7%/7.0-11.1% for 2027, while five back-to-back projects could yield a net profit elasticity of 2.3-4.6% for 2025-2026 [4][32][34]. Market Position - Xuji Electric holds approximately 20% and 40% market shares in the UHV converter valve and direct current control protection system markets respectively, indicating a strong competitive position [30][31]. - The company has successfully developed a complete set of core technologies for ±800kV and below flexible direct current converter valves, showcasing its technological leadership in the industry [26][30].

证券代码：000400 证券简称：许继电气 公告编号：2025-25 许继电气股份有限公司 特此公告。 许继电气股份有限公司监事会 本公司及监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、监事会会议召开情况 许继电气股份有限公司（以下简称"公司"）九届十七次监事会会议于 2025 年 5 月 7 日以电话和邮件方式发出会议通知，在保障监事充分表达意见的前提下， 于 2025 年 5 月 12 日以现场会议结合视频方式召开，会议地点为公司本部会议室， 会议由公司监事丁庚鑫先生主持；应参加表决的监事 3 人，实际参加表决的监事 3 人（其中以视频方式出席会议的监事 1 人）；公司职工监事武育雷先生视频出席本 次会议；本次监事会的召开符合《公司法》 《证券法》及《公司章程》的有关规定。 二、监事会会议审议情况 会议以 3 票同意、0 票反对、0 票弃权审议通过公司《关于选举第九届监事会 主席的议案》。 会议一致选举丁庚鑫先生（简历附后）为公司第九届监事会主席，任期至第 九届监事会届满之日止。 三、备查文件 附件： 许继电气股份有限公司 第九届监事会主席简历 丁庚鑫先生， ...

证券代码：000400 证券简称：许继电气 公告编号：2025-23 许继电气股份有限公司 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。 特别提示 日提议在公司 2024 年度股东大会上增加《关于增补第九届监事会监事候选人的议案》。 一、会议召开情况 会议召开日期和时间：2025 年 5 月 12 日 15:00 交易系统投票时间：2025 年 5 月 12 日 9:15-9:25，9:30-11:30，13:00-15:00 互联网系统投票时间：2025 年 5 月 12 日 9:15-15:00 的任意时间 规则》以及《公司章程》等规定。 二、会议出席情况 出席本次股东大会的股东及股东代理人共计 805 人，代表公司有表决权股份 参加本次股东大会现场会议的股东及股东代理人共 5 人，代表公司有表决权股份 参加本次股东大会网络投票的股东及股东代理人共 800 人，代表公司有表决权股 份 44,225,340 股，占公司有表决权总股份 1,018,874,309 股的 4.3406%。 三、本次股东大会提出新提案的股东 单独持有公司 37.91%股份的股东中 ...

上海上正恒泰律师事务所 关于许继电气股份有限公司 （以下简称"《股东会 规则》"）等现行法律、法规和其他规范性文件以及《许继电气股份有限公司章程》 （以下简称"《公司章程》"）的规定，上海上正恒泰律师事务所接受许继电气股 份有限公司（以下简称"公司"）的委托，指派程晓鸣律师、刘云律师（以下简 称"本所律师"）出席公司 2024 年度股东大会（以下简称"本次股东大会"），并 就公司召开本次股东大会的相关事宜，出具本法律意见书。 致：许继电气股份有限公司 根据《中华人民共和国公司法》 （以下简称"《公司法》"）、 《中华人民共和国 证券法》 （以下简称"《证券法》"）、 《上市公司股东会规则》 为出具本法律意见书，本所律师审查了公司提供的关于召开本次股东大会的 相关文件和资料，听取了公司董事会就有关事项所作的陈述和说明，出席了公司 本次股东大会。 经审核，会议召开日期距本次股东大会会议通知发布的日期不少于 20 日， 增加临时提案的补充公告于会议召开十日前披露。本次股东大会召开的实际时间、 地点和内容与公告一致。本次股东大会符合《公司法》、 《证券法》、 本所律师仅根据本法律意见书出具日以前发生的事实以及本所律师 ...

证券代码：000400 证券简称：许继电气 公告编号：2025-23 许继电气股份有限公司 2024 年度股东大会决议公告 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。 特别提示 1.单独持有公司 37.91%股份的股东中国电气装备集团有限公司于 2025 年 4 月 25 日提议在公司2024年度股东大会上增加《关于增补第九届监事会监事候选人的议案》。 2.除上述增加临时提案事项外，本次股东大会无否决和其他变更提案的情形。 一、会议召开情况 1．召开时间 会议召开日期和时间：2025 年 5 月 12 日 15:00 交易系统投票时间：2025 年 5 月 12 日 9:15-9:25，9:30-11:30，13:00-15:00 互联网系统投票时间：2025 年 5 月 12 日 9:15-15:00 的任意时间 1．出席的总体情况 出席本次股东大会的股东及股东代理人共计 805 人，代表公司有表决权股份 430,665,694 股，占公司有表决权总股份 1,018,874,309 股的 42.2688%。 2．现场会议出席情况 参加本次股东大会现场会议 ...