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 九届十七次监事会决议公告 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。 三、备查文件 1.许继电气股份有限公司九届十七次监事会决议。 特此公告。 许继电气股份有限公司监事会 2025 年 5 月 13 日 许继电气股份有限公司 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 ...

证券代码：000400 证券简称：许继电气 公告编号：2025-24 许继电气股份有限公司 九届二十八次董事会决议公告 按照《公司法》《上市公司治理准则》等相关法律、法规的规定，经董事会 推选，公司第九届董事会审计委员会人员调整如下： 审计委员会由董事胡四全先生、董事张友鹏先生、独立董事董新洲先生、胡 继晔先生、申香华女士组成，由独立董事申香华女士担任审计委员会主任委员。 2.会议以9票同意、0票反对、0票弃权审议通过公司《关于调整公司内部组 织机构的议案》。 为不断完善公司管理体系，根据公司发展实际需求，对公司本部机构设置进 行部分优化调整。一是增设产权管理处、客户服务处等内设机构；二是合规管理 部（审计部）等变更名称；三是调整完善安全生产部（工程管理部）、科技创新 部等部门职责。 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"）九届二十八次董事会会议于2025 年5月7日以电话和邮件方式发出会议通知，在保障董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，现场会议地 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within six months [6][13]. Core Insights - The company reported a revenue of 17.09 billion yuan in 2024, a slight increase of 0.2% year-on-year, with a net profit attributable to shareholders of 1.12 billion yuan, reflecting an increase of 11.1% year-on-year [4]. - The revenue structure has improved, with significant growth in the smart distribution system and direct current transmission systems, while the integrated services segment has decreased in proportion [4][5]. - The company is expected to benefit from the ongoing boom in ultra-high voltage construction, with predictions of revenue growth to 18.97 billion yuan in 2025 and 21.08 billion yuan in 2026 [6][9]. Revenue and Profitability - In 2024, the revenue from various segments was as follows: smart distribution systems (4.71 billion yuan), smart meters (3.87 billion yuan), and direct current transmission systems (1.44 billion yuan), with respective year-on-year growth rates of 2.9%, 11.0%, and 101.6% [4]. - The overall gross margin for the company improved to 20.8% in 2024, up by 2.8 percentage points year-on-year, driven by product structure optimization and cost reduction efforts [5][9]. - The forecast for net profit attributable to shareholders is projected to reach 1.41 billion yuan in 2025, with a growth rate of 26.4% [9][12]. Financial Metrics - The company’s PE ratio is expected to decrease from 19.39 in 2024 to 15.34 in 2025, indicating an improving valuation as earnings grow [9][12]. - The asset-liability ratio is projected to decline from 51.0% in 2024 to 48.0% in 2025, suggesting improved financial stability [12]. - The forecasted EPS is expected to rise from 1.10 yuan in 2024 to 1.39 yuan in 2025, reflecting the anticipated growth in profitability [9][12].

内容概要：随着电网输配电、光伏发电、风力发电、储能等下游市场的蓬勃发展，带动电力预制舱市场 需求持续增长，据统计，2024年我国电力预制舱需求量达72.94万平方米，市场规模达19.33亿元，与此 同时，产品也日渐亲民，据统计，2024年我国电力预制舱单价降至2650.12元/平方米，未来，随着新型 电力系统建设以及老旧小区、城中村等供电薄弱区域的配电网升级改造项目的推进，我国电力预制舱市 场需求有望进一步增长。 上市企业：许继电气（000400）、中奥电力（873494.NQ）、科林电气（603050）、特锐德 （300001）、东方日升（300118）、通威股份（600438）、隆基股份（601012）、晶科能源 （688223）、晶科科技（601778）、天合光能（688599）、通灵股份（301168）、奥特维（688516）、 林洋能源（601222）、晶澳科技（002459）、三峡能源（600905）、阳光电源（300274）、金风科技 （002202）、运达股份（300772）、明阳智能（601615）、哈尔滨电气（01133.HK）、电气风电 （688660）、东方电气（600875） 关键词 ...

Investment Rating - The report provides a positive investment outlook for the industrial control and power equipment sectors, highlighting stable growth and potential for new growth curves driven by humanoid and AI technologies [1]. Core Insights - The industrial control and power equipment industry experienced a revenue increase of 9% year-on-year and a net profit increase of 14% in Q1 2025, with total revenues reaching 204.7 billion and net profits at 14 billion [2][6]. - The overall gross profit margin for the industry faced pressure, recorded at 27.4% in Q1 2025, showing a year-on-year decline of 0.8 percentage points but an increase of 3.2 percentage points compared to the previous quarter [2][8]. - The report indicates a recovery in demand for industrial control in Q1 2025, with leading companies like Huichuan Technology exceeding profit expectations [2][26]. Summary by Sections Industrial Control Sector - The industrial control sector achieved a revenue of 28.2 billion in Q1 2025, marking a 27% increase year-on-year, with net profits rising by 33% to 2.5 billion [2][6]. - The gross profit margin for the industrial control sector was 28.3%, down 3.4 percentage points year-on-year but up 2.7 percentage points quarter-on-quarter [2][8]. - Huichuan Technology reported a significant revenue increase of 38% and a net profit increase of 63% in Q1 2025 [2][26]. Power Equipment Sector - The power equipment sector's revenue for Q1 2025 was 118.8 billion, a 4% increase year-on-year, with net profits at 7.1 billion, reflecting a 6% increase [2][6]. - The gross profit margin for the power equipment sector was under pressure, with a slight decline in profitability observed [2][8]. - The report highlights that the high-voltage and ultra-high voltage segments are beginning to rebound, with revenue growth expected in the coming quarters [2][26]. Investment Recommendations - For the power grid sector, the report recommends companies such as Siyi Electric, Samsung Medical, and China West Electric, while suggesting a watch on companies like Huaming Equipment and Mingyang Electric [2][26]. - In the industrial control sector, recommended companies include Huichuan Technology, Hongfa Technology, and Sanhua Intelligent Control, with a focus on companies like Megmeet and Hechuan Technology for potential growth [2][26].

Core Viewpoint - The company achieved a revenue of 17.089 billion in 2024, with a year-on-year growth of 0.2%, and a net profit attributable to shareholders of 1.117 billion, reflecting an 11.1% increase year-on-year [1] Financial Performance - In Q4 2024, the company reported a revenue of 7.503 billion, a year-on-year increase of 20.4% and a quarter-on-quarter increase of 172.8% [1] - The net profit attributable to shareholders for Q4 2024 was 222 million, showing a year-on-year growth of 13.9% but a quarter-on-quarter decline of 16.9% [1] - For Q1 2025, the company recorded a revenue of 2.348 billion, a year-on-year decrease of 16.4% and a quarter-on-quarter decrease of 68.7% [1] Profitability Metrics - The company’s gross profit margin and net profit margin for 2024 were 20.8% and 7.6%, respectively, with year-on-year changes of 2.8 percentage points and 0.6 percentage points [2] - In Q1 2025, the gross profit margin and net profit margin improved to 23.5% and 10.1%, with year-on-year changes of 5.2 percentage points and 0.7 percentage points [2] Business Segments - The company is a leading player in the domestic ultra-high voltage converter valve market, benefiting from increased industry demand [2] - The direct current transmission system business generated revenue of 1.44 billion in 2024, a significant year-on-year increase of 101.6% [2] - The smart meter business achieved revenue of 3.87 billion in 2024, with a year-on-year growth of 11% [3] - The company’s overseas business revenue reached 310 million in 2024, reflecting a year-on-year increase of 102% [3] Future Outlook - Revenue projections for 2025, 2026, and 2027 are 19.7 billion, 22.56 billion, and 25.1 billion, respectively, with expected net profit growth rates of 28.5%, 20.9%, and 14.6% [4] - The company’s core product advantages in smart grids and ultra-high voltage sectors, along with flexible direct current and EPC business, are expected to drive future growth [4]

Core Viewpoint - The company reported its 2024 annual and 2025 Q1 financial results, showing mixed performance with slight revenue growth in 2024 but a decline in Q1 2025 [1][2]. Financial Performance - For 2024, total revenue reached 17.09 billion, a year-on-year increase of 0.2%, while net profit attributable to shareholders was 1.12 billion, up 11.1% year-on-year [1]. - In Q4 2024, revenue was 7.50 billion, reflecting a year-on-year increase of 17.3% and a quarter-on-quarter increase of 172.8% [1]. - For Q1 2025, revenue dropped to 2.35 billion, a decrease of 16.4% year-on-year [1]. Segment Performance - In 2024, revenue from the smart distribution and transformation system was 4.71 billion, up 2.9% year-on-year; smart meters generated 3.87 billion, up 11.0% [2]. - The revenue from new energy and system integration fell significantly by 37.5% to 2.46 billion, while the direct current transmission system revenue surged by 101.6% to 1.44 billion [2]. - The company’s foreign revenue in 2024 was 309 million, an increase of 102.2% year-on-year [2]. Profitability Metrics - The overall gross margin for 2024 was 20.77%, an increase of 2.78 percentage points year-on-year [3]. - In Q4 2024, the gross margin was 19.28%, up 2.50 percentage points year-on-year but down 5.24 percentage points quarter-on-quarter [3]. - The gross margin for Q1 2025 improved to 23.47%, a year-on-year increase of 5.20 percentage points [3]. Expense Ratios - The total expense ratio for 2024 was 12.54%, an increase of 1.68 percentage points year-on-year, with the sales expense ratio at 4.22%, up 1.34 percentage points [4]. - In Q1 2025, the total expense ratio rose to 13.07%, with the sales expense ratio increasing to 4.77%, reflecting a significant rise [4]. Future Outlook - The company aims for a revenue target of 18.3 billion in 2025, with expectations of growth in the distribution and medium voltage sectors [4]. - The projected net profit for 2025 is 1.45 billion, corresponding to a price-to-earnings ratio of approximately 15 times [4].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7] Core Views - The company reported a slight increase in revenue for 2024, with total revenue of 17.09 billion yuan, up 0.2% year-on-year. The net profit attributable to shareholders was 1.12 billion yuan, an increase of 11.1% year-on-year, while the net profit excluding non-recurring items was 1.06 billion yuan, up 22.2% year-on-year [2][4] - In Q4 2024, the company achieved a revenue of 7.50 billion yuan, representing a year-on-year increase of 17.3% and a quarter-on-quarter increase of 172.8%. However, the net profit attributable to shareholders decreased by 4.7% year-on-year to 220 million yuan [2][4] - For Q1 2025, the company reported a revenue of 2.35 billion yuan, down 16.4% year-on-year, and a net profit of 210 million yuan, down 12.5% year-on-year [2][4] Financial Performance - The company's revenue from various segments in 2024 included: - Smart distribution and transformation systems: 4.71 billion yuan, up 2.9% - Smart meters: 3.87 billion yuan, up 11.0% - Smart medium-voltage power supply equipment: 3.35 billion yuan, up 6.7% - New energy and system integration: 2.46 billion yuan, down 37.5% - DC transmission systems: 1.44 billion yuan, up 101.6% - Charging and swapping equipment and other manufacturing services: 1.25 billion yuan, up 4.2% [10] - The overall gross margin for 2024 was 20.77%, an increase of 2.78 percentage points year-on-year. The gross margin for Q4 2024 was 19.28%, up 2.50 percentage points year-on-year but down 5.24 percentage points quarter-on-quarter [10] - The company’s total expenses ratio for 2024 was 12.54%, an increase of 1.68 percentage points year-on-year, with the sales expense ratio at 4.22%, up 1.34 percentage points [10] Future Outlook - The company has set a financial target for 2025 to achieve a revenue of 18.3 billion yuan. The expected net profit attributable to shareholders for 2025 is projected to reach 1.45 billion yuan, corresponding to a PE ratio of approximately 15 times [10]

Group 1 - The company announced an additional temporary proposal for the 2024 Annual General Meeting, recommending Ding Gengxin as a candidate for the ninth Supervisory Board [1][27] - The original notice for the shareholders' meeting remains unchanged, with the meeting being convened by the company's board of directors [2] - The meeting will take place on May 12, 2025, with both on-site and online voting options available for shareholders [3][4] Group 2 - The meeting's equity registration date is set for May 6, 2025, allowing all shareholders registered by that date to attend [4] - The meeting will include various proposals, including a report from independent directors [7] - The company will provide a platform for online voting through the Shenzhen Stock Exchange [13][22] Group 3 - The resignation of the Supervisory Board Chairman and a supervisor was announced, with the company expressing gratitude for their contributions [25][26] - Ding Gengxin has been recommended as a candidate for the Supervisory Board, pending approval at the shareholders' meeting [27][30] - The candidate's qualifications and background were detailed, confirming compliance with relevant regulations [29][33]

关于监事会主席、监事辞职及补选监事的公告 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、监事会主席、监事辞职情况 许继电气股份有限公司（以下简称"公司"）监事会近日收到监事会主席李 卫东先生、监事常勇先生提交的书面辞职报告，因工作变动，李卫东先生提出辞 去公司监事会主席职务，常勇先生提出辞去公司监事职务。辞去以上职务后，李 卫东先生仍任公司监事,常勇先生仍在公司任职。 截止本公告日，常勇先生未持有公司股份。因常勇先生辞职将导致公司监事 会人数低于《公司法》及《公司章程》规定的监事人数，在公司完成增补监事前， 常勇先生将继续履行监事职务。 证券代码：000400 证券简称：许继电气 公告编号：2025-21 许继电气股份有限公司 公司监事会对常勇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！ 第九届监事会监事候选人简历 二、补选监事情况 2.许继电气股份有限公司九届十六次监事会决议。 特此公告。 许继电气股份有限公司监事会 2025 年 4 月 26 日 附件： 鉴于公司监事常勇先生提出辞职申请，根据《公司法》《公司章程》等相关 规定，经公 ...