证券代码：000400 证券简称：许继电气 公告编号：2025-22 许继电气股份有限公司 关于 2024 年度股东大会增加临时提案暨股东大会补充通知 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（以下简称"公司"）于 2025 年 4 月 11 日在巨潮资 讯网（http://www.cninfo.com.cn）公告了《关于召开 2024 年度股东大会的通 知》。 2025 年 4 月 25 日，公司董事会（即本次股东大会召集人）收到单独持有公 司 37.91%股份的股东中国电气装备集团有限公司发来的《关于在许继电气股份 有限公司 2024 年度股东大会上增加临时提案的函》。中国电气装备集团有限公 司提议在公司 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》，议案的主要内容为推荐丁庚鑫先生为公司第九届监事会监事候选人，并 提交公司 2024 年度股东大会审议。经核查，上述临时提案属于股东大会职权范 围，有明确议题和具体决议事项，提案内容及程序符合法律、行政法规、部门规 章、规范性文件和公司章程等相关规定 ...

证券代码：000400 证券简称：许继电气 公告编号：2025-20 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《关于增补第九届监事会 监事候选人的议案》。 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，经公司控股股东中国电气装备集团有限公司推荐，公司监事会同意丁庚鑫先 生（简历附后）为公司第九届监事会监事候选人，任期至本届监事会届满。 上述议案尚需公司股东大会审议通过。 公司《关于监事会主席、监事辞职及补选监事的公告》刊登于巨潮资讯网 （http://www.cninfo.com.cn）、《中国证券报》《证券时报》《上海证券报》及《证 券日报》上。 三、备查文件 许继电气股份有限公司 九届十六次监事会决议公告 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。 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"）九届十六次监事会会议于 2025 年 4 月 22 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 4 月 25 日以通讯表决方式召开，应参加 ...

内容概要：随着全球经济的不断发展，全球各国电力需求日益旺盛，为满足日益增长的电力需求，近年 来，全球各国发电厂、变电站以及输电线路等电力基础设施不断建设和升级改造，而消弧线圈成套装置 作为保障电力系统安全稳定运行的重要设备，其市场需求也不断增加，市场规模持续扩大，据统计， 2024年全球消弧线圈成套装置市场规模达16.48亿美元，同比增长3.58%。 上市企业：许继电气（000400）、思源电气（002028）、智光电气（002169）、旭辉电气 （873864.NQ） 相关企业：山东泰开电力电子有限公司、顺特电气设备有限公司、桂林五环电器制造有限公司、北京电 力设备总厂有限公司 关键词：消弧线圈成套装置产业链、消弧线圈成套装置市场规模、消弧线圈成套装置竞争格局、消弧线 圈成套装置发展趋势 一、概述 消弧线圈成套装置是一种用于中性点非直接接地电力系统的补偿设备，其核心功能是补偿电网单相接地 故障时的电容电流，从而快速熄灭电弧、抑制弧光过电压，保障电网持续安全运行。消弧线圈成套装置 按其使用的消弧线圈不同可分为不同种类，包括调气隙式、调匝式、调容式、调可控硅式和偏磁式。 近年来，随着我国经济的不断发展，国内居民 ...

Financial Performance - In 2024, the company achieved an operating revenue of 17.089 billion CNY, a year-on-year growth of 0.17% [1] - The net profit attributable to shareholders was 1.117 billion CNY, reflecting an increase of 11.09% year-on-year [1] - The gross profit margin improved to 20.77%, up by 2.78 percentage points compared to the previous year [1] Industry Outlook - National electricity consumption is projected to reach 10.4 trillion kWh in 2025, representing a growth of approximately 6% [2] - The total installed power generation capacity in the country is expected to exceed 3.8 billion kW by the end of 2025, marking a year-on-year increase of around 14% [2] - The investment in the power sector is anticipated to remain stable, focusing on optimizing the main grid and enhancing distribution network construction [2] Technology and Product Development - The company has made significant breakthroughs in flexible direct current (DC) technology, with successful applications in major projects [2] - New products include a 5kA flexible DC converter valve and a 6.5kV/3kA IGBT flexible DC converter valve, which have been validated and applied in key engineering projects [2] - The company is addressing challenges in energy balance for ultra-long-distance transmission systems with innovative solutions [2] Strategic Adjustments - The company is shifting focus towards enhancing the proportion of equipment-related businesses and optimizing its project portfolio [3] - The decline in revenue from the renewable energy and system integration segment is attributed to changes in revenue structure and order delivery timing [3] - The company plans to maintain a stable market value through improved management practices and increased cash dividends [3] Future Growth Drivers - The transition towards a new energy system under the "dual carbon" goals is expected to drive demand for renewable energy and related technologies [4] - The company aims to increase R&D investment and market expansion efforts to enhance operational efficiency and maintain healthy growth [4]

Financial Performance - In 2024, the company achieved operating revenue of 17.089 billion yuan (+0.17%) and a net profit attributable to shareholders of 1.117 billion yuan (+11.09%) [1] - For Q4 2024, the operating revenue was 7.503 billion yuan, with a net profit of 222 million yuan [1] - In Q1 2025, the company reported operating revenue of 2.348 billion yuan and a net profit of 208 million yuan [1] Business Segments - The direct current transmission system segment showed significant growth, supported by a rich pipeline of projects, including high-voltage projects confirmed for revenue in 2024 [1] - The smart electric meter segment generated revenue of 3.866 billion yuan in 2024, up 11.00%, with a gross margin of 24.26% [2] - The distribution and transmission business reported revenue of 4.711 billion yuan in 2024, an increase of 2.93%, with a gross margin of 24.26% [2] - The new energy and system integration segment saw a decline in revenue, down 37.47% to 2.464 billion yuan, with a gross margin of 8.14% [2] Cost and Expenses - The company experienced an increase in sales expenses due to the establishment of a secondary marketing platform, with a sales expense ratio of 4.22% [2] - Asset impairment impacted performance, with a total impairment provision of 59.44 million yuan, accounting for 4.20% of total profit [2] Future Outlook - The company is expected to achieve revenues of 18.367 billion yuan, 19.880 billion yuan, and 21.370 billion yuan from 2025 to 2027, with corresponding net profits of 1.446 billion yuan, 1.780 billion yuan, and 2.057 billion yuan [3] - The projected EPS for 2025, 2026, and 2027 are 1.42 yuan, 1.75 yuan, and 2.02 yuan, respectively, with a PE ratio of 16, 13, and 11 times based on the stock price as of April 16, 2025 [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 17.089 billion yuan in 2024, a slight increase of 0.17% year-on-year, and a net profit of 1.117 billion yuan, up 11.09% year-on-year. A cash dividend of 1.50 yuan per 10 shares is proposed [1] - The company's direct current transmission system business is expected to see significant growth due to ongoing ultra-high voltage construction in China, with revenue from this segment increasing by 101.57% to 1.444 billion yuan in 2024 [2] - The company is benefiting from increased investment in the power grid, with various business segments showing growth opportunities, including smart distribution systems and smart meters [3] Summary by Sections Financial Performance - In 2024, the company recorded a gross profit margin of 20.77%, an increase of 2.77 percentage points year-on-year, and a net profit margin of 6.54%, up 0.65 percentage points year-on-year. For Q1 2025, the gross profit margin and net profit margin were 23.47% and 8.84%, respectively [1] - The company has adjusted its profit forecasts for 2025 and 2026, expecting net profits of 1.418 billion yuan and 1.728 billion yuan, respectively, with corresponding EPS of 1.39 yuan and 1.70 yuan [4] Business Segments - The smart distribution system revenue grew by 2.93% to 4.711 billion yuan in 2024, while smart meters saw an 11% increase to 3.866 billion yuan. However, the renewable energy and system integration segment experienced a decline of 37.47% to 2.464 billion yuan [3] - The company’s direct current transmission system revenue is projected to continue growing due to the ongoing development of flexible direct current transmission technology and the high demand for ultra-high voltage projects in China [2] Market Outlook - The report highlights that the investment in China's power grid is expected to increase, with a projected completion amount of 608.3 billion yuan in 2024, representing a year-on-year growth of 15.3%. The combined investment from State Grid and Southern Grid is anticipated to exceed 800 billion yuan in 2025 [3]

Summary of Conference Call Company Overview - The conference call discusses the financial performance and future outlook of Xu Electric, a company involved in the energy sector, particularly focusing on new energy and system integration. Key Points Business Strategy - The company's operational strategy for 2024 and 2025 focuses on two main keywords: restructuring and improving efficiency. Restructuring involves adjusting business, order, and revenue structures, while improving efficiency aims to enhance profitability and operational efficiency [2][3]. Revenue Structure - The revenue structure is improving, with a notable decline in the new energy and system integration segment, which saw a revenue drop of 1.5 billion (37.44%) compared to the previous year [3]. - The direct current transmission segment (Ultra High Voltage) experienced a revenue increase of 728 million (6.89%) [4]. - Equipment-related revenue now accounts for over 90% of total revenue, up from over 80% the previous year, indicating a shift towards higher-margin products [4][5]. Financial Performance - The total revenue for the year was reported at 17.089 billion, showing a slight increase despite expectations of a decline [4][6]. - The company anticipates a revenue target of 18.3 billion for 2025, representing a growth of 7.1% [6][7]. - Gross margin improved to 20.77% for the year, an increase of 2.77 percentage points year-over-year, with the first quarter of 2025 showing a gross margin of 23.57% [7][8]. Cost Management - The company aims to control expenses, with a target expense ratio of around 12%, slightly above the initial goal due to increased sales and R&D expenses [9][10]. - The sales expense ratio increased by 25% year-over-year, attributed to the establishment of a secondary marketing system to enhance market penetration [10][11]. Profitability - The company is focused on maintaining profitability despite rising costs, with measures in place to ensure that expense growth does not exceed revenue growth [11][12]. - The increase in accounts receivable and contract assets is expected to impact profitability, but the overall operating profit is projected to continue improving [12][13]. Market Outlook - The company is preparing for ongoing investments in the power grid, with expectations of stable growth in the sector [14]. - Future revenue from the Ultra High Voltage segment is projected to be around 1.2 billion, with a significant backlog of orders amounting to approximately 2.7 billion [16][21]. International Expansion - The company continues to focus on international markets, particularly in South America and the Middle East, with a strategy to deepen market penetration rather than broad expansion [40]. Challenges and Risks - The company faces challenges related to pricing pressures in the equipment market, with ongoing efforts to optimize costs and improve product design to maintain margins [37][38]. - The overall investment in the power grid is expected to increase, but the pace of growth may vary based on market conditions and project timelines [22][23]. Additional Insights - The company is actively working on enhancing its marketing and sales capabilities to better align with market demands and improve order matching rates [19][20]. - There is a focus on technological innovation and R&D to adapt to changing market needs and improve product offerings [10][11]. This summary encapsulates the key points discussed during the conference call, providing insights into the company's performance, strategy, and market outlook.

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the electric power equipment industry, focusing on domestic and overseas market dynamics, investment trends, and company performance. Key Points Impact of Tariffs - Some companies, such as Dongfang Electric and Sifang Electric, have minimal business exposure in the U.S., making the impact of tariffs on their overall performance negligible [1][31] - The fluctuations in the electric power equipment sector due to tariffs are considered a setback rather than a significant risk [32] Domestic Market Conditions - The domestic market is experiencing high investment growth, with State Grid's investment in the first quarter showing a year-on-year increase of 28% [2] - The high investment growth is attributed to both the continuation of last year's investment momentum and a low base from the previous year [2][3] - For the entire year, State Grid's fixed asset investment growth is expected to remain high at around 12% [2][3] Overseas Market Opportunities - The overseas market, particularly in Southeast Asia and Africa, presents significant growth potential [3] - The Middle East, especially Saudi Arabia, is highlighted as a key market with substantial investment plans, including a seven-year investment plan of 950 billion RMB [4] Investment Trends in Specific Sectors - The ultra-high voltage (UHV) sector is projected to see rapid growth, with a first-quarter investment of nearly 20% growth and a total investment of around 20 billion RMB [5][6] - The company plans to initiate multiple UHV projects, including six DC and five AC lines, with significant progress expected in the second quarter [6][7] Company Performance and Financial Metrics - Companies in the sector are expected to see a 40% increase in profits, with specific companies like Pinggao Electric and Xuji Electric projected to achieve similar growth rates [11][16][18] - The overall profitability of the power equipment sector is improving, with companies focusing on cost management and efficiency [14][10] New Business Opportunities - New business segments, such as the replacement of components in UHV stations and the development of infrastructure for hydropower transmission, are expected to contribute to revenue growth [12][13] - The company is also focusing on enhancing its product offerings and expanding into new markets, particularly in Europe and the Middle East [31][32] Valuation and Investment Recommendations - The current valuations of key companies in the sector are considered low, with some trading at around 16-18 times earnings, suggesting potential for upside [16][30] - The overall sentiment is positive, with recommendations to invest in the electric power equipment sector due to its high growth potential and low valuations [32] Additional Insights - The conference highlighted the importance of strategic management in improving profit margins and operational efficiency [14] - There is a notable shift towards domestic production capabilities, reducing reliance on foreign technology and products [9][10] - The company is actively pursuing international certifications to facilitate market entry in regions like South America and the Middle East [21][23] This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the electric power equipment industry's current landscape and future prospects.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company is continuously strengthening its business focus and is expected to benefit from the high demand in the ultra-high voltage industry [1]. - In 2024, the company achieved a revenue of 17.1 billion yuan, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 1.12 billion yuan, a year-on-year increase of 11% [4]. - The company is positioned as a leading supplier in the direct current equipment sector, with significant growth potential due to the increasing demand in the industry [9]. Financial Performance Summary - In 2024, the company reported a revenue of 171 billion yuan, with a net profit of 11.2 billion yuan, and a gross profit margin of 20.8%, which is an increase of 2.8 percentage points year-on-year [4]. - For Q4 2024, the revenue was 75.0 billion yuan, showing a year-on-year increase of 17% and a quarter-on-quarter increase of 173% [4]. - In Q1 2025, the revenue was 23.5 billion yuan, a year-on-year decrease of 16%, while the net profit was 2.1 billion yuan, a decrease of 12% year-on-year [5]. Business Segment Performance - The company has reduced low-margin integrated business and achieved rapid growth in direct current business, with direct current transmission system revenue increasing by 102% year-on-year [6]. - The intelligent distribution system generated revenue of 47.1 billion yuan, with a gross margin of 24.3%, while the intelligent meter segment reported revenue of 38.7 billion yuan [6]. - The company is expected to benefit from the anticipated approval of five ultra-high voltage direct current projects in 2025, which will drive demand for direct current equipment [6]. Earnings Forecast - The company is projected to achieve revenues of 18.3 billion yuan, 20.0 billion yuan, and 22.1 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7%, 9%, and 10% [9]. - The net profit attributable to shareholders is expected to be 1.45 billion yuan, 1.77 billion yuan, and 2.13 billion yuan for the same years, with growth rates of 30%, 21%, and 20% respectively [9]. - The current stock price corresponds to a price-to-earnings ratio of 16x for 2025, 13x for 2026, and 11x for 2027 [9].

近日，许继电气股份有限公司（以下简称"许继电气"）发布2024年度报告，2024年实现营业收入170.89亿元，同比增长0.17%；实现归母净利润11.17亿元， 同比增长11.09%。 | | 2024 年 | 2023 年 | 变 | | --- | --- | --- | --- | | 研发投入金额(元) | 879, 862, 224. 99 | 793, 816, 594. 45 | | | 研发投入占营业收入比例 | 5.15% | 4. 65% | 增长 0. ! | | 研发投入资本化的金额(元) | 97, 560, 347. 69 | 78, 800, 475. 86 | | | 资本化研发投入占研发投入的比例 | 11. 09% | 9.93% | 增长 1. | 许继电气成功研制全球首台40.5千伏/4000安气体绝缘开关设备，6.5千伏/4000安IGCT柔直换流阀实现首次应用，同时许继电气积极拓展新业务，产品构网型 储能变流器、虚拟电厂运行管控系统等实现首台套应用。 此外，许继电气还凭借技术优势，加快了"出海"步伐，2024年许继电气国际方面实现营收3.09亿元，同比增长102. ...