关于许继电气股份有限公司 2024 年度涉及财务公司关联交易的 存款、贷款等金融业务的 专项说明 | 索引 | 页码 | | --- | --- | | 专项说明 | 1-2 | | 2024 年度涉及财务公司关联交易的存款、贷款等金融 | | | 业务汇总表 | | 和会计师事务所 北京市东城区朝阳门北大街 | 9/F Block A Fu Hua Man No.8. Chaovangmen Donachena District, Beiji 联系申话: +86 (010) 6554 2288 telephone: +86 (010) 6554 2288 86 (010) 6554 7190 关于许继电气股份有限公司 2024 年度涉及财务公司关联交易的存款、贷款等金融业务的 专项说明 XYZH/2025ZZAA5B0317 许继电气股份有限公司 许继电气股份有限公司全体股东: 我们按照中国注册会计师审计准则审计了许继电气股份有限公司(以下简称"许继 电气)2024年度财务报表,包括2024年12月31日的合并及母公司资产负债表、2024年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权 ...

哈尔滨电工仪表研究所有限公司 业绩实现情况专项审计报告 2024 年度 信会师报字[2025]第 ZG212092 号 哈尔滨电工仪表研究所有限公司 业绩实现情况专项审计报告 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 专项审计报告 | 1-3 | | 二、 | 合并利润表 | 1-1 | | 三、 | 合并利润表附注 | 1-9 | 业绩实现情况专项审计报告 信会师报字[2025]第 ZG212092 号 哈尔滨电工仪表研究所有限公司： 一、 审计意见 我们审计了哈尔滨电工仪表研究所有限公司（以下简称"哈表所"）编 制的 2024 年度合并利润表及其附注（以下简称"合并利润表"）。 我们认为，后附的哈表所合并利润表在所有重大方面按照企业会计准 则中与编制合并利润表相关的规定编制，公允反映了哈表所 2024 年度的经 营成果。 二、 形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告 的"注册会计师对合并利润审计的责任"部分进一步阐述了我们在这些准 则下的责任。按照中 ...

许继电气股份有限公司 2024 年度 审计报告 | 索引 | 项码 | | --- | --- | | 审计报告 | 1-5 | | 公司财务报表 | | | 合并资产负债表 | 1-2 | | 母公司资产负债表 | 3-4 | | 合并利润表 | 5 | | 母公司利润表 | 6 | | 合并现金流量表 | 7 | | 母公司现金流量表 | 8 | | 合并股东权益变动表 | 9-10 | | 母公司股东权益变动表 | 11-12 | | 财务报表附注 | 13-142 | lic accountants 信永中和会计师事务所 北京市东城区朝阳门北大街| 8 号富华大厦 A 座 9 层 联系电话: +86 (010) 6554 2288 telephone: +86 (010) 6554 2288 9/F Block A Fu Hua Mansic No 8 Chaovangmen Bei Donachena District Beiji 审计报告 XYZH/2025ZZAA5B0209 许继电气股份有限公司 许继电气股份有限公司全体股东: 一、审计意见 我们审计了许继电气股份有限公司(以下简称"许继电气" ...

非经营性资金占用及其他关联资金往来的 专项说明 | 索引 | 觉码 | | --- | --- | | 专项说明 | 1-2 | | 非经营性资金占用及其他关联资金往来情况汇总表 | 1-3 | 信永中和会计师事务所 北京市东城区朝阳门北大街 8 号富华大厦 A 座 9 层 9/F. Block A. Fu Hua Mansion No.8. Chaovangmen Beidaiie Donacheng District, Beijing 许继电气股份有限公司 2024 年度 联系电话: +86(010) 6554 2288 telephone: +86 (010) 6554 2288 86 (010) 6554 7190 +86 (010) 6554 7190 关于许继电气股份有限公司 2024 年度非经营性资金占用及其他关联资金往来的专项说明 XYZH/2025ZZAA5B0318 许继电气股份有限公司 许继电气股份有限公司全体股东: 我们按照中国注册会计师审计准则审计了许继电气股份有限公司(以下简称"许继 电气")2024年度财务报表,包括 2024年12月 31 日的合并及母公司资产负债表,2024 ...

许继电气股份有限公司 2024 年 12 月 31 日 内部控制审计报告 索引 内部控制审计报告 页码 1-2 the 内部控制审计报告 XYZH/2025ZZAA5B0319 许继电气股份有限公司 许继电气股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计 了许继电气股份有限公司(以下简称"许继电气")2024年12月31日财务报告内部控 制的有效性。 和会计师事务所 北京市东城区朝阳门北大街| certified public accountants 8 号富华大厦 A 座 9 房 +86 (010) 6554 2288 联系申话· telephone: +86 (010) 6554 2288 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定,建立健全和有效实施内部控制,并评价其有效性是许继电气董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意 见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具 ...

Core Viewpoint - The 2024 Annual China Energy Storage Enterprise Rankings were released at the 13th International Energy Storage Summit and Exhibition, highlighting the competitive landscape of energy storage companies in China and globally, with leading companies such as CATL, Sungrow, and others recognized for their performance [1][30]. Group 1: Global Market Rankings - In the global market for energy storage batteries (excluding backup batteries for base stations/data centers), the top ten Chinese companies by shipment volume in 2024 are CATL, EVE Energy, Hicharge, BYD, Ruipu Lanjun, Zhongxin Innovation, Envision, Chuangneng New Energy, Lishen, and Ganfeng Lithium [4][6]. - For backup batteries for base stations/data centers, the top five Chinese companies are Sungrow, Nandu Power, Guoxuan High-Tech, Kunyu Power, and Zhongxin Innovation [8][10]. Group 2: Domestic Market Rankings - In the domestic market for energy storage PCS (Power Conversion System), the top ten companies by shipment volume in 2024 are Kehua Data, Shangen Electric, Nanrui Jibao, Suying Electric, Sungrow, Huichuan Technology, CRRC Zhuzhou Electric, XJ Electric, Hezhong Electric, and Yingbo Electric [11][13]. - For energy storage system integration in the domestic market, the top ten companies by grid-connected installed capacity are CRRC Zhuzhou Institute, Haibo Technology, Sungrow, Electric Times, Envision, BYD, New Source Intelligent Storage, Goldwind Zero Carbon, Ronghe Yuanshu, and Cairi Energy [17][19]. - The top ten companies by shipment volume in the domestic market for energy storage systems are CRRC Zhuzhou Institute, Sungrow, Envision, Haibo Technology, New Source Intelligent Storage, Electric Times, Ronghe Yuanshu, Goldwind Zero Carbon, Jingkong Energy, and Cairi Energy [20][22]. Group 3: User-side Market Rankings - In the domestic user-side market for energy storage systems, the top ten companies by shipment volume in 2024 are Singularity Energy, Sungrow, Penghui Energy, Ronghe Yuanshu, Hongzheng Energy, Nanrui Jibao, Jingkong Energy, CRRC Zhuzhou Institute, Zhiguang Energy, and Huazhi Energy [27][29]. Group 4: Data Source and Methodology - The rankings are based on the shipment data and installed capacity of energy storage products from Chinese companies, compiled by the China Energy Storage Alliance (CNESA) through its global energy storage database, which has been recognized for its objectivity and authority in the industry [30][31].

Summary of Conference Call on China Power Grid Equipment Industry Overview - The conference call discusses the ultra-high voltage (UHV) equipment sector in China, specifically focusing on the results of the first batch of equipment procurement for UHV transmission line construction in 2025, announced by State Grid [1][2]. Key Points Procurement Results - The total value of the first batch of equipment procurement is Rmb1.959 billion, representing 2% of the projected UHV line capital expenditure in China for 2025 [1]. - A total of 38 power grid equipment manufacturers received new orders, with Shandong Electrical Engineering & Equipment Hitachi High-Voltage Switchgear leading with Rmb964 million (49.2% market share) [3]. Company-Specific Insights - **Pinggao**: - Secured Rmb308 million in new orders, accounting for 15.7% market share, which is significantly lower than its usual 30-40% range [4][6]. - The company has many orders from the previous year, mitigating concerns about the lower market share in this batch [6]. - **NARI Technology**: - Won Rmb45 million (2.3% market share) but noted that this batch primarily focused on AC UHV transmission lines, while their products are mainly for DC UHV lines [7]. - Anticipates gaining more orders in the upcoming batches, which will include DC UHV line products [7]. - **XJ Electric**: - Received Rmb27 million (1.4% market share) and echoed NARI's concerns regarding the focus on AC products in this batch [7]. - **Sieyuan**: - Achieved only Rmb7.8 million (0.4% market share) but is not worried due to a strong backlog of orders from previous years, with a reported 25% year-over-year increase in new orders in 2024 [8]. Market Dynamics - The allocation of orders in this batch favored Shandong Electrical Engineering & Equipment due to its capacity to deliver 13 units of GIS of 1,000kV [6]. - The overall sentiment among companies is that the lower order volumes in this batch will not significantly impact profit growth for 2025-2026, especially for Pinggao and Sieyuan, which have substantial existing orders [6][8]. Investment Recommendations - The report highlights Pinggao and Sieyuan as top picks in the sector, suggesting a positive outlook for these companies despite the current bidding results [1]. Additional Insights - The average package size for the 55 bid packages in this batch was Rmb35.62 million [2]. - The focus on AC UHV lines in this procurement round indicates a potential shift in market demand, which may affect future order distributions among companies specializing in DC UHV products [7]. This summary encapsulates the key findings and insights from the conference call regarding the UHV equipment sector in China, highlighting the competitive landscape and individual company performances.

Core Viewpoint - The article highlights the significant growth in the electrochemical energy storage sector in China, with a notable increase in installed capacity and the emergence of independent storage systems as a key driver of this growth [1][2]. Group 1: Installed Capacity - In 2024, 515 new energy storage stations were put into operation, totaling 37.13 GW/90.51 GWh, representing a year-on-year growth of over 100% [9]. - The cumulative operational capacity by the end of 2024 reached 62.13 GW/141.37 GWh, accounting for 1.86% of the total installed capacity of the national power supply [9][12]. - Independent storage systems saw the most rapid growth, with an additional 23.22 GW installed in 2024, a year-on-year increase of over 150%, making up 63% of the total new installations [12][19]. Group 2: Distribution by Application - By the end of 2024, independent storage systems had a cumulative operational capacity of 34.58 GW, primarily distributed across provinces such as Shandong, Jiangsu, and Ningxia, each with over 2 GW [12][13]. - New energy storage systems had a cumulative operational capacity of 24.23 GW, mainly in Xinjiang, Inner Mongolia, and Gansu, with each province exceeding 1 GW [12][13]. Group 3: Company Distribution - The top five battery manufacturers by installed capacity include CATL, BYD, and EVE Energy, with a total energy capacity of 33.89 GWh, accounting for 69.59% of the market [34]. - The top five BMS manufacturers include GOTECH Electronics and BYD, with a total energy capacity of 27.31 GWh, representing 56.08% of the market [34]. - The top five PCS manufacturers include Sungrow Power Supply and Kehua Data, with a total power of 12.55 GW, making up 54.18% of the market [34]. Group 4: Energy Efficiency - In 2024, the average conversion efficiency of electrochemical energy storage systems was 88.75%, with a total charging energy of 8,991 GWh and total discharging energy of 7,980 GWh [48]. - The average comprehensive efficiency for grid-side storage was 81.71%, with a total net energy delivered to the grid of 174,679 GWh [48][49]. Group 5: Reliability - The overall reliability of electrochemical energy storage stations in 2024 was good, with a usable coefficient of 0.98 and no major safety incidents reported [53]. - Non-planned outages accounted for over 75% of the total outages, primarily due to issues with key equipment and system integration [53].

Investment Rating - The report maintains a "Recommendation" rating for the power equipment industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [60]. Core Insights - The first quarter of 2025 has shown strong performance in grid bidding, investment, and transformer exports, with significant year-on-year growth in these areas [10][38]. - The report highlights that the total investment in grid projects reached 436 billion yuan in January and February 2025, representing a 33.3% year-on-year increase [10][38]. - Transformer exports for January and February 2025 were reported at 769.1 million and 563.4 million USD, respectively, with year-on-year growth rates of 43.11% and 41.49% [10][39]. Summary by Sections 1. Grid Bidding, Investment, and Transformer Export Data - The first two months of 2025 saw a total grid bidding amount of 15.24 billion yuan, a 23.5% increase compared to the same period in 2024 [10]. - The transformer export data indicates a robust growth trend, with cumulative exports reaching 1.3324 billion USD by February 2025, marking a 42.42% year-on-year increase [39]. 2. Market Performance Review - The new energy sector experienced a decline of 1.49% this week, ranking 17th among 30 industry sectors, outperforming the CSI 300 index, which fell by 2.29% [15]. - The report notes that the top-performing sub-sectors included wind power and nuclear power, while energy storage and power electronics saw significant declines [15][18]. 3. Important Information Tracking - As of February 2025, the cumulative investment in power engineering was 753 billion yuan, showing a slight decline of 1.1% year-on-year [38]. - The report tracks significant announcements from listed companies, including major bidding wins and investment updates [46]. 4. Valuation Situation - As of March 21, 2025, the new energy sector's valuation stood at 46x, significantly higher than the CSI 300's 13x [30]. - Key individual stocks within the power equipment sector have varying valuations, with some showing strong growth potential based on projected earnings [35]. 5. Industry Dynamics - The report discusses ongoing projects and initiatives, such as the acceleration of the "藏电入渝" project in Chongqing and the commencement of the Dazhong-Huailai-Tianjin South 1000 kV AC project [48].

许继电气（000400）3月24日主力资金净流入 2318.66万元 金融界消息 截至2025年3月24日收盘，许继电气（000400）报收于25.06元，下跌0.28%，换手率 2.54%，成交量25.60万手，成交金额6.47亿元。 资金流向方面，今日主力资金净流入2318.66万元，占比成交额3.59%。其中，超大单净流入496.45万 元、占成交额0.77%，大单净流入1822.21万元、占成交额2.82%，中单净流出流出941.74万元、占成交 额1.46%，小单净流出1376.92万元、占成交额2.13%。 天眼查商业履历信息显示，许继电气股份有限公司，成立于1996年，位于许昌市，是一家以从事电气机 械和器材制造业为主的企业。企业注册资本101900.9309万人民币，实缴资本38628.6454万人民币。公司 法定代表人为李俊涛。 通过天眼查大数据分析，许继电气股份有限公司共对外投资了46家企业，参与招投标项目5000次，知识 产权方面有商标信息7条，专利信息4699条，此外企业还拥有行政许可91个。 来源：金融界 许继电气最新一期业绩显示，截至2024三季报，公司营业总收入95.86亿元、同 ...