Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company is expected to benefit from the release of flexible DC demand, with a robust performance in its business segments [4][5] - The company is a leading player in flexible DC transmission, with anticipated growth in revenue and profit over the next few years [4][5] Financial Performance Summary - For H1 2024, the company achieved revenue of 6.8 billion yuan, a year-on-year decrease of 5%, while net profit attributable to shareholders was 630 million yuan, an increase of 10% [3] - In Q2 2024, revenue reached 4.03 billion yuan, a quarter-on-quarter increase of 43% and a year-on-year increase of 3% [3] - The gross profit margin for H1 2024 was 20.9%, up 1.9 percentage points year-on-year, and the net profit margin was 10.6%, up 1.5 percentage points year-on-year [3] Business Segment Performance - The smart distribution and transformation system generated revenue of 2.12 billion yuan, down 2% year-on-year, with a gross margin of 23.1% [5] - The smart meter segment saw revenue of 1.6 billion yuan, up 10% year-on-year, with a gross margin of 27.6% [5] - The direct current transmission system reported revenue of 150 million yuan, down 42% year-on-year, but with a high gross margin of 51.5% [5] Future Earnings Forecast - Revenue projections for 2024-2026 are 18.5 billion, 20.6 billion, and 23.3 billion yuan, with year-on-year growth rates of 8%, 12%, and 13% respectively [4][7] - Net profit forecasts for the same period are 1.29 billion, 1.70 billion, and 2.09 billion yuan, with growth rates of 28%, 31%, and 23% respectively [4][7] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 23X for 2024, 17X for 2025, and 14X for 2026 [4][7]

Investment Rating - The report maintains a "Recommend" rating for XJ Electric (000400 SZ) [2][3] Core Views - XJ Electric's 24H1 revenue was RMB 6 836 billion, down 5 10% YoY, while net profit attributable to parent company increased by 10 35% YoY to RMB 628 million [2] - In 24Q2, revenue grew 3 38% YoY to RMB 4 026 billion, but net profit attributable to parent company declined 4 26% YoY to RMB 391 million [2] - The company's gross margin improved by 2 17pcts to 20 90% in 24H1, and net margin increased by 1 50pcts to 10 58% [2] - Revenue from smart metering grew 9 90% YoY, while new energy and system integration revenue declined 29 74% YoY [2] - The company is expected to achieve revenue of RMB 20 073 billion, RMB 24 351 billion, and RMB 28 830 billion in 2024-2026, with YoY growth rates of 17 7%, 21 3%, and 18 4% respectively [2] - Net profit attributable to parent company is forecasted to be RMB 1 197 billion, RMB 1 763 billion, and RMB 2 288 billion in 2024-2026, with YoY growth rates of 19 0%, 47 3%, and 29 7% respectively [2] Financial Performance - In 24H1, the company's operating income was RMB 6 836 billion, down 5 10% YoY, while net profit attributable to parent company increased by 10 35% YoY to RMB 628 million [2] - The company's gross margin improved by 2 17pcts to 20 90% in 24H1, and net margin increased by 1 50pcts to 10 58% [2] - Revenue from smart metering grew 9 90% YoY, while new energy and system integration revenue declined 29 74% YoY [2] - The company's 24-26E revenue is forecasted to be RMB 20 073 billion, RMB 24 351 billion, and RMB 28 830 billion, with YoY growth rates of 17 7%, 21 3%, and 18 4% respectively [2] - Net profit attributable to parent company is forecasted to be RMB 1 197 billion, RMB 1 763 billion, and RMB 2 288 billion in 2024-2026, with YoY growth rates of 19 0%, 47 3%, and 29 7% respectively [2] Market Expansion - The company won a RMB 179 million bid for the converter valve in the Qinghai-Tibet Phase II expansion project [2] - It achieved a breakthrough in the southern power grid market with digital substation monitoring terminals and transmission line monitoring devices [2] - The company completed demonstration projects such as the Jiangxi Yingtan Zero-Carbon Substation and Hebei Shijiazhuang Substation Energy Storage [2] Operational Efficiency - The company implemented the "Three Calculations and Three Comparisons" plan for orders, improving gross margin by 1 86pcts YoY in 24H1 [2] - It strengthened performance evaluation, setting differentiated indicators to drive value creation [2] Valuation - The company's 24-26E PE ratios are 24X, 17X, and 13X respectively [2] - The current price is RMB 28 60 as of August 30, 2024 [3]

Financial Performance - The company's operating revenue for the first half of 2024 was ¥6,835,568,793.06, a decrease of 5.10% compared to the same period last year[13]. - Net profit attributable to shareholders was ¥627,858,221.25, representing an increase of 10.35% year-on-year[13]. - The net profit after deducting non-recurring gains and losses was ¥611,214,091.40, up by 15.90% compared to the previous year[13]. - The net cash flow from operating activities was ¥332,136,297.51, a significant decrease of 64.75% from the same period last year[13]. - Basic earnings per share were ¥0.6195, reflecting a growth of 9.78% year-on-year[13]. - The company's operating revenue for the reporting period was ¥6,835,568,793.06, a decrease of 5.10% compared to ¥7,203,037,896.77 in the same period last year[25]. - The company's R&D investment was ¥240,500,420.56, down 8.18% from ¥261,927,900.83 year-on-year[25]. - The revenue from smart electric meters increased by 9.90% to ¥1,599,338,839.65, accounting for 23.40% of total revenue[26]. - The revenue from new energy and system integration dropped by 29.74% to ¥999,355,956.58, representing 14.62% of total revenue[26]. - The company's operating revenue for the electrical machinery and equipment manufacturing sector was approximately ¥6.84 billion, a decrease of 5.10% year-over-year[28]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥22,605,074,066.30, an increase of 3.20% from the end of the previous year[13]. - Net assets attributable to shareholders amounted to ¥11,059,048,703.57, up by 3.31% compared to the previous year[13]. - The company's cash and cash equivalents at the end of the reporting period were approximately ¥4.94 billion, accounting for 21.86% of total assets, a decrease of 1.04 percentage points from the previous year[30]. - Accounts receivable amounted to approximately ¥7.35 billion, representing 32.52% of total assets, a decrease of 0.47 percentage points year-over-year[30]. - The company's inventory increased to approximately ¥2.81 billion, accounting for 12.45% of total assets, reflecting a slight increase of 0.08 percentage points year-over-year[30]. - The company's contract liabilities rose to approximately ¥1.49 billion, representing 6.57% of total liabilities, an increase of 0.35 percentage points from the previous year[30]. - Total liabilities reached CNY 10,460,778,537.99, compared to CNY 10,209,761,933.26 at the beginning of the period, showing an increase of about 2.5%[91]. Market and Industry Developments - The company has acknowledged various industry and market risks in its report[2]. - The company made significant breakthroughs in key technologies, including the development of a 40.5 kV/4000 A gas-insulated switch and a 2.5 MW centralized liquid-cooled PCS[18]. - The company secured a contract worth 179 million yuan for the Qinghai-Tibet expansion project, contributing to a solid foundation in the power grid market[19]. - The company successfully entered international markets, with projects in Singapore, Germany, Nigeria, and Chile, enhancing its global business presence[20]. - The company is actively optimizing its industrial layout, focusing on a "source-network-load-storage" based industrial system[21]. Shareholder and Dividend Information - The company plans to distribute a cash dividend of ¥1.86 per share to all shareholders[3]. - The company distributed a cash dividend of CNY 2.96 per 10 shares to shareholders in June 2024[59]. - The company plans to distribute a cash dividend of 1.86 CNY per 10 shares, totaling 189,510,621.48 CNY, which represents 100% of the distributable profit[42]. - The total number of common shareholders at the end of the reporting period is 47,127, with the largest shareholder being China Electric Equipment Group Co., Ltd., holding 37.91% of shares (386,286,454 shares)[80]. Research and Development - The company has established three engineering technology research centers in Henan Province, focusing on power electronics and environmental protection equipment[18]. - The company is committed to enhancing its marketing capabilities and has improved customer service efficiency, leading to higher customer satisfaction[21]. - The company emphasizes continuous innovation to enhance competitiveness and expand market reach despite increasing competition in the electrical machinery sector[37]. - The company has implemented a "Quality Return Dual Improvement" action plan aimed at enhancing core competitiveness and investor relations[39]. Environmental and Compliance Measures - The company has not faced any administrative penalties related to environmental issues during the reporting period[49]. - The company is actively enhancing its environmental protection measures in compliance with national regulations[51]. - The company obtained a wastewater discharge permit from the Xuchang Ecological Environment Bureau, valid until November 2028[53]. - The company achieved compliance with all pollutant discharge standards, with total emissions including 26 tons of COD and 5 tons of nitrogen oxides[53]. - The company has a comprehensive environmental management system certified by GB/T24001-2016, with annual goals set and achieved[57]. Corporate Governance and Management Changes - The company has undergone significant management changes, including the election of Li Juntao as the new chairman on May 29, 2024[41]. - The annual shareholders' meeting had a participation rate of 60.81% on May 29, 2024, indicating strong investor engagement[40]. - The company held its first temporary shareholders' meeting on June 16, 2023, to approve various proposals related to the 2022 restricted stock incentive plan[6]. Related Party Transactions - The total amount of related party transactions for the company was 4,328.38 million yuan, accounting for 0.75% of similar transaction amounts[65]. - The company reported a related party purchase from Xuchang Xujie Electric Technology Co., Ltd. amounting to 16,247 million yuan, which represents 2.80% of similar transaction amounts[65]. - The related party sales to Xujie Group Co., Ltd. reached 16,202.90 million yuan, accounting for 2.37% of similar transaction amounts[66]. - The approved transaction limit for related party transactions was 70,000 million yuan, with no transactions exceeding this limit[66]. Financial Reporting and Accounting Policies - The financial report was approved by the board of directors on August 28, 2024[117]. - The company adheres to the accounting standards set by the Ministry of Finance and the China Securities Regulatory Commission[119]. - The company uses RMB as its functional currency[124]. - The company recognizes income when control of goods is transferred to customers, considering factors such as contract approval and payment terms[168].

证券代码：000400 证券简称：许继电气 公告编号：2024-37 关于"质量回报双提升"行动方案的公告 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"）积极贯彻党中央、国务院决策 部署，认真落实国资委、证监会、交易所的相关指导要求，为持续推动公司高质 量发展和投资价值提升，切实履行上市公司责任，维护全体股东利益，共同促进 资本市场平稳健康发展，制定了"质量回报双提升"行动方案，具体举措如下： 一、全面提升核心竞争力，实现高质量可持续发展 公司是中国电力装备行业的领先企业，致力于为国民经济和社会发展提供能 源电力高端技术装备，为清洁能源生产、传输、配送以及高效使用提供全面的技 术、产品和服务支撑。公司聚焦特高压、智能电网、新能源、电动汽车充换电、 轨道交通及工业智能化五大核心业务，先进储能、智能运维、电力物联网、氢能 产业等新兴业务，产品广泛应用于电力系统各环节。公司产品主要分为智能变配 电系统、直流输电系统、智能电表、智能中压供用电设备、新能源及系统集成、 充换电设备及其它制造服务六类。 公司将加强前瞻性布局、全局性 ...

证券代码：000400 证券简称：许继电气 公告编号：2024-33 特别提示： 1. 许继电气股份有限公司（以下简称"公司"）本次回购注销2022年限制 性股票激励计划的限制性股票数量为135,000股，占回购注销前公司总股本的 0.0132%，涉及激励对象7人，本次回购金额合计人民币1,581,537.20元。 2. 本 次 回 购 注 销 完 成 后 ， 公 司 总 股 本 由 1,019,009,309 股 减 少 至 1,018,874,309股。 许继电气股份有限公司 3. 截至本公告披露日，公司已在中国证券登记结算有限责任公司深圳分公 司办理完成上述限制性股票的回购注销手续。 关于2022年限制性股票激励计划部分限制性股票 回购注销完成的公告 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。 2. 2023年5月6日，公司披露了《关于2022年限制性股票激励计划获得国务 院国资委批复的提示性公告》（公告编号：2023-24），根据国务院国有资产监 督管理委员会（以下简称"国务院国资委"）《关于许继电气股份有限公司实施 限制性股票激励计划的批复》（国 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 许继电气 原文 20240702_ 2024年07月04日00:47 发言人 00:00 今天我们很荣幸的邀请到了许多电器的杨总，来跟大家做一个线上的交流。我先抛砖引玉提个 小问题。杨总你好，王总好，杨总您好，辛苦您了。我想先请教您一下，因为今天是就七月份 72号，我们上半年的一个大概的一个情况，您看方便的一些内容，您帮我们介绍一下。另外就 是今年以来，国家电网直流在可研招标，其实我们觉得还是比较超预期，尤其是在这个形式方 面，基本上全是柔性直流。这样的一个趋势，那么您站在您这个角度，您是怎样来来看待，然 后请您帮我们分享一下，谢谢。 发言人 00:54 好的，我先针对第一个问题先大概说一下。因为我们1到6月份因为是刚结束，我们这边还会 有一个统计的一个周期。所以我先说一下1到5月，1到5月我是大概有一个感受，感受的话 就是同比它还是一个向上的一个趋势。然后公司的各个业绩指标，经营都是一切正常的，比较 向好的。另外第二个，王总说的这个层高压力，这边是这个问题是吧？对对对，上周四的时候 看网上不是有一个文件，就是开开了一个会，就是说要加强特高压高质量建设 ...

许继电气 20240702_原文 2024年07月03日 21:17 发言人 00:00 今天我们很荣幸的邀请到了许多电器的杨总，来跟大家做一个线上的交流。我先抛砖引玉提个小问题。杨 总你好，王总好，杨总您好，辛苦您了。我想先请教您一下，因为今天是就七月份 72号，我们上半年的一 个大概的一个情况，您看方便的一些内容，您帮我们介绍一下。另外就是今年以来，国家电网直流在可研 招标，其实我们觉得还是比较超预期，尤其是在这个形式方面，基本上全是柔性直流。这样的一个趋势， 那么您站在您这个角度，您是怎样来来看待，然后请您帮我们分享一下，谢谢。 发言人 00:54 好的，我先针对第一个问题先大概说一下。因为我们1到6月份因为是刚结束，我们这边还会有一个统计 的一个周期。所以我先说一下1到5月，1到5月我是大概有一个感受，感受的话就是同比它还是一个向 上的一个趋势。然后公司的各个业绩指标，经营都是一切正常的，比较向好的。另外第二个，王总说的这 个层高压力，这边是这个问题是吧？对对对，上周四的时候看网上不是有一个文件，就是开开了一个会， 就是说要加强特高压高质量建设。然后这个特高压的话，未来的几年来看，对我们这个业绩的助力 ...

咱们未来有没有比如说长期的一个目标这几个英勇领域想要做到一个什么水平 网内的话是我们的这个就联网是我们的主要的客户是我们大客户我们这个肯定是要一直通过我们的这个产品呀方案呢包括以往积累的一些东西去去这样去巩固去维持的然后我们相应的营销策略上针对网内的客户也是有针对性的就是网内是我们非常重视的一块另外网外的话我们有这个大客户营销 然后也有以前的我们这个工业的这个客户零销体系这个也是我们增量的一个主要的来源海外的话是我们就是说现在海外空间是非常大的以前我们海外做的并不是特别多但是这两年我们是海外的拓展包括投入资源的地方更多一些这三大块的话就是 然后电表这一块电表国内这边今年因为也招标三次了而且感觉现在也有的招标情况还不错不知道咱们现在感受下来怎么样国内的电表 占不了招摇的需求嘛国网的话从今年已经招的起来看我们的份额是最高的嘛 第一个嘛是占了将近10%吧 大概有然后这个南网5月份的时候也招了它的第一批嘛第一批框架大概是43.7亿然后去年一年南网的那个 招标量大概就是45亿46亿那个样子今年南网第一批就已经达到40多亿这种规模如果往后看第二批的话因为它一年大概是两批往后看可能它可能还会有一个比较大量的一个招标这是网内 ...

Investment Rating - The report initiates coverage with a "Buy" investment rating for Xuji Electric (000400.SZ) [2][3] Core Insights - Xuji Electric is a leading supplier of ultra-high voltage direct current (UHVDC) core equipment, with flexible direct current (FDC) technology providing long-term growth potential [2][3] - The company's profitability across various segments continues to improve, with a significant year-on-year increase in net profit and gross margin [2][3] Financial Performance - In Q1 2024, the company achieved a revenue of 2.81 billion yuan and a net profit attributable to shareholders of 237 million yuan, representing a year-on-year growth of 47.39% [2] - The gross margin improved to 18.27%, an increase of 4.63 percentage points year-on-year, attributed to the reduction in low-margin business revenue and improvements across all segments [2] - The company forecasts revenues of 18.1 billion, 20.2 billion, and 22.4 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.20, 1.58, and 1.89 yuan [2][4] Business Segments - The company has established a comprehensive UHV business system, including UHVDC transmission, flexible DC transmission, and related services [2] - Recent project wins include significant contracts for UHVDC equipment in both domestic and international markets, indicating strong demand for its products [2][3] Growth Opportunities - The development of offshore wind power projects and the company's involvement in flexible direct current projects are expected to open up long-term growth avenues [2][3]

证券代码：000400 证券简称：许继电气 公告编号：2024-32 许继电气股份有限公司 同日，公司八届十七次监事会审议通过了《关于公司 2022 年限制性股票激 励计划（草案）及其摘要的议案》《关于公司 2022 年限制性股票激励计划管理 办法的议案》《关于公司 2022 年限制性股票激励计划实施考核管理办法的议案》， 并就本激励计划相关事项发表了核查意见。 2. 2023年5月6日，公司披露了《关于2022年限制性股票激励计划获得国务 院国资委批复的提示性公告》（公告编号：2023-24），根据国务院国有资产监 督管理委员会（以下简称"国务院国资委"）《关于许继电气股份有限公司实施 限制性股票激励计划的批复》（国资考分〔2023〕146号）文件，国务院国资委 原则同意公司实施本次限制性股票激励计划。 3. 2023 年 5 月 31 日召开九届二次董事会、九届二次监事会，审议通过了《关 于公司 2022 年限制性股票激励计划（草案修订稿）及其摘要的议案》《关于公 司 2022 年限制性股票激励计划管理办法（修订稿）的议案》《关于公司 2022 年限制性股票激励计划实施考核管理办法（修订稿）的议案》。独立 ...