Investment Rating - The report maintains a "Hold" rating for Xuji Electric (000400) with a current price of 24.77 CNY [1]. Core Views - The company achieved a revenue of 17.06 billion CNY in 2023, representing a year-on-year growth of 13.5%, and a net profit attributable to shareholders of 1.01 billion CNY, up 28% [2][3]. - The company is positioned as a leading player in the domestic ultra-high voltage converter valve market, benefiting from increasing industry demand [2]. - The flexible direct current (DC) converter valve has a value approximately 2-3 times that of conventional DC, which will support the company's growth as the penetration rate of flexible DC increases [2]. - The company’s revenue from its smart electric meter business reached 3.48 billion CNY, growing 16.8% year-on-year, while its revenue from charging and swapping stations surged by 63.6% to 1.2 billion CNY [2]. - The overseas business saw significant growth, with revenue increasing by 98% to 150 million CNY, indicating a strong expansion into international markets [2]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 6.4 billion CNY, an 8.2% increase year-on-year, and a net profit of 230 million CNY, up 70.2% [2]. - The gross margin for 2023 was 18%, with a net margin of 7%, showing a slight improvement in net margin compared to the previous year [2]. - The company expects revenues for 2024-2026 to be 19.59 billion CNY, 22.56 billion CNY, and 24.93 billion CNY, respectively, with net profit growth rates of 16.1%, 28.1%, and 14.1% [2][3]. Business Segments - The direct current transmission system business generated 720 million CNY in revenue, a 3.1% increase, with expectations for significant growth in the coming years [2][6]. - The smart grid and ultra-high voltage core products are expected to continue driving growth, supported by the increasing demand for flexible DC and EPC projects [2][6]. - The company is actively expanding into data centers and hydrogen energy sectors, diversifying its business portfolio [2]. Market Position - Xuji Electric holds a leading market share in smart electric meters within the State Grid's collective procurement rankings [2]. - The company is well-positioned to capitalize on the growing demand for electric vehicle charging infrastructure, with a strong technological advantage in the sector [2][6].

证券研究报告 公 2024年04月12日 司 报 告 许继电气(000400) │ 行 业： 电力设备/电网设备 公 投资评级： 买入（维持） 司 当前价格： 26.88元 业绩略超预期，电网行业高景气促公司成长 年 目标价格： 29.59元 报 点 事件： 评 基本数据 公司发布《2023 年年度报告》，2023 年公司实现营收 170.61 亿元，同比 总股本/流通股本(百万股) 1,019.01/1,008.32 +13.51%，实现归母净利润10.05亿元，同比+28.03%，2023Q4公司实现营 流通A股市值(百万元) 27,103.70 收 62.31亿元，同比+7.39%，实现归母净利润1.95亿元，同比+75.68%， 每股净资产(元) 10.51 业绩略超预期。 资产负债率(%) 46.61  网内业务稳定增长，新能源业务表现亮眼 一年内最高/最低(元) 27.25/16.66 受益电网投资增加，公司2023年电表/中压供用电设备/直流输电系统营收 同比增长分别为12.55%/14.25%/3.12%，同时公司积极拓展新能源业务，新 股价相对走势 能源及系统集成/充换电设备及其他服务营收 ...

证券代码：000400 证券简称：许继电气 公告编号：2024-09 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"）于 2024 年 4 月 11 日在巨潮资 讯网（http://www.cninfo.com.cn）披露《2023 年年度报告》全文及其摘要。 为进一步做好投资者关系管理工作，加强与广大投资者的沟通，使广大投资 者更全面深入的了解公司情况，公司将于 2024 年 4 月 16 日 15:00-16:30 举行 2023 年度网上业绩说明会。本次业绩说明会通过深圳证券交易所"互动易"平 台（http://irm.cninfo.com.cn）采用网络远程的方式举行，投资者可登录"互 动易"平台，进入"云访谈"栏目参与本次业绩说明会。 出席本次业绩说明会的人员有：公司董事长孙继强先生，董事、总经理许涛 先生，独立董事申香华女士，总会计师王斐先生，董事会秘书万桂龙先生。 为充分尊重投资者、提升交流的针对性，现就本次业绩说明会提前向投资者 公开征集问题。投资者可提前登录"互动易"平台"云访谈"栏目进入公司 2023 ...

Financial Performance - The company's operating revenue for 2023 reached ¥17,060,896,563.04, representing a 13.51% increase compared to ¥14,917,449,398.19 in 2022[15] - Net profit attributable to shareholders was ¥1,005,384,610.79, a 28.03% increase from ¥759,217,152.98 in the previous year[15] - The net profit after deducting non-recurring gains and losses was ¥869,065,456.59, up 21.82% from ¥712,939,702.87 in 2022[15] - The net cash flow from operating activities increased by 56.53% to ¥2,748,163,854.51, compared to ¥1,731,508,402.78 in 2022[15] - Basic earnings per share rose to ¥0.9971, reflecting a 28.03% increase from ¥0.7529 in the previous year[15] - The diluted earnings per share was ¥0.9960, an increase of 27.89% from ¥0.7529 in 2022[15] - The weighted average return on equity improved to 9.41%, up 1.50 percentage points from 7.79% in 2022[15] - Total assets reached CNY 21.90 billion, an increase of 12.91% compared to the previous adjustment[16] - The company reported a net cash flow from operating activities of CNY 1.26 billion in Q4 2023, showing a significant recovery from previous quarters[21] - Non-recurring gains and losses totaled CNY 136.32 million in 2023, compared to CNY 71.89 million in 2022, indicating improved financial performance[22] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥2.96 per 10 shares, totaling ¥1,019,009,309[3] - The company has increased its cash dividend rate and amount as part of its commitment to shareholder returns[89] - The cash dividend per 10 shares is 2.96 CNY (including tax), with no bonus shares issued[134] - The company implemented a cash dividend policy, distributing a total of 301,626,755.46 CNY, which represents 100% of the distributable profit of 4,810,847,523.11 CNY[134] Business Strategy and Market Expansion - The company plans to expand its international market presence, leveraging high-end power equipment to enhance competitiveness[25] - The company is actively participating in the construction of new energy systems, aligning with national energy strategies[25] - The company aims to deepen its presence in the domestic market, particularly in the State Grid and Southern Grid markets, while also targeting the renewable energy sector[83] - The company is expanding its international market presence, particularly in South America, the Middle East, and Southeast Asia, and is accelerating localization efforts in Central Asia and Europe[83] - The company is exploring potential mergers and acquisitions to accelerate growth and expand its technological capabilities[103] Research and Development - Research and development investment totaled 794 million yuan, reflecting a 13.60% increase compared to the previous year[39] - The company has a strong R&D capability, focusing on key technologies and achieving numerous "China first" and "world first" innovations[37] - The company completed several key R&D projects, including the development of a new type of converter valve based on IGCT technology[61] - The company aims to enhance its competitive edge in the high-voltage direct current transmission control protection field through standardized technology research and development[61] - The company is investing 500 million yuan in research and development for new technologies in power automation[106] Environmental and Sustainability Efforts - In 2023, the company invested 1.353 million yuan in environmental protection efforts, focusing on green and low-carbon development[152] - The company has installed a 605 kW photovoltaic power generation system on its rooftop, enhancing the energy structure of the industrial park[156] - The company operates 38 sets of environmental protection equipment, ensuring compliance with pollution discharge standards[152] - The company has been recognized as a national-level green supply chain management enterprise and a water-saving enterprise in Xuchang[152] - The company has achieved a reduction in carbon emissions through various energy-saving initiatives and upgrades[156] Governance and Compliance - The company has maintained an "A" level evaluation for information disclosure for twelve consecutive years[91] - The company’s governance structure complies with the requirements set by the China Securities Regulatory Commission[91] - The company completed the election of directors and supervisors on May 9, 2023, with several key personnel, including former directors and supervisors, leaving their positions[98] - The company is focusing on enhancing its governance structure with the new appointments made during the recent election[100] - The company has established an effective internal control system covering all operational aspects, including information disclosure, fund management, production, sales, contract management, investment, related transactions, and financial reporting[140] Employee and Management Structure - The total number of employees at the end of the reporting period is 5,661, with 2,883 in the parent company and 2,778 in major subsidiaries[126] - The professional composition includes 966 production personnel, 1,267 sales personnel, 2,820 technical personnel, 173 financial personnel, and 435 administrative personnel[127] - The company has established a performance-oriented compensation policy linked to economic benefits and labor efficiency, with a diversified income distribution system[129] - The company has implemented a position salary system for its directors and senior management[113] - The company has a comprehensive employee incentive mechanism that includes profit increment special rewards and project effectiveness awards for new product development teams[139] Related Party Transactions - The company reported a total of CNY 253.16 million in related party procurement transactions, accounting for 1.98% of similar transaction amounts[172] - The company reported related party procurement transactions with Xuchang Xujie Electric Technology Co., Ltd. amounting to CNY 1.357 million, accounting for 10.64% of similar transaction amounts[172] - The total amount of related party transactions for the year 2023 reached 403,498.73 million yuan, with an approved transaction limit of 484,300 million yuan[176] - The company has pledged to avoid and minimize related party transactions with its subsidiaries, ensuring fair pricing and compliance with regulations[163] Acquisitions and Investments - The company completed the acquisition of 100% equity in Harbin Electric Meter Research Institute for 44,049.46 million yuan, with an asset book value of 17,695.53 million yuan[177] - The company established a new subsidiary, Xuchang Huandian Technology Co., Ltd., in partnership with Southern Power Grid Industrial Investment Group[168] - The company acquired a 5.99% stake in Xidian Financial Company for a cash consideration of 32,977.34 million yuan, with an asset book value of 12,576.03 million yuan[177] Financial Position - Total assets increased from 19,399,386,310.90 CNY at the beginning of the period to 21,903,098,446.17 CNY at the end of the period, representing a growth of approximately 12.93%[195] - Total liabilities rose from 8,301,871,167.09 CNY to 10,209,761,933.26 CNY, resulting in an increase in the debt-to-asset ratio from 42.79% to 46.61%[195] - The largest shareholder, China Electric Equipment Group Co., Ltd., holds 37.91% of the shares, totaling 386,286,454 shares[196] - The company did not report any related party transactions or concerted actions among the top 10 shareholders[197]

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 电力设备 ＃investSuggestion＃ ＃ ＃d 许yCo 继mp 电any＃气 （ 000400 ） investSug 增持 ( 维ges持tion ）Ch 000009 行业 需求向好 ＃ ，tit 多le＃ 业 务 稳步增长 ange＃ ＃ createTime1＃ 2024年 4月 11 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫s um 事ma 件ry＃ ： 公司发布2023年年报，报告期内公司实现营收170.61亿元，同比 司 日期 2024-04-10 +13.51%，实现归母净利润 10.05 亿元，同比+28.03%，略超市场预期。 点 收盘价（元） 24.77 分季度来看，23Q4公司实现营收63.97亿元，同比+10.26%，实现归母净 评 总股本（百万股） 1019 利润2.33亿元，同比增长109.93%。单季度毛利率为16.8%，同比+0.6pct， 报 流通股本（百万股） 1008 单季度净利率4.4%，同比+1.5pct。 告 净资产（百万元） 10705 ⚫ 智能变配电 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company achieved a total revenue of 17.061 billion, a year-on-year increase of 13.51%, and a net profit attributable to shareholders of 1.005 billion, up 28.03% year-on-year [1]. - The company has shown significant market expansion, with domestic revenue growing by 13.08% to 16.908 billion and overseas revenue increasing by 98% to 0.153 billion [1]. - The company is positioned as a core player in the ultra-high voltage flexible direct current sector, benefiting from increased grid investment and construction [1]. Financial Performance - In 2023, the company reported a gross margin of 18.00%, a decrease of 1.04 percentage points year-on-year, while the net profit margin increased by 0.45 percentage points to 6.95% [1]. - The company’s operating expenses as a percentage of revenue decreased by 0.68 percentage points to 15.63% [1]. - The forecast for 2024-2026 projects revenues of 19.887 billion, 23.672 billion, and 28.047 billion, with corresponding growth rates of 16.6%, 19.0%, and 18.5% [2][6]. Business Segments - The smart distribution and transmission system segment generated revenue of 4.577 billion, a decrease of 0.88% year-on-year, while the new energy and system integration segment saw a revenue increase of 42.03% to 3.941 billion [1]. - The intelligent meter segment achieved a revenue of 3.483 billion, up 12.55%, and the intelligent medium voltage power supply equipment segment reported a revenue of 3.141 billion, an increase of 15.25% [1]. Market Expansion - The company has made significant strides in both domestic and international markets, with notable growth in orders from major clients in the new energy sector and successful penetration into high-end markets in the Middle East, Europe, and South America [1]. - The company has also expanded its product offerings in the new energy and storage sectors, achieving breakthroughs in key technologies and applications [1].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved significant growth in 2023, with revenue reaching 17.06 billion yuan, a year-on-year increase of 13.51%, and a net profit of 1.01 billion yuan, up 28.03% year-on-year. The fourth quarter alone saw revenue of 6.40 billion yuan, a year-on-year increase of 8.17%, and a net profit of 233 million yuan, up 70.2% year-on-year [1] - The company is expected to benefit from the increasing adoption of flexible direct current (DC) technology, with four new DC projects anticipated to be approved in 2024. The company is a core supplier of converter valves and is positioned to gain from the expected surge in demand for flexible DC technology [1] - The company is also expanding its presence in both domestic and international markets, with significant growth in orders from the State Grid and notable international projects in regions such as South America and Europe [1] Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 18%, a decrease of 1.04 percentage points year-on-year, and a net margin of 6.95%, an increase of 0.45 percentage points year-on-year. The operating expense ratio was stable at 10.86%, down 0.29 percentage points year-on-year [1] - Revenue from various segments showed stable growth, with the new energy and system integration segment growing by 42.03% year-on-year [1] Revenue Forecast - The company forecasts net profits of 1.21 billion yuan, 1.57 billion yuan, and 1.84 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 20%, 30%, and 17% [1] Market Position - The company is recognized as a leading supplier in the power equipment sector, with a significant increase in orders from the State Grid and a strong position in the international market, including projects in Chile and Italy [1]

·[table_research] 公司点评报告 ●电力设备及新能源行业 2024年 4月 10日 [table_main] 公司深度报告模板 净利润增速亮眼，新能源放量打造第 许继电气（000400.SZ） 二增长曲线 推荐 (维持评级) 核心观点：  事件：4月10日，公司发布年度报告，2023年实现收入170.61亿，同比+13.51%， 分析师 归母净利润10.05亿，同比+28.03%，扣非净利润8.69亿，同比+21.90%，EPS0.99元。 周然 23Q4单季实现营业收入63.97亿，同比+8.17%，环比+80.22%，归母净利润2.33亿， ：（8610）8092 7636 同比+70.20%，环比+4.28%，扣非净利润1.5亿，同比+68.63%，环比+21.70%。经营 ：zhouran@chinastock.com.cn 性现金流27.48亿，同比+58.72%。符合预期。 分析师登记编码：S0130514020001  新能源放量高增，充换电出海顺利。1）2023年新能源及系统集成营收3.94亿元，占 比23.10%，同比+42.03%，毛利率5.42%，同比+0.32p ...

许继电气股份有限公司 2023 年度 审计报告 | 蒙引 | 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 | 13-138 | 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 联系申话: +86 (010) 6554 2288 Donachena Di 9/F. Block A. Fu Hua Mans No.8. Chaovangmer 审计报告 XYZH/2024ZZAA5B0312 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")财务报表,包括 2023 年 12月 31 日的合并及母公司资产负债表,2023年度的合并及母公司利润表、合并及母 公 ...

许继电气股份有限公司 2023 年度独立董事述职报告 (翟新生-离任) 2023 年，本人在担任许继电气股份有限公司（以下简称 "公司"）独立董事期间，严格按照《公司法》《证券法》 《上市公司治理准则》《上市公司独立董事管理办法》等有 关法律、法规及《公司章程》《独立董事制度》的规定和要 求，认真履行独立董事的职责，谨慎、认真、勤勉地行使权 利，积极出席相关会议，认真审议各项议案并提出建设性建 议，维护了公司和股东尤其是中小股东的合法权益。现将本 人在 2023 年度的履职情况报告如下： 一、独立董事的基本情况 1.基本情况 翟新生先生，1952年8月生，注册会计师，学士学位。 曾任河南财经政法大学会计学院教授、硕士生导师，河南省 审计学会、河南省科技会计协会常务理事，河南教育审计协 会理事，河南省财政厅新会计准则执行咨询专家组专家、企 业内部控制咨询专家，国家统计局专家组成员，河南省委宣 传部、河南省科技厅、河南省审计厅、河南省财政厅专家库 成员，曾任上市公司豫能控股独立董事，神火股份独立董事。 目前已退休。翟新生先生于2023年5月9日起不再担任许继电 气股份有限公司独立董事。 2.独立性说明 1.出席会 ...