Investment Rating - The report assigns a "Buy" rating to XJ Electric (000400 SZ) [8] Core Views - XJ Electric's DC transmission business is expected to grow rapidly due to the dual drivers of increased UHV DC volume and flexible DC value upgrades in China [2] - The company's domestic power distribution and transformation business is developing positively, with stable market share and steady growth [2] - Smart meters are expected to see a surge in demand both domestically and internationally, while the power supply and charging-swapping businesses also show good demand [2] - XJ Electric is actively expanding into emerging fields such as heavy-duty truck battery swapping and hydrogen production power supplies [2] Company Overview - XJ Electric, a veteran in the electrical equipment manufacturing industry, has entered a new development phase after joining China Electrical Equipment Group in 2022 [5] - The company operates 31 subsidiaries and branches, with six major business segments: smart power distribution and transformation systems, DC transmission systems, smart medium-voltage power supply and distribution equipment, smart meters, EV charging and swapping systems, and EMS processing services [5] - Historically, the company has shown healthy growth in revenue, gross margin, expense ratio, R&D investment, and profit performance [5] DC Transmission Business - DC transmission is a key driver for XJ Electric's future performance, with China planning 9 UHV DC projects during the 14th Five-Year Plan, 4 of which have already started [6] - The adoption of flexible DC technology in projects like Gansu-Zhejiang and Inner Mongolia-Beijing-Tianjin-Hebei is expected to significantly increase the value of converter valve systems, with XJ Electric holding a top-three market position [6] - The company's DC transmission business is expected to drive significant revenue growth, with the flexible DC converter valve market being highly competitive and concentrated [6] Power Distribution and Transformation Business - XJ Electric's power distribution and transformation business is expected to grow steadily as China transitions to a new power system [7] - The company has maintained a stable market share in the domestic power distribution and transformation market, with significant growth in State Grid's equipment tenders in 2022-2023 [7] - Overseas demand for transformers, high-voltage switchgear, and meters is also growing, driven by energy transition and infrastructure upgrades [7] Smart Meter Business - XJ Electric's smart meter business is poised for growth, with both domestic and international demand expected to increase [7] - The company has been expanding its presence in overseas markets, particularly in Southeast Asia and Africa, with recent breakthroughs in Brazil and Italy [79] - The domestic market is entering a new replacement cycle, with State Grid's first batch of meter tenders in 2024 showing an 85% year-on-year increase [75] Financial Projections - The report forecasts XJ Electric's net profit attributable to shareholders to be approximately 900 million yuan in 2023 and 1.15 billion yuan in 2024, with corresponding valuations of 28x and 22x, respectively [8]

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 ( 首ges次tion ）Ch 0000 特09 起＃ ，title＃ 高 压 柔直东风 网 内外 业务齐头进 ange＃ ＃ createTime1＃ 2024年 2月 29日 投资要点 公 ＃市场ma数rk据et Data＃ ＃summary＃ ⚫ 公司继电器设备起家，电装集团赋能公司进一步成长。许继电气股份有限公 司 日期 2024-2-27 司成立于 1993 年，其前身许昌继电器厂自行研制出了我国第一代保护继电 跟 收盘价（元） 22.43 器。2010年，国家电网全资子公司中国电科院通过对许继集团增资扩股，成 踪 总股本（百万股） 1019 为许继电气的实控人。2021年许继集团、西电集团、平高集团等战略性重组 报 流通股本（百万股） 1008 成立中国电气装备集团有限公司，实现国内电力设备巨头的资源整合，为公 净资产（百万元） 10740 司未来发展夯实基础。 告 总资产（百万元） ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company is expected to benefit from increased investment in the power grid during the "14th Five-Year Plan" period, with projected revenues of 171.41 billion, 196.21 billion, and 226.18 billion yuan for 2023-2025, representing growth rates of 14.9%, 14.5%, and 15.3% respectively [2]. - The company's net profit attributable to shareholders is forecasted to be 9.01 billion, 11.31 billion, and 15.30 billion yuan for the same period, with growth rates of 18.6%, 25.5%, and 35.3% respectively [2]. Company Overview - The company, established in 1970, focuses on power transmission and distribution equipment, with a diverse product range including smart substations, smart medium-voltage power supply equipment, smart meters, electric vehicle charging systems, and DC transmission systems [2][19]. - The company has shown steady performance, with a revenue CAGR of 16% and a net profit CAGR of 40% from 2018 to 2022 [2][35]. DC Transmission - The company is a core supplier of UHV (Ultra High Voltage) converter valves and DC control protection systems, benefiting from accelerated construction of UHV projects [2][40]. - The "14th Five-Year Plan" outlines significant investment in UHV construction, with expectations for continued high demand [2][40]. Grid Investment - The company is poised to benefit from increased grid investment, with the State Grid expected to accelerate construction of UHV and EHV (Extra High Voltage) networks, with total investment exceeding 500 billion yuan [2][40]. - The company's smart distribution systems and smart medium-voltage power supply products are expected to see growth due to structural shifts in grid investment [2][40]. New Energy Initiatives - The company is expanding into new energy sectors, particularly in electric vehicle charging and energy storage, with significant production capabilities in EV charging systems and energy management systems [2][40]. - The company is well-positioned to capture growth in the energy storage market, with ongoing projects expected to drive rapid growth [2][40]. Financial Analysis - The company reported a revenue of 106.64 billion yuan in the first three quarters of 2023, a year-on-year increase of 16.98%, and a net profit of 7.72 billion yuan, up 19.11% [2][35]. - The implementation of cost control measures has improved the company's net profit margin from 3.33% in 2018 to 8.5% in the first three quarters of 2023 [2][37].

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company is expected to benefit from increased investment in the power grid during the "14th Five-Year Plan" period, with projected revenues of 171.41 billion, 196.21 billion, and 226.18 billion yuan for 2023-2025, representing growth rates of 14.9%, 14.5%, and 15.3% respectively [2][3]. - The company's net profit attributable to shareholders is forecasted to be 9.01 billion, 11.31 billion, and 15.30 billion yuan for the same period, with growth rates of 18.6%, 25.5%, and 35.3% respectively [2][3]. Company Overview - The company, established in 1970, focuses on power transmission and distribution equipment, with a diverse product portfolio including smart distribution systems, smart medium-voltage power supply equipment, smart meters, electric vehicle charging systems, and DC transmission systems [2][19]. - The company has shown steady performance, with a revenue CAGR of 16% and a net profit CAGR of 40% from 2018 to 2022 [2][35]. DC Transmission - The company is a core supplier of UHV converter valves and DC control protection systems, benefiting from accelerated UHV construction [2][40]. - The "14th Five-Year Plan" outlines significant investment in UHV projects, with expectations for continued high demand in the "15th Five-Year Plan" [2][40]. Grid Investment - The company is poised to benefit from increased investment in the power grid, with the State Grid expected to invest over 500 billion yuan in 2024 [2][40]. - The company's smart distribution systems and medium-voltage power supply equipment are expected to see growth due to structural shifts in grid investment [2][40]. New Energy Initiatives - The company is expanding into new energy sectors, particularly in electric vehicle charging and energy storage, with significant production capabilities in charging stations and energy management systems [2][40]. - The energy storage business is anticipated to grow rapidly as orders increase, supported by the company's strong market position [2][40]. Financial Analysis - The company achieved a revenue of 106.64 billion yuan in the first three quarters of 2023, a year-on-year increase of 16.98%, and a net profit of 7.72 billion yuan, up 19.11% [2][35]. - The implementation of a cost control system has improved the company's net profit margin from 3.33% in 2018 to 8.5% in the first three quarters of 2023 [2][37].

证券代码：000400 证券简称：许继电气 公告编号：2023-72 许继电气股份有限公司 除上述变更外，公司联系地址、电话、传真等其他联系方式均保持不变。敬请广 大投资者留意。 特此公告。 许继电气股份有限公司董事会 2023 年 12 月 29 日 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"）根据实际工作需要，公司电子邮箱 于本公告披露之日起发生变更，具体情况如下： 公司原电子邮箱地址为：xjdqzqb@163.com 变更后电子邮箱地址为：xjec@xj.cee-group.cn 关于变更电子邮箱的公告 ...

许继电气股份有限公司 关于收购哈尔滨电工仪表研究所有限公司100%股权的进展 暨工商变更登记完成的公告 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。 一、交易概述 证券代码：000400 证券简称：许继电气 公告编号：2023-71 公司类型：有限责任公司(非自然人投资或控股的法人独资) 法定代表人：赵斌 注册资本：10,000万元 成立日期：2000年06月12日 为进一步提升许继电气股份有限公司（以下简称"公司"）智能用电领域行 业影响、国内国际标准制定、市场开拓等核心竞争力，充分发挥协同优势，增进 大客户黏性，支撑公司国内及海外市场拓展，提升公司业务规模和盈利水平，公 司于2023年12月6日召开九届十次董事会，审议通过公司《关于以自有资金收购 哈尔滨电工仪表研究所有限公司100%股权暨关联交易的议案》：公司拟以自有资 金收购许继集团有限公司持有的的哈尔滨电工仪表研究所有限公司（以下简称 "哈表所"）100%股权（以下简称"本次交易"），交易价格为44,049.46万元。 2023年12月22日，公司召开2023年第三次临时股东大会审议通过本次交易。具 ...

许继电气股份有限公司董事会议事规则 （2023年12月22日经公司2023年第三次临时股东大会审议修改） 第一章 总则 第一条 为完善公司法人治理结构，规范董事会运作，提高董事会的 工作效率，保证董事会的科学决策，根据《中华人民共和国公司法》、 其他有关法律、法规、规范性文件，以及《许继电气股份有限公司章程》 （以下简称"《公司章程》"）的规定，特制定《许继电气股份有限公 司董事会议事规则》（以下简称"本规则"）。 第二条 本规则适用于公司定期董事会和临时董事会。 第三条 出席董事会的人员应当遵守有关法律、法规、规范性文件、 《公司章程》以及本规则的规定，自觉维护会场秩序。 第二章 董事会的职权 第四条 董事会对股东大会负责，行使下列职权： （一）负责召集股东大会并向股东大会报告工作； （二）执行股东大会的决议； （十三）制订公司章程的修改方案； （三）决定公司的经营计划和投资方案； （四）制订公司的年度财务预算方案、决算方案； （五）制订公司的利润分配方案和弥补亏损方案； （六）制订公司增加或者减少注册资本、发行债券或其他证券及上 市方案； （七）拟订公司重大收购、收购本公司股票或者合并、分立、解散 及变更 ...

证券代码：000400 证券简称：许继电气 公告编号：2023-70 许继电气股份有限公司（以下简称"公司"）九届十一次董事会会议于2023 年12月15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2023年12月22日以现场会议结合视频方式召开。应参加表决的董事9人， 实际参加表决的董事9人，董事长孙继强因公出差，委托董事史洪杰代为表决。 公司部分监事及高级管理人员列席了本次会议，符合《公司法》《证券法》及《公 司章程》的有关规定。 二、董事会会议审议情况 1.会议以 9 票同意、0 票反对、0 票弃权审议通过公司《关于调整董事会审 计委员会成员的议案》； 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，公司第九届董事审计委员会人员调整组成如下： 审计委员会由董事史洪杰先生、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。 许继电气股份有限公司 九届十一次董事会决议公告 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。 一、董事会会议召开情况 特此公告。 ...

许继电气股份有限公司对外担保管理制度 （2023 年 12 月 22 日经公司 2023 年第三次临时股东大会审议修改） 第一章 总则 第一条 为规范许继电气股份有限公司（以下简称"公司"或"本 公司"）为他人提供担保的行为，控制公司资产运营风险，促进公司 健康稳定地发展，保护投资者的合法权益和公司财产安全，依据《中 华人民共和国公司法》《中华人民共和国民法典》《中华人民共和国 证券法》、中国证券监督管理委员会《上市公司监管指引第8号—— 上市公司资金往来、对外担保的监管要求》及《深圳证券交易所股票 上市规则》《深圳证券交易所上市公司自律监管指引第1号——主板 上市公司规范运作》等相关法律、法规、规范性文件及《公司章程》 的规定，结合公司实际，制定本制度。 第二条 本制度所称对外担保是指公司及其控股子公司为他人提 供的保证、抵押、质押以及其他形式的担保。公司为控股子公司提供 的担保视为对外担保，适用本制度规定。 第三条 公司对外担保实行统一管理，未经公司董事会或股东大 会批准，任何人无权以公司名义签署对外担保的合同、协议或其他类 似的文件。 第四条 公司对外担保应当遵循平等、自愿、公平、诚信、互利 的原则。任 ...

（2023年12月22日经公司2023年第三次临时股东大会审议通过） 第一章 总则 第一条 为规范许继电气股份有限公司（以下简称"许继电 气"）对外捐赠行为，加强对外捐赠事项管理，更好地履行社会 责任，有效提升企业形象，维护出资人利益，根据《中华人民 共和国公益事业捐赠法》《中华人民共和国慈善法》、公司章 程等有关规定，结合许继电气实际，制定本办法。 第二条 本办法所称的对外捐赠是指企业自愿无偿将其有权 处分的合法财产（包括现金资产和实物资产等）按规定或要求 赠送给合法的受赠人的公益事业行为。 第三条 本办法适用于许继电气本部及所属各单位。 第二章 管理机构职责 第四条 许继电气办公室（党委办公室、董事会办公室）是 许继电气对外捐赠归口管理部门，主要职责： 许继电气股份有限公司对外捐赠管理办法 （一）负责对外捐赠统筹管理，指导所属各部门、各单位 捐赠管理工作； （二）负责制修订对外捐赠管理制度并组织贯彻执行； （三）负责审核汇总所属各部门、各单位上报的年度对外 捐赠计划，编制许继电气年度对外捐赠计划； （四）负责编制对外捐赠预算专项报告； （五）负责许继电气对外捐赠的备案、统计。 第五条 许继电气定点帮扶工作 ...