证券代码：000400 证券简称：许继电气 公告编号：2024-49 许继电气股份有限公司 九届二十二次董事会决议公告 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 许继电气股份有限公司（以下简称"公司"）九届二十二次董事会会议于2024 年11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2024年11月19日以现场会议结合视频方式召开，现场会议地点为公司本部 会议室，会议由公司董事长李俊涛先生主持；应参加表决的董事9人，实际参加 表决的董事9人（其中：委托出席的董事1人，以视频方式出席会议的董事3人）； 公司董事邹永军先生，独立董事董新洲先生、胡继晔先生视频出席本次会议；董 事史洪杰先生因公出差，委托董事张友鹏先生代为表决；公司监事及部分高级管 理人员列席本次会议。本次董事会的召开符合《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4票同意、0票反对、0票弃权审议通过公司《关于接受控股股东以 委托贷款方式拨付国有资本经营预算资金暨关联交易的议案》； 为促进公司相关项目 ...

证券代码：000400 证券简称：许继电气 公告编号：2024-50 许继电气股份有限公司 九届十三次监事会决议公告 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"）九届十三次监事会于 2024 年 11 月 15 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 2024 年 11 月 19 日以现场会议方式召开，现场会议地点为公司本部会议室， 会议由公司监事会主席李卫东先生主持；应参加表决的监事 3 人，实际参加表决 的监事 3 人，符合《公司法》《证券法》及《公司章程》的有关规定。 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《2024 年第三季度利润 分配及资本公积金转增股本预案》。 监事会认为：2024 年第三季度利润分配预案符合公司目前实际情况，符合 《公司法》和《公司章程》的相关规定，未损害公司股东利益，同意公司 2024 年第三季度利润分配预案并同意提交公司股东大会审议。 该议案尚需公司股东大会审议通过。 三、备查文件 许继电气 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Views - The company reported a rapid growth in non-recurring profit in Q3 2024, with expectations for significant revenue release from direct current (DC) business in Q4 [5][6]. - Despite a year-on-year decline in revenue for the first three quarters, the net profit attributable to the parent company increased by 10.41%, and the non-recurring net profit grew by 20.22% [5][6]. - The company anticipates a strong performance in Q4 due to the concentrated delivery of ultra-high voltage DC equipment, which is expected to contribute significantly to revenue growth [7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 9.586 billion yuan, a decrease of 11.5% year-on-year, while the net profit attributable to the parent company was 895 million yuan, an increase of 10.41% [5]. - In Q3 alone, the operating revenue was 2.75 billion yuan, down 24.2% year-on-year, but the net profit attributable to the parent company rose by 10.56% to 267 million yuan [5][6]. - The gross profit margin for the first three quarters was 21.94%, up 3.21 percentage points year-on-year, with Q3 gross margin reaching 24.52%, an increase of 5.81 percentage points [6]. Cost and Expenses - The company’s expense ratio for the first three quarters was 11.38%, an increase of 2.34 percentage points year-on-year, with Q3 expense ratio at 15.78%, up 5 percentage points [6]. - The increase in expenses was primarily due to a rise in sales, management, and R&D expenses, attributed to the overall decrease in operating revenue [6]. Inventory and Contract Liabilities - As of the end of Q3, the company's inventory reached 3.377 billion yuan, a year-on-year increase of 6.32% and a quarter-on-quarter increase of 20%, marking a historical high [6]. - Contract liabilities also increased to 1.887 billion yuan, up 27% quarter-on-quarter, indicating a potential improvement in Q4 deliveries [6]. Future Outlook - The company expects a significant revenue release from its DC transmission business in Q4, which is projected to accelerate overall performance growth [7]. - Forecasts suggest that the net profit attributable to the parent company will reach 1.29 billion yuan and 1.76 billion yuan in 2024 and 2025, respectively, corresponding to price-to-earnings ratios of 23.5 and 17 times [7].

证券代码：000400 证券简称：许继电气 公告编号：2024-48 许继电气股份有限公司 关于全资子公司增资扩股事项预挂牌的提示性公告 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。 重要内容提示： 1.许继电气股份有限公司（以下简称"公司"或"许继电气"）全资子公司 许继智慧能源（河南）有限公司（以下简称"许继智慧能源"）拟在产权交易所 预挂牌，通过增资扩股的方式引入战略投资者。 2.本次交易完成后，公司仍为许继智慧能源的控股股东，不会改变公司合并 报表范围，许继智慧能源仍属于公司合并报表范围内控股子公司。 3.本次预挂牌事项仅为信息预披露，不构成交易行为，目前增资价格尚未确 定，本次公开挂牌存在挂牌期间征集不到意向投资方的风险，后续实施存在不确 定性。公司将在相关事项确定后履行必要的审批程序及披露义务。 一、本次增资扩股项目概述 为有效集聚要素资源优势，推进许继智慧能源业务发展，公司拟通过公开挂 牌的方式对子公司许继智慧能源增资扩股，引进战略投资者；并计划于近日在产 权交易所进行预挂牌。本次预挂牌仅为信息预披露，目的在于广泛征寻标的股权 意向受让方，不构 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a revenue of 9.586 billion yuan for the first three quarters of 2024, a year-on-year decrease of 11.49%, while the net profit attributable to shareholders increased by 10.41% to 0.895 billion yuan [1]. - The company successfully won bids for significant projects, including a 1.166 billion yuan contract for converter valves, indicating strong market performance and growth potential [1]. - The company is expected to benefit from the growth in power grid investments, with projected revenues of 17.829 billion yuan, 21.316 billion yuan, and 25.426 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 4.5%, 19.6%, and 19.3% [2][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 21.94%, an increase of 3.22 percentage points year-on-year, and a net profit margin of 10.67%, up by 2.70 percentage points [1]. - The company’s operating income for 2024 is projected to be 17.829 billion yuan, with a net profit of 1.219 billion yuan, reflecting a growth rate of 21.3% [2][4]. - The company’s earnings per share (EPS) is expected to rise from 0.99 yuan in 2023 to 1.20 yuan in 2024, with a price-to-earnings (PE) ratio decreasing from 31 to 26 [2][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance in Q3 2024 met expectations, with a revenue of 9.586 billion yuan, a year-on-year decline of 11.49%, and a net profit attributable to shareholders of 895 million yuan, a year-on-year increase of 10.41% [3] - The decline in revenue is primarily attributed to the contraction of low-margin new energy integration business, which saw a revenue of 999 million yuan in H1 2024 [3] - The overall gross margin for Q3 2024 reached 24.52%, the highest quarterly value in recent years, due to the low-margin business contraction [3] - The company is expected to see concentrated deliveries in the DC transmission sector over the next year, with significant projects already underway [5] - The company has secured contracts worth 1.55 billion yuan in 2023 for ultra-high voltage projects, which will support future revenue growth [5] - The forecasted net profits for 2024-2026 are 1.19 billion, 1.61 billion, and 1.81 billion yuan respectively, with corresponding growth rates of 18.2%, 35.8%, and 12.3% [5] Financial Summary - As of November 1, 2024, the closing price of the stock is 31.01 yuan, with a market capitalization of 31.595 billion yuan [2] - The company reported a total asset-liability ratio of 47.18% and a net asset value per share of 11.13 yuan [2] - The projected revenue for 2024 is 16.692 billion yuan, with a year-on-year growth rate of -2.16% [6] - The projected net profit for 2024 is 1.188 billion yuan, with a year-on-year growth rate of 18.16% [6] - The company’s gross margin is expected to improve to 20.09% in 2024, with a net profit margin of 8.62% [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][20]. Core Insights - The company's business structure optimization has improved profitability, with a non-net profit growth of 20% year-on-year, despite a slight revenue decline of 11.49% [1][8]. - The company is expected to benefit significantly from the peak operation of ultra-high voltage direct current (UHVDC) projects from 2025 to 2027, as it is a leading manufacturer of converter valves [2][15]. - The urgent demand for digital upgrades in distribution networks positions the company as a leading player in the secondary distribution sector, with a strong market position in monitoring, protection, and dispatching [3][16]. Summary by Sections Financial Performance - In the first three quarters, the company achieved revenue of 9.586 billion yuan, a year-on-year decrease of 11.49%, while the net profit attributable to shareholders was 895 million yuan, an increase of 10.41% [1][8]. - The gross profit margin for the first three quarters was 21.94%, up 3.22 percentage points year-on-year, and the net profit margin was 10.67%, up 2.17 percentage points [1][8]. - In Q3, the company reported revenue of 2.75 billion yuan, a year-on-year decrease of 24.17%, but the net profit increased by 10.56% year-on-year to 267 million yuan [12][1]. Market Opportunities - The company is expected to see a significant increase in project openings and tenders for UHVDC projects from 2023 to 2025, with a peak in operations anticipated from 2025 to 2027 [2][15]. - The company won the bid for the Gansu-Zhejiang UHVDC flexible converter valve, which is expected to enhance its market value significantly [2][15]. Profit Forecast - The profit forecast for the company has been raised, with expected net profits of 1.252 billion yuan, 1.776 billion yuan, and 2.226 billion yuan for 2024, 2025, and 2026 respectively [4][16]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 25, 18, and 14 for the years 2024, 2025, and 2026 respectively [4][16].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's Q3 performance met market expectations, and there is anticipation for the release of performance elasticity from ultra-high voltage projects [1] - The company is expected to see significant earnings elasticity as it enters the main equipment electrical installation phase, with ongoing ultra-high voltage project construction expected to continue [1] Financial Summary - Revenue (in million yuan): - 2022A: 14,917 - 2023A: 17,061 - 2024E: 19,085 - 2025E: 22,110 - 2026E: 24,016 - Year-on-year growth rates: - 2022A: 24% - 2023A: 14% - 2024E: 12% - 2025E: 16% - 2026E: 9% [1] - Net profit attributable to the parent company (in million yuan): - 2022A: 759 - 2023A: 1,005 - 2024E: 1,216 - 2025E: 1,711 - 2026E: 2,026 - Year-on-year growth rates: - 2022A: 5% - 2023A: 32% - 2024E: 21% - 2025E: 41% - 2026E: 18% [1] - Earnings per share (in yuan): - 2022A: 0.75 - 2023A: 0.99 - 2024E: 1.19 - 2025E: 1.68 - 2026E: 1.99 [1] Investment Highlights - The company has shown continuous revenue growth and improving profitability, with a notable increase in gross margins across its business segments [1] - The company’s expense ratio has slightly increased, primarily due to scale control, but the rising sales expense ratio is expected to drive business expansion [1] - The report anticipates that the ultra-high voltage construction pace will accelerate, with approvals expected to speed up, enhancing the company's performance potential [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2024 performance aligns with market expectations, showing continuous improvement in profitability [1] - The company is expected to see significant revenue contributions from high-voltage orders in Q4, enhancing growth potential [2] - The company is focusing on its core business by gradually divesting its EPC operations, which has led to fluctuations in revenue but improved overall gross margins [3] - Increased sales expenses are noted due to the establishment of a secondary marketing system, while the company holds a substantial backlog of orders [4] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 9.59 billion yuan, a decrease of 11.5% year-on-year, and a net profit of 889 million yuan, an increase of 10.4% year-on-year [1] - The gross margin for Q3 2024 was 24.5%, up 5.8 percentage points year-on-year, indicating improved profitability [1] - The company forecasts a net profit of 1.29 billion yuan for 2024, reflecting a year-on-year growth of 28% [4] - The projected P/E ratios for 2024, 2025, and 2026 are 24x, 18x, and 15x respectively, with a target price of 42.2 yuan per share for 2025 [4] Order and Revenue Outlook - The company has secured approximately 1.3 billion yuan in orders for high-voltage projects, expected to be recognized in Q4 2024 and 2025 [2] - The internal business is anticipated to grow steadily, with a projected year-on-year increase of 5-10% in 2024 [3] - The external business, particularly in new energy, is expected to see a slight contraction, but other segments are projected to maintain growth [3]

二、对上市公司的影响 证券代码：000400 证券简称：许继电气 公告编号：2024-47 许继电气股份有限公司 关于产品预中标的自愿性提示公告 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。 近日，国家电网有限公司电子商务平台（https://ecp.sgcc.com.cn）发布 了"国家电网有限公司 2024 年第六十一批采购（特高压项目第五次设备招标采 购）推荐的中标候选人公示""国家电网有限公司 2024 年第七十二批采购（输 变电项目第五次变电设备（含电缆）招标采购）推荐的中标候选人公示"，许继 电气股份有限公司（以下简称"公司"）及相关子公司预计中标上述项目金额合 计约为 13.38 亿元。 一、项目的主要内容 根据国家电网有限公司 2024 年第六十一批采购（特高压项目第五次设备招 标采购）（招标编号：0711-24OTL11312047）推荐的中标候选人公示，公司预计 中标该项目换流阀（分标编号：SG2482-1024-12201 包 3）金额约 108,571.87 万元，测量装置（分标编号：SG2482-1004-12201 包 1、包 3 ...