Core Viewpoint - The report indicates that while the electric motor business of the company faced some pressure, the nuclear power business showed significant growth, leading to an overall "buy" rating for the stock [1]. Group 1: Financial Performance - In 2024, the company achieved revenue of 4.899 billion yuan, a year-on-year decrease of 7.92%, and a net profit attributable to shareholders of 256 million yuan, down 35.78% year-on-year [1]. - For Q1 2025, the company reported revenue of 1.156 billion yuan, a slight increase of 0.25% year-on-year, but a net profit attributable to shareholders of 55 million yuan, down 40.75% year-on-year [1]. - The electric motor business generated revenue of 3.901 billion yuan in 2024, a decline of 13.77% year-on-year, with a gross margin of 17.94%, down 6.11 percentage points [1]. Group 2: Nuclear Power Business - The nuclear power business generated revenue of 869 million yuan in 2024, an increase of 26.67% year-on-year, with a gross margin of 37.90%, up 17.51 percentage points [2]. - The company's subsidiary, Harbin Electric Power Equipment Co., Ltd., reported revenue of 1.557 billion yuan, a year-on-year increase of 19%, and a net profit of 155 million yuan, up 76% year-on-year [2]. - The nuclear power industry is entering an accelerated development phase, with the approval of 11 nuclear power units in China in 2024, benefiting the company's growth [2]. Group 3: Profit Forecast and Valuation - The company is expected to achieve revenues of 5.039 billion yuan, 5.497 billion yuan, and 6.190 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth of 2.85%, 9.10%, and 12.61% [3]. - The forecasted net profits for the same years are 370 million yuan, 402 million yuan, and 501 million yuan, with year-on-year growth rates of 44.36%, 8.56%, and 24.70% [3]. - The corresponding price-to-earnings ratios are projected to be 19.98, 18.40, and 14.76 for 2025, 2026, and 2027, respectively, maintaining a "buy" rating [3].

证券研究报告：电力设备 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 10.64 | | --- | --- | | 总股本/流通股本（亿股）6.95 | / 5.87 | | 总市值/流通市值（亿元）74 | / 62 | | 52 周内最高/最低价 | 14.12 / 8.80 | | 资产负债率(%) | 63.1% | | 市盈率 | 24.74 | | 第一大股东 | 哈尔滨电气集团有限公 | | 司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 公司电机主业 2024 年受行业影响略有承压。2024 年，公司电机 业务收入39.01亿元，同比-13.77%，毛利率17.94%，同比-6.11pcts， 2024 年中小型电机行业企业面临需求与订单不足，材料价格波动且 高位运行、产品销售价格不涨与下降等困难，行业企业竞争加剧。 核电业务 2024 ...

Group 1: Nuclear Power Business Development - The company plans to enhance its control over the subsidiary, Hadong Equipment, and is focusing on developing technologies for fourth-generation nuclear pumps [4] - As of the end of 2024, the company has signed contracts worth CNY 5.147 billion related to nuclear power, with expected revenue recognition of CNY 1.333 billion in 2025, CNY 1.673 billion in 2026, and CNY 2.141 billion in 2027 [5] Group 2: Financial Performance and Challenges - The company's first-quarter performance in 2025 saw a significant decline, attributed to market conditions affecting the electric motor sector, with rising raw material costs impacting profit margins [7] - The traditional electric motor sector has been experiencing a downward trend, with a reported 40% decrease in profit compared to the same period last year [8] - The company aims to improve its performance through product innovation and quality enhancement, focusing on market demand [9] Group 3: Market Position and Strategy - The company ranks second in the economic efficiency index among small and medium-sized motor manufacturers in China [10] - The company emphasizes a customer-centric approach and aims to create value through technological innovation and market development [12] - The company has implemented a shareholder return plan for 2024-2026 and has established a market value management system [19] Group 4: Research and Development - National funding is allocated for research and development projects, focusing on digital production and new technology advancements [16] - The company has not yet developed products for humanoid robots or nuclear fusion applications, but it does have self-lubricating bearing products [22]

市值管理制度 （经第九届董事会第三十八次会议审议通过） 第一章 总则 第一条 为加强上市公司市值管理工作，进一步规范哈尔滨电气 集团佳木斯电机股份有限公司（以下简称"公司"）的市值管理行为， 维护公司、投资者及其他利益相关者的合法权益，积极响应《国务院 关于进一步促进资本市场健康发展的若干意见》中关于鼓励上市公司 建立市值管理制度的号召，根据《中华人民共和国公司法》《中华人 民共和国证券法》《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》《上 市公司监管指引第 10 号——市值管理》《哈尔滨电气集团佳木斯电 机股份有限公司章程》及其他有关法律法规，制订本制度。 第二条 本制度所指市值管理，是指公司以提高公司质量为基础， 为提升公司投资价值和股东回报能力而实施的战略管理行为。 第三条 市值管理是公司的战略管理的重要内容，只要公司持续 经营，就应持续保障市值管理工作的开展，市值管理是董事会的核心 工作内容之一。 第二章 市值管理的目的与基本原则 第四条 市值管理主要目的是通过推动经营水平和发展质量提升， 提高信息披露的质量和透明度，推动公司投资价值合理反映上 ...

哈尔滨电气集团佳木斯电机股份有限公司 ESG 管理制度 (经公司第九届董事会第三十八次会议审议通过) 第一章 总则 第一条 为进一步加强哈尔滨电气集团佳木斯电机股份有限公 司（以下简称"公司"）社会责任管理，推动经济社会和环境的可持 续发展，积极履行 ESG（环境、社会和公司治理）职责，根据《中华 人民共和国公司法》《上市公司治理准则》《企业内部控制基本规范》 《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》《企业内部控制应用指引第 4 号——社会责任》等有关法 律法规、规范性文件及公司章程的相关规定，结合公司实际情况，制 定本制度。 第二条 本制度所称的 ESG 职责，是指公司在经营发展过程中应 当履行的环境、社会和公司治理方面的责任和义务，主要包括对自然 环境和资源的保护、社会责任的承担以及公司治理的健全和透明。 第三条 本制度所称利益相关方，是指其利益可能受到公司决策 或经营活动影响的组织或个人，包括股东（投资者）、债权人、职工、 合作伙伴、客户、供应商、社区组织和相关政府部门等。 第四条 本制度适用于公司及纳入公司合并报表范围内的全资、 控股子公司（以下简称"子公司"）。 第 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0900 | 0.1600 | -43.75 | 0.1849 | | 每股净资产（元） | 6.48 | 5.52 | 17.39 | 5.2 | | 每股公积金(元) | 3.29 | 2.16 | 52.31 | 1.92 | | 每股未分配利润(元) | 1.84 | 2.01 | -8.46 | 1.96 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 11.56 | 11.53 | 0.26 | 12.08 | | 净利润(亿元) | 0.55 | 0.93 | -40.86 | 1.1 | | 净资产收益率(%) | 1.48 | 2.87 | -48.43 | 2.75 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 29320.06万股，累计占流通股比： 49.9 ...

一、董事会会议审议情况 1、审议通过关于《2025 年第一季度报告》的议案 公司《2025 年第一季度报告》内容全面客观地反映了公司 2025 年第一季度 的生产经营情况，财务数据真实准确。具体内容详见同日在巨潮资讯网 （www.cninfo.com.cn）上披露的《2025 年第一季度报告》（公告编号：2025-039）。 证券代码：000922 证券简称：佳电股份 公告编号：2025-040 哈尔滨电气集团佳木斯电机股份有限公司 第九届董事会第三十八次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 哈尔滨电气集团佳木斯电机股份有限公司（以下简称"公司"） 第九届董 事会第三十八次会议于 2025 年 4 月 14 日以微信、电子邮件的形式发出会议通知， 于 2025 年 4 月 23 日以现场、视频与通讯表决相结合的方式召开。会议应出席董 事 9 名（其中独立董事 3 名），实际出席董事 9 名（其中刘汉成、周洪发以通讯 方式出席），实际表决董事 9 名。会议由董事长刘清勇先生主持，会议的召集、 召开和表决程序符合《公司法》及《公司章程》的规定 ...

Revenue and Profitability - The company's revenue for Q1 2025 was ¥1,155,812,971.51, a slight increase of 0.25% compared to ¥1,152,883,301.91 in the same period last year[5] - Net profit attributable to shareholders decreased by 40.75% to ¥55,089,051.59 from ¥92,984,843.82 year-on-year[5] - Basic and diluted earnings per share fell by 43.75% to ¥0.09 from ¥0.16 in the same period last year[5] - Net profit for the current period was ¥82,459,392.71, down from ¥117,232,004.24, representing a decline of approximately 29.7%[16] - The total comprehensive income attributable to shareholders was CNY 55,089,051.59, down from CNY 92,984,843.82, indicating a decrease of about 40.5%[17] Cash Flow and Financial Position - The net cash flow from operating activities was negative at -¥699,724,839.71, a decline of 145.30% compared to -¥285,258,043.86 in the previous year[5] - Operating cash flow generated a net outflow of CNY -699,724,839.71, worsening from CNY -285,258,043.86 in the previous period[19] - Total cash inflow from operating activities was CNY 950,563,627.49, compared to CNY 863,007,885.57 in the prior period, indicating a growth of approximately 10.1%[19] - Cash outflow for purchasing goods and services increased significantly to CNY 1,400,261,318.18 from CNY 870,845,764.58, marking a rise of about 60.5%[19] - The ending balance of cash and cash equivalents decreased to CNY 2,086,773,527.14 from CNY 1,787,195,718.66, reflecting a decline of approximately 11.2%[19] Assets and Liabilities - Total assets decreased by 3.05% to ¥9,737,335,471.27 from ¥10,043,362,713.92 at the end of the previous year[5] - Current liabilities decreased significantly from ¥6,155,678,489.89 to ¥4,665,190,908.87, a drop of approximately 24.2%[14] - Cash and cash equivalents at the end of the period were ¥2,086,773,527.14, down from ¥2,368,426,257.58, a decrease of about 11.9%[12] - Accounts receivable increased to ¥1,615,621,795.54 from ¥1,444,947,149.59, showing a growth of approximately 11.8%[13] - Inventory rose to ¥1,738,283,500.90 from ¥1,630,276,247.61, an increase of about 6.6%[13] Shareholder Equity and Capital - The equity attributable to shareholders increased by 34.99% to ¥4,503,575,273.67 from ¥3,336,198,312.09 at the end of the previous year[5] - The company's equity attributable to shareholders increased to ¥4,503,575,273.67 from ¥3,336,198,312.09, a growth of approximately 35%[14] - The company reported a significant increase in capital reserve from ¥1,279,947,047.09 to ¥2,287,949,523.20, reflecting a growth of about 78.7%[14] Financing and Investment Activities - The company received government subsidies amounting to ¥18,696,017.40 during the reporting period[6] - The company redeemed bank wealth management products, resulting in a 100% decrease in trading financial assets[7] - Short-term borrowings were reduced by 76.69% to ¥346,388,655.84 from ¥1,486,004,143.47 due to repayment using self-owned funds[7] - The company raised CNY 1,111,526,062.92 from financing activities, a substantial increase compared to CNY 110,500,000.00 in the prior period[19] - Investment activities generated a net cash inflow of CNY 325,234,647.94, a turnaround from a net outflow of CNY -11,755,829.95 in the previous period[19] Market Focus and Challenges - The company plans to continue focusing on the electric motor market, which has seen a decline in price levels and rising material costs, impacting gross margins[7] - Total operating costs increased to ¥1,094,332,863.21 from ¥1,054,366,689.85, reflecting a rise of about 3.6%[16]

证券代码：000922 证券简称：佳电股份 公告编号：2025-038 哈尔滨电气集团佳木斯电机股份有限公司 关于召开 2024 年年度网上业绩说明会的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 哈尔滨电气集团佳木斯电机股份有限公司（以下简称"公司"）于 2025 年 3 月 31 日在巨潮资讯网（www.cninfo.com.cn）披露了公司《2024 年年度报告》， 为使投资者进一步了解公司的财务状况、经营情况及公司发展规划，公司将于 2025 年 4 月 25 日(星期五)15:00-16:30 在全景网以网络远程方式举行 2024 年年 度网上业绩说明会，具体情况如下： 一、业绩说明会相关安排 1 哈尔滨电气集团佳木斯电机股份有限公司 董事会 2025 年 4 月 15 日 2.召开方式：网络远程方式 3.出席人员：公司董事长刘清勇先生；常务副总经理历锐先生；独立董事周 洪发先生；总会计师韩思蒂女士；董事会秘书王红霞女士 4. 参 与 方 式 ： 投 资 者 可 登 陆 全 景 网 " 投 资 者 关 系 互 动 平 台 " （http://i ...

证券代码：000922 证券简称：佳电股份 公告编号：2025-037 哈尔滨电气集团佳木斯电机股份有限公司 关于更换持续督导保荐代表人的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 哈尔滨电气集团佳木斯电机股份有限公司 董事会 2025 年 4 月 2 日 1 附件：保荐代表人简历 康媛，女，保荐代表人，具有 17 年投资银行业务经验。先后主持或参与中 国人保改制、建设银行配股、新钢股份可转债发行、海王生物非公开发行、中新 药业非公开发行、西藏城投公司债、财富趋势科创板 IPO、中汽股份创业板 IPO、 天邦食品非公开发行、信安世纪发行股份购买资产等项目，具有丰富的投资银行 业务经验。 哈尔滨电气集团佳木斯电机股份有限公司（以下简称"公司"）于近日收到 保荐机构中国银河证券股份有限公司（以下简称"银河证券"）出具的《中国银 河证券股份有限公司关于更换哈尔滨电气集团佳木斯电机股份有限公司向特定 对象发行股票项目保荐代表人的报告》，原担任公司向特定对象发行股票项目的 保荐代表人张鹏、曾恺先生因个人工作变动，不能继续担任本项目持续督导期的 保荐代表人。根据相 ...