证券研究报告：电力设备 | 公司点评报告 公司基本情况 最新收盘价（元） 9.99 总股本/流通股本（亿股）5.93 / 5.87 总市值/流通市值（亿元）59 / 59 52 周内最高/最低价 14.12 / 7.87 资产负债率(%) 63.9% 市盈率 14.92 第一大股东哈尔滨电气集团有限公 司 研究所 股票投资评级 2024 年 8 月 26 日 佳电股份(000922) 增持|维持 个股表现 -32% -26% -20% -14% -8% -2% 4% 10% 16% 22% 2023-08 2023-11 2024-01 2024-03 2024-06 2024-08 佳电股份 电力设备 资料来源：聚源，中邮证券研究所 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 核电业务同比高增，收购哈电动装后注入新增长活 力 ⚫ 投资要点 事件：佳电股份披露 2024 年半年报。 上半年业绩同比小幅下滑。24H1，公司实现营收 ...

证券代码：000922 证券简称：佳电股份 公告编号：2024-066 哈尔滨电气集团佳木斯电机股份有限公司 关于关联委托贷款展期的公告 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。 一、关联交易概述 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 2021 年 11 月 19 日召开第八届董事会第二十八次会议审议通过了《关于控股股东向公司 子公司提供委托贷款暨关联交易》的议案，公司子公司佳木斯电机股份有限公司 （以下简称"佳电公司")决定分批接受控股股东哈尔滨电气集团有限公司（以 下简称"哈电集团"）以委托贷款方式拨付的中央国有资本经营预算资金总计 1,410 万元，通过具备资质的关联方哈尔滨电气集团财务有限责任公司（以下简 称"哈电集团财务公司"）向佳电公司发放。2023 年 8 月 21 日，佳电公司与哈 电集团及哈电集团财务公司签订了第三期 710 万元委托贷款合同，具体内容详见 公司在巨潮资讯网上披露的《哈尔滨电气集团佳木斯电机股份有限公司关于控股 股东向公司子公司提供委托贷款的进展公告》（公告编号 2023-047）。 2024 年 6 ...

哈尔滨电气集团佳木斯电机股份有限公司 编号：2024-06 | --- | --- | --- | |--------------------|---------------------------------|-------------| | | √特定对象调研 □分析师会议 | | | 投资者关系活动类别 | □媒体采访 □新闻发布会 □路演活动 | □业绩说明会 | | | □现场参观 | | | | □其他（请文字说明其他活动内容） | | 活动参与人员 光大证券 殷中枢、鹏华基金 李锐 时间 2024 年 8 月 21 日 地点 公司会议室 形式 线下调研 交流内容及具体问答 记录 详见附件。 关于本次活动是否涉 及应披露重大信息的 说明 否 活动过程中所使用的 演示文稿、提供的文 档等附件（如有，可 作为附件） 无 投资者关系活动记录表 附件：佳电股份机构调研问答列表 一、公司介绍 哈尔滨电气集团佳木斯电机股份有限公司（000922 佳电股份），是中央管 理的国有重要骨干企业之一─哈尔滨电气集团有限公司的控股子公司，有着 80 余年电动机生产历史，是中国共产党的第一座电机厂，是我国特种电机的创始 ...

证券代码：000922 证券简称：佳电股份 公告编号：2024-065 哈尔滨电气集团佳木斯电机股份有限公司 关于召开 2024 年半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 2024 年 8 月 16 日在巨潮资讯网（www.cninfo.com.cn）披露了公司《2024 年半年度报告》， 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 2024 年 8 月 27 日(星期二)15:00-16:30 在全景网以网络远程方式举行 2024 年半 年度业绩说明会，具体情况如下： 一、业绩说明会相关安排 1.召开时间：2024 年 8 月 27 日（星期二）15:00-16:30 2.召开方式：网络远程方式 3.出席人员：公司党委书记、董事、总经理刘汉成先生；常务副总经理历锐 先生；独立董事董惠江先生；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 " （h ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][9]. Core Views - The company's revenue for the first half of 2024 decreased by 6.43% year-on-year to 2.481 billion yuan, while the net profit attributable to shareholders fell by 19.57% to 175 million yuan, primarily due to weak demand in the motor business and intensified competition leading to price pressures. However, the nuclear power business experienced rapid growth with a revenue increase of 132.53% year-on-year to 554 million yuan [1][2]. - The company plans to raise up to 1.112 billion yuan through a private placement to improve its financial situation and reduce its debt ratio. The acquisition of a 51% stake in Harbin Electric Equipment Group further strengthens its competitive position in the nuclear power sector [1][2][3]. - The company is expected to maintain high growth in its nuclear power business over the next three years, despite a downward adjustment in profit forecasts for 2024-2026 due to weak demand in the motor sector [1][2]. Financial Performance Summary - For the first half of 2024, the company's gross margin was 22.94%, and the net margin was 8.41%, with a slight year-on-year change of +0.20 and -1.08 percentage points, respectively [1]. - The company's contract liabilities increased by 8.12% year-on-year to 1.495 billion yuan, indicating a healthy backlog of orders [1]. - The revenue from the motor and service segment was 1.867 billion yuan, down 20.80% year-on-year, while the nuclear power segment's revenue was 554 million yuan, reflecting a significant growth trend [1][2]. Earnings Forecast and Financial Metrics - The projected net profits for 2024, 2025, and 2026 are 390 million yuan, 475 million yuan, and 624 million yuan, respectively, with corresponding P/E ratios of 19, 15, and 12 [2][7]. - The company's revenue is expected to recover in 2025 and 2026, with growth rates of 14.3% and 17.2%, respectively, following a decline in 2024 [2][7].

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company's revenue for the first half of 2024 was 2.481 billion yuan, a year-on-year decrease of 6.43%, with a net profit attributable to shareholders of 175 million yuan, down 19.57% year-on-year [3]. - The nuclear power business is experiencing stable high growth, with nuclear product revenue reaching 554 million yuan, a significant increase of 132.53% year-on-year [3]. - The company plans to invest 734 million yuan in 2024, with a focus on the main helium fan project for the fourth-generation nuclear reactor, which is expected to ramp up production [3]. - The company has announced a private placement plan to raise up to 1.112 billion yuan, aimed at repaying loans and optimizing its capital structure [3]. Financial Performance Summary - For the second quarter of 2024, the company achieved a revenue of 1.328 billion yuan, a year-on-year increase of 20.52%, but the net profit decreased by 18.91% to 82 million yuan [3]. - The gross profit margin for the first half of 2024 was 22.94%, slightly up by 0.2 percentage points year-on-year, while the net profit margin was 8.41%, down by 1.08 percentage points [3]. - The company forecasts revenues of 5.195 billion yuan, 5.764 billion yuan, and 6.771 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of -2.4%, 10.9%, and 17.5% [4][6]. Investment Projections - The projected net profit attributable to shareholders for 2024, 2025, and 2026 is 414 million yuan, 469 million yuan, and 545 million yuan respectively, with growth rates of 3.5%, 13.4%, and 16.3% [4][6]. - The price-to-earnings ratio (PE) is expected to be 18X for 2024, 16X for 2025, and 13X for 2026 [4][6].

本报告书共132页第1页 《会并资产负债表(续) 隼团佳术斯申机股份有限公司 编制单位:哈 金额单位:人民币元 附注 2024年6月30日 2023年12月31日 流动负债: 短期借款 六、21 1,302,584,273.02 1,126,836,023.68 交易性金融负债 衍生金融负债 应付票据 六、22 191.075.899.98 1,253,600,304.98 应付账款 六、23 1,959,247.668.25 1.542.607.614.69 预收款项 合同负债 六、24 1,495,377,899.60 1.383.079.984.46 应付职工薪酬 六、25 13,461,267,47 18.253.483.11 应交税费 六、26 19.145.218.28 35,675,405.71 其他应付款 六、27 88.681.589.27 144.762.525.94 其中:应付利息 应付股利 持有待售负债 一年内到期的非流动负债 六、28 3.859.269.75 3,859,269.75 其他流动负债 六、29 417,509,443.22 389.399.261.26 流动负债合计 ...

Financial Performance - Operating revenue for the reporting period was CNY 2,480,970,491.94, a decrease of 6.43% compared to CNY 2,651,420,095.79 in the previous year[10]. - Net profit attributable to shareholders was CNY 174,803,498.62, down 19.57% from CNY 217,323,360.38 in the previous year[10]. - Basic earnings per share decreased to CNY 0.2934, down 19.55% from CNY 0.3647 in the previous year[10]. - The company reported a total profit of CNY 239,378,744.97 for the first half of 2024, down from CNY 275,868,492.67 in the same period of 2023[123]. - Net profit for the first half of 2024 was CNY 208,754,432.52, a decline of 11.00% from CNY 234,353,020.23 in the first half of 2023[123]. - The company's operating cash flow for the first half of 2024 was -511,267,064.97 CNY, a decline from -235,568,996.81 CNY in the same period of 2023, indicating a worsening cash flow situation[126]. - The company's R&D investment increased by 58.09% to CNY 72.27 million, reflecting a focus on technology reserves and new product development[49]. - The gross profit margin for the manufacturing sector was 22.94%, showing a slight decrease of 0.82% year-on-year[51]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 9,267,523,937.78, a decrease of 3.85% from CNY 9,639,089,695.46 at the end of the previous year[10]. - Total liabilities decreased from CNY 6,157,653,404.59 to CNY 5,693,940,104.27, representing a reduction of approximately 7.5%[117]. - The company's total current assets decreased from CNY 7,548,528,051.15 at the beginning of the period to CNY 7,194,284,790.09 at the end of the period, representing a decline of approximately 4.7%[115]. - Cash and cash equivalents decreased from CNY 2,112,558,000.63 to CNY 1,861,073,181.57, a decrease of about 11.9%[115]. - Accounts receivable increased to 1,590,081,353.55 CNY, representing 17.16% of total assets, up by 2.32% year-on-year due to settled but not yet due amounts[54]. - Inventory rose to 1,691,486,697.47 CNY, accounting for 18.25% of total assets, reflecting a 2.22% increase due to longer production cycles in nuclear power[54]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares[1]. - The total number of shares is 595,858,553, representing 100% of the company's shares[104]. - The largest shareholder, Harbin Electric Group Co., Ltd., holds 154,945,700 shares, representing 26.00% of the total shares[107]. - The company has 21,065 shareholders at the end of the reporting period, with the largest shareholder holding 26.00% of the shares[107]. - A total of 2,286,000 restricted shares were released from the 2019 stock incentive plan during the reporting period[105]. Research and Development - The company has established a "dual headquarters" model for technology innovation, with research centers dedicated to explosion-proof motors and nuclear pump engineering[19]. - The company emphasizes technological innovation and has received multiple national and provincial-level awards for its research and development efforts[20]. - The company has successfully developed a K1 class motor for pressurized water reactor nuclear power plants, breaking foreign technology monopolies and filling domestic gaps[26]. - The company has a strong focus on R&D, with a dual headquarters model to boost innovation and product development[39]. Environmental and Social Responsibility - The company has established volunteer service teams, conducting six volunteer activities with a total service duration of 120 hours[85]. - The company reported a total discharge of 5.169 tons of boiler smoke dust, 2.36 tons of sulfur dioxide, and 0.98 tons of nitrogen oxides, all within the emission standards[81]. - The company utilizes biological treatment for wastewater and has implemented VOCs purification through catalytic oxidation combustion and activated carbon adsorption[83]. - In the first half of 2024, Jiadian Company recorded an environmental investment of 240,000 RMB and an actual investment of approximately 3 million RMB for VOC exhaust treatment facilities[84]. Market and Product Development - The company focuses on a diverse range of products including explosion-proof motors, lifting metallurgy motors, and high-efficiency energy-saving motors, catering to various industries such as coal, petrochemicals, and nuclear power[14]. - The company has established a comprehensive sales network across major cities in China, enhancing its market development capabilities[40]. - The company has successfully completed full flow tests for its nuclear main pump, receiving recognition from clients and design institutes[26]. - The company has developed a new series of explosion-proof three-phase asynchronous motors that have received UL and CSA certifications, enabling entry into the North American market[31]. Risk Management - The company has not faced any significant risks that would impact its operations, as detailed in the risk management section[1]. - The company faces risks from political and economic environments, impacting product demand, and plans to enhance market research and adjust marketing strategies accordingly[66]. - The company has diversified suppliers to mitigate supply chain risks[68]. - The company aims to enhance talent acquisition and management to address human resource risks[69]. Corporate Governance - The company has implemented a "Quality Return Double Improvement" action plan[70]. - The company has not reported any overdue or unrecovered amounts from entrusted financial management, with a total of 35,000 million yuan in bank financial products[100]. - The company has not engaged in any asset or equity acquisition or sale related transactions during the reporting period[93]. - The company has not reported any related debt or credit transactions during the reporting period[95].

证券代码：000922 证券简称：佳电股份 公告编号：2024-062 哈尔滨电气集团佳木斯电机股份有限公司 二、计提资产减值准备的依据及计提情况 1．坏账准备 根据《企业会计准则》及公司的会计政策，各类金融资产信用损失的确定方法。 1.1 应收票据 对于应收票据按照相当于整个存续期内的预期信用损失金额计量损失准备。基 于应收票据的信用风险特征，将其划分为不同组合： 关于 2024 年半年度计提资产减值准备的公告 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。 2024 年 8 月 15 日，哈尔滨电气集团佳木斯电机股份有限公司（以下简称"公 司"）召开了第九届董事会第三十一次会议、第九届监事会第二十七次会议，审议 通过了《关于 2024 年半年度计提资产减值准备的议案》，现将具体情况公告如下： 一、计提资产减值准备的情况概述 根据《企业会计准则第 8 号：资产减值》的相关规定，为更加真实、准确地反 映公司 2024 年 6 月 30 日的资产状况和财务状况，公司基于谨慎性原则，对全部资 产进行了全面清查。信用减值损失本期计提 2,518 万元，资产减值损失本 ...

证券代码：000922 证券简称：佳电股份 公告编号：2024-063 哈尔滨电气集团佳木斯电机股份有限公司 关于控股股东向公司子公司提供委托贷款 暨关联交易的公告 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 2024 年 8 月 15 日召开第九届董事会第三十一次会议，审议通过了《关于控股股东向公 司子公司提供委托贷款暨关联交易的议案》，关联董事刘清勇先生、刘汉成先生、 刘亨先生、王晓辉先生、刘志强先生、黄浩先生已回避表决，关联交易事项具体 情况如下： 一、关联交易概述 为拓展公司产品应用领域，深入实施创新驱动发展战略，加快新产业布局， 提高公司品牌竞争力，公司控股股东哈尔滨电气集团有限公司（以下简称"哈电 集团"）拟向公司控股子公司佳木斯电机股份有限公司（以下简称"佳电公司"） 承担的《超低噪声屏蔽泵研发》项目拨付国有资本经营预算资金资金 540 万元。 为完善科研试验能力及试验设施建设,哈电集团拟向公司控股子公司哈尔滨 电气动力装备有限公司（以下简称"动装公司"）承担的《一体化屏蔽主泵试验 中 ...