2019 年限制性股票激励计划首次授予 第四个解除限售期解除限售条件未成就 及调整回购价格并回购注销部分限制性股票 之 证券代码：000922 证券简称：佳电股份 地点：深圳证券交易所 中信证券股份有限公司 关于 哈尔滨电气集团佳木斯电机股份有限公司 独立财务顾问报告 独立财务顾问 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二四年五月 1 | 目录 | | --- | | 一、释义 3 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、本次限制性股票激励计划已履行程序 6 | | 五、激励计划设定的解锁期解锁条件未成就情况及回购注销的原 | | 因、数量 9 | | 六、本次回购注销限制性股票的价格、资金来源 10 | | 七、回购注销后公司股权结构变动情况 11 | | 八、独立财务顾问核查意见 12 | 一、释义 除非另有说明，本报告中下列简称具有如下特定含义： 3 二、声明 除非另有说明，本独立财务顾问对本报告特作如下声明： （一）本报告所依据的文件、材料由佳电股份提供，本计划所涉及的各方已 向本独立财务顾问保证：所提供的出具本报告所依据的所有文件和材 ...

Financial Data and Key Metrics Changes - The company expects net profit from Ha Dong Zhuang to reach 200 million this year, with a significant increase from 50 million in the first quarter compared to 22 million in the same period last year, indicating a doubling of performance [2][4]. - The projected performance for 2025 is expected to reach 700 million, with potential increases in net profit if the shareholding ratio in Ha Dong Zhuang is raised [3][15]. - The company anticipates achieving over 500 million in combined revenue this year, up from nearly 400 million last year [10][11]. Business Line Data and Key Metrics Changes - The main helium fan production facility is expected to generate 360 million in revenue and 60 million in net profit next year [10]. - The company has secured a large order volume for electric pumps, with a full delivery schedule until 2028, and has 18 high-temperature gas-cooled reactor orders [9]. - The market share for the main welding fan is projected to reach 76%, with a bid amount of 644 million [9]. Market Data and Key Metrics Changes - The nuclear power industry is experiencing a significant increase in domestic production, with a planned capacity of 400 million kilowatts by 2060, up from the current 50 million kilowatts, indicating an eightfold growth [7]. - The combined capacity for wind and solar power is currently 1 billion kilowatts, with a projected increase to 5 billion kilowatts by 2060, indicating a fivefold growth [7]. - The company is also expanding its presence in overseas markets, such as the construction of the Hualong One project in Pakistan, showcasing the advantages of Chinese manufacturing [7]. Company Strategy and Development Direction - The company is focusing on both organic and external growth strategies, with an emphasis on capital operations [1]. - There is potential for more quality assets to be merged and listed under Jiadian Co., which serves as the A-share listing platform for the electric group [1]. Management Comments on Operating Environment and Future Outlook - The management highlighted the increasing prosperity of the nuclear power industry, with excess approvals from the past two years contributing to this year's performance [11]. - The company expects continued high growth in performance for 2026 and beyond, driven by the nuclear power sector's expansion [6]. Other Important Information - The company has invested 273 million in establishing an industrial investment project, which is expected to produce six main welding fans and 570 motors annually [9]. - The core product of the company is explosion-proof motors, primarily used in flammable and explosive environments [13]. Q&A Session Summary Question: What are the expectations for the nuclear power industry? - The nuclear power industry is expected to see significant growth, with a planned increase in installed capacity to 400 million kilowatts by 2060, reflecting a strong upward trend in demand [7]. Question: How does the company plan to achieve its revenue targets? - The company plans to achieve its revenue targets through the successful delivery of main helium fans and electric pumps, alongside strategic investments in production capacity [10][9]. Question: What is the outlook for the company's international projects? - The company is optimistic about its international projects, particularly in Pakistan, which demonstrate the competitive advantages of Chinese manufacturing in the global market [7].

哈尔滨电气集团佳木斯电机股份有限公司 投资者关系活动记录表 编号：2024-02 投资者关系活动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 活动参与人员 沈依伊、淳厚基金 谭啸风 陈文 廖辰轩、中银国际 陶波、 方正证券 赵璐、信泰保险 邓博、国投证券 王倜、中欧 基金 王蒙达、建信基金 何珅华、银华基金 张伯伦、瀛 赐基金 李洋、招商基金 王可晗、上海瑞壹资本有限公司 楼杰、富国基金 汤启、华商基金 李卓健、国盛证券 杨 润思、国信证券 吴双、财通研究院 何兵、中金公司 曾 韬 王颖东 曲昊源、华安基金 陈泉宏 熊哲颖、宏道投资 田博、摩根基金 许凡、南方天辰 姜浩、汇添富基金 林 渌、中信证券 安家正 周家禾、新财富媒体 田立红 李卫 中 王博伟、中邮证券 贾佳宁、惠升基金 彭柏文。 时间 2024 年 5 月 15 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 ...

哈尔滨电气集团佳木斯电机股份有限公司 投资者关系活动记录表 编号：2024-01 投资者关系活动类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 活动参与人员 单位：哈尔滨电气集团佳木斯电机股份有限公司 人员：参与佳电股份 2023 年度业绩网上说明会的人员 时间 2024 年 5 月 10 日 15:00-16:30 地点 网络："全景•路演天下"（http://rs.p5w.net) 形式 线上 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） 佳电股份 2023 年度业绩网上说明会问答列表 1 附件：佳电股份 2023 年度业绩网上说明会问答列表 1.1、主氦风机产业项目今年能否正常投产？按照设计生产能力，能否实现满 负荷生产？如何确保满负荷生产？ 2、公司是否拥有全电驱动技术储备，如果 有，技术水平处于什么位置？主要用于什么场景？3、请解释研发费用快速增 加的原因，增加的研发费用主要用于什么技术领域?4.请说明去 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 16.20 CNY over the next six months [5][6]. Core Insights - The nuclear power sector is experiencing an upward trend, leading to rapid growth in the company's nuclear power business. The company reported a revenue of 5.32 billion CNY in 2023, a year-on-year increase of 16.69%, with a net profit of 399 million CNY, up 4.75% year-on-year [2][5]. - The acquisition of a 51% stake in Harbin Electric's subsidiary, Harbin Electric Machinery, significantly enhances the company's competitiveness in the nuclear motor market and expands its business scope [3]. - The electric motor segment showed positive development, achieving a revenue of 4.52 billion CNY in 2023, a year-on-year increase of 13.17%, with an improved gross margin of 24.05% [4]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 2.28 billion CNY, with a gross margin of 25.27% and a net profit of 116 million CNY [2]. - For Q1 2024, the company reported a revenue of 1.15 billion CNY, a year-on-year decrease of 4.57%, with a gross margin of 20.98% and a net profit of 93 million CNY, down 15.68% year-on-year [2]. - The projected revenues for 2024 to 2026 are 6.23 billion CNY, 7.20 billion CNY, and 8.79 billion CNY, with growth rates of 17.0%, 15.7%, and 22.1% respectively [5][21]. Business Segment Analysis - The electric motor and services segment generated a revenue of 4.52 billion CNY in 2023, with a gross margin increase of 4.93 percentage points year-on-year [4]. - The nuclear power products segment saw a revenue of 686 million CNY, a significant year-on-year increase of 52.78%, although the gross margin decreased by 35.57 percentage points [2][4]. Market Position and Valuation - The company is positioned favorably within the electric motor and nuclear power sectors, with a projected PE ratio of 20 times for comparable companies in 2024 [5][21]. - The total market capitalization of the company is approximately 7.20 billion CNY, with a circulating market capitalization of about 7.09 billion CNY [6].

证券代码：000922 证券简称：佳电股份 公告编号：2024-027 哈尔滨电气集团佳木斯电机股份有限公司 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、董事会会议召开情况 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 会第二十六次会议于 2024 年 4 月 15 日以电子邮件、微信的形式发出会议通知， 于 2024 年 4 月 25 日以现场、网络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，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。公司监事、高管列席了本次会议。 二、董事会会议审议情况 经与会董事认真审议，以记名投票表决方式，通过如下决议： 1、审议通过关于《2024 年第一季度报告》的议案 公司《2024 年第一季度报告》内容全面客观地反映了公司 2024 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《2024 年第一 ...

证券代码：000922 证券简称：佳电股份 公告编号：2024-029 哈尔滨电气集团佳木斯电机股份有限公司 关于变更总法律顾问的公告 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 一、总法律顾问辞职情况 近日，哈尔滨电气集团佳木斯电机股份有限公司（以下简称"公司"）董事 会收到刘汉成先生递交的书面辞职报告，因工作调整，刘汉成先生申请辞去总法 律顾问职务，辞职后，仍在公司担任董事、总经理职务。截至本公告披露日，刘 汉成先生不持有公司股份。 二、聘任总法律顾问情况 根据公司业务需要，经公司总经理提名、董事会提名委员会任职资格审查， 公司于 2024 年 4 月 25 日召开第九届董事会第二十六次会议，审议通过了《关于 聘任总法律顾问的议案》，同意聘任韩思蒂女士兼任公司总法律顾问，自董事会 审议通过之日起履职，任期至第九届董事会任期届满为止。韩思蒂女士现任公司 总会计师职务，符合《公司法》等相关法律法规及公司章程规定的任职资格。 韩思蒂女士简历附后。 特此公告。 董事会 2024 年 4 月 25 日 附：总法律顾问简历 韩思 ...

Financial Performance - The company's revenue for Q1 2024 was ¥1,152,883,301.91, a decrease of 4.57% compared to ¥1,208,117,195.02 in the same period last year[5] - Net profit attributable to shareholders was ¥92,984,843.82, down 15.68% from ¥110,278,166.76 year-on-year[5] - The net profit after deducting non-recurring gains and losses increased by 12.31% to ¥90,223,317.19 from ¥80,337,715.70 in the previous year[5] - Total operating revenue for Q1 2024 was CNY 1,152,883,301.91, a decrease of 4.6% compared to CNY 1,208,117,195.02 in the same period last year[16] - Operating profit for Q1 2024 was CNY 125,695,169.44, an increase of 9.3% from CNY 115,096,907.37 in Q1 2023[17] - Net profit attributable to the parent company was CNY 92,984,843.82, down 15.6% from CNY 110,278,166.76 in the previous year[17] - The report indicates that the company is exploring opportunities for mergers and acquisitions to enhance its market position[12] Cash Flow and Liquidity - The company reported a cash flow deficit from operating activities of ¥285,258,043.86, an improvement of 15.48% compared to a deficit of ¥439,085,631.19 last year[5] - The cash inflow from operating activities for Q1 2024 was CNY 863,007,885.57, an increase of 21.6% compared to CNY 709,218,547.96 in the same period last year[19] - The cash outflow from operating activities totaled CNY 1,148,265,929.43, up from CNY 956,232,942.58 year-over-year, resulting in a net cash flow from operating activities of -CNY 285,258,043.86[19] - The company received CNY 159,992,384.74 in other operating cash related to business activities, compared to CNY 126,499,525.13 in the previous year, marking a growth of 26.5%[19] - The company’s cash flow from financing activities was significantly improved, with a net increase of CNY 101,975,591.84 compared to a net outflow of CNY 7,770,908.93 in the previous year[20] - The total cash flow for the period decreased by CNY 195,038,281.97, compared to a decrease of CNY 263,276,940.84 in the same period last year[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,430,527,381.87, reflecting a slight increase of 0.36% from ¥9,396,913,597.93 at the end of the previous year[5] - The total current assets decreased from CNY 7,548,528,051.15 to CNY 7,386,433,921.74, a decline of approximately 2.14%[13] - Cash and cash equivalents decreased from CNY 2,112,558,000.63 to CNY 1,787,195,718.66, a decrease of about 15.4%[13] - Accounts receivable increased from CNY 1,430,747,428.45 to CNY 1,551,832,354.91, an increase of approximately 8.5%[13] - Inventory increased from CNY 1,544,946,669.33 to CNY 1,622,703,626.57, reflecting an increase of about 5.03%[13] - Total liabilities decreased to CNY 5,829,708,070.98 from CNY 6,157,653,404.59, a reduction of 5.3%[15] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 24,992[10] - The largest shareholder, Harbin Electric Group Co., Ltd., holds 26.00% of the shares, totaling 154,945,750 shares[10] - The company has not disclosed any significant changes in its shareholder structure or financing activities during the quarter[12] Research and Development - R&D expenses increased significantly by 141% to ¥37,108,559.95 from ¥15,388,159.45 in the previous year, indicating a focus on innovation[8] - Research and development expenses rose significantly to CNY 37,108,559.95, compared to CNY 15,388,159.45 in the same quarter last year, marking an increase of 141.5%[16] Accounting and Reporting - The company has not yet audited the Q1 2024 report, indicating that the figures are preliminary and subject to change[21] - The company is implementing new accounting standards starting in 2024, which may affect future financial reporting[21]

哈尔滨电气集团佳木斯电机股份有限公司 关于召开 2023 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 2023 年 4 月 18 日在巨潮资讯网（www.cninfo.com.cn）披露了公司《2023 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 2024 年 5 月 10 日(星期五)15:00-16:30 在全景网以网络远程方式举行 2023 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 5 月 10 日（星期五）15:00-16:30 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；董事、总经理刘汉成先生；独立董事 蔡昌先生、金惟伟先生；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://ir.p5w.net）参与本次业绩说明会 二、投资者问题征集 充分尊重投资 ...

Investment Rating - Maintain "Overweight" rating [1] Core Views - The company completed the acquisition of 51% equity in Harbin Electric Power Equipment, enhancing its nuclear power business layout [1][14] - The company's nuclear power products are in a leading position, with significant growth potential in the context of active nuclear power development [14] - The company's operating cash flow increased by 8.12% YoY, with ample cash on hand to support future development [14] Financial Performance - In 2023, the company achieved revenue of 5.32 billion yuan, a YoY increase of 16.69%, and net profit attributable to shareholders of 399 million yuan, a YoY increase of 4.75% [14] - The company's motor and service segment contributed 85.03% of total revenue, with a gross margin of 24.05%, up 4.93 percentage points YoY [14] - The nuclear power product segment achieved revenue of 686 million yuan, a YoY increase of 52.78%, with a gross margin of 20.39% [14] Future Projections - The company is expected to achieve net profit attributable to shareholders of 460 million yuan, 519 million yuan, and 582 million yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 15.2%, 12.9%, and 12.2% [14] - The PE ratios for 2024, 2025, and 2026 are projected to be 15.5x, 13.7x, and 12.3x, respectively [14] Industry and Market Data - The company's stock closed at 11.98 yuan on April 18, 2024, with a total market capitalization of 5.96 billion shares and a net asset value of 3.19 billion yuan [8] - The company's revenue growth rate is expected to be 5.3%, 11.8%, and 12.0% in 2024, 2025, and 2026, respectively [17]