证券研究报告 | 2024年04月13日 证券分析师：王蔚祺 证券分析师：王晓声 010-88005313 010-88005231 wangweiqi2@guosen.com.cnwangxiaosheng@guosen.com.cn S0980520080003 S0980523050002 基础数据 投资评级 增持(维持) 合理估值 收盘价 19.62 元 总市值/流通市值 17584/14896 百万元 52 周最高价/最低价 19.95/9.33 元 近 3 个月日均成交额 200.42 百万元 市场走势 盈利预测和财务指标 2022 2023 2024E 2025E 2026E 营业收入(百万元) 1,712 1,961 2,402 2,776 3,268 (+/-%) 11.7% 14.6% 22.5% 15.6% 17.7% 净利润(百万元) 359 542 665 806 974 (+/-%) -13.8% 50.9% 22.6% 21.2% 20.9% 每股收益（元） 0.40 0.61 0.74 0.90 1.09 EBIT Margin 24.4% 28.9% 31.7% 33.8% ...

Investment Rating - The report maintains a "Recommended" rating for the company [9][14]. Core Views - The company achieved a revenue of 1.961 billion yuan in 2023, representing a year-on-year growth of 14.57%. The net profit attributable to shareholders was 542 million yuan, with a significant increase of 50.90% [9]. - The company is a leader in the transformer tap switch market and is accelerating its overseas expansion, particularly in Southeast Asia and the United States [9]. - The report forecasts revenue growth for 2024-2026 to be 2.426 billion yuan, 2.915 billion yuan, and 3.520 billion yuan, with corresponding growth rates of 23.7%, 20.2%, and 20.8% respectively [9]. Financial Forecasts - Revenue (in million yuan) for 2023A, 2024E, 2025E, and 2026E is projected at 1,961, 2,426, 2,915, and 3,520 respectively [11]. - Net profit attributable to shareholders (in million yuan) is expected to be 542, 659, 806, and 991 for the same years, with growth rates of 50.9%, 21.4%, 22.3%, and 23.0% respectively [11]. - Earnings per share (in yuan) are forecasted to be 0.61, 0.74, 0.90, and 1.11 for 2023A, 2024E, 2025E, and 2026E [11]. Business Performance - The company's power equipment business generated revenue of 1.625 billion yuan in 2023, up 20.4% year-on-year, driven by domestic grid investment and overseas market demand [9]. - The gross margin for 2023 was 52.23%, an increase of 6.82 percentage points year-on-year, while the net margin was 28.08%, up 2.93 percentage points [9]. - The company holds over 300 technology patents and is recognized for its advanced manufacturing technology in high-voltage transformer tap switches [9]. Market Expansion - The company has established a subsidiary in Singapore and is building a localized team to serve the Southeast Asian market, aiming for significant breakthroughs in the next 2-3 years [9]. - In the U.S., the company is actively integrating and has received multiple orders while seeking opportunities for capacity expansion [9]. Valuation Metrics - The report indicates that the company's PE ratios for 2024E, 2025E, and 2026E are projected to be 28X, 23X, and 18X respectively [9]. - The PB ratios for the same years are expected to be 5.6, 5.2, and 4.7 [11].

Investment Rating - The investment rating for the company is "Buy" [30][26]. Core Views - The company aims to double its net profit over the next four years based on 2023 figures, with significant breakthroughs in high-end product markets, particularly in nuclear power and industrial rectifiers [12][22]. - The company has seen a 15% year-on-year increase in operating revenue for 2023, reaching 1.961 billion yuan, and a 51% increase in net profit attributable to shareholders, totaling 542 million yuan [22][31]. - The company is actively expanding into overseas markets, including Southeast Asia, the United States, and Europe, to enhance its growth potential [12][22]. Financial Summary - The company's operating income for 2023 was 1.961 billion yuan, with a year-on-year growth of 14.6% [23]. - The net profit attributable to shareholders for 2023 was 542 million yuan, reflecting a 50.9% increase compared to the previous year [23]. - The gross margin for 2023 was 52.2%, an increase of 2.9 percentage points year-on-year, while the net margin was 27.7%, up by 6.8 percentage points [22][23]. - The company plans to achieve net profits of 706 million yuan, 871 million yuan, and 1.113 billion yuan for 2024, 2025, and 2026, respectively [22][23]. - The earnings per share (EPS) for 2023 was 0.61 yuan, with projections of 0.79 yuan, 0.97 yuan, and 1.24 yuan for the following three years [23][22]. Market Position - The company is recognized as the domestic leader and the second globally in the transformer tap switch industry, benefiting from the global transition in power systems [32]. - The company reported a 20.4% increase in revenue from transformer tap switches, reaching 1.625 billion yuan, with significant growth in both direct and indirect exports [32].

[ T able_StockInfo] 2024 年 04 月 11 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：19.62 元 华明装备（002270）电力设备 目标价：——元（6 个月） 电网资本开支提升，分接开关龙头充分受益。根据国家能源局 2023年全国电力 工业统计数据显示，2023年国内电网工程完成投资 5275亿元，同比增长 5.4%， 其中变压器为核心设备之一。公司为国内唯一拥有两大全产业链生产基地的分 接开关制造企业，目前的出货量稳居国内第一、世界第二，国内 500kV 以下的 市场竞争中具有较强的领先地位。2023 年公司电力设备板块实现营收 16.3 亿 元，同比增长 20.4%，毛利率为 58.5%，同比增长 0.8pp，伴随国内网内外变压 器需求高景气，公司分接开关业务有望实现稳定增长。此外，尽管目前公司检 修服务业务处于起步阶段，但具备原厂配件、原厂检修的优势，未来检修业务 收入有望持续提升。 风险提示：原材料价格上涨的风险；海外市场开拓不及预期；检修业务进展不 及预期；国网投资不及预期的风险。 投资要点 西南证券研究发展中心 -22% 7% 36% 65% 9 ...

申万宏源证券承销保荐有限责任公司 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"或"保 荐机构"）作为华明电力装备股份有限公司（以下简称"华明装备"或"公司"） 2021 年非公开发行股票持续督导工作的保荐机构，根据《证券发行上市保荐业 务管理办法》《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》《深圳证券交易所上市公司自律监 管指引第 13 号——保荐业务》等法律法规的要求，对公司 2023 年度内部控制自 我评价报告进行了审阅核查，具体情况如下： 一、保荐机构进行的核查工作 保荐机构指派担任华明装备持续督导工作的保荐代表人及项目组人员审阅 了华明装备内部控制制度，与公司相关人员进行了沟通，了解了内控制度的运 行情况，查阅了公司股东大会、董事会、监事会、董事会各专门委员会会议的 相关资料、公司章程、三会议事规则、信息披露制度等相关文件以及其他相关 内部控制制度、业务管理规则等，从公司内部控制环境、内部控制制度建设、 内部控制实施情况等多方面对公司内部控制制度的完整性、合理性和有效性进 行了核查，并对华明装备2023年度内部控制自我评价报 ...

Financial Performance - Revenue for 2023 reached 1,961,135,955.92 yuan, a 14.57% increase compared to 2022[20] - Net profit attributable to shareholders in 2023 was 542,405,245.44 yuan, a 50.90% increase from 2022[20] - Q4 2023 revenue was 506,525,490.15 yuan, with a net profit of 83,128,632.18 yuan[9] - Non-recurring gains in 2023 amounted to 39,931,779.13 yuan, primarily due to government subsidies and asset disposal[17] - Total assets at the end of 2023 were 4,518,148,178.69 yuan, a 1.53% increase from 2022[20] - Operating cash flow for 2023 was 621,679,795.55 yuan, up 25.26% from 2022[20] - Basic earnings per share for 2023 were 0.61 yuan, a 45.24% increase from 2022[20] - Weighted average return on equity for 2023 was 16.05%, up 5.04 percentage points from 2022[20] - The company's comprehensive income for the year totaled 542,405,245.44, with a net profit of 526,843,607.73[107] - Total operating revenue increased to 1,961,135,955.92 yuan, up 14.58% year-over-year[172] - Operating profit rose to 622,026,114.51 yuan, a 52.88% increase compared to the previous year[172] - Operating cash flow reached 620 million yuan, indicating high-quality development[184] - The company's total comprehensive income for the period was RMB 361,999,807.54[132] - The company's net profit attributable to owners was RMB 359,914,927.49[126] - The company's total equity at the end of the period was 4,857,135,300.84 yuan, with capital reserves remaining at 2,929,135,376.64 yuan and undistributed profits increasing to 796,920,664.75 yuan[138] - The company's total equity at the end of the previous year was 3,756,419,945.78 yuan, with capital reserves of 2,573,449,024.58 yuan and undistributed profits of 336,616,099.76 yuan[139] - The company's undistributed profits increased by 448,770,305.84 yuan during the period, with a total profit distribution of 358,490,172.40 yuan[145] - The company's total equity reached RMB 4,793,403,760.84 by the end of 2023, with retained earnings of RMB 790,647,128.32[171] - The company's total assets stood at RMB 5,308,617,661.80 as of December 31, 2023[171] - The company's total equity and liabilities amounted to RMB 5,308,617,661.80 as of December 31, 2023[171] - The comprehensive income total for the period is RMB 902,801,334.40[199] Business Operations and Market Position - Core business is power equipment, focusing on transformer tap changers, with additional operations in power engineering and CNC machine tools[12] - The company's power equipment business is driven by the growing demand for transformers, supported by global grid investments and domestic energy policies[19] - The company's products are widely used in key segments from power generation to transmission and distribution, with significant applications in nuclear power, grid systems, and industrial projects[28][29] - The company is the only domestic manufacturer with two full industrial chain production bases for tap changers, and its subsidiary Shanghai Huaming is recognized as a "Specialized and Sophisticated" SME and a national-level "Little Giant" enterprise[32] - The company has established itself as the domestic leader and global second in the tap changer market after acquiring its largest domestic competitor in 2018[34] - The company has achieved breakthroughs in UHV tap changer technology and has products operational in the UHV field, contributing to the integrity of the domestic industrial chain[34] - The company participates in international standard-setting as a formal member of the IEEE Special Committee and contributes to IEC standards[34] - The company's products include a wide range of tap changers, such as oil-immersed, vacuum, and dry-type tap changers, as well as related equipment like motor drives and controllers[37] - The company's projects include a 533MVA/420kV transformer for a nuclear power plant in Bangladesh and a 300MVA/330kV transformer for a grid project in Nigeria[28] - The company's products are highly customized, with specifications and models extended based on customer requirements[29] - The company's products are customized based on transformer manufacturers' requirements, with a small-batch, high-frequency production model[90] - The company is a leader in the domestic market, ranking first in China and second globally in terms of shipment volume, with a strong competitive position in the 500kV and below market[101] - The company's market share in the 500kV ultra-high voltage and ultra-high voltage markets is steadily increasing, although these markets are still dominated by imported products[101] - Overseas market share remains low, with a significant gap compared to foreign brands[101] - The company's maintenance service business is in its early stages but benefits from original equipment and maintenance advantages[101] - Domestic grid investment and new energy installations continue to grow, driving industrial demand[102] - North America's electricity consumption has significantly increased, and grid infrastructure updates, along with Europe's renewable energy development and grid upgrades, are driving overseas demand for power equipment[103] - The company's main business includes the R&D, production, and sales of transformer on-load tap changers and CNC equipment, as well as power engineering and other engineering services[130] - The company's transformer specifications include 26.1MVA/33KV and 140MVA/275KV models[124] - Switch models include 3XCMI-500/72.5C-20961G, SHZVIII-600Y/72.5BC-10193W, CM2III-500Y/126B-14273W, and 3*CMDI-2400/72.5C-10193W[124] - The company's total share capital increased to RMB 896,225,431 after a non-public issuance of 136,986,301 shares in March 2022[169] - The company's total share capital was RMB 896,225,431.00, with 15.29% of shares being restricted and 84.71% being freely tradable[169] - International revenue surged by 79.16% to 274,271,288.63 yuan[189] - Equipment manufacturing sector revenue grew by 19.13% to 1,786,709,717.16 yuan[189] - Power equipment sales increased by 20.40% to 1,625,103,968.25 yuan[189] - The total procurement amount from the top five suppliers is RMB 245,458,332.56, accounting for 31.49% of the annual procurement total[191] - The procurement amount from the top supplier is RMB 91,925,948.96, accounting for 11.79% of the annual procurement total[191] - The investment amount for the reporting period is RMB 139,769,728.86, a decrease of 16.01% compared to the same period last year[193] - The total contract amount for the Nanyang Neixiang Zhaqu Township 100MW & Mashankou Town 50MW photovoltaic power station project is RMB 64,215,000, with RMB 31,621,970 already fulfilled and RMB 32,593,030 remaining[194] - The cumulative confirmed sales revenue for the Nanyang Neixiang Zhaqu Township 100MW & Mashankou Town 50MW photovoltaic power station project is RMB 280,359,800[194] - The accounts receivable repayment for the Nanyang Neixiang Zhaqu Township 100MW & Mashankou Town 50MW photovoltaic power station project is RMB 250 million as of the end of 2023[194] - The beginning balance of the current period is RMB 759,239,130.00, with an increase of RMB 136,986,301.00 during the period[199] - The total capital invested by owners is RMB 492,672,653.06[199] Technological Innovation and Production Efficiency - The company has adopted advanced mold flow analysis software to improve mold design accuracy, reduce trial and modification frequency, and shorten the product development cycle[98] - The company has upgraded CNC equipment tooling to enhance production efficiency and automation, reducing manual labor and improving operational ease[99] - The company has introduced thermoplastic polymer injection molding technology and mold flow analysis software[103] - The company has innovated CNC equipment tooling[104] - Energy sensors and control systems ensure stable and reliable production processes, laying a solid technical foundation for long-term development[105] - The company has adopted thermoplastic polymer injection molding technology to replace traditional thermosetting material molding, significantly improving material recyclability and production efficiency[125] - The company plans to enhance AI systems using big data and advanced machine learning algorithms[183] Market Trends and Industry Demand - National electricity consumption in 2023 reached 9.22 trillion kWh, a year-on-year increase of 6.7%, with total installed power generation capacity reaching 29.2 billion kW, up 13.9% year-on-year[30] - EU electricity consumption is expected to increase by 60% by 2030, with wind and solar capacity needing to rise from 400GW in 2022 to at least 1000GW by 2030[62] - EU will require €584 billion in investment by 2030 to modernize its grid, with 40% of the distribution network being over 40 years old[62] - Cross-border electricity transmission capacity in the EU is expected to double by 2030[62] - Domestic grid investment and new energy installations continue to grow, driving industrial demand[102] - North America's electricity consumption has significantly increased, and grid infrastructure updates, along with Europe's renewable energy development and grid upgrades, are driving overseas demand for power equipment[103] Financial Management and Expenses - Financial expenses decreased by 20.548 million yuan due to higher US dollar deposit rates[184] - Sales expense ratio dropped to 10.8%, a 0.9% reduction from the previous year[184] - Financial and sales expense ratios have continued to improve during the reporting period[125] - The company's total liabilities amounted to RMB 515,213,900.96, with current liabilities making up RMB 490,781,077.71[171] - The company's contract liabilities increased to RMB 231,490,521.44 in 2023, up from RMB 147,327,810.58 in the previous period[171] - The company's non-current liabilities decreased to RMB 24,432,823.25 in 2023, down from RMB 19,554,262.03 in the previous period[171] - The company's deferred tax liabilities increased to RMB 4,502,205.26 in 2023, up from RMB 3,552,332.93 in the previous period[171] - The company's capital reserve remained unchanged at RMB 2,929,135,376.64 from the previous period[171] - The company extracted RMB 1,215,355.90 for special reserves during the period[127] - The company's total assets at the end of the period were RMB 3,333,942,681.91[127] - Owner's equity at the end of the period was RMB 3,338,662,988.30[127] - The company's total equity at the beginning of the year was 4,793,403,760.84 yuan, with capital reserves of 2,929,135,376.64 yuan and undistributed profits of 790,647,128.32 yuan[136] - The company's total equity increased by 63,731,540.00 yuan during the period, with undistributed profits increasing by 57,458,003.57 yuan[136] Strategic Projects and Contracts - A significant contract worth 1.095 billion yuan was signed for photovoltaic power station projects[185] - The total contract amount for the Nanyang Neixiang Zhaqu Township 100MW & Mashankou Town 50MW photovoltaic power station project is RMB 64,215,000, with RMB 31,621,970 already fulfilled and RMB 32,593,030 remaining[194] - The cumulative confirmed sales revenue for the Nanyang Neixiang Zhaqu Township 100MW & Mashankou Town 50MW photovoltaic power station project is RMB 280,359,800[194] - The accounts receivable repayment for the Nanyang Neixiang Zhaqu Township 100MW & Mashankou Town 50MW photovoltaic power station project is RMB 250 million as of the end of 2023[194] Shareholder Returns and Dividends - The company plans to distribute a cash dividend of RMB 5.50 per 10 shares (tax included) for the 2023 fiscal year[39]

华明电力装备股份有限公司 章 程 二○二四年四月 1 | | | | 第一章 总则 3 | | | --- | --- | | 第二章 经营宗旨和范围 4 | | | 第三章 股 份 4 | | | 第一节 股份发行 4 | | | 第二节 股份增减和回购 5 | | | 第三节 股份转让 7 | | | 第四章 股东和股东大会 9 | | | 第一节 | 股东 9 | | 第二节 股东大会的一般规定 12 | | | 第三节 股东大会的召集 17 | | | 第四节 股东大会的提案与通知 19 | | | 第五节 股东大会的召开 21 | | | 第六节 股东大会的表决和决议 25 | | | 第五章 董事会 31 | | | 第一节 董事 31 | | | 第二节 董事会 35 | | | 第六章 总经理及其他高级管理人员 43 | | | 第七章 监事会 45 | | | 第一节 监事 45 | | | 第二节 监事会 46 | | | 第八章 财务会计制度、利润分配和审计 48 | | | 第一节 财务会计制度 48 | | | 第二节 内部审计 53 | | | 第三节 会计师事务所的聘任 54 | ...

华明电力装备股份有限公司 外汇套期保值业务管理制度 第一章 总则 第一条 为规范华明电力装备股份有限公司(以下简称"公司")外 汇套期保值业务，有效防范汇率或利率风险，加强对外汇套期保值业 务的管理，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》及公司章程等相关法律、 法规、规范性文件的规定，结合公司实际，制定本制度。 第二条 外汇套期保值交易是指为满足公司正常生产经营需要， 在金融机构办理的规避和防范汇率或利率风险的外汇套期保值业务， 具体包括远期结售汇、外汇互换、外汇掉期、外汇期货、外汇期权、 利率互换、利率掉期、利率期权等业务或上述产品的组合。 第三条 本制度适用于公司及合并报表范围内子公司的外汇套期 保值业务。公司及子公司开展外汇套期保值业务，应事先由公司董事 会或股东大会审批通过，未经公司董事会或股东大会审批通过，公司 及子公司不得开展外汇套期保值业务。 第四条 公司及合并报表范围内子公司开展外汇套期保值业务除 遵守国家相关法律、法规及规范性文件的规定外,还应遵守本制度的 相关规定。 第二 ...

华明电力装备股份有限公司独立董事 关于第六届董事会第十次会议相关事项的独立意见 根据《公司章程》等相关规定，作为华明电力装备股份有限公司（以下简称"公 司"）的独立董事，承诺独立履行职责，认真审核了第六届董事会第十次会议相关议 案，现发表独立意见如下： 一、关于 2023 年度利润分配预案的独立意见 经审核，我们认为，公司董事会提出的 2023 年度利润分配预案合法、合规，符 合公司实际情况，不存在损害公司及全体股东利益，且符合《公司章程》及《未来 三年股东回报规划（2023 年-2025 年）》相关规定。我们同意该利润分配预案，并同 意提请公司股东大会审议。 二、关于 2023 年度内部控制自我评价报告的独立意见 经核查，公司已按照相关法律法规的要求，建立了较为完善的内部控制体系并 能得到有效的执行。公司内部控制的自我评价报告真实、客观地反映了公司内部控 制制度的建设及运行情况。 三、关于公司关联方资金占用及对外担保情况的专项说明及独立意见 1、控股股东及关联方资金占用方面 报告期内，公司不存在控股股东及关联方非经营资金占用。 2、公司对外担保方面 公司 2024 年度日常关联交易的预计均是基于公司正常经营 ...

华明电力装备股份有限公司 2023 年度独立董事述职报告 各位股东及股东代表： 本人作为华明电力装备股份有限公司（以下简称"公司"）的第六届董事会独立董事，本 人依据《中华人民共和国公司法》《上市公司独立董事管理办法》《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》等法律、法 规和规范性文件规定和《华明电力装备股份有限公司章程》等相关规定，恪尽职守，勤勉尽责， 积极出席相关会议，认真审议董事会各项议案，对公司相关事项发表独立意见，充分发挥独立 董事的独立作用，切实维护了公司和股东尤其是社会公众股股东的利益。 现将本人 2023 年的工作情况汇报如下： 一、独立董事的基本情况 张坚：1973 年出生，研究生学历，注册会计师，中国国籍，无境外居留权。曾任江苏苏中 会计师事务所部门副经理，现任天职国际会计师事务所(特殊普通合伙)合伙人。 报告期内，本人作为公司独立董事任职期间，符合《上市公司独立董事管理办法》第六条 规定的独立性要求，不存在影响独立性的情况。 二、出席会议情况 2023 年度,本人应出席 6 次董事会会议、2 次股东大会，未出现连续两次未亲自出 ...