Core Viewpoint - The significant disparity in the selling price of Guizhou Changzheng Electric Co., Ltd. by Huaming Equipment raises concerns, as the asset was acquired for 398 million yuan and is now being sold for only 1 million yuan, indicating a drastic depreciation in value [1][5][6]. Group 1: Transaction Details - Huaming Equipment announced the sale of 100% equity in Guizhou Changzheng Electric for 1 million yuan, a stark contrast to the previous valuation of up to 19.8564 million yuan just twenty days prior [1][3]. - The original acquisition price of Guizhou Changzheng Electric in 2018 was 398 million yuan, highlighting a significant loss in value over the years [1][5]. - The buyer, Shanghai Xinjiahe, was established only 20 days before the agreement, raising questions about the legitimacy and intent behind the transaction [3][4]. Group 2: Reasons for Sale - The sale is aimed at mitigating potential legal risks associated with Guizhou Changzheng Electric, which is currently involved in a significant lawsuit that predates Huaming Equipment's acquisition [6][7]. - The company stated that the transaction would help optimize resource allocation and improve operational efficiency, ensuring stable development and protecting shareholder interests [2][6]. - The legal issues include a lawsuit related to a 200 million yuan loan guarantee that Guizhou Changzheng Electric is implicated in, which could have long-term financial implications for Huaming Equipment [7][8]. Group 3: Buyer’s Awareness - Shanghai Xinjiahe, the buyer, is reportedly aware of the potential legal issues and historical liabilities associated with Guizhou Changzheng Electric, and has agreed not to claim any compensation from Huaming Equipment due to these issues [9].

证券代码：002270 证券简称：华明装备 公告编号：〔2025〕036 号 华明电力装备股份有限公司 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 华明电力装备股份有限公司（以下简称"公司"）于 2025 年 2 月 28 日召开 第六届董事会第十五次会议审议通过了《关于回购公司股份方案的议案》，公司 拟使用自有或自筹资金以集中竞价交易方式回购公司部分人民币普通股（A 股） 股份，用于实施员工持股计划或股权激励，回购价格不超过人民币 24.60 元/股， 回购的资金总额不低于 15,000 万元（含）且不超过 20,000 万元（含），具体回 购股份的数量及占总股本的比例以回购期满时实际回购数量为准，实施期限为 自公司董事会审议通过回购股份方案之日起不超过 12 个月，具体内容详见于 2025 年 3 月 1 日、2025 年 3 月 10 日在指定信息披露媒体《证券时报》《证券日 报》《上海证券报》《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn） 披露的《关于回购公司股份方案的公告》（公告编号：〔 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、交易概述 华明电力装备股份有限公司（以下简称"公司"）于 2025 年 4 月 14 日召 开第六届董事会第十七次会议，审议通过了《关于拟出售贵州长征电气有限公 司 100％股权的议案》，同意全资子公司上海华明电力设备制造有限公司（以下 简称"华明制造"）与遵义华明电力设备制造有限公司（以下简称"遵义华明"） 拟以不高于 1,985.64 万元通过上海股权托管交易中心，以公开询价后协议交易 方式转让其所持长征电气 100%股权。具体内容详见公司在指定信息披露媒体披 露的《关于拟出售贵州长征电气有限公司 100%股权的公告》（公告编号：〔2025〕 028 号）。 证券代码:002270 证券简称:华明装备 公告编号：〔2025〕035 号 华明电力装备股份有限公司 关于出售贵州长征电气有限公司 100%股权的进展公告 二、交易进展情况 近日，公司在展示期间与一名意向受让方上海鑫佳和实业有限公司（以下 简称"鑫佳和"）达成一致意见。经友好协商，双方确认本次股权转让的交易 金额为人民币 100 万元，公司与鑫佳和 ...

股票代码：002270 股票简称：华明装备 华明电力装备股份有限公司 投资者关系活动记录表 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | ■其他 电话会议 | | | Allianz Global Investors：Kevin You、Christina | | | Chung；Amiral Gestion：Gabriel Kuah；Fidelity：Bunny | | | Huang；Fullerton Fund Management：Xingjian Liang； | | | Grand Alliance AM：Matthew Dong；Hel Ved Capital： | | | Marshall Yang；Manulife Asset Management：Emily | | | Liao；Millennium Capital：Yang Bai；Overlook | | | Investments：Jason Lin；Pictet Asset Ma ...

证券代码：002270 证券简称：华明装备 公告编号：〔2025〕034 号 华明电力装备股份有限公司 关于为下属全资公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保事项概述 （一）担保情况概述 2025 年 4 月 27 日，华明电力装备股份有限公司（以下简称"公司"或"华 明装备"）与中国银行股份有限公司上海市普陀支行（以下简称"中国银行"）签 署《最高额保证合同》，公司拟为全资子公司上海华明电力设备制造有限公司（以 下简称"上海华明"）与中国银行之间签署的编号为 2025 年沪中普授字 0026 号 的《授信额度协议》及依据该协议签署的单项协议项下的最高债务额壹亿元整和 相应利息、违约金、费用等提供连带责任保证。 （二）担保审议情况 公司分别于 2024 年 4 月 10 日、2024 年 5 月 15 日召开了第六届董事会第十 次会议和 2023 年年度股东大会，审议并通过了《关于申请银行综合授信提供担 保的议案》。详见公司在巨潮资讯网披露的《董事会决议公告》（公告编号：〔2024〕 004 号）、《关于申请银行综合授信 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][24][29] Core Views - The company achieved a revenue of 2.322 billion yuan in 2024, representing a year-on-year increase of 18.41%, and a net profit of 614 million yuan, up 13.25% year-on-year [7][24] - The company is expanding its overseas business, with a significant increase in power equipment exports, which grew by 41% [19][21] - An employee stock ownership plan has been introduced, reflecting long-term confidence in the company's performance [3][23] Financial Performance Summary - In Q4 2024, the company reported a revenue of 624 million yuan, a year-on-year increase of 23.11%, and a net profit of 120 million yuan, up 44.95% year-on-year [18] - The gross profit margin for 2024 was 48.80%, a decrease of 3.43 percentage points year-on-year, while the net profit margin was 26.69%, down 1.39 percentage points [7][24] - For Q1 2024, the company achieved a revenue of 510 million yuan, a year-on-year increase of 12.92%, and a net profit of 171 million yuan, up 35% year-on-year [18] Revenue and Profit Forecast - The company is expected to achieve net profits of 719 million yuan, 818 million yuan, and 973 million yuan for 2025, 2026, and 2027 respectively [24][27] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 17, 15, and 13 times respectively [24][27] Market Expansion and Strategy - The company is deepening its overseas layout, with factories in Turkey and Indonesia supporting its entry into the European and Southeast Asian markets [21][23] - The company is also exploring local production and sales teams in North America to gradually increase market share [21][23]

证券代码：002270 证券简称：华明装备 公告编号：〔2025〕033 号 华明电力装备股份有限公司 关于首次回购公司股份的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》相关规定：公司应当在首次回购股份事实发生的次一交易 日予以公告，现将相关情况公告如下： 一、首次回购公司股份的具体情况 公司于 2025 年 4 月 21 日首次通过股票回购专用证券账户以集中竞价交易 方式回购公司股份 135,700 股，占公司总股本的 0.0151%，最高成交价为 14.95 元/股，最低成交价为 14.87 元/股，成交总金额为 2,023,117 元（不含交易费 用）。本次回购符合相关法律、法规的要求及回购公司股份方案。 二、其他事项说明 公司首次回购股份的时间、回购股份数量、回购股份价格及集中竞价交易 的委托时段符合《上市公司股份回购规则》《深圳证券交易所上市公司自律监管 指引第 9 号——回购股份》的相关要求，具体如下： 1、公司未在下列期间内回购股份 （1）自可能对本 ...

Investment Rating - The investment rating for Huaming Equipment is maintained as "Buy" [1] Core Views - The company has demonstrated continuous and stable growth in performance, with a combination of growth and dividend attributes. In 2024, the company achieved a revenue of 2.322 billion yuan, representing a year-over-year increase of 18.4%, and a net profit attributable to shareholders of 614 million yuan, up 13.25% year-over-year [4] - The company has adjusted its profit forecasts for 2025-2026 due to uncertainties in overseas markets, with net profit estimates for 2025, 2026, and 2027 being 729 million yuan, 861 million yuan, and 993 million yuan respectively [4] - The company is expected to maintain a strong competitive advantage in the industry, particularly in the high-end domestic market and overseas markets, with ongoing international expansion efforts [6] Financial Summary - In 2024, the company reported a revenue of 2.322 billion yuan, with a year-over-year growth of 18.4%. The net profit attributable to shareholders was 614 million yuan, reflecting a year-over-year increase of 13.3% [7] - The gross margin and net margin for 2024 were 48.8% and 26.5% respectively, showing a decrease of 3.4 percentage points and 1.4 percentage points year-over-year, primarily due to an increase in the proportion of low-margin businesses [4][10] - The company plans to distribute a total cash dividend of 489 million yuan in 2024, with a payout ratio of 79.7% [4] Market and Industry Outlook - The domestic power grid investment is expected to continue its upward trend, with a completed investment of 608.3 billion yuan in 2024, a year-over-year increase of 15.3%. The total installed power generation capacity reached 3.35 billion kilowatts, up 14.6% year-over-year [5] - The company's power equipment business generated a revenue of 1.811 billion yuan in 2024, with a year-over-year growth of 11.47%. The international market revenue reached 485 million yuan, reflecting a significant year-over-year increase of 41% [5] - The company is focusing on high-end markets and has made significant progress in international markets, particularly in Southeast Asia, Europe, and the Middle East, with ongoing localization strategies [6]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][6]. Core Insights - The company achieved a revenue of 2.322 billion yuan in 2024, representing an 18.41% year-on-year increase, and a net profit of 614 million yuan, up 13.25% year-on-year [1]. - The electric equipment segment continues to grow, with revenue from this business reaching 1.811 billion yuan in 2024, a year-on-year increase of 11.47% [2]. - The company is accelerating its international market expansion, with export revenues of 485 million yuan in 2024, a 41% increase year-on-year, accounting for 26.7% of total revenue [2]. - An employee stock ownership plan has been announced, involving the allocation of up to 15 million shares, reflecting the company's confidence in its growth targets [3]. Financial Performance Summary - In 2024, the company reported a gross margin of 48.8%, a decrease of 3.43 percentage points year-on-year, and a net profit margin of 26.69%, down 1.39 percentage points year-on-year [1]. - The forecasted revenues for 2025, 2026, and 2027 are 2.612 billion yuan, 2.970 billion yuan, and 3.353 billion yuan, with growth rates of 12.5%, 13.7%, and 12.9% respectively [4][5]. - The projected net profits for the same years are 710 million yuan, 828 million yuan, and 955 million yuan, with growth rates of 15.6%, 16.5%, and 15.4% respectively [4][5].

华明电力装备股份有限公司 2025 年员工持股计划管理办法 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"华明装备"或"公 司"）2025 年员工持股计划（以下简称"本员工持股计划"）的实施，根据《中华 人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、《关于上市公司实施员工持股计划试点的指导意见》（以下简 称"《指导意见》"）、《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》（以下简称"《自律监管指引第 1 号》"）等相关法律、行政法 规、规范性文件和《华明电力装备股份有限公司章程》（以下简称"《公司章程》"） 之规定，特制定《华明电力装备股份有限公司 2025 年员工持股计划管理办法》 （以下简称"本管理办法"）。 第二章 本员工持股计划的制定 第二条 本员工持股计划的目的 公司依据《公司法》《证券法》《指导意见》等有关法律、行政法规、规章、 规范性文件和《公司章程》的规定，制定了《华明电力装备股份有限公司 2025 年 员工持股计划（草案）》（以下简称"本员工持股计划草案"）。 公司员工自愿、合法、合规地参与本 ...