根据调研日期截止日统计，近10日（3月31日至4月14日），海外机构对118家上市公司进行调研，其 中，华明装备最受关注，被71家海外机构密集调研。 | 证券代码 | 证券简称 | 海外机构家数 | 最新收盘价（元） | 其间涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 603169 | 兰石重装 | 5 | 9.69 | 43.98 | 机械设备 | | 300910 | 瑞丰新材 | 1 | 65.80 | 19.59 | 基础化工 | | 688068 | 热景生物 | 2 | 114.60 | 18.74 | 医药生物 | | 688331 | 荣昌生物 | 6 | 46.96 | 16.12 | 医药生物 | | 300138 | 晨光生物 | 3 | 10.92 | 14.71 | 农林牧渔 | | 601330 | 绿色动力 | 2 | 7.21 | 9.41 | 环保 | | 688062 | 迈威生物 | 4 | 21.96 | 7.59 | 医药生物 | | 300748 | 金力永磁 | 6 | 21.64 | 7.45 | ...

Core Viewpoint - The company has shown solid growth in revenue and profit for 2024, with a focus on maintaining stability in its core electric equipment business while expanding its overseas market presence [2][4]. Financial Performance - In 2024, the company reported a revenue of 2.322 billion, representing an 18.41% year-on-year increase [2]. - The net profit attributable to shareholders was 614 million, up 13.25% year-on-year [2]. - The net profit after deducting non-recurring items was 582 million, reflecting a 15.79% increase [2]. Business Segments - The electric equipment segment generated 1.811 billion in revenue, with an 11.47% year-on-year growth, although its revenue share decreased [2]. - The gross profit margin for the electric equipment business remained stable, while the gross margin for numerical control equipment slightly declined [2]. - The overseas business saw significant growth, achieving approximately 485 million in revenue, with a year-on-year increase of over 40% [2]. Domestic Market Insights - The domestic electric equipment business experienced modest growth, attributed to the end of a previous investment peak in the new energy sector [2]. - The company remains optimistic about domestic growth due to recent economic stimulus policies [3]. Overseas Market Strategy - The company is focusing on localizing its overseas operations, including establishing sales teams in France and Italy, and expanding its presence in Southeast Asia with Singapore as a hub [3][4]. - The indirect export growth has doubled, indicating an increase in market share and recognition among overseas clients [3]. Supply Chain and Production - The company has achieved over 80% self-sufficiency in component manufacturing, mitigating the impact of tariffs on production costs [3]. - There are no immediate plans for significant capacity expansion domestically, as current production capabilities are deemed sufficient [4]. Future Outlook - The company maintains a long-term growth strategy despite potential global economic challenges, emphasizing the importance of overseas market expansion [3][4]. - The focus will be on enhancing production efficiency and optimizing processes rather than pursuing aggressive scale expansion [4].

华明装备 20250412 摘要 • 华明装备 2024 年国内收入中非电网业务占比更高，但电网业务占比正逐步 接近。电力工程收入增加，但受减值损失影响，利润贡献下降。数控业务 收入增长不足 10%，毛利下降，亏损扩大。风机开关业务毛利率稳定，收 入增长约 11.47%，海外业务表现突出，直接和间接出口总额同比增长 41%， 间接出口翻倍。 • 华明装备将海外业务作为重要发展方向，直接和间接出口比例提升至 26.7%。欧洲是主要出口市场，占比超过 50%，东南亚次之。公司在土耳其 和印尼设有工厂，旨在巩固当地市场，而非解决产能不足问题。2024 年间 接出口收入约 2.1 亿元，欧洲占比最高，其次是东南亚，毛利率与直接出 口相比无明显差距，部分项目甚至更高。 • 华明装备认为配网改造市场并非其擅长领域，产品不适用于配网设备。公 司关注美国主网变压器市场，但该市场由三大企业主导，公司将努力寻找 突破口，扩大份额和影响力。不建议寻找纯美国本地企业作为合作伙伴， 倾向于与其他地区的合作方合作，避免与变压器厂直接合作。 • 华明装备预计 2025 年整体收入将增长，间接出口增速最快，其次是直接出 口，然后是国内收入。 ...

Financial Performance - In 2024, the company's operating revenue reached 2.322 billion CNY, a year-on-year increase of 18.41% [6] - The net profit attributable to shareholders was 614 million CNY, up 13.25% year-on-year [6] - The net profit excluding non-recurring items was 582 million CNY, reflecting a 15.79% increase [6] Business Segments - The power equipment segment generated 1.811 billion CNY in revenue, growing by 11.47% year-on-year, although its revenue share decreased [6][7] - The overall gross margin declined due to changes in revenue structure, despite stable gross margins in the power equipment business [7] Domestic Market Insights - Domestic power equipment business showed slight growth, with single-digit revenue increases, indicating resilience in the domestic economy [7][8] - The domestic market is expected to see more positive developments due to recent economic stimulus policies [8] International Market Performance - The company achieved approximately 485 million CNY in revenue from direct and indirect exports, with a year-on-year growth exceeding 40% [7] - Indirect exports doubled, indicating a significant increase in market acceptance of Chinese transformer brands [12] Strategic Outlook - The company plans to focus on enhancing its presence in Southeast Asia, with Singapore as a central hub for expansion [25][39] - The strategy includes localizing sales and service teams in Europe, particularly in France and Italy, to strengthen market share [25] Challenges and Risks - The impact of U.S. tariffs is minimal, as over 80% of components are self-manufactured [13] - The company is cautious about the global economic environment but maintains a long-term growth outlook for overseas markets [30] Shareholder Returns - The company commits to a cash dividend of no less than 60% of distributable profits, with recent distributions approaching 80% [45]

Investment Rating - The report maintains a positive investment outlook for the solar, wind, and energy storage sectors, highlighting strong demand and technological advancements [2][3][4]. Core Insights - The solar and energy storage sectors are expected to benefit from domestic demand support and supply discipline, with profitability in overseas battery and material production remaining strong [2][3]. - Wind power demand is projected to remain robust, with a significant increase in new bids for wind turbines in Q1, indicating sustained growth through 2026 [2][3]. - The development of virtual power plants is gaining momentum, with government guidance aimed at enhancing their scale and operational models [2][3][4]. Summary by Relevant Sections Solar & Energy Storage - The shift from large-scale solar projects to distributed generation is emphasized, with domestic demand and supply discipline expected to strengthen [2][3]. - Longi Green Energy launched its second-generation BC products, improving module efficiency and bifacial rates [2][3]. - The report notes that recent policy changes and market dynamics suggest a favorable environment for solar demand in the second half of the year [7][8]. Wind Power - In Q1, state-owned enterprises added 26.2 GW of new wind power capacity, a 32% year-on-year increase, reinforcing the outlook for sustained demand through 2026 [2][3]. - The report highlights the strategic value of offshore wind projects amid increasing trade tensions and domestic demand expectations [2][3]. Grid and Virtual Power Plants - The National Development and Reform Commission and the Energy Administration have issued guidelines to accelerate the development of virtual power plants, aiming for significant capacity increases by 2027 [2][3][4]. - The report indicates that the first batch of procurement agreements in the North China region has been announced, with a focus on long-term vendor capabilities [2][3][4]. New Energy Vehicles & Lithium Batteries - BYD's Q1 profit forecast indicates strong performance driven by increased exports and effective cost management [3][4]. - CATL has received approval for its Hong Kong listing, with plans to raise at least $5 billion for overseas capacity expansion [3][4]. Hydrogen and Fuel Cells - The report discusses the development of a "hydrogen corridor" in the western region, aiming to create a comprehensive hydrogen supply chain [5][10]. - The anticipated sales of hydrogen vehicles are projected to exceed 10,000 units by 2025, supported by infrastructure developments [5][10].

证券研究报告 电力设备 | 电网设备 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 13 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 市场表现： | 基本数据 | | | | | 2025 | 年 | 04 | 月 11 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 14.40 | | | 一 年 内 低 | 最 | 高 | / | 最 | | | | 22.83/13.17 | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | | | 12,905.65 | | | 流通市值（百万元） | | | | | | | | 12,90 ...

证券代码：002270 证券简称：华明装备 公告编号：〔2025〕022 号 华明电力装备股份有限公司 关于提请股东大会授权董事会办理以简易程序 1、确认公司是否符合以简易程序向特定对象发行股票的条件 授权董事会根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司证券发行注册管理办法》等法律、法规、规范性文件以及《公司章程》的规 定，对公司实际情况及相关事项进行自查论证，并确认公司是否符合以简易程序 向特定对象发行股票的条件。 向特定对象发行股票的公告 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 4 月 10 日召开 了第六届董事会第十六次会议，审议通过了《关于提请股东大会授权董事会办理 以简易程序向特定对象发行股票的议案》，该议案尚需提交公司年度股东大会审 议通过。 根据《上市公司证券发行注册管理办法》《深圳证券交易所上市公司证券发 行上市审核规则》《深圳证券交易所上市公司证券发行与承销业务实施细则》等 相关规定，公司董事会提请股东大会授权董事会以简易程序向特定对象发行融资 总额不 ...

华明电力装备股份有限公司 2024年12月31日 内部控制审计报告 索引 页码 内部控制审计报告 1-2 内部控制审计报告 XYZH/2025JNAA1B0062 华明电力装备股份有限公司 华明电力装备股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了华明电力装备股份有限公司（以下简称"华明装备"）2024 年 12 月 31 日财务报告内 部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》 、《企业内部控制应用指引》 、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是华明装备董事 会的责任。 1 内部控制审计报告（续） 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的 变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控 制审计结果推测未来内部控制的有效性具有一定风险。 XYZH/20 ...

华明电力装备股份有限公司 2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-5 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-114 | | 信永中和会计师事务所 北京市东城区朝阳门北大街 联系电话: +86 (010) 6554 2288 | | | | --- | --- | --- | | telephone: +86 (010) 6554 2288 | 8 号富华大厦 A 座 9 层 | | | ShineWing | 9/F, Block A, Fu Hua Mansion, | | | No.8, Chaoyangmen Beidajie, | | | | +8 ...

华明电力装备股份有限公司 2024 年度 非经营性资金占用及其他关联资金往来的 专项说明 | 索引 | 页码 | | --- | --- | | 专项说明 | 1-2 | | 非经营性资金占用及其他关联资金往来情况汇总表 | 1-1 | 关于华明电力装备股份有限公司 2024 年度非经营性资金占用及其他关联资金往来的专项说明 根据中国证券监督管理委员会《上市公司监管指引第 8 号——上市公司资金往来、 对外担保的监管要求》（证监会公告[2022]26 号），以及深圳证券交易所相关披露的要求， 华明装备公司编制了本专项说明所附的华明装备公司 2024 年度非经营性资金占用及其 他关联资金往来情况汇总表（以下简称汇总表）。编制和对外披露汇总表，并确保其真实 性、准确性及完整性是华明装备公司的责任。我们对汇总表所载资料与我们审计华明装 备公司 2024 年度财务报表时所复核的会计资料和经审计的财务报表的相关内容进行了 核对，在所有重大方面没有发现不一致。 除对华明装备公司 2024 年度财务报表执行审计，以及将本专项说明后附的汇总表 所载项目金额与我们审计华明装备公司 2024 年度财务报表时华明装备公司提供的会计 ...