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：〔 ...

Transaction Overview - The company approved the sale of 100% equity in Guizhou Changzheng Electric Co., Ltd. for no more than RMB 19.8564 million through a public inquiry and agreement transaction [2] - The transaction amount was finalized at RMB 1 million with Shanghai Xinjiahe Industrial Co., Ltd. [3] Buyer Information - Shanghai Xinjiahe Industrial Co., Ltd. was established on March 24, 2025, with a registered capital of RMB 100,000 and is owned 99% by Li Guoqiang [6][4] - The company has no assets or revenue as of March 31, 2025 [5] Valuation and Pricing - The valuation of Guizhou Changzheng Electric was assessed at RMB 19.8564 million based on an asset-based approach [8] - The final transaction price was negotiated based on this valuation and other reports [8] Contractual Details - The agreement stipulates that the buyer will pay RMB 1 million, with RMB 950,000 to one seller and RMB 50,000 to another [10] - The payment is to be made in full within 30 days of the agreement's effectiveness [11] Financial Impact - The sale is expected to result in a loss of approximately RMB 16.1 million on the company's 2025 profit total [18] - Post-transaction, Guizhou Changzheng Electric will no longer be included in the company's consolidated financial statements [18] Purpose and Strategic Impact - The sale aims to mitigate potential legal risks and optimize resource allocation, enhancing operational efficiency [18] - The transaction is positioned to support the company's long-term interests and stability [18]

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 ...

Group 1: Financial Performance - The company's gross profit margin in Q1 was higher due to a decrease in low-margin power engineering business and an increase in high-margin power equipment business [4] - The fluctuation in operating cash flow in Q1 was mainly due to a large engineering payment in the previous year, with no significant changes otherwise [4] - The company has a healthy cash flow throughout the year despite fluctuations in accounts receivable [5] Group 2: Market Insights - The domestic power grid industry maintained stable growth, while external demand has slowed down due to reduced growth in the new energy sector [7] - The company expects a more positive outlook for domestic demand due to recent economic stimulus policies [7] - The company’s indirect exports have increased due to rising overseas orders when local capacities are insufficient [13] Group 3: Operational Strategy - The company primarily uses direct sales in overseas markets, with some consideration for distributors in early development stages [14] - The company has no immediate plans to build factories in the Middle East but will consider local opportunities if conditions change [21] - The company’s overseas production layout focuses on local market penetration rather than capacity considerations [16] Group 4: Competitive Landscape - The company faces challenges in competing with established brands that have decades of market presence and brand influence [29] - Price is not a key competitive factor; reliability and stability of products are prioritized by customers [30] Group 5: Future Outlook - The company anticipates that the overall situation for orders and market demand will become clearer in the second half of the year [10] - The company plans to maintain a stable gross margin despite potential increases in costs due to overseas expansion and raw material prices [46] - The company aims to improve its service capabilities in overseas markets as its market share grows [52]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近期，不少外资机构看多中国资产。 4月23日，富兰克林邓普顿新兴市场股票团队投资经理Yi Ping Liao在接受中国证券报记者采访时表示， 中国A股对外资的依赖度显著低于亚洲其他市场，这一结构性特征增强了A股市场的韧性。中国股市仍 可以自下而上发掘优质投资机会，目前主要看好内需导向型中资股等。 路博迈集团在近日发布的二季度股票市场展望中表示："海外投资者在中国股票资产的持仓比例仍相对 较低，且中国经济和企业业绩出现惊喜的可能性相对较高，我们对中国市场的观点为超配。" 中国资产韧性凸显受到外资机构密切关注。 Wind数据显示，今年4月份以来，已有236家A股公司接受外资机构调研。其中，接受外资机构调研次数 居前十的公司分别为：华明装备、宏发股份、立讯精密、安克创新、蓝晓科技、乖宝宠物、水晶光电、 澜起科技、伟星新材、蓝思科技，涉及出海板块，与内需相关的消费电子、宠物经济，以及与科技创新 相关的人形机器人、芯片、电气设备等板块。 具体来看，4月至今，华明装备已被81家外资机构调研，包括摩根士丹利、路博迈、瑞银资产管理、富 兰克林邓普顿等知 ...

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]