证券代码:002270 证券简称:华明装备 公告编号：〔2024〕042 号 华明电力装备股份有限公司 关于会计政策变更的公告 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。 3、变更后采用的会计政策 本次会计政策变更后，公司将按照《暂行规定》《企业会计准则解释第 17 号》 的相关规定执行；除上述会计政策变更外，其他未变更部分仍按照财政部前期发布 的《企业会计准则——基本准则》和各项具体会计准则、企业会计准则应用指南、 企业会计准则解释公告以及其他相关规定执行。 二、本次会计政策变更对公司的影响 华明电力装备股份有限公司（以下简称"公司"）于 2024 年 10 月 22 日召开 了第六届董事会第十四次会议及第六届监事会第十次会议，审议并通过了《关于会 计政策变更的议案》。公司本次会计政策变更是根据财政部发布的相关规定和要求 进行的变更，无需提交股东大会予以审议。现将具体情况公告如下： 一、会计政策变更概述 1、变更的原因及变更时间 2023 年 8 月 1 日，财政部发布了《关于印发<企业数据资源相关会计处理暂行 规定>的通知》（财会〔2023〕11 号） ...

Group 1: Market Overview - The global market for tap changers is small and segmented, but it is expected to grow steadily as electricity remains a fundamental energy demand for economic development [3][4] - The domestic market for tap changers is dominated by Huaming Equipment, with no significant competitors remaining after over 30 years of development [3][4] - The overseas market is less developed, with Huaming's products primarily focused on the domestic market, leading to a lower percentage of overseas sales [3][4] Group 2: Industry Dynamics - The growth of the domestic market in recent years has been driven by stable grid investments and the rapid development of the new energy and electric vehicle industries [4][5] - Future growth in the grid sector is expected to be stable, while the new energy sector may not provide sustained growth due to high base effects [4][5] - The company has seen a significant increase in indirect exports, which accounted for 25% of overseas business revenue in the first half of the year, up from around 20% last year [6][7] Group 3: Competitive Landscape - The company faces strong competition from established overseas brands with over 80 years of experience, particularly in marketing and service [4][5] - The company’s competitive advantage in the domestic market is attributed to brand recognition and historical usage patterns [4][5] - The company is focusing on enhancing its market share through local production and customized services, leveraging a high self-manufacturing rate of 80% for components [6][7] Group 4: Financial Performance and Projections - The company aims to double its net profit over four years, considering both domestic and international market conditions [16][17] - The gross margin for CNC equipment has decreased due to competitive pressures and sanctions affecting exports to Russia [16][17] - The company expects stable overall expenses, with a potential increase in sales expenses in the fourth quarter due to seasonal factors [16][17] Group 5: Future Strategies - The company is exploring opportunities in the U.S. market, with plans to establish local production if new product trials are successful [8][9] - The company is also considering expanding its presence in Southeast Asia and the Middle East, where economic growth is promising [9][10] - Future capital expenditures will focus on technology upgrades and quality management rather than large-scale investments [17][18]

证券代码：002270 证券简称：华明装备 公告编号：〔2024〕038 号 华明电力装备股份有限公司 2024 年半年度权益分派实施公告 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"）2024 年半年度权益分派 方案已获 2024 年 8 月 29 日召开的公司 2024 年第一次临时股东大会审议通过， 现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案的情况 二、权益分派方案 1．发放年度、发放范围 （1）发放年度：2024 年半年度 （2）发放范围：截止股权登记日 2024 年 9 月 27 日下午深圳证券交易所收 市后，在中国证券登记结算有限责任公司深圳分公司（以下简称"中国结算深圳 分公司"）登记在册的本公司全体股东。 1、公司 2024 年第一次临时股东大会审议通过公司 2024 年半年度利润分配 议案，具体内容为：公司拟以本次董事会审议时，公司总股本 896,225,431 股为 基数，按每 10 股派发现金红利 2.70 元（含税），共分配现金股利 241,980,866.37 元（含税） ...

股票代码：002270 股票简称：华明装备 1 | --- | --- | --- | |-------------------------|----------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------| | | | | | | ■特定对象调研 | □分析师会议 | | | □媒体采访 □业绩说明会 | | | 投资者关系活 | □新闻发布会 □路演活动 | | | 动类别 | ■现场参观 | | | | ■其他 电话会议 | | | | | | | | 博裕资本：张甘露、姜涵奕 | | | 参与单位名称 及人员姓名 | Handelsbanken：Patric Lindqvist 鹏扬基金：王哲 中欧基金国际：朱馨远 国泰君安：周奥铮、任苒威 | | | | 富达投资： Ivan Xie | Sandeep Varma ...

书 国浩律师（上海）事务所 临时股东大会法律意见 国浩律师(上海)事务所 Grandall Law Firm (Shanghai) 中国 上海 北京西路 968 号嘉地中心 23-25 层，200041 23-25th Floor, Garden Square, No. 968 West Beijing Road, Shanghai 200041, China 电话/TEL.: (+86)(21) 5234 1668 传真/FAX: (+86)(21) 5234 1670 国浩律师（上海）事务所 关于华明电力装备股份有限公司 2024 年第一次临时股东大会的 法律意见书 致：华明电力装备股份有限公司 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》"）和中国证券监督管理委员会《上市公司股 东大会规则》（以下简称"《股东大会规则》"）的规定，国浩律师（上海）事务 所（以下简称"本所"）接受华明电力装备股份有限公司（以下简称"公司"） 董事会的聘请，指派林祯律师、凌宇斐律师（以下简称"本所律师"）出席并见 证公司于 2024 年 8 月 29 日下午 14: ...

股票代码：002270 股票简称：华明装备 投资者关系活动记录表 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活 □新闻发布会 □路演活动 动类别 ■现场参观 ■其他 电话会议 Allianz Global: Kevin You; Bank Of China: John Cai; Broad Peak Investment Advisers: Xiao dong Shi; East Capital Asset Management: Hao Zhang; Fullgoal Fund Management: Yunze Wu; Hillhouse Capital Management: Keyue Li; Invesco: Raymond Ma; JP Morgan AM: Li Tan、 Simmy Qi; Millennium Partners: Tim Cheung 、 Yangming Wang; Neuberger Berman: Janice Zhang; Nomura Asset Management: Emily Wu; Ping An Insurance Co Of Ch ...

公 司 研 究 2024 年 08 月 15 日 公司点评 买入/维持 华明装备(002270) 目标价: 昨收盘:18.67 华明装备 2024 年半年报点评：变压器分接开关增长与盈利态势 较好，海外值得期待 | --- | --- | --- | --- | |----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证券研究报告 | 2024年08月12日 华明装备（002270.SZ） 优于大市 上半年经营稳健，海外业务规模持续增长 上半年业绩符合预期，收入利润实现稳健增长。2024 年上半年公司实现营收 11.21 亿元，同比+23.24%，实现归母净利润 3.15 亿元，同比+9.64%，扣非 净利润 2.94 亿元，同比+14.88%。上半年公司销售毛利率为 47.76%，同比 -6.58pct.，销售净利率 28.40%，同比-3.61pct.。 二季度业绩环比大幅增长，电力工程收入占比提升拉低毛利率。二季度公司 实现收入 6.70 亿元，同比+34.73%，环比+48.41%；实现归母净利润 1.8 亿 元，同比+11.07%，环比+47.80%；扣非净利润 1.68 亿元，同比+8.80%，环 比+32.92%。二季度公司销售毛利率 44.63%，同比-12.10pct.，环比 -7.76pct.。我们认为，二季度公司毛利率下降主要系低毛利的电力工程业 务收入占比提升引起。 电力设备出口收入占比达 26%，海外业务毛利率超 60%。2024 年上半年，公 司电力设备业务毛利率为 59.60%，同比+0.38 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][8] Core Views - The company reported a revenue increase of 23.24% year-on-year for the first half of 2024, reaching 1.121 billion yuan, while the net profit attributable to shareholders grew by 9.64% to 315 million yuan [5][8] - The decline in gross margin by 6.58 percentage points is attributed to a higher proportion of low-margin power engineering revenue [5] - The company plans to distribute a cash dividend of 2.70 yuan per 10 shares (tax included) [5] Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 47.76%, down from the previous year [5] - The second quarter of 2024 saw a revenue increase of 34.73% year-on-year, totaling 670 million yuan, with a net profit of 188 million yuan, reflecting an 11.07% increase [5][6] - The company’s operating expenses ratio decreased to 12.79% in Q2 2024, down 4.37 percentage points year-on-year [6][9] Business Segment Performance - The core business, power equipment, generated 832 million yuan in revenue, an 8.16% increase year-on-year, with a gross margin of 59.60% [6] - Power engineering revenue surged by 531.56% year-on-year to 185 million yuan, although its gross margin fell to 7.82% [6] - CNC equipment revenue decreased by 5.20% year-on-year to 78 million yuan, with a gross margin of 14.40% [6] Financial Forecast - The company is projected to achieve net profits of 651 million yuan, 782 million yuan, and 945 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.73 yuan, 0.87 yuan, and 1.05 yuan [8][12] - The estimated P/E ratio for 2024 is between 25-30 times, suggesting a reasonable price range of 18.25 yuan to 21.90 yuan [8]

股 票 研 究 ——24 年半年报业绩点评 股票研究 /[Table_Date] 2024.08.12 | --- | --- | |-------|-----------------------------------| | | | | | [table_Authors] 庞钧文 ( 分析师 ) | | | | | | 021-38674703 | | | pangjunwen@gtjas.com | | | 登记编号 S0880517120001 | 周奥铮(研究助理) 010-83939782 zhouaozheng026728@gtjas.co m S0880122080013 本报告导读： 公司 24H1 业绩符合预期，电力设备海外业务（直接+间接）比例达 26%，毛利率维 持高位达 59.60%，维持"谨慎增持"评级。 投资要点： [Table_Summary] 维持"谨慎增持"评级。公司 24 年半年报符合预期，维持公司 24- 26 年 EPS 预测为 0.76/0.92/1.10 元。由于公司在分接开关领域保持 突出的市占率，海外业务进展顺利，充分受益全球电力设备上行周 期，参考可比公司估值 ...