证券代码：002270 证券简称：华明装备 公告编号：〔2025〕047 号 华明电力装备股份有限公司 2024 年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。 特别提示： 1．截至本公告披露之日，华明电力装备股份有限公司（以下简称"公司"） 总股本为896,225,431股，回购专用证券账户持有的股份数量为11,995,609股。 根据《中华人民共和国公司法》（以下简称《公司法》）的规定，该部分已回购的 股份不享有参与本次利润分配的权利。公司本次权益分派以公司总股本 896,225,431 股扣除当前回购专用证券账户持有的股份 11,995,609 股后的 884,229,822 股为基数，向全体股东每 10 股派发现金红利 2.20 元（含税），公 司本次实际现金分红的总金额=实际参与分配的总股本×分配比例，即 194,530,560.84 元=884,229,822 股×0.22 元/股。 2．公司回购股份不参与分红，本次权益分派实施后，实施权益分派前后公 司总股本保持不变，现金分红总额分摊到每一股的比例将减小，因此，本次权益 分 ...

Investment Rating - The report assigns an "Overweight" (OW) rating to Huaming Equipment with a price target of Rmb19.00 by December 2025 [3][19]. Core Insights - Huaming Equipment is recognized as an under-appreciated player in the global transformer market, currently trading at a valuation discount of over 10% compared to peers [2][4]. - The company has a strong market position with over 60% market share in tap changers for transformers in China and has made gradual gains globally, achieving over 15% market share [19]. - The report highlights the favorable competitive landscape for Huaming, with only two major overseas competitors and a gross margin exceeding 60% [4][19]. - Continued strength in transformer demand and positive export data from Asia are expected to bolster investor confidence in Huaming's overseas momentum [4][19]. Summary by Sections Recent Performance - Huaming has outperformed its peers and the index by over 10% in the past month, while peers have averaged a decline of 1% [2][4]. - The report notes that the earnings cutting cycle is likely over, supported by strong first-quarter results and the announcement of a share incentive scheme [4]. Market Dynamics - The transformer market is experiencing a supply tightness, benefiting companies like Huaming, which is positioned to capitalize on this trend [4]. - The report anticipates that Huaming's overseas revenue growth will accelerate, particularly with high voltage transformer capacity expansion expected to begin in 2026 [4][19]. Valuation - The price target of Rmb19.00 is based on a 21x 2025E-26E P/E ratio, which aligns with the average valuation of regional transformer companies [20]. - The report emphasizes that Huaming's valuation discount to peers is unjustified given its growth prospects and market position [4][19].

Summary of Key Points Core Viewpoint - The company, Huaming Power Equipment Co., Ltd., has signed a maximum guarantee contract with Ningbo Bank to provide a joint liability guarantee for its wholly-owned subsidiary, Shanghai Huaming Electric Equipment Manufacturing Co., Ltd., for a credit limit not exceeding 80 million yuan from June 18, 2025, to May 15, 2026 [1][5]. Group 1: Guarantee Overview - The company will provide a joint liability guarantee for Shanghai Huaming's credit business with Ningbo Bank, with a maximum debt limit of 80 million yuan, including interest, penalties, and fees [1]. - Prior to this guarantee, the total guarantee balance for Shanghai Huaming was 793 million yuan, which will increase to 873 million yuan after this guarantee [2]. - The company has authorized a total guarantee limit of up to 1.3 billion yuan for subsidiaries with a debt-to-asset ratio below 70%, valid until the next annual shareholders' meeting [2]. Group 2: Subsidiary Information - Shanghai Huaming Electric Equipment Manufacturing Co., Ltd. was established on April 3, 1995, with a registered capital of 39.11225 million yuan [3]. - The main business activities include manufacturing power facility equipment, mechanical and electrical equipment, and import-export activities [3]. Group 3: Financial Data - As of the latest audited financial data, Shanghai Huaming's total assets were approximately 2.79 billion yuan, with total liabilities of about 1.50 billion yuan, resulting in a debt-to-asset ratio of 53.60% [3]. - The company reported a revenue of approximately 1.81 billion yuan and a net profit of about 577 million yuan for the most recent fiscal year [4]. Group 4: Guarantee Agreement Details - The guarantee period is set for two years from the maturity date of the main contract's debt, with specific terms for various types of financial instruments [4]. - The maximum principal limit for the guarantee is set at 80 million yuan, covering interest, penalties, and other related costs [5]. Group 5: External Guarantee Status - After this guarantee, the total external guarantee amount will account for 14.43% of the company's audited net assets for 2024, with no overdue guarantees or litigation issues reported [5].

证券代码：002270 证券简称：华明装备 公告编号：〔2025〕045 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 （二）担保审议情况 公司分别于 2025 年 4 月 10 日、2025 年 5 月 15 日召开了第六届董事会第十 六次会议和 2024 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：〔2025〕 010 号）、《关于申请银行综合授信提供担保的公告》（公告编号：〔2025〕014 号）、 《关于 2024 年年度股东大会决议的公告》（公告编号：〔2025〕038 号）。 本次担保前公司对上海华明的担保余额为 7.93 亿元，本次担保后公司对上 海华明的担保余额为 8.73 亿元（其中占用 2025 年担保额度的金额为 2.30 亿元， 本次担保后上海华明 2025 年度可用担保额度剩余 10.70 亿元）。 根据上述股东大会决议，公司对上海华明等资产负债率低于 70%的下属公 ...

证券代码：002270 证券简称：华明装备 公告编号：〔2025〕044 号 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 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：〔2025〕002 号）和《回 购股份报告书》（公告编号：〔2025〕004 号）。 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 当在事实发生之日起三个交易日内予以披露。现将公司回购进展情况公告如下： 一、回购股份的进展情况 截至 ...

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：回购股份占公司总股本的比例每增加 1%的，应 当在事实发生之日起三个交易日内予以披露。现将公司回购进展情况公告如下： 一、回购股份的进展情况 证券代码：002270 证券简称：华明装备 公告编号：〔2025〕044 号 华明电力装备股份有限公司 关于回购公司股份比例达到 1%的进展公告 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 ...

Core Viewpoint - The article discusses the significant financial and legal issues surrounding Huaming Equipment's divestiture of its subsidiary Guizhou Changzheng Electric Co., which was sold for 1 million yuan after being acquired for 398 million yuan six years prior. The divestiture was prompted by a lawsuit against Guizhou Changzheng for debt repayment, revealing deeper connections to a larger financial scheme involving multiple companies and individuals [1][2][6]. Group 1 - Huaming Equipment plans to transfer 100% of its subsidiary Guizhou Changzheng for 1 million yuan, a stark contrast to the 398 million yuan paid six years ago [1][2]. - The transfer is a direct result of a lawsuit against Guizhou Changzheng, which acted as a guarantor for a loan exceeding 270 million yuan [2][5]. - The investigation reveals that the loan was part of a larger scheme involving 11 billion yuan in loans to three "mini" trading companies, backed by a complex network of 16 guarantors [2][10][23]. Group 2 - The loans were issued by Lanzhou Bank, which later transferred the debt to Sanwei Huicheng, raising questions about the compliance and transparency of the lending process [3][36]. - The three borrowing companies, despite having minimal registered capital, received substantial loans due to the extensive guarantee network, which included individuals and companies with questionable financial health [22][23]. - The article highlights the intricate relationships between the borrowing companies and the guarantors, suggesting a coordinated effort to secure financing despite apparent risks [10][28]. Group 3 - The guarantors include individuals and companies linked to the "Galaxy System," which has a history of financial misconduct and regulatory scrutiny [32][33]. - The article discusses the implications of these relationships, particularly in the context of the bankruptcy restructuring of Jianxin Group, which was closely tied to the loans issued [29][30]. - Concerns are raised about the regulatory oversight of Lanzhou Bank, especially given its status as a publicly listed entity during the loan issuance [35][36].

Investment Rating - The report presents a positive outlook on the AI Capex sector in China, with specific stock recommendations for various segments including copper, power equipment, humanoid robots, autonomous driving, and smart manufacturing [9][10][47]. Core Insights - China's AI Capex is expected to reach RMB600-700 billion by 2025, driven by government policies and increased spending from major telecom and internet firms [1][29]. - The report emphasizes the importance of non-IT and energy-related AI Capex, focusing on the value chain that includes power, metals, and applications [1][29]. - Significant growth is anticipated in various applications of AI, including humanoid robots, autonomous driving, and smart manufacturing, with respective CAGRs of 171%, 52%, and 2.4% from 2024 to 2030 [40][44][42]. Summary by Sections AI Capex Overview - China's AI Capex is projected to rise significantly, reaching RMB600-700 billion by 2025, supported by government initiatives and major industry players [1][29]. - The global data center investment is expected to grow to US$800 billion by 2030, with China playing a crucial role [1][29]. Power and Power Equipment - China's data centers are forecasted to consume 277 TWh of electricity by 2030, representing 2.2% of total power demand [30]. - The power equipment market related to AI is expected to grow at an 18% CAGR from 2024 to 2030, driven by strong grid investments and rising demand from renewable energy [31][32]. Copper and Other Metals - Data centers are projected to account for 4-6% of China's copper demand by 2030, with total copper demand from data centers estimated at 675-1,048 kt [33]. - The report highlights the tight global copper supply and the expected increase in aluminum demand due to AI and energy transitions [34]. Cooling and Power Supply - The liquid cooling market for data centers is expected to grow at a 57% CAGR from 2024 to 2030, driven by its efficiency compared to air cooling [36][37]. - Diesel engine demand for data centers is projected to increase by 50% YoY in 2025, with a market size of RMB11 billion [39]. Humanoid Robots - Humanoid robot shipments are expected to grow at a CAGR of 171% from 2024 to 2030, with global sales projected to reach 1 million units by 2030 [40]. - The BOM cost of humanoid robots is anticipated to decline significantly, making them more accessible [40]. Smart Manufacturing - The smart manufacturing sector is expected to recover with a 2.4% YoY growth in 2025, driven by automation and AI integration [42]. - The report identifies Inovance as a key player in the industrial automation market [42]. Autonomous Driving and eVTOL - The global LiDAR market is projected to reach RMB80 billion by 2030, with a CAGR of 52% from 2024 to 2030 [44]. - The eVTOL market is expected to grow from RMB1 billion in 2024 to RMB10 billion by 2030, with a CAGR of 63% [45]. Smart Home - The smart home market in China is expected to grow at an 11% CAGR from 2024 to 2030, driven by advancements in IoT and AI technologies [46].

Group 1: Company Overview and History - The company was established in the early 1990s and has over 30 years of experience in the transformer tap switch sector, with significant milestones including a successful backdoor listing in 2015 and the acquisition of its largest domestic competitor in 2018 [3][4]. - The company has built a full industrial chain production base in Shanghai, achieving over 80% self-sufficiency in components, which effectively shortens product development cycles [3][4]. Group 2: Market Dynamics - The domestic power grid has shown stable long-term growth, while non-grid sectors experienced rapid growth driven by new energy and electric vehicles from 2021 to 2023, increasing the demand for power equipment [4][5]. - As of last year, the revenue share from non-grid business was still higher than that from grid business, although the gap has narrowed [4][5]. Group 3: International Market Presence - The largest overseas market for the company is Europe, followed by Southeast Asia, with other regions like Africa, South America, and North America showing similar demand levels [6][7]. - The company has established assembly and testing plants in Turkey and Indonesia, and sales teams in Singapore, the USA, Brazil, France, Italy, and Germany to expand local and regional markets [10][11]. Group 4: Product and Service Strategy - The company aims to enhance its market share by introducing new suppliers to improve existing supply dynamics and increase bargaining power, leveraging its high self-sufficiency rate and quick response capabilities [16][17]. - The company’s products are critical components in transformer systems, with a design lifespan aligned with transformers, necessitating regular maintenance and inspections [20][21]. Group 5: Financial Performance and Projections - The company has a healthy cash flow, with accounts receivable levels influenced by varying payment terms with different customers, but overall cash flow remains robust [46][48]. - The company commits to a cash dividend of no less than 60% of distributable profits during the 2023-2025 shareholder return plan, with recent distributions nearing 80% [57][58]. Group 6: Challenges and Future Outlook - The company faces challenges in the North American market due to various external factors affecting progress, but sees potential for significant market share growth if it can establish a foothold [11][12]. - The company is cautious about the impact of raw material price fluctuations on costs, as it uses various basic materials, but believes that optimizing its product structure can mitigate these effects [51][55].

证券代码：002270 证券简称：华明装备 公告编号：〔2025〕043 号 截至 2025 年 5 月 31 日，公司通过股份回购专用证券账户以集中竞价交易 方式回购公司股份 7,173,152 股，占公司目前总股本的 0.8004%，最高成交价 为 15.80 元 / 股 ， 最 低 成 交 价 为 14.74 元 / 股 ， 成 交 总 金 额 为 人 民 币 110,118,697.10 元（不含交易费用）。本次回购符合相关法律法规要求，符合 既定的回购方案。 二、其他说明 公司回购股份的时间、回购股份数量、回购股份价格及集中竞价交易的委 托时段均符合《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： 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 ...