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]

Group 1 - The resilience of Chinese assets has attracted significant attention from foreign institutions, with 236 A-share companies being investigated by foreign entities since April [1] - The top ten companies receiving the most foreign institution inquiries include Huaming Equipment, Hongfa Technology, Luxshare Precision, Anker Innovation, and others, focusing on sectors such as consumer electronics, pet economy, and technology innovation [1] - Notable foreign institutions conducting research include Morgan Stanley, Franklin Templeton, and UBS Asset Management, indicating strong interest in companies like Huaming Equipment and Hongfa Technology [1][2] Group 2 - The domestic demand sector has gained market attention, with companies like Guibao Pet and Baiya Co. experiencing significant stock price increases since April [1] - In the technology sector, companies such as Luxshare Precision and Anker Innovation have also been the focus of over ten foreign institution inquiries, highlighting their growth potential [2] - Blue Glass Technology has expanded into new fields such as humanoid robots and AI glasses, indicating diversification beyond traditional consumer electronics [2] Group 3 - Many foreign institutions are optimistic about Chinese assets, with Franklin Templeton noting that A-shares have a lower dependency on foreign investment compared to other Asian markets, enhancing market resilience [3] - The low holding ratio of overseas investors in Chinese stocks suggests potential for growth, with expectations of positive surprises in the Chinese economy and corporate performance [3] - Morgan Stanley emphasizes the stability of China's economic and policy environment, suggesting that global investors will reassess investment opportunities in Chinese assets [3]

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 ...

证券简称：华明装备 证券代码：002270 上海荣正企业咨询服务（集团）股份有限公司 关于 华明电力装备股份有限公司 2025年员工持股计划（草案） 之 独立财务顾问报告 2025 年 4 月 | 一、释义 3 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、独立财务顾问对本员工持股计划的核查意见 6 | | （一）对本员工持股计划是否符合政策法规规定的核查意见 6 | | （二）对公司实施本员工持股计划可行性的核查意见 8 | | （三）对本员工持股计划定价方式及定价依据的核查意见 9 | | （四）实施本员工持股计划对公司持续经营能力、是否存在损害上市公司及全体 | | 股东利益的情形的核查意见 11 | | （五）其他应当说明的事项 12 | | 五、备查文件及咨询方式 13 | | （一）备查文件 13 | | （二）咨询方式 13 | 一、释义 本独立财务顾问报告中，除非文义另有所指，下列简称特指如下含义： | 简称 | | 释义 | | --- | --- | --- | | 华明装备、公司、本公司 | 指 | 华明电力装备股份有限公司（含分公司、控股子公司） | | ...

国浩律师（上海）事务所 关于 华明电力装备股份有限公司 2025 年员工持股计划 之 法律意见书 上海市静安区山西北路 99 号苏河湾中心 25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel:+862152341668 传真/Fax:+862152433320 网址/Website:http://www.grandall.com.cn 2025 年 4 月 | 第一节 引言 2 | | --- | | 第二节 正文 4 | | 一、公司实施本次员工持股计划的主体资格 4 | | 二、本次员工持股计划的合法合规性 5 | | 三、本次员工持股计划的法定程序 8 | | 四、股东大会回避表决安排的合法合规性 10 | | 五、公司融资时参与方式的合法合规性 10 | | 六、一致行动关系认定的合法合规性 10 | | 七、本次员工持股计划涉及的信息披露 11 | | 八、结论意见 12 | | 第三节 签署页 13 | 国浩律师（上海）事务所 法律意见书 国浩律 ...