2024 年 10 月 23 日，华明电力装备股份有限公司（以下简称"公司"）向招 商银行股份有限公司上海分行（以下简称"招商银行"）出具《最高额不可撤销 担保书》，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"）根据与招商银行签署的《授信协议》在授信额度内申请的贷款及其他 授信本金余额之和（最高限额为人民币伍仟万元整）以及相关利息、罚息、复息、 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提供担保的公告》（公告编号：〔2024〕007 号）、 《关于 2023 年年度股东大会决议的公告》（公告编号：〔2024〕021 号）。 证券代码：002270 证券简称：华明装备 公告编号：〔2024〕044 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 ...

大家上午好我是中基建新的研究员刘倩文欢迎大家参加环冰装备2024年三季度的一个业绩交流会然后今天我们邀请到公司董事夏总针对三级报以及最近的经济情况跟大家做一个线上的交流展望那我们先有请夏总介绍一下三级部的情况有请 好的上午好三级报昨天发了简单把三级报的情况我们简单的跟大家沟通一下应该说整个三季度我们差不多营业收入实现了要接近5.78个亿这个是比上年同期差不多增长了接近6% 那么年初到这个三季度末一到九月份我们整体是收入是增长的这个16.78%那么这个年初到报告期末因为有这个半年度 相对来讲,工程这块对收入的影响比较大,但是对于利润的影响还是小的,比去年远远来得要小很多 经济论是1.79个亿 同比增长4%不到一些扣非是同比增长了4.63%三季度应该说最终实现的这个数字 我们自己确实也是比较意外的这个比我们原来预想当中的确实要好好不少所以总体上来讲最终三季度实现的业绩我们自己还是有一点惊喜的因为今年的实际的困难或者说相比去年来讲去年的三季度的基数非常的高 你们如果去看它的这个不管是毛利率净利润率还是整个收入的这个情况都是一个单级度非常非常高的这个技术所以今年能够在营收和利润两个角度都能够超过去年这个我们自己其实是 ...

Investment Rating - The report maintains an "Outperform" rating for Huaming Equipment (002270) [2] Core Views - Huaming Equipment achieved steady growth in the first three quarters of 2024, benefiting from both domestic and international demand [5] - The company's revenue increased by 16.78% YoY to RMB 16.99 billion, while net profit attributable to shareholders grew by 7.52% YoY to RMB 494 million [5] - The company's gross margin declined by 4.58 percentage points YoY to 49.89% in the first three quarters of 2024 [5] - The company's operating expense ratio decreased by 2.68 percentage points YoY to 15.80% in the first three quarters of 2024 [5] - In Q3 2024, revenue increased by 5.99% YoY to RMB 578 million, and net profit attributable to shareholders grew by 3.99% YoY to RMB 179 million [5] Financial Performance - The company's revenue is expected to grow from RMB 19.61 billion in 2023 to RMB 31.04 billion in 2026, with a CAGR of 15.5% [7] - Net profit attributable to shareholders is projected to increase from RMB 542 million in 2023 to RMB 898 million in 2026 [7] - The company's gross margin is expected to remain stable at around 50% from 2024 to 2026 [7] - The company's ROE is forecasted to increase from 16.2% in 2023 to 18.4% in 2026 [7] Industry and Market Position - Huaming Equipment is a leading domestic manufacturer of transformer tap changers, ranking first in China and second globally [6][8] - The company has a strong competitive position in the domestic market for products below 500kV and is expanding its presence in high-end domestic and international markets [8] - The global power grid construction acceleration and increased demand for power equipment are expected to benefit the company [8] Valuation and Target Price - The report forecasts EPS of RMB 0.69, RMB 0.83, and RMB 1.00 for 2024, 2025, and 2026, respectively [8] - Based on a PE multiple of 25-30X for 2024, the target price range is RMB 17.25-20.7 [8] Financial Ratios and Efficiency - The company's asset turnover ratio is expected to improve from 0.44 in 2023 to 0.53 in 2026 [12] - The current ratio is projected to remain strong, ranging from 3.42 to 4.34 from 2024 to 2026 [13] - The company's inventory turnover days are expected to remain stable at 129 days from 2024 to 2026 [13]

关于第六届监事会第十次会议决议的公告 本公司及监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。 一、监事会会议召开情况 华明电力装备股份有限公司（以下简称"公司"）第六届监事会第十次会议 通知于 2024 年 10 月 16 日以邮件、短信或专人送达的方式通知各位监事，本次 会议于 2024 年 10 月 22 日在上海市普陀区同普路 977 号以现场加通讯表决方式 召开。 证券代码：002270 证券简称：华明装备 公告编号：〔2024〕041 号 华明电力装备股份有限公司 具体内容详见公司指定信息披露媒体《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）的《关于会计政策 变更的议案》。 （三）以 3 票赞成、0 票反对、0 票弃权审议通过了《关于 2024 年第三季度 利润分配预案的议案》。 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 0.56 元（含税），共分配现金股利 50,188,624.14 元（含税）， 不送红股，不以资本公积金转增股 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥577,764,511.42, representing a year-on-year increase of 5.99%[2] - Net profit attributable to shareholders for the same period was ¥179,303,965.17, up 3.99% compared to the previous year[2] - The net profit after deducting non-recurring gains and losses was ¥178,109,635.58, reflecting a 4.63% increase year-on-year[2] - Total operating revenue for Q3 2024 reached CNY 1,698,633,531.66, an increase from CNY 1,454,610,465.77 in the same period last year, representing a growth of approximately 16.8%[12] - Net profit for Q3 2024 was CNY 498,809,241.10, compared to CNY 465,953,198.06 in Q3 2023, reflecting a growth of approximately 7.1%[13] - The net profit attributable to shareholders of the parent company was CNY 493,804,631.22, up from CNY 459,276,613.26, marking an increase of around 7.5%[14] - The total comprehensive income for Q3 2024 was CNY 478,176,245.12, compared to CNY 466,047,493.39 in Q3 2023, reflecting a growth of approximately 2.7%[14] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥4,407,762,247.34, a decrease of 2.44% from the end of the previous year[2] - Shareholders' equity attributable to the parent company decreased by 7.70% to ¥3,092,030,589.41 compared to the end of the previous year[2] - The total liabilities as of Q3 2024 were CNY 1,298,361,960.65, compared to CNY 1,155,437,605.16 in the previous year, showing an increase of approximately 12.4%[12] - The total equity decreased to CNY 3,109,400,286.69 from CNY 3,362,710,573.53, a decline of about 7.5%[12] Cash Flow - Cash flow from operating activities for the year-to-date was ¥551,011,882.32, showing a slight increase of 2.49%[2] - Operating cash inflow for the current period reached CNY 1,742,797,018.57, an increase of 9.05% compared to CNY 1,597,401,915.97 in the previous period[16] - Net cash flow from operating activities was CNY 551,011,882.32, slightly up from CNY 537,623,619.27, reflecting a growth of 2.3%[16] - Cash flow from investment activities showed a net outflow of CNY 6,514,125.55, a significant decrease from a net inflow of CNY 81,999,863.04 in the previous period[16] - Cash flow from financing activities resulted in a net outflow of CNY 642,185,516.80, compared to a net outflow of CNY 611,862,933.23 last year, indicating a 4.9% increase in outflow[16] - The total cash and cash equivalents at the end of the period were CNY 884,702,802.67, down from CNY 1,007,495,382.66, representing a decrease of 12.2%[17] Shareholder Information - The total number of common shareholders at the end of the reporting period is 27,548[7] - The largest shareholder, Shanghai Huaming Electric Equipment Group Co., Ltd., holds 28.25% of shares, totaling 253,144,534 shares[7] - The company plans to distribute a cash dividend of 0.56 RMB per 10 shares, totaling 50,188,624.14 RMB (including tax)[9] Investment and Expenses - Investment income increased by 55% to ¥1,641.31 million, primarily due to recognized investment returns from joint ventures[5] - Research and development expenses for Q3 2024 were CNY 49,242,388.49, slightly down from CNY 51,612,365.05, a decrease of approximately 4.6%[13] - The company paid CNY 632,672,129.16 for goods and services, an increase of 27.8% from CNY 494,997,380.47 in the previous period[16] - The company reported a decrease in tax refunds received, totaling CNY 9,388,875.01 compared to CNY 13,311,615.84, a decline of 29.1%[16] Accounts Receivable and Inventory - The company reported a significant increase in accounts receivable, which rose by 122% to ¥94,749.30 million due to unsettled accounts[5] - Accounts receivable increased significantly to 947,493,000.62 RMB from 426,037,746.60 RMB[11] - The company reported a significant increase in inventory, totaling 378,150,933.48 RMB compared to 365,473,246.83 RMB at the beginning of the period[11]

证券代码:002270 证券简称:华明装备 公告编号：〔2024〕040 号 华明电力装备股份有限公司 关于第六届董事会第十四次会议决议的公告 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。 一、董事会会议召开情况 华明电力装备股份有限公司（以下简称"公司"）第六届董事会第十四次会 议通知于 2024 年 10 月 16 日以邮件、短信或专人送达的方式送达各位董事及其 他会议参加人，本次会议于 2024 年 10 月 22 日在上海市普陀区同普路 977 号以 现场加通讯表决方式召开。 本次会议应出席的董事 9 人，实际出席会议的董事 9 人。本次会议由董事长 肖毅先生召集、主持,公司监事、部分高级管理人员列席了本次会议。本次会议 的召开符合《中华人民共和国公司法》及《华明电力装备股份有限公司章程》等 有关规定。 二、董事会会议审议情况 经与会董事认真讨论，会议审议以下议案： 1 本议案已经公司董事会审计委员会事前审议通过。 3、以 9 票赞成，0 票反对，0 票弃权审议通过了《关于 2024 年第三季度利 润分配预案的议案》。 根据公司 2024 年前三季度 ...

证券代码：002270 证券简称：华明装备 公告编号：〔2024〕043 号 华明电力装备股份有限公司 关于召开 2024 年第二次临时股东大会通知的公告 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。 一、召开会议的基本情况 1、股东大会届次：2024 年第二次临时股东大会 2、股东大会的召集人：公司董事会 经华明电力装备股份有限公司（以下简称"公司"）第六届董事会第十四 次会议审议通过，决定召开 2024 年第二次临时股东大会。 3、会议召开的合法、合规性：公司董事会认为本次股东大会的召开符合 《中华人民共和国公司法》《上市公司股东大会规则》等有关法律、法规、深 圳证券交易所业务规则和《公司章程》的规定。 4、现场会议召开的日期、时间：2024 年 11 月 8 日（星期五）下午 14:30 网络投票时间：（1）通过深圳证券交易所交易系统进行网络投票的具体时 间为：2024 年 11 月 8 日上午 9:15—9:25,9:30-11:30，下午 13:00-15:00； （2）通过深圳证券交易所互联网投票系统投票的具体时间为 2024 年 11 月 8 ...

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） ...