证券代码:002270 证券简称:华明装备 公告编号：〔2024〕018 号 华明电力装备股份有限公司 关于第六届董事会第十一次会议决议的公告 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、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"）第六届董事会第十一次会 议通知于 2024 年 4 月 13 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 4 月 18 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。 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《2024 年第 一季度报告》。 本议案已经公司董事会审计委员会事前审议通过。 三、备查文件 1、公司 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6] Core Views - The company achieved record high revenue of 1.96 billion and net profit of 540 million in 2023, with year-on-year growth of 14.6% and 50.9% respectively [4] - The company has set a new target to double its net profit over the next four years from the 2023 baseline [4] - The company plans to distribute a total cash dividend of 740 million in 2023, with a payout ratio of 136% [5] - The company is actively expanding into Southeast Asia, the US, and Europe, which are expected to become significant growth drivers [12] Financial Performance - Revenue and net profit for 2023 reached 1.96 billion and 540 million respectively, with significant contributions from domestic and overseas markets [4] - The company’s gross margin improved to 52.23%, up 2.93 percentage points year-on-year, driven by product mix enhancement and increased overseas revenue [21] - The company’s financial expenses decreased significantly due to higher interest income covering interest expenses [21] Earnings Forecast - The company is projected to achieve net profits of 664 million, 803 million, and 977 million for 2024, 2025, and 2026 respectively, with corresponding growth rates of 22.46%, 20.89%, and 21.68% [22] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are forecasted to be 25, 20, and 17 respectively [6] Market Data - As of April 12, 2024, the company's stock price is 20.41, with a market capitalization of approximately 18.29 billion [11]

2024 年 04 月 12 日 公司点评 买入/维持 ◼ 走势比较 (30%) (2%) 26% 54% 82% 110% 23/4/1223/6/2223/9/1 23/11/1124/1/2124/4/1 华明装备 沪深300 华明装备(002270) 目标价: 昨收盘:18.06 产品结构改善&海外收入高增，盈利能力持续增强 ◼ 股票数据 总股本/流通(亿股) 8.96/8.96 总市值/流通(亿元) 161.86/161.86 12 个月内最高/最低价 (元) 19.35/9.36 相关研究报告 <<华明装备 2023 年业绩预告点评： 利润实现较快增长，海外有望厚积薄 发_20240125>>--2024-01-28 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 研究助理：万伟 电话： E-MAIL： 一般证券业务登记编号：S1190122090006 事件：公司发布 2023 年年报，全年利润实现快速增长，持续保持高 分红比例。 1）2023 年实现收入 19.61 亿元，同比+14.57%；实现归母净利润 5.42 ...

证券研究报告 | 2024年04月13日 证券分析师：王蔚祺 证券分析师：王晓声 010-88005313 010-88005231 wangweiqi2@guosen.com.cnwangxiaosheng@guosen.com.cn S0980520080003 S0980523050002 基础数据 投资评级 增持(维持) 合理估值 收盘价 19.62 元 总市值/流通市值 17584/14896 百万元 52 周最高价/最低价 19.95/9.33 元 近 3 个月日均成交额 200.42 百万元 市场走势 盈利预测和财务指标 2022 2023 2024E 2025E 2026E 营业收入(百万元) 1,712 1,961 2,402 2,776 3,268 (+/-%) 11.7% 14.6% 22.5% 15.6% 17.7% 净利润(百万元) 359 542 665 806 974 (+/-%) -13.8% 50.9% 22.6% 21.2% 20.9% 每股收益（元） 0.40 0.61 0.74 0.90 1.09 EBIT Margin 24.4% 28.9% 31.7% 33.8% ...

Investment Rating - The report maintains a "Recommended" rating for the company [9][14]. Core Views - The company achieved a revenue of 1.961 billion yuan in 2023, representing a year-on-year growth of 14.57%. The net profit attributable to shareholders was 542 million yuan, with a significant increase of 50.90% [9]. - The company is a leader in the transformer tap switch market and is accelerating its overseas expansion, particularly in Southeast Asia and the United States [9]. - The report forecasts revenue growth for 2024-2026 to be 2.426 billion yuan, 2.915 billion yuan, and 3.520 billion yuan, with corresponding growth rates of 23.7%, 20.2%, and 20.8% respectively [9]. Financial Forecasts - Revenue (in million yuan) for 2023A, 2024E, 2025E, and 2026E is projected at 1,961, 2,426, 2,915, and 3,520 respectively [11]. - Net profit attributable to shareholders (in million yuan) is expected to be 542, 659, 806, and 991 for the same years, with growth rates of 50.9%, 21.4%, 22.3%, and 23.0% respectively [11]. - Earnings per share (in yuan) are forecasted to be 0.61, 0.74, 0.90, and 1.11 for 2023A, 2024E, 2025E, and 2026E [11]. Business Performance - The company's power equipment business generated revenue of 1.625 billion yuan in 2023, up 20.4% year-on-year, driven by domestic grid investment and overseas market demand [9]. - The gross margin for 2023 was 52.23%, an increase of 6.82 percentage points year-on-year, while the net margin was 28.08%, up 2.93 percentage points [9]. - The company holds over 300 technology patents and is recognized for its advanced manufacturing technology in high-voltage transformer tap switches [9]. Market Expansion - The company has established a subsidiary in Singapore and is building a localized team to serve the Southeast Asian market, aiming for significant breakthroughs in the next 2-3 years [9]. - In the U.S., the company is actively integrating and has received multiple orders while seeking opportunities for capacity expansion [9]. Valuation Metrics - The report indicates that the company's PE ratios for 2024E, 2025E, and 2026E are projected to be 28X, 23X, and 18X respectively [9]. - The PB ratios for the same years are expected to be 5.6, 5.2, and 4.7 [11].

Investment Rating - The investment rating for the company is "Buy" [30][26]. Core Views - The company aims to double its net profit over the next four years based on 2023 figures, with significant breakthroughs in high-end product markets, particularly in nuclear power and industrial rectifiers [12][22]. - The company has seen a 15% year-on-year increase in operating revenue for 2023, reaching 1.961 billion yuan, and a 51% increase in net profit attributable to shareholders, totaling 542 million yuan [22][31]. - The company is actively expanding into overseas markets, including Southeast Asia, the United States, and Europe, to enhance its growth potential [12][22]. Financial Summary - The company's operating income for 2023 was 1.961 billion yuan, with a year-on-year growth of 14.6% [23]. - The net profit attributable to shareholders for 2023 was 542 million yuan, reflecting a 50.9% increase compared to the previous year [23]. - The gross margin for 2023 was 52.2%, an increase of 2.9 percentage points year-on-year, while the net margin was 27.7%, up by 6.8 percentage points [22][23]. - The company plans to achieve net profits of 706 million yuan, 871 million yuan, and 1.113 billion yuan for 2024, 2025, and 2026, respectively [22][23]. - The earnings per share (EPS) for 2023 was 0.61 yuan, with projections of 0.79 yuan, 0.97 yuan, and 1.24 yuan for the following three years [23][22]. Market Position - The company is recognized as the domestic leader and the second globally in the transformer tap switch industry, benefiting from the global transition in power systems [32]. - The company reported a 20.4% increase in revenue from transformer tap switches, reaching 1.625 billion yuan, with significant growth in both direct and indirect exports [32].

[ T able_StockInfo] 2024 年 04 月 11 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：19.62 元 华明装备（002270）电力设备 目标价：——元（6 个月） 电网资本开支提升，分接开关龙头充分受益。根据国家能源局 2023年全国电力 工业统计数据显示，2023年国内电网工程完成投资 5275亿元，同比增长 5.4%， 其中变压器为核心设备之一。公司为国内唯一拥有两大全产业链生产基地的分 接开关制造企业，目前的出货量稳居国内第一、世界第二，国内 500kV 以下的 市场竞争中具有较强的领先地位。2023 年公司电力设备板块实现营收 16.3 亿 元，同比增长 20.4%，毛利率为 58.5%，同比增长 0.8pp，伴随国内网内外变压 器需求高景气，公司分接开关业务有望实现稳定增长。此外，尽管目前公司检 修服务业务处于起步阶段，但具备原厂配件、原厂检修的优势，未来检修业务 收入有望持续提升。 风险提示：原材料价格上涨的风险；海外市场开拓不及预期；检修业务进展不 及预期；国网投资不及预期的风险。 投资要点 西南证券研究发展中心 -22% 7% 36% 65% 9 ...

申万宏源证券承销保荐有限责任公司 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"或"保 荐机构"）作为华明电力装备股份有限公司（以下简称"华明装备"或"公司"） 2021 年非公开发行股票持续督导工作的保荐机构，根据《证券发行上市保荐业 务管理办法》《深圳证券交易所股票上市规则》《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》《深圳证券交易所上市公司自律监 管指引第 13 号——保荐业务》等法律法规的要求，对公司 2023 年度内部控制自 我评价报告进行了审阅核查，具体情况如下： 一、保荐机构进行的核查工作 保荐机构指派担任华明装备持续督导工作的保荐代表人及项目组人员审阅 了华明装备内部控制制度，与公司相关人员进行了沟通，了解了内控制度的运 行情况，查阅了公司股东大会、董事会、监事会、董事会各专门委员会会议的 相关资料、公司章程、三会议事规则、信息披露制度等相关文件以及其他相关 内部控制制度、业务管理规则等，从公司内部控制环境、内部控制制度建设、 内部控制实施情况等多方面对公司内部控制制度的完整性、合理性和有效性进 行了核查，并对华明装备2023年度内部控制自我评价报 ...

Financial Performance - Revenue for 2023 reached 1,961,135,955.92 yuan, a 14.57% increase compared to 2022[20] - Net profit attributable to shareholders in 2023 was 542,405,245.44 yuan, a 50.90% increase from 2022[20] - Q4 2023 revenue was 506,525,490.15 yuan, with a net profit of 83,128,632.18 yuan[9] - Non-recurring gains in 2023 amounted to 39,931,779.13 yuan, primarily due to government subsidies and asset disposal[17] - Total assets at the end of 2023 were 4,518,148,178.69 yuan, a 1.53% increase from 2022[20] - Operating cash flow for 2023 was 621,679,795.55 yuan, up 25.26% from 2022[20] - Basic earnings per share for 2023 were 0.61 yuan, a 45.24% increase from 2022[20] - Weighted average return on equity for 2023 was 16.05%, up 5.04 percentage points from 2022[20] - The company's comprehensive income for the year totaled 542,405,245.44, with a net profit of 526,843,607.73[107] - Total operating revenue increased to 1,961,135,955.92 yuan, up 14.58% year-over-year[172] - Operating profit rose to 622,026,114.51 yuan, a 52.88% increase compared to the previous year[172] - Operating cash flow reached 620 million yuan, indicating high-quality development[184] - The company's total comprehensive income for the period was RMB 361,999,807.54[132] - The company's net profit attributable to owners was RMB 359,914,927.49[126] - The company's total equity at the end of the period was 4,857,135,300.84 yuan, with capital reserves remaining at 2,929,135,376.64 yuan and undistributed profits increasing to 796,920,664.75 yuan[138] - The company's total equity at the end of the previous year was 3,756,419,945.78 yuan, with capital reserves of 2,573,449,024.58 yuan and undistributed profits of 336,616,099.76 yuan[139] - The company's undistributed profits increased by 448,770,305.84 yuan during the period, with a total profit distribution of 358,490,172.40 yuan[145] - The company's total equity reached RMB 4,793,403,760.84 by the end of 2023, with retained earnings of RMB 790,647,128.32[171] - The company's total assets stood at RMB 5,308,617,661.80 as of December 31, 2023[171] - The company's total equity and liabilities amounted to RMB 5,308,617,661.80 as of December 31, 2023[171] - The comprehensive income total for the period is RMB 902,801,334.40[199] Business Operations and Market Position - Core business is power equipment, focusing on transformer tap changers, with additional operations in power engineering and CNC machine tools[12] - The company's power equipment business is driven by the growing demand for transformers, supported by global grid investments and domestic energy policies[19] - The company's products are widely used in key segments from power generation to transmission and distribution, with significant applications in nuclear power, grid systems, and industrial projects[28][29] - The company is the only domestic manufacturer with two full industrial chain production bases for tap changers, and its subsidiary Shanghai Huaming is recognized as a "Specialized and Sophisticated" SME and a national-level "Little Giant" enterprise[32] - The company has established itself as the domestic leader and global second in the tap changer market after acquiring its largest domestic competitor in 2018[34] - The company has achieved breakthroughs in UHV tap changer technology and has products operational in the UHV field, contributing to the integrity of the domestic industrial chain[34] - The company participates in international standard-setting as a formal member of the IEEE Special Committee and contributes to IEC standards[34] - The company's products include a wide range of tap changers, such as oil-immersed, vacuum, and dry-type tap changers, as well as related equipment like motor drives and controllers[37] - The company's projects include a 533MVA/420kV transformer for a nuclear power plant in Bangladesh and a 300MVA/330kV transformer for a grid project in Nigeria[28] - The company's products are highly customized, with specifications and models extended based on customer requirements[29] - The company's products are customized based on transformer manufacturers' requirements, with a small-batch, high-frequency production model[90] - The company is a leader in the domestic market, ranking first in China and second globally in terms of shipment volume, with a strong competitive position in the 500kV and below market[101] - The company's market share in the 500kV ultra-high voltage and ultra-high voltage markets is steadily increasing, although these markets are still dominated by imported products[101] - Overseas market share remains low, with a significant gap compared to foreign brands[101] - The company's maintenance service business is in its early stages but benefits from original equipment and maintenance advantages[101] - Domestic grid investment and new energy installations continue to grow, driving industrial demand[102] - North America's electricity consumption has significantly increased, and grid infrastructure updates, along with Europe's renewable energy development and grid upgrades, are driving overseas demand for power equipment[103] - The company's main business includes the R&D, production, and sales of transformer on-load tap changers and CNC equipment, as well as power engineering and other engineering services[130] - The company's transformer specifications include 26.1MVA/33KV and 140MVA/275KV models[124] - Switch models include 3XCMI-500/72.5C-20961G, SHZVIII-600Y/72.5BC-10193W, CM2III-500Y/126B-14273W, and 3*CMDI-2400/72.5C-10193W[124] - The company's total share capital increased to RMB 896,225,431 after a non-public issuance of 136,986,301 shares in March 2022[169] - The company's total share capital was RMB 896,225,431.00, with 15.29% of shares being restricted and 84.71% being freely tradable[169] - International revenue surged by 79.16% to 274,271,288.63 yuan[189] - Equipment manufacturing sector revenue grew by 19.13% to 1,786,709,717.16 yuan[189] - Power equipment sales increased by 20.40% to 1,625,103,968.25 yuan[189] - The total procurement amount from the top five suppliers is RMB 245,458,332.56, accounting for 31.49% of the annual procurement total[191] - The procurement amount from the top supplier is RMB 91,925,948.96, accounting for 11.79% of the annual procurement total[191] - The investment amount for the reporting period is RMB 139,769,728.86, a decrease of 16.01% compared to the same period last year[193] - The total contract amount for the Nanyang Neixiang Zhaqu Township 100MW & Mashankou Town 50MW photovoltaic power station project is RMB 64,215,000, with RMB 31,621,970 already fulfilled and RMB 32,593,030 remaining[194] - The cumulative confirmed sales revenue for the Nanyang Neixiang Zhaqu Township 100MW & Mashankou Town 50MW photovoltaic power station project is RMB 280,359,800[194] - The accounts receivable repayment for the Nanyang Neixiang Zhaqu Township 100MW & Mashankou Town 50MW photovoltaic power station project is RMB 250 million as of the end of 2023[194] - The beginning balance of the current period is RMB 759,239,130.00, with an increase of RMB 136,986,301.00 during the period[199] - The total capital invested by owners is RMB 492,672,653.06[199] Technological Innovation and Production Efficiency - The company has adopted advanced mold flow analysis software to improve mold design accuracy, reduce trial and modification frequency, and shorten the product development cycle[98] - The company has upgraded CNC equipment tooling to enhance production efficiency and automation, reducing manual labor and improving operational ease[99] - The company has introduced thermoplastic polymer injection molding technology and mold flow analysis software[103] - The company has innovated CNC equipment tooling[104] - Energy sensors and control systems ensure stable and reliable production processes, laying a solid technical foundation for long-term development[105] - The company has adopted thermoplastic polymer injection molding technology to replace traditional thermosetting material molding, significantly improving material recyclability and production efficiency[125] - The company plans to enhance AI systems using big data and advanced machine learning algorithms[183] Market Trends and Industry Demand - National electricity consumption in 2023 reached 9.22 trillion kWh, a year-on-year increase of 6.7%, with total installed power generation capacity reaching 29.2 billion kW, up 13.9% year-on-year[30] - EU electricity consumption is expected to increase by 60% by 2030, with wind and solar capacity needing to rise from 400GW in 2022 to at least 1000GW by 2030[62] - EU will require €584 billion in investment by 2030 to modernize its grid, with 40% of the distribution network being over 40 years old[62] - Cross-border electricity transmission capacity in the EU is expected to double by 2030[62] - Domestic grid investment and new energy installations continue to grow, driving industrial demand[102] - North America's electricity consumption has significantly increased, and grid infrastructure updates, along with Europe's renewable energy development and grid upgrades, are driving overseas demand for power equipment[103] Financial Management and Expenses - Financial expenses decreased by 20.548 million yuan due to higher US dollar deposit rates[184] - Sales expense ratio dropped to 10.8%, a 0.9% reduction from the previous year[184] - Financial and sales expense ratios have continued to improve during the reporting period[125] - The company's total liabilities amounted to RMB 515,213,900.96, with current liabilities making up RMB 490,781,077.71[171] - The company's contract liabilities increased to RMB 231,490,521.44 in 2023, up from RMB 147,327,810.58 in the previous period[171] - The company's non-current liabilities decreased to RMB 24,432,823.25 in 2023, down from RMB 19,554,262.03 in the previous period[171] - The company's deferred tax liabilities increased to RMB 4,502,205.26 in 2023, up from RMB 3,552,332.93 in the previous period[171] - The company's capital reserve remained unchanged at RMB 2,929,135,376.64 from the previous period[171] - The company extracted RMB 1,215,355.90 for special reserves during the period[127] - The company's total assets at the end of the period were RMB 3,333,942,681.91[127] - Owner's equity at the end of the period was RMB 3,338,662,988.30[127] - The company's total equity at the beginning of the year was 4,793,403,760.84 yuan, with capital reserves of 2,929,135,376.64 yuan and undistributed profits of 790,647,128.32 yuan[136] - The company's total equity increased by 63,731,540.00 yuan during the period, with undistributed profits increasing by 57,458,003.57 yuan[136] Strategic Projects and Contracts - A significant contract worth 1.095 billion yuan was signed for photovoltaic power station projects[185] - The total contract amount for the Nanyang Neixiang Zhaqu Township 100MW & Mashankou Town 50MW photovoltaic power station project is RMB 64,215,000, with RMB 31,621,970 already fulfilled and RMB 32,593,030 remaining[194] - The cumulative confirmed sales revenue for the Nanyang Neixiang Zhaqu Township 100MW & Mashankou Town 50MW photovoltaic power station project is RMB 280,359,800[194] - The accounts receivable repayment for the Nanyang Neixiang Zhaqu Township 100MW & Mashankou Town 50MW photovoltaic power station project is RMB 250 million as of the end of 2023[194] Shareholder Returns and Dividends - The company plans to distribute a cash dividend of RMB 5.50 per 10 shares (tax included) for the 2023 fiscal year[39]

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"公司"） 选聘（含新聘、续聘、改聘，下同）会计师事务所的有关行为，切 实维护股东利益，提高审计工作和财务信息质量，公司根据《中华 人民共和国公司法》《中华人民共和国证券法》（以下简称"《证 券法》"）等法律法规和规范性文件以及《华明电力装备股份有限 公司章程》（以下简称"公司章程"）的有关规定，特制定本制度。 第二条 公司选聘会计师事务所对公司财务会计报告发表审计意 见、出具审计报告，应当遵照本制度履行选聘程序，披露相关信息。 第三条 公司选聘会计师事务所应当经董事会审计委员会审核后， 提交董事会、股东大会审议。公司不得在董事会、股东大会审议前 聘请会计师事务所开展审计业务。 第四条 公司大股东、实际控制人不得在公司董事会、股东大会 审议前，向公司指定会计师事务所，不得干预审计委员会独立履行 审核职责。 第二章 会计师事务所执业质量要求 华明电力装备股份有限公司 会计师事务所选聘制度 （2024年4月） 第五条 公司的会计师事务所应当符合《证券法》等法律法规及 规范性文件规定的资格，具有良好的执业质量记录，并满足下列条 件： （一）具有独立的法人 ...