Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Views - The company's core business profitability is strong, with a clear growth path ahead [2]. - In the first half of 2024, the company achieved revenue of 1.121 billion yuan, a year-on-year increase of 23.2%, and a net profit attributable to shareholders of 315 million yuan, a year-on-year increase of 9.6% [2]. - The company maintains a high dividend payout, proposing a cash dividend of 490 million yuan for 2023, which, combined with the interim cash dividend of 240 million yuan, totals 740 million yuan, accounting for 136% of the net profit for the period [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 670 million yuan, a year-on-year increase of 34.7%, and a net profit of 188 million yuan, a year-on-year increase of 11.1% [2]. - The net profit margin for Q2 2024 was 28.3%, down 6.0 percentage points year-on-year and 0.3 percentage points quarter-on-quarter [2]. - The core business of the company, particularly the tap changer business, showed stable profitability, with the power equipment business achieving revenue of 832 million yuan in the first half of 2024, a year-on-year increase of 8.16%, and a gross margin of 59.6%, up 0.38 percentage points year-on-year [2]. Growth Prospects - Short-term growth is supported by domestic demand, with a projected 13% increase in State Grid investment in 2024, primarily directed towards primary equipment [2]. - Medium-term growth is expected from the domestic substitution of high-value-added products, including ultra-high voltage and nuclear power sectors, with all contracts for ultra-high voltage products under batch sales completed by June 2024 [2]. - Long-term growth will be driven by overseas market expansion, with active layouts in Southeast Asia and the United States [2]. Revenue and Profit Forecast - Revenue forecasts for 2024-2026 are 2.339 billion yuan, 2.758 billion yuan, and 3.259 billion yuan, respectively, with net profits of 664 million yuan, 783 million yuan, and 953 million yuan, respectively [2][3]. - Corresponding valuations are projected at 25.86x, 21.95x, and 18.03x PE for 2024, 2025, and 2026, respectively [2].

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 参与单位名称 及人员姓名 见附件清单 2024 年 8 月 09 日 10:00-11:00 电话会 2024 年 8 月 09 日 11:00-12:00 电话会 2024 年 8 月 09 日 13:00-14:00 电话会 2024 年 8 月 09 日 14:00-15:00 电话会 时间 2024 年 8 月 09 日 15:00-16:00 电话会 2024 年 8 月 09 日 16:00-17:00 电话会 2024 年 8 月 09 日 17:00-18:00 电话会 2024 年 8 月 09 日 20:30-21:30 电话会 2024 年 8 月 11 日 14:00-15:00 电话会 地点 公司 上市公司接待 人员姓名 董事会秘书：夏海晶 投者关系活动 一、公司 2024 年上半年业绩情况介绍 主要内容介绍 2024 年上半年公司整体经营稳健，实现营业收入 11.21 华明电力装备股份 ...

盈利预测： gaoxiang@gf.com.cn 请注意，陈子坤,陈昕,高翔并非香港证券及期货事务监察 委员会的注册持牌人，不可在香港从事受监管活动。 接开关需求高景气，业绩符 合预期 [Table_Title] 华明装备（002270.SZ） 业绩符合预期，特高压+海外市场拓展成长稳健 [Table_Summary] 核心观点： ⚫ 事件：公司发布 24 年中报，24H1 公司实现营收 11.2 亿元，同比+23.2%， 归母净利 3.1 亿元，同比+9.6%，扣非归母净利 2.9 亿元，同比+14.9%。 毛利率 47.8%，同比-6.6pct，主要系低毛利率 EPC 收入占比提升，24H1 期间费用 1.7 亿元，同比-4.8%，费用管控能力优异，净利率 28.4%， 同比-3.6pct。24Q2 实现营收 6.7 亿元，同比+34.7%，环比+48.4%， 归母净利 1.9 亿元，同比+11.1%，环比+47.8%。24H1 现金分红 2.4 亿 元，分红率 76.9%，公司近年来保持高比例分红，彰显公司发展信心。 ⚫ 电网升级带动分接开关需求高景气，海外业务增长稳健。分产品看， 24H1 公司电力设 ...

沪深 300 -3.1% -9.1% -16.0% 2024 年 08 月 10 日 公司研究 评级：增持(下调) 研究所： 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn 证券分析师： 王刚 S0350524020001 wangg06@ghzq.com.cn [Table_Title] 电力设备业务经营稳健，间接出口 有望贡献增量 ——华明装备（002270）2024 年半年报点评 最近一年走势 事件: 华明装备 2024 年 8 月 9 日发布 2024 年半年度报告：2024H1，公司实 现营收 11.2 亿元，同比+23%；归母净利润 3.1 亿元，同比+10%；扣非 归母净利润 2.9 亿元，同比+15%；销售毛利率 47.8%，同比-6.6pct；销 售净利率 28.4%，同比-3.6pct。 其中，2024Q2，营收 6.7 亿元，环比+48%，同比+35%；归母净利润 1.9 亿元，环比+48%，同比+11%；扣非归母净利润 1.7 亿元，环比+33%， 同比+9%；销售毛利率 44.6%，环比-7.8pct，同比-12.1pct；销售净利率 28.3% ...

Investment Rating - The investment rating for the company is "Buy" [4][6] Core Views - The company has shown steady revenue growth, with a 23.24% year-on-year increase in revenue for the first half of 2024, reaching 1.121 billion yuan. The net profit attributable to shareholders increased by 9.64% year-on-year to 315 million yuan [1] - In Q2 2024, the company achieved a revenue of 670 million yuan, representing a 34.73% year-on-year growth and a 48.41% quarter-on-quarter growth. The net profit for Q2 was 188 million yuan, up 11.07% year-on-year and 47.80% quarter-on-quarter [1] - The company is actively expanding its overseas market presence, particularly in Southeast Asia and the United States, with direct and indirect exports of power equipment totaling 214 million yuan in the first half of 2024, a 15.68% increase year-on-year [1] Financial Summary - For 2024, the company is expected to achieve a net profit of 658 million yuan, with a year-on-year growth of 21.4%. The projected P/E ratios for 2024, 2025, and 2026 are 26.1, 21.5, and 17.8 respectively [2][3] - The company's revenue is projected to grow from 2.308 billion yuan in 2024 to 3.052 billion yuan in 2026, with growth rates of 17.7%, 15.2%, and 14.7% for the respective years [3] - The gross profit margin for the power equipment business was 59.60% in the first half of 2024, showing a slight increase of 0.38 percentage points year-on-year [1]

总理领导夏总和我们各位投资者进行一个交流要不我们直接进入正题然后首先先请夏总这边跟我们汇报一下或者交流一下介绍一下整体的中报的一个情况夏总大家下午好其实中报因为我们之前已经发过快报了基本上最后出来的数字没有什么太大的区别的 可能几个点稍微再说一下上半年因为工程业务的增长比较快所以整个的所有结构上来讲应该说跟去年相比的话分界开关的占比是比去年同期要低一点的但是因为从利润率的角度因为工程的毛利特别低利润率基本上也没有什么所以我们从毛利的占比的角度电力设备开关这块还是能占到90%以上的一个 利润的贡献那么数控在2%那么整个数控设备业务上半年是亏损的那么电力工程这块业务虽然说收入比去年大不增长但去年因为是有一个长期营收款的冲回所以它的利润贡献的角度其实还没有去年高所以其实这两块都是比去年要差的那么主要是靠电力设备的业务这块贡献的利润是比较大的所以反过来也可以看其实它的盈利能力各方面 还是维持了比较好的这种状态那么整个从上半年的营收比去年增长了有20多个点确实如果只看分级开关这块业务是40%不到的那么工程这块影响会比较大成本的话比去年同期大幅增加甚至比收入增长明显要快这个还是因为主要是工程的收入增加比较多 基本上这个这 ...

华明装备（002270.SZ）2024 年半年报点评： [盈利预测与财务指标 Table_Forcast] 24H1 业绩符合预期，核心业务增长稳健 2024 年 08 月 09 日 ➢ 事件：2024 年 8 月 8 日，公司发布 2024 年半年度报告，24H1 实现营业 收入 11.21 亿元，同比增长 23.24%；实现归母净利润 3.15 亿元，同比增长 9.64%；实现扣非归母净利润 2.94 亿元，同比增长 14.88%。分季度来看，24Q2 实现营业收入 6.70 亿元，同比增长 34.73%；实现归母净利润 1.88 亿元，同比 增长 11.07%；实现扣非归母净利润 1.68 亿元，同比增长 8.80%。 ➢ 核心业务增长稳健，费用管控良好。分业务来看，24H1 公司核心业务电力 设备业务实现营业收入 8.32 亿元，同比增长 8.16%，占总收入 74%；电力工 程业务按工程项目施工进度，实现营业收入 1.85 亿元，同比增长 531.56%，占 总收入 17%；数控设备业务实现营业收入 0.78 亿，同比下降 5.2%，占总收入 7%。费用率方面，24H1 期间费用率为 19.11%， ...

2024 年 8 月 9 日 公司研究 24H1 业绩稳健增长，持续推进海外市场拓展 -华明装备（002270.SZ）2024 年半年报点评 要点 事件:公司发布 2024 年半年报，2024H1 公司实现营业收入 11.21 亿元，同比 增长 23.24%，归母净利润 3.15 亿元，同比增长 9.64%，毛利率同比下降 6.58 个 pct 至 47.76%;其中 2024Q2 实现营业收入 6.70 亿元,同比增长 34.73%, 归母净利润 1.88亿元,同比增长 11.07%;公司拟向全体股东每 10 股派发现金 红利 2.70 元（含税）。 受益于国内外需求增长，公司业务稳健发展。截至 2024 年上半年，公司变压器 分接开关产品销售规模稳居国内第一、世界第二，未来将持续突破国内超高压、 特高压等高端市场以及海外市场。2024H1 公司电力设备业务营收同比+8.16% 至 8.32 亿元，毛利率同比+0.38pct 至 59.60%，主要受益于国内电网投资和新 能源装机持续增长，以及欧美等地电力投资加速带动海外电力设备需求高景气; 数控设备业务营收同比-5.20%至 0.78 亿元，毛利率同比-6 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥1,120,869,020.24, representing a 23.24% increase compared to ¥909,492,355.73 in the same period last year[11]. - Net profit attributable to shareholders was ¥314,500,666.05, up 9.64% from ¥286,854,349.22 year-on-year[11]. - The basic earnings per share increased to ¥0.3509, reflecting a growth of 9.62% compared to ¥0.3201 in the previous year[11]. - The net cash flow from operating activities was ¥294,336,263.83, an increase of 14.88% from ¥256,214,424.33 in the previous year[11]. - The company achieved a total operating revenue of 1.121 billion, representing a year-on-year growth of 23.24%[31]. - The core business of power equipment generated revenue of 832 million, with a year-on-year increase of 8.16%[31]. - The power engineering business saw significant growth, achieving revenue of 185 million, up 531.56% year-on-year[31]. - The net profit attributable to shareholders reached 315 million, reflecting a year-on-year increase of 9.64%[33]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 294 million, up 14.88% year-on-year[33]. - The company reported a net cash flow from operating activities of 491 million, an increase of 5.42% year-on-year[33]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,318,437,161.09, a decrease of 4.42% from ¥4,518,148,178.69 at the end of the previous year[11]. - The net assets attributable to shareholders decreased by 5.56%, from ¥3,350,005,160.56 to ¥3,163,870,115.64[11]. - The company's total assets at the end of the reporting period were ¥4,320,000,000, with cash and cash equivalents amounting to ¥1,084,426,815.21, representing 25.11% of total assets[41]. - Total liabilities decreased from CNY 1,155,437,605.16 to CNY 1,137,456,174.12, a reduction of approximately 1.8%[109]. - The company's total liabilities at the end of the period were not explicitly detailed but are implied to be managed effectively given the equity figures[125]. Cash Flow and Investments - The net cash flow from operating activities for the first half of 2024 was ¥176,550,688.40, a significant increase compared to ¥31,393,570.24 in the same period of 2023, representing a growth of approximately 462.5%[120]. - Total cash inflow from investment activities reached ¥410,177,410.96, up from ¥200,354,164.38 in the previous year, indicating a growth of about 104.5%[120]. - The company reported a net cash outflow from financing activities of ¥495,092,357.05, which is a decline from the outflow of ¥271,035,999.30 in the same period last year, indicating a worsening of about 82.8%[120]. - The company raised CNY 100,000,000.00 through borrowings, compared to CNY 50,000,000.00 in the same period last year[119]. Dividends and Profit Distribution - The company plans to distribute a cash dividend of ¥2.70 per 10 shares, totaling approximately ¥24,000,000 based on 896,225,431 shares[2]. - The company declared a cash dividend of 2.70 CNY per 10 shares, totaling 241,980,866.37 CNY, which represents 100% of the distributable profit[58]. - The company reported a distributable profit of 668,295,027.27 CNY for the period[58]. Research and Development - Research and development expenses decreased by 14.45% to ¥31,198,011.52 from ¥36,469,394.72, attributed to concentrated investments in R&D projects in the previous year[34]. - The company is focusing on AI system development driven by big data to enhance product and service quality[26]. Environmental Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities[60]. - The company reported zero emissions exceeding the permitted limits for major pollutants such as toluene, benzene, and xylene[61]. - The company has implemented a self-monitoring plan for emissions, ensuring compliance with legal requirements and timely updates[64]. - The company generated no wastewater during production, only domestic wastewater, which is treated by municipal facilities[62]. Market Position and Strategy - The core business of the company is power equipment, focusing on the research, production, sales, and lifecycle maintenance of transformer on-load tap changers and power engineering services for renewable energy plants[16]. - The company is currently the largest domestic player and the second largest globally in the tap changer market, with a strong position in the domestic high-end market and increasing sales in overseas markets[20]. - The company is actively competing in the domestic ultra-high voltage and overseas markets against foreign brands[21]. - The company has transitioned its maintenance service strategy from a passive to an active marketing approach, establishing a dedicated marketing and service team[20]. Corporate Governance - The company has committed to avoiding competition with its controlling shareholders and ensuring fair pricing in related transactions[66]. - The management team, including the general manager and financial officer, is dedicated solely to the company, ensuring independent operations[69]. - The company will maintain an independent financial accounting department and a separate banking account, ensuring financial independence[70]. Shareholder Information - The total number of shareholders at the end of the reporting period was 27,205[98]. - The largest shareholder, Shanghai Huaming Electric Equipment Group Co., Ltd., holds 28.25% of the total shares, amounting to 253,144,534 shares[99]. - The company reported a decrease of 1,100,000 shares held by individual shareholder Li Shengjun, reducing his stake to 2.18%[99]. Risk Management - The company is actively monitoring risks and has outlined measures to mitigate potential impacts on operations[2]. - The company is facing international environment risks, including geopolitical tensions and supply chain restructuring, which may affect overseas operations[53]. - The company has implemented a foreign exchange hedging management system to address risks associated with currency fluctuations in international business[53]. Accounting Policies - The financial statements are prepared based on actual transactions and events in accordance with the accounting standards issued by the Ministry of Finance and relevant regulations[134]. - The company recognizes revenue when the company has fulfilled its performance obligations under the contract, which includes five specific criteria[190]. - The company recognizes expected liabilities when there is a present obligation that is likely to result in an outflow of economic benefits[190].

证券代码:002270 证券简称:华明装备 公告编号：〔2024〕032 号 华明电力装备股份有限公司 关于第六届董事会第十三次会议决议的公告 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 本议案已经公司董事会审计委员会事前审议通过。 2、以 9 票赞成，0 票反对，0 票弃权审议通过了《关于公司 2024 年半年度 利润分配的预案》。 根据公司 2024 年半年度报告，母公司 2024 年半年度实现归属于上市公司普 通股股东的净利润为 364,298,349.57 元，截至 2024 年 6 月 30 日，母公司可供 1 华明电力装备股份有限公司（以下简称"公司"）第六届董事会第十三次会 议通知于 2024 年 7 月 29 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 8 月 8 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 ...