证券代码：688248 证券简称：南网科技 公告编号：2025-011 南方电网电力科技股份有限公司 第二届监事会第十二次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 南方电网电力科技股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日在公司会议 室以现场会议和视频会议相结合的方式召开第二届监事会第十二次会议，会议通知已于 2025 年 4 月 15 日以文件送达、电子邮件等方式发出。本次会议应出席监事 5 名，实际出席监事 5 名。本次会议由监事会主席陈志新先生主持。本次会议的召集、召开和表决程序符合《中华 人民共和国公司法》等法律、法规、规范性文件和《南方电网电力科技股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，会议决议合法、有效。 二、监事会会议审议情况 （一）审议通过《公司 2025 年第一季度报告》 监事会审阅了《公司 2025 年第一季度报告》，认为董事会编制和审议程序符合相关法律、 行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 ...

南网科技公告，2025年第一季度营收为5.1亿元，同比增长0.87%；净利润为5693.35万元，同比增长 35.66%。 ...

相关产品：机器人ETF基金（562360） 机器人ETF基金（562360）跟踪的中证机器人指数与万得人形机器人指数的成份股重合度为63%，除了 人形机器人以外还覆盖一些数字化车间和生产线系统集成商，整体把握人形机器人进入量产、工业机器 人迭代升级的趋势。 国开证券指出，机器人板块，尤其是人形机器人领域，展现出显著的投资价值。全球首个人形机器人半 程马拉松的成功举办不仅提升了人形机器人的应用想象空间，还展示了我国在这一领域的技术实力。尽 管比赛中暴露出了一些技术瓶颈，如关节强度、运动控制算法和能耗管理等问题，但这些挑战同时也为 人形机器人行业的未来发展指出了明确的方向。随着政策的支持和技术的不断进步，人形机器人正逐渐 从实验室走向实际应用场景，包括物流分拣、配送、巡检、安防和救援等领域，这不仅预示着巨大的市 场潜力，也为相关企业带来了广阔的发展机遇。 消息面上，4月25日，机器人全产业链接会在深圳会展中心（福田）拉开帷幕。4月24日，中国科学院深 圳先进技术研究院联合深圳市机器人协会发布《深圳市机器人产业发展白皮书（2024年）》，《白皮 书》显示，至2024年12月31日，深圳机器人企业数量达74032家， ...

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 6167.3万股，累计占流通股比： 23.36%，较上期变化： -383.42万股。 | 名称 | 持有数量(万股) | 占总股本 | 增减情况 | | --- | --- | --- | --- | | | | 比例(%) | (万股) | | 哈勃科技创业投资有限公司 | 1354.33 | 5.13 | 不变 | | 中电海康(杭州)股权投资管理有限公司-杭州海康智慧产业股 | | | | | 权投资基金合伙企业(有限合伙) | 648.68 | 2.46 | 不变 | | 嘉实上证科创板芯片ETF | 577.19 | 2.19 | 新进 | | 香港中央结算有限公司 | 551.59 | 2.09 | 新进 | | 中信证券投资有限公司 | 498.70 | 1.89 | -243.86 | | 英特尔亚太研发有限公司 | 466.56 | 1.77 | -419.12 | | 赵娟 | 401.58 | 1.52 | 新进 | | 芯域行(上海)投资管理有限公司 | 360.00 | 1.36 | 新进 | | 宜宾晨道新能源产业股权投 ...

2024年，公司经营业绩良好，全年实现营业收入30.14亿元，同比增长18.77%；经营活动产生的现金流 量净额3.68亿元，现金流充沛。公司实现归属于上市公司股东的净利润为3.65亿元，同比增长29.79%， 净利润与经营活动现金流净额相匹配，盈利质量稳健。综合毛利率30.83%，同比增加2.46个百分点；净 利率12.30%，同比增加1.11个百分点，盈利能力持续保持向好发展。 机构调研要点 南网科技作为电力系统第一家科创板上市公司，通过机制转变促进科技创新向产业创新发展。一是充分 赋予研发团队决策权，所有科研项目从立项之初就奔着产业化，研发的成果价值高，收入就高。二是科 创板上市时实施的核心骨干持股，公司上下成本管控意识、核心技术自主研发意识、为客户创造价值服 务意识得到根本性转变。公司打造的"丝路"操作系统，六年潜心研发，去年仅这一项技术带动的产品， 营收增幅超七成，突破7亿。在这样的激励机制下，科研人员更加重视发明专利，更加重视将发明专利 转化为产业价值。去年"慧眼"无人机核心专利斩获中国专利金奖。 未来，公司计划加大科技创新+商业模式创新。一是加大AI在新型电力系统领域研发投入，特别是在新 型储能 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The report highlights the rapid growth of AI applications, particularly in the media sector, indicating significant investment opportunities [4][10] - The daily token usage of the Doubao large model has surged to over 12.7 trillion, which is three times that of December 2024 and 106 times compared to its initial release [4] - The report emphasizes the advancements in AI models, including the release of Doubao 1.5 and its capabilities in various fields such as mathematics, coding, and creative writing [6][8][9] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -6.58% over one month, 1.3% over three months, and 8.21% over twelve months compared to the CSI 300 index [2] Key Developments - The Doubao 1.5 model has been released with a new MoE architecture and dual-track reward mechanism, showcasing superior performance in reasoning tasks [5][6] - The Doubao text-to-image model 3.0 has been upgraded to produce better text layout and high-quality images, ranking among the top globally [8] - The Doubao visual understanding model has improved its capabilities in video localization and understanding, applicable in various commercial scenarios [9] Investment Opportunities - The report suggests focusing on companies such as Hand Information, Chuangye Heima, and Hehe Information for potential investment in AI applications [10]

近日，南方电网控股的三家上市公司南网储能（600995.SH）、南网能源（003035.SZ）、南网科技 （688248.SH）举办2024年度集体业绩说明会。 这三家上市公司资产分别各有侧重，南网储能协同发展抽水蓄能和新型储能；南网能源正加快综合能源 服务业务发展；南网科技是电力系统第一家科创板上市公司。 21世纪经济报道记者费心懿 实习生余名伟 上海报道 21世纪经济报道记者注意到，本次集体业绩说明会上，上市公司除了对2024年的财务数据进行了阐释， 还通过释放分红与控股股东增持等积极信号提振市场信心。 4月9日，南方电网宣布，基于对中国经济长期平稳向好的坚定信心，坚决看好资本市场稳定发展预期， 充分认可控股上市公司长期投资价值，将通过全资控股子公司南网资本控股公司在未来6个月内增持南 网储能股份不超过4亿元，增持南网能源股份不超过3亿元。 南方电网公司董事、总经理、党组副书记钱朝阳在会上表示，下一步南方电网公司将抢抓新型电力系统 建设战略机遇，推动控股上市公司勇当新型电力系统建设排头兵、硬核科技攻关特战队、资本市场模范 生，为所有股东创造可持续价值增长，实现各方共赢发展。 南网储能：在手优质项目储备充沛 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 82.53 CNY, based on a 2025 PE of 17.02X [6]. Core Insights - The company is a leading domestic energy storage system integrator, with over 99% of its revenue coming from energy storage systems. It has shown significant revenue growth, achieving a year-on-year increase of 213% in 2022 and 166% in 2023 [1][4]. - The company has made substantial advancements in overseas markets, particularly in Europe, the United States, and the Asia-Pacific region, with notable partnerships and product certifications [3][4]. - The company is actively developing new products, including self-researched energy storage PCS, and is focusing on innovative technologies such as grid-type technology and silicon carbide applications [2]. Company Overview - Established in 2011, the company specializes in energy storage systems and power battery systems, providing comprehensive solutions for various sectors including traditional and renewable energy generation [13][24]. - The company has a concentrated ownership structure, with the actual controllers holding a combined 32.33% of the shares [13]. Financial Performance - The company forecasts revenues of 82.35 billion CNY, 114.60 billion CNY, and 142.83 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 17.9%, 39.2%, and 24.6% [4]. - The net profit attributable to the parent company is projected to be 6.40 billion CNY, 8.62 billion CNY, and 10.63 billion CNY for the same years, with growth rates of 10.73%, 34.71%, and 23.23% [4]. Market Position - The company ranks among the top energy storage integrators in China, consistently achieving high shipment volumes and market share [19][49]. - The global energy storage market is expected to grow significantly, with a projected CAGR of 60.3% from 2023 to 2027, driven by increasing demand for energy storage solutions [49][50].

Core Viewpoint - The launch of GAC Group's self-developed automotive-grade chips marks a significant shift in the domestic chip industry from "replacement" to "leadership," particularly in the fields of intelligence and safety, setting a benchmark for the industry [2][5]. Group 1: Impact on Domestic Chip Industry - GAC's release of automotive-grade chips covers various fields such as power management, braking, and integrated safety, with several chips being the "first in the country" or "first in the world," indicating technological breakthroughs [5]. - The "origin" recognition rules from the China Semiconductor Industry Association may suppress imports of American analog chips, benefiting domestic analog chip development [2][5]. - The self-sufficiency rate of domestic automotive chips is expected to rise from 10% to 25% by 2025, with the localization rate of analog chips and automotive-grade MCUs potentially exceeding 30% [5][6]. Group 2: Restructuring of Automotive Chip Ecosystem - GAC's collaboration with eight companies, including ZTE Microelectronics and Renxin Technology, aims to create an end-to-end verification platform, promoting technological collaboration and breaking the traditional reliance on Tier 1 suppliers [6][7]. - This initiative may encourage more automotive companies to partner with chip manufacturers, forming a closed-loop ecosystem for "whole vehicle chips" verification and reducing dependence on overseas supply chains [7][8]. Group 3: Technological Breakthroughs and Industry Standards - GAC's G-T02 and G-K01 chips achieve international leading levels in data transmission and functional safety, potentially driving upgrades in domestic automotive chip standards [6][8]. - The parameters of GAC's chip technology are approaching or meeting ISO 26262 functional safety standards, with expectations for the first domestic automotive chip safety certification system to be released by 2025 [7][8]. Group 4: Impact on A-Share Market - The self-developed chips are expected to reduce GAC's reliance on external supply chains and improve gross margins, with projections for gross margins to increase from 12% to 15% by 2025 [9][10]. - GAC's chip partners, such as Yutai Microelectronics and Silergy, are anticipated to benefit from increased orders, with Yutai's TSN switching chip expected to achieve a shipment volume of 500,000 pieces by 2025 [9][10]. - The semiconductor sector in A-shares has already shown signs of a rally, with companies like Naxin Micro and Shengbang shares hitting the limit, reflecting market expectations for domestic substitution [9][10].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [3]. Core Insights - The report emphasizes the increasing importance of self-controllable technology in the context of ongoing US-China trade tensions, suggesting that domestic CPU processors and related chips may gain price advantages due to tariff impacts on US manufacturers [1][19]. - The report highlights significant changes in tariff rates, with the US imposing additional tariffs on Chinese products, which have reached 145%, and China responding with increased tariffs on US imports, now at 125% [9][10]. - The report suggests that the adjustment of the "origin" regulations for integrated circuits in China will significantly impact US IDM manufacturers, potentially benefiting domestic companies in the semiconductor industry [11][19]. Summary by Sections Section 1: US-China Trade Tensions - The report details the escalation of trade tensions, with multiple rounds of tariff increases from both the US and China, affecting various sectors, particularly technology [9][10]. - It notes that the US has confirmed a 145% tariff on Chinese products, while China has raised tariffs on US imports to 125% [9][10]. Section 2: Market Performance Review - The computer sector experienced a decline of 5.79% in the second week of April 2025, with notable stock performances from companies like Sifang Precision and Huada Jiutian, which saw increases of 21.38% and 17.24%, respectively [20][21]. - The report provides a detailed ranking of stock performance, highlighting both the top gainers and losers in the sector [21]. Section 3: Key Company Forecasts - The report includes earnings per share (EPS) forecasts for several key companies, indicating expected growth in the coming years, with companies like Kingsoft Office and Yonyou Network showing varying EPS projections [22]. - It emphasizes the importance of monitoring these companies as potential investment opportunities in light of the changing market dynamics [22].