许继电气（000400.SZ）24 年年报及 25 年一季报点评 减值拖累 24 年业绩，盈利能力持续优化 2025 年 04 月 12 日 ➢ 事件：2025 年 4 月 10 日，公司发布 24 年年报、25 年一季报。2024 年， 公司实现营收 170.9 亿元，同比+0.2%；归母净利润 11.2 亿元，同比+11.1%； 扣非归母净利润 10.61 亿元，同比+22.2%。单 24Q4，公司实现营收 75.0 亿元， 同比+20.4%，环比+172.8%；归母净利润 2.2 亿元，同比+13.9%，环比-16.7%； 扣非归母净利润 2.0 亿元，同比+31.6%，环比-22.0%。单 25Q1，公司实现营 收 23.5 亿元，同比-16.4%，环比-68.7%；归母净利润 2.1 亿元，同比-12.5%， 环比-6.6%；扣非净利润 2.0 亿元，同比-10.0%，环比+3.1%。 ➢ 减值对公司 24 年业绩拖累较大。24 年公司计提资产减值 5944 万元（占利 润总额比例 4.2%），信用减值计提 1.41 亿元（占利润总额比例 10%），减值损 失合计约 2 亿元。 ➢ 直流输电系统业务 ...

| 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 17,089 | 18,691 | 21,393 | 24,616 | | 增长率（%） | 0.2 | 9.4 | 14.5 | 15.1 | | 归属母公司股东净利润（百万元） | 1,117 | 1,491 | 1,807 | 2,279 | | 增长率（%） | 11.1 | 33.5 | 21.2 | 26.1 | | 每股收益（元） | 1.10 | 1.46 | 1.77 | 2.24 | | PE | 21 | 16 | 13 | 10 | | PB | 2.1 | 1.9 | 1.8 | 1.6 | ➢ 减值对公司 24 年业绩拖累较大。24 年公司计提资产减值 5944 万元（占利 润总额比例 4.2%），信用减值计提 1.41 亿元（占利润总额比例 10%），减值损 失合计约 2 亿元。 ➢ 直流输电系统业务高增，新能源系统集成业务结构优化。智能变配电板块， 24 年实现收入 47.11 亿元、同比+2.93%，毛 ...

Core Viewpoint - The company reported its 2024 annual results, showing a slight revenue increase but a notable rise in net profit, indicating improved profitability despite some challenges in revenue structure and impairment impacts [1] Financial Performance - In 2024, the company achieved a revenue of 17.09 billion, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 1.12 billion, up 11.1% year-on-year [1] - The first quarter of 2025 saw revenues of 2.35 billion, down 16.4% year-on-year, while the fourth quarter of 2024 had revenues of 7.50 billion, up 20.4% year-on-year [1] - The gross margin for 2024 was 20.8%, an increase of 2.8 percentage points, and the net margin was 7.6%, up 0.6 percentage points [1] Business Segments - The smart distribution and transformation business generated 4.711 billion in revenue, a 3% increase, with a gross margin of 24.26%, up 1.6 percentage points [2] - The smart meter business reported 3.866 billion in revenue, an 11% increase, with a gross margin of 24.66%, down 0.57 percentage points [2] - The new energy business saw a revenue decline of 37% to 2.464 billion, but the gross margin improved by 2.72 percentage points [2][3] - The medium voltage supply and use equipment segment generated 3.352 billion in revenue, a 7% increase, with a gross margin of 18.77%, up 2.51 percentage points [3] - The charging and swapping equipment segment reported 1.252 billion in revenue, a 4% increase, with a gross margin of 14.18%, up 3.61 percentage points [3] Operational Insights - The company is focusing on reducing total package business, which is expected to enhance the gross margin of the segments [2] - The company has a strong order backlog in ultra-high voltage projects, with expectations for revenue growth in 2025 driven by ongoing projects [3] Cost Management - Marketing expenses increased significantly, with expense ratios of 12.54% for 2024 and 13.06% for Q1 2025, up 1.68 percentage points and 4.03 percentage points year-on-year, respectively [4] - The company plans to enhance cost control measures in 2025, aiming for a stable reduction in expense ratios [4] Profit Forecast - The company revised its net profit forecasts for 2025 and 2026 to 1.52 billion and 1.90 billion, respectively, reflecting a slight downward adjustment due to delays in ultra-high voltage project tenders [4] - The projected net profit for 2027 is 2.35 billion, indicating a year-on-year growth of 36% [4]

编号：2025-01 | | □特定对象调研 |  分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访 | 业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 | | | 参与单位名称及 | c/o 摩根士丹利亞洲有限公司 | 王子瑷 | | | CAPITAL | 时鹏 | | 人员姓名 | CAPITAL | 刘鑫颖 | | | IGWT Investment | 廖克銘 | | | Millennium Management LLC | 白杨 | | | Point72 Hong Kong Limited | 封启云 | | | Schroder investment | Louisa lo | | | Shanghai Eureka Investment Partner Co.,Ltd. | 李泓桦 | | | 安联环球投资有限公司 | 朱劲吉 | | | 安信基金管理有限责任公司 | 梁明琨 | | | 安信证券资产管理有限公司 | 李犁 | | | 百嘉基金管理有限公司 | 黄艺明 | | | 百年 ...

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Financial Performance - The company reported a basic earnings per share of 1.1018 yuan for 2024, an increase of 10.5% compared to 0.9971 yuan in 2023 [1] - The net profit for 2024 was 11.17 billion yuan, reflecting an increase of 11.14% from 10.05 billion yuan in 2023 [1] - The return on equity (ROE) improved to 10.08% in 2024, up from 9.41% in 2023, marking a 7.12% increase [1] - Total revenue for 2024 was 170.89 billion yuan, slightly up by 0.16% from 170.61 billion yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 52.55% of the circulating shares, totaling 52,984.58 million shares, a decrease of 983.69 million shares from the previous period [1] - China Electrical Equipment Group Co., Ltd. remains the largest shareholder with 38.31% of the total share capital, holding 38,628.65 million shares [2] - Hong Kong Central Clearing Limited saw a reduction of 1,788.44 million shares, now holding 5.67% of the total share capital [2] Dividend Distribution - The company announced a dividend distribution plan of 1.5 yuan per share (including tax) [3]

许继电气（000400）公告，2025年第一季度营业收入23.48亿元，同比下降16.42%。净利润2.08亿元， 同比下降12.47%。 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥2,348,151,832.86, a decrease of 16.42% compared to ¥2,809,529,576.01 in the same period last year[3] - Net profit attributable to shareholders was ¥207,580,192.56, down 12.47% from ¥237,156,160.87 year-on-year[3] - Basic earnings per share were ¥0.2054, reflecting a decline of 12.67% from ¥0.2352 in the same period last year[3] - Net profit for the current period was CNY 236,322,518.20, a decline of 10.3% from CNY 263,546,497.94 in the previous period[19] - Earnings per share (basic) decreased to 0.2054 from 0.2352, reflecting a decline of 20.5%[19] Cash Flow - The net cash flow from operating activities decreased by 37.44%, amounting to ¥162,863,495.54 compared to ¥260,311,577.56 in the previous year[3] - Cash flow from operating activities generated a net amount of CNY 162,863,495.54, down 37.4% from CNY 260,311,577.56 in the previous period[20] - The company reported a cash inflow from operating activities totaling CNY 3,685,661,683.35, compared to CNY 3,456,505,276.04 in the previous period, indicating a growth of 6.6%[20] - Cash outflow for investment activities was $55.18 million, compared to $26.75 million in the prior period, resulting in a net cash flow from investment activities of -$55.11 million[21] - Cash outflow for financing activities amounted to $87.12 million, a substantial rise from $1.25 million in the previous period, leading to a net cash flow from financing activities of -$87.12 million[21] - The net increase in cash and cash equivalents was $20.92 million, down from $232.33 million in the previous period[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥24,854,163,596.44, a decrease of 1.62% from ¥25,264,618,662.84 at the end of the previous year[3] - Accounts receivable decreased to ¥7,777,451,139.38 from ¥8,794,490,484.78, reflecting a decline of approximately 11.5%[14] - Total liabilities decreased to CNY 12,219,694,829.62 from CNY 12,882,777,516.93, a reduction of 5.1%[16] - Total equity increased to CNY 12,634,468,766.82 from CNY 12,381,841,145.91, an increase of 2.0%[16] Expenses - Sales expenses rose by 68.73% to ¥111,928,585.46, primarily due to the establishment of a secondary marketing system[7] - Research and development expenses rose to CNY 98,460,302.48, up 16.5% from CNY 84,250,282.22 in the previous period[18] - Total operating costs decreased to CNY 2,114,398,659.15, down 17.4% from CNY 2,561,629,169.45 in the previous period[17] Shareholder Information - The total number of common shareholders at the end of the reporting period is 80,733[10] - The largest shareholder, China Electric Equipment Group Co., Ltd., holds 37.91% of shares, totaling 386,286,454 shares[10] Other Information - The company reported a significant increase in contract liabilities, rising to ¥2,167,376,108.92 from ¥1,713,252,096.39, which is an increase of about 26.5%[15] - The company has no reported changes in the participation of major shareholders in margin trading or securities lending activities[12] - The company’s first quarter report was not audited[22] - The new accounting standards will be implemented starting in 2025[22] - The company’s board of directors issued a statement on April 9, 2025[23]

Financial Performance - The company's operating revenue for 2024 was CNY 17,089,133,346.79, representing a slight increase of 0.17% compared to CNY 17,060,896,563.04 in 2023[18]. - The net profit attributable to shareholders for 2024 reached CNY 1,116,925,147.02, marking an 11.09% increase from CNY 1,005,384,610.79 in 2023[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,061,890,917.40, which is a 22.19% increase compared to CNY 869,065,456.59 in 2023[18]. - The net cash flow from operating activities decreased by 52.74% to CNY 1,298,911,206.62 from CNY 2,748,163,854.51 in 2023[18]. - The total assets of the company increased by 15.35% to CNY 25,264,618,662.84 at the end of 2024, up from CNY 21,903,098,446.17 at the end of 2023[18]. - The net assets attributable to shareholders rose by 5.51% to CNY 11,295,271,308.57 at the end of 2024, compared to CNY 10,705,001,954.92 at the end of 2023[18]. - The basic earnings per share for 2024 was CNY 1.1018, reflecting a 10.50% increase from CNY 0.9971 in 2023[18]. - The diluted earnings per share for 2024 was also CNY 1.1018, which is a 10.62% increase from CNY 0.9960 in 2023[18]. - The company distributed a total cash dividend of CNY 426,908,335.46, which accounts for 38.22% of the net profit attributable to shareholders[6]. - The company plans to distribute a cash dividend of CNY 1.50 per 10 shares, based on a total of 1,018,874,309 shares[5]. Revenue and Sales - The company's total revenue for Q4 2024 reached ¥7,503,082,104.45, with a total annual revenue of ¥17,089,133,346.79, reflecting a significant year-on-year growth[22]. - The net profit attributable to shareholders for Q4 2024 was ¥222,231,878.27, with an annual net profit of ¥1,116,895,147.02, indicating a stable performance despite fluctuations in quarterly results[22]. - The net cash flow from operating activities for Q4 2024 was ¥503,079,796.10, contributing to an annual total of ¥1,298,911,206.62, showcasing strong cash generation capabilities[22]. - The revenue from smart electric meters increased by 11.00% to ¥3,866,387,488.87, contributing 22.62% to total revenue[62]. - The revenue from the direct current transmission system surged by 101.57% to ¥1,443,665,683.71, representing 8.45% of total revenue[62]. - The sales of smart electric meters increased by 11.85% to ¥2,912,807,933.61, representing 21.51% of total sales in 2024[66]. Market Expansion and Strategy - The company is focusing on expanding its core businesses in ultra-high voltage, smart grids, and renewable energy, with plans to enhance its product offerings in energy storage and smart operation[35]. - The government has introduced policies to promote green transformation in the energy sector, which is expected to drive demand for the company's products and services[30]. - The company aims to increase its investment in high-quality power grid construction, with a projected investment exceeding ¥650 billion in 2025[33]. - The company has developed advanced smart distribution systems utilizing cloud computing and IoT technologies to enhance operational efficiency and service quality[38]. - The company is positioned as a leader in the power equipment industry, providing comprehensive technical support for clean energy production, transmission, and distribution[35]. - The company secured significant orders in the domestic market, including projects for the State Grid and Southern Grid, with notable growth in smart electric meter procurement[58]. - Internationally, the company won bids for products in markets such as Saudi Arabia and Brazil, focusing on local cooperation and market development[58]. Research and Development - Research and development investment totaled 880 million yuan, up 10.84% year-on-year, accounting for 5.15% of operating revenue[57]. - The company has developed the world's first 40.5 kV/4000 A gas-insulated switchgear and achieved the first application of a 6.5 kV/4000 A IGCT flexible direct current converter[58]. - The company is advancing several R&D projects, including the development of a new generation of modular DC chargers, which are expected to enhance its competitive edge in the market[75]. - The company has completed the development of a 360kW group control DC charging device, which is expected to enhance its market presence in the public charging station sector[77]. - The R&D investment for 2024 reached approximately ¥879.86 million, representing a 10.84% increase from ¥793.82 million in 2023[79]. - The number of R&D personnel increased by 8.66% to 2,723 in 2024, with the proportion of R&D staff rising to 46.86%[79]. Environmental and Social Responsibility - The company invested 2.8172 million yuan in environmental protection in the year, focusing on green and low-carbon development[191]. - The company achieved a reduction in emissions of ammonia nitrogen, sulfur dioxide, and particulate matter, complying with environmental standards[191]. - The company has established a comprehensive environmental management system and has been certified under GB/T24001-2016 and GB/T23331-2020[195]. - The company has received recognition as a green manufacturer and has several national-level green factories[191]. - The company has implemented measures to reduce carbon emissions, including the installation of distributed photovoltaic systems on factory rooftops[196]. Governance and Management - The company has undergone significant management changes, with multiple resignations and new appointments in 2024[130]. - The company aims to strengthen its leadership team with experienced professionals from various sectors[131][132][134]. - The management transition is expected to enhance strategic decision-making and operational efficiency[131][132]. - The company emphasizes customer service and aims to enhance customer experience through a comprehensive service management system[106]. - The company has committed to strictly adhere to relevant laws and regulations to avoid conflicts of interest and protect the rights of minority shareholders during the integration process[124]. - The company has a clear ownership structure with independent production and sales systems, ensuring operational autonomy from the controlling shareholder[122]. Employee and Talent Development - The total number of employees at the end of the reporting period was 5,811, with 2,878 in the parent company and 2,933 in major subsidiaries[161]. - The company has a total of 3,033 technical personnel, representing approximately 52% of the workforce[161]. - The company emphasizes training programs focused on performance improvement and capability enhancement, with a monthly monitoring mechanism for training implementation[164]. - The company has implemented a diversified income distribution system, including performance-based salaries and annual salary systems[163]. - The company has established a dual-channel career development system for employees, consisting of 24 levels across 4 horizontal positions and 8 vertical tiers[178]. Shareholder Relations - The company has ensured that minority shareholders have had sufficient opportunities to express their opinions and that their legal rights are fully protected[166]. - The company has increased cash dividends and improved the dividend payout ratio, completing the implementation of cash dividends for the first half and third quarter of 2024[116]. - The company has a cash dividend policy that complies with its articles of association and shareholder resolutions, ensuring transparency and clarity in the decision-making process[166]. - The annual shareholders' meeting had a participation rate of 60.81% on May 29, 2024, while the first and second extraordinary shareholders' meetings had participation rates of 48.89% and 56.25% respectively[125]. Internal Control and Compliance - The internal control system has been effective since the company's establishment, covering all operational aspects including financial reporting and investment management[180]. - The internal control evaluation report indicates that 100% of the evaluated units' total assets and operating income are included in the consolidated financial statements[182]. - The internal control audit report issued a standard unqualified opinion, confirming effective internal control over financial reporting as of December 31, 2024[184]. - The company has revised internal control systems and governance structures to enhance compliance and operational efficiency[115].

Core Viewpoint - The 2024 Annual China Energy Storage Enterprise Rankings were released at the 13th International Energy Storage Summit and Exhibition, highlighting the competitive landscape of energy storage companies in China and globally, with leading companies such as CATL, Sungrow, and others recognized for their performance [1][30]. Group 1: Global Market Rankings - In the global market for energy storage batteries (excluding backup batteries for base stations/data centers), the top ten Chinese companies by shipment volume in 2024 are CATL, EVE Energy, Hicharge, BYD, Ruipu Lanjun, Zhongxin Innovation, Envision, Chuangneng New Energy, Lishen, and Ganfeng Lithium [4][6]. - For backup batteries for base stations/data centers, the top five Chinese companies are Sungrow, Nandu Power, Guoxuan High-Tech, Kunyu Power, and Zhongxin Innovation [8][10]. Group 2: Domestic Market Rankings - In the domestic market for energy storage PCS (Power Conversion System), the top ten companies by shipment volume in 2024 are Kehua Data, Shangen Electric, Nanrui Jibao, Suying Electric, Sungrow, Huichuan Technology, CRRC Zhuzhou Electric, XJ Electric, Hezhong Electric, and Yingbo Electric [11][13]. - For energy storage system integration in the domestic market, the top ten companies by grid-connected installed capacity are CRRC Zhuzhou Institute, Haibo Technology, Sungrow, Electric Times, Envision, BYD, New Source Intelligent Storage, Goldwind Zero Carbon, Ronghe Yuanshu, and Cairi Energy [17][19]. - The top ten companies by shipment volume in the domestic market for energy storage systems are CRRC Zhuzhou Institute, Sungrow, Envision, Haibo Technology, New Source Intelligent Storage, Electric Times, Ronghe Yuanshu, Goldwind Zero Carbon, Jingkong Energy, and Cairi Energy [20][22]. Group 3: User-side Market Rankings - In the domestic user-side market for energy storage systems, the top ten companies by shipment volume in 2024 are Singularity Energy, Sungrow, Penghui Energy, Ronghe Yuanshu, Hongzheng Energy, Nanrui Jibao, Jingkong Energy, CRRC Zhuzhou Institute, Zhiguang Energy, and Huazhi Energy [27][29]. Group 4: Data Source and Methodology - The rankings are based on the shipment data and installed capacity of energy storage products from Chinese companies, compiled by the China Energy Storage Alliance (CNESA) through its global energy storage database, which has been recognized for its objectivity and authority in the industry [30][31].