陕西宝光真空电器股份有限公司 简式权益变动报告书 上市公司名称：陕西宝光真空电器股份有限公司 股票上市地点：上海证券交易所 股票简称：宝光股份 股票代码：600379 信息披露义务人：陕西宝光集团有限公司 住所： 陕西省宝鸡市渭滨区宝光路 53 号 通讯地址： 陕西省宝鸡市渭滨区宝光路 53 号 权益变动性质：持股数量减少（国有股权无偿划转） 签署日期：二〇二五年五月 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》、《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准 则第15号——权益变动报告书》等相关法律、法规和规范性文件编写本权益变动 报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露信息披露义务人在陕西宝光真空电器股份有限公司中拥有权 益的股份变动情况。 四、截至本报告书签署日，除本报告书披露的信息外，信息披露义务人没有 通过任何其他方式增加或减少其在陕西宝光真空电器股份 ...

Group 1: Financial Performance - The main reasons for the company's Q1 performance recovery are market demand recovery in the new energy, power, and data center sectors, leading to new orders and opportunities [1] - Q1 gross margin improvement is attributed to product structure optimization, cautious price control, and better cost reduction effects compared to last year [1] Group 2: Data Center Business - The company maintains a competitive position in operator procurement tenders and is closely collaborating with major domestic clients to develop customized products [2] - The gross margin for the data center business remains high, with strong demand from major clients for orders, prompting increased focus and investment in this sector [2] Group 3: Market Share and Growth Potential - The company has a high market share among leading domestic energy storage and wind power clients, but still has growth potential in the automotive sector and overseas markets [2]

Core Viewpoint - The company reported a decline in revenue and net profit for the year 2024, indicating significant operational challenges, particularly in the real estate sector [1][2]. Revenue Summary - The total revenue for 2024 was 4.24 billion, a year-on-year decrease of 7.6% [1]. - Revenue breakdown by segment: - Power distribution equipment: 2.759 billion, down 1.8% - Terminal equipment: 835 million, down 23.9% - Control equipment: 458 million, up 3.9% - Electrical products: 156 million, down 29.3% - Other businesses: 29 million, up 67.1% [2]. - Domestic revenue was 4.134 billion, down 7.5%, while overseas revenue was 104 million, down 11.5% [2]. Profitability Summary - The net profit attributable to shareholders for 2024 was 310 million, down 38.9% year-on-year [1]. - The gross profit margin for 2024 was 30.36%, a decrease of 2.09 percentage points [2]. - In Q4 2024, the gross profit margin was 27.66%, down 1.35 percentage points year-on-year [2]. Expense Summary - The total expense ratio for 2024 was 23.28%, an increase of 3.00 percentage points year-on-year [3]. - Breakdown of expense ratios: - Selling expense ratio: 9.50%, up 0.66 percentage points - Administrative expense ratio: 6.53%, up 1.11 percentage points - R&D expense ratio: 7.36%, up 1.18 percentage points - Financial expense ratio: -0.11%, up 0.05 percentage points [3]. - In Q4 2024, the total expense ratio was 28.17%, up 8.26 percentage points year-on-year [3]. Future Outlook - The company is expected to reach a net profit of 450 million in 2025, corresponding to a PE ratio of approximately 20X, with potential growth from new energy, smart distribution, and data center businesses [3].