在国家电网公司党组的正确领导下 深刻把握金融工作的政治性、人民性 紧紧围绕服务实体经济、防控金融风险、深化金融改革三项任务 "十四五"以来 英大集团党委以习近平新时代中国特色社会主义思想为指导 坚持"根植主业、服务实业、以融强产、创造价值"的发展定位 统筹"稳经营、调结构、优治理、防风险" 稳中求进推动国网金融事业高质量发展 走出一条具有央企特色的产融结合发展之路 为国家电网公司和电网高质量发展提供有力金融支撑 提高上市公司质量是推动我国经济社会高质量发展的必然要求，是促进国有企业深化改革提升的关键手 段，是维护资本市场健康发展的重要保障。自2020年重组上市以来，国网英大（600517）股份有限公司 （600517.SH，以下简称"英大股份"）锚定高质量发展目标，坚定方向服务大局，坚持创新深化改革， 坚守底线防控风险，各项关键指标持续向好，实现了量的稳健增长和质的大幅提升，积极打造央企控股 上市公司高质量发展典范。良好的业绩表现、健全的风控合规基础、规范的法人治理、有效的内部管 控，呈现出稳中求进的良好态势，彰显出乘势而上、勇立潮头的信心与决心。 经营业绩实现稳健增长 经营业绩再创新高，以重组前后的三年平均 ...

Core Viewpoint - The company, State Grid Yingda Co., Ltd., has shown stable growth in its financial and power equipment businesses, with significant increases in revenue and net profit in 2024 and Q1 2025, indicating a strong operational performance and profitability [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 11.288 billion yuan, a year-on-year increase of 3.60%, and a net profit attributable to shareholders of 1.574 billion yuan, up 15.39% [1]. - For Q1 2025, the company reported operating revenue of 2.218 billion yuan, reflecting an 8.7% year-on-year growth, and a net profit of 604 million yuan, which is a substantial increase of 45.2% [1]. Business Segments - The highest revenue contributor is the power equipment business, accounting for 65.2% of total revenue in 2024, while the financial business remains the main profit source, with trust business profits making up 84.13% [1]. - In the trust business, Yingda Trust generated operating revenue of 2.99 billion yuan in 2024, a 7.29% increase, and net profit of 1.776 billion yuan, up 10.63%, with total trust assets reaching 1.09288 trillion yuan [1]. - Yingda Securities reported operating revenue of 860 million yuan in 2024, a decline of 25.64%, but net profit increased by 64.43% to 176 million yuan due to improved investment returns [2]. - The carbon asset business achieved operating revenue of 7.0016 million yuan, growing by 13.39%, and net profit of 1.04049 million yuan, up 14.51% [2]. - The power equipment segment, through subsidiary Zhixin Electric, generated revenue of 7.375 billion yuan, a 6.86% increase, and net profit of 149 million yuan, up 45.18% [2]. Strategic Focus - The company leverages the advantages of its parent company, State Grid, to build competitive strengths in finance, carbon assets, and high-end electrical equipment, with plans to explore quality projects in wind power, solar energy, energy storage, and integrated energy development [3].

Core Insights - The company reported a total operating revenue of 11.288 billion yuan for 2024, representing a year-on-year growth of 3.6% [1] - The total profit reached 2.880 billion yuan, with a year-on-year increase of 24.98% [1] - The net profit attributable to shareholders was 1.574 billion yuan, up 15.39% year-on-year, indicating continuous optimization of profitability [1] - In Q1 2025, the company achieved total operating revenue of 2.218 billion yuan, a year-on-year growth of 8.65% [1] - The total profit for Q1 2025 was 1.060 billion yuan, showing a significant year-on-year increase of 44.33% [1] - The net profit attributable to shareholders in Q1 2025 was 604 million yuan, up 45.22% year-on-year, marking a strong start to the year [1] Business Segments - The trust business generated total revenue of 2.99 billion yuan in 2024, a year-on-year increase of 7.29%, with net profit reaching 1.776 billion yuan, up 10.63% [2] - The total assets of the trust business grew to 1.09 trillion yuan, reflecting a year-on-year increase of 32.8% [2] - The securities and futures business reported total revenue of 860 million yuan, a decline of 25.64%, while net profit increased by 64.43% to 176 million yuan [2] - The carbon asset business achieved operating revenue of 70.016 million yuan, growing 13.39% year-on-year, with net profit of 1.0405 million yuan, up 14.51% [2] - The electric equipment business realized operating revenue of 7.375 billion yuan, a year-on-year increase of 6.86%, with net profit of 149 million yuan, up 45.18% [2] Strategic Developments - The company made significant progress in green finance, with a "carbon assessment + finance" service model that helped energy and power enterprises secure green financing, nearly doubling in scale year-on-year [3] - New financial products such as "Electric Carbon Benefit Loan" and "Green Electricity Loan" were launched to meet diverse customer needs and enhance market competitiveness [3] - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 1.733 billion, 1.845 billion, and 1.996 billion yuan respectively, with corresponding EPS of 0.30, 0.32, and 0.34 [3] - The projected PE ratios for 2025, 2026, and 2027 are 16.36, 15.37, and 14.40 times respectively, indicating a favorable investment outlook [3]