股票代码：002270 股票简称：华明装备 华明电力装备股份有限公司 投资者关系活动记录表 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 动类别 | ■现场参观 | | | ■其他 电话会议 Capital Research Global Investors：Cathy Yao | | | 泰康资产：庄珺涵 | | | Walter Scott：Thomas Miedema、Michael Scott | | | WCM Investment：Dave Heng | | 参与单位名称 | GIC：Lim Hung Yong、Kwong Hong Huat、Daryl Wong Chee | | 及人员姓名 | Wai、Cherly Chiang Ke Jia | | | Brandes：Yingbin Chen | | | JP Morgan：Stephen Tsui、Vento | | | 建信基金：高青青、刘克飞、孙晟；国泰海通证券：房青 | | | 苏州元视界：陈志强、杨铎；中信证券：华 ...

Group 1: Company Overview and History - The company was established in the early 1990s and has over 30 years of experience in the transformer tap switch sector, with significant milestones including a successful backdoor listing in 2015 and the acquisition of its largest domestic competitor in 2018 [3][4]. - The company has built a full industrial chain production base in Shanghai, achieving over 80% self-sufficiency in components, which effectively shortens product development cycles [3][4]. Group 2: Market Dynamics - The domestic power grid has shown stable long-term growth, while non-grid sectors experienced rapid growth driven by new energy and electric vehicles from 2021 to 2023, increasing the demand for power equipment [4][5]. - As of last year, the revenue share from non-grid business was still higher than that from grid business, although the gap has narrowed [4][5]. Group 3: International Market Presence - The largest overseas market for the company is Europe, followed by Southeast Asia, with other regions like Africa, South America, and North America showing similar demand levels [6][7]. - The company has established assembly and testing plants in Turkey and Indonesia, and sales teams in Singapore, the USA, Brazil, France, Italy, and Germany to expand local and regional markets [10][11]. Group 4: Product and Service Strategy - The company aims to enhance its market share by introducing new suppliers to improve existing supply dynamics and increase bargaining power, leveraging its high self-sufficiency rate and quick response capabilities [16][17]. - The company’s products are critical components in transformer systems, with a design lifespan aligned with transformers, necessitating regular maintenance and inspections [20][21]. Group 5: Financial Performance and Projections - The company has a healthy cash flow, with accounts receivable levels influenced by varying payment terms with different customers, but overall cash flow remains robust [46][48]. - The company commits to a cash dividend of no less than 60% of distributable profits during the 2023-2025 shareholder return plan, with recent distributions nearing 80% [57][58]. Group 6: Challenges and Future Outlook - The company faces challenges in the North American market due to various external factors affecting progress, but sees potential for significant market share growth if it can establish a foothold [11][12]. - The company is cautious about the impact of raw material price fluctuations on costs, as it uses various basic materials, but believes that optimizing its product structure can mitigate these effects [51][55].

股票代码：002270 股票简称：华明装备 华明电力装备股份有限公司 投资者关系活动记录表 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | ■其他 电话会议 | | | Allianz Global Investors：Kevin You、Christina | | | Chung；Amiral Gestion：Gabriel Kuah；Fidelity：Bunny | | | Huang；Fullerton Fund Management：Xingjian Liang； | | | Grand Alliance AM：Matthew Dong；Hel Ved Capital： | | | Marshall Yang；Manulife Asset Management：Emily | | | Liao；Millennium Capital：Yang Bai；Overlook | | | Investments：Jason Lin；Pictet Asset Ma ...

3月10日，华明装备发布回购股份公告，披露了截至2月28日的公司前十大股东和前十大无限售条件股东的 情况。证券时报·券商中国记者注意到，新加坡政府投资公司的最新持仓在此次回购股份公告中曝光，持 有华明装备1808万股，占总股本比例为2.02%，相较之前有所增持。 华明装备是国内唯一拥有两大全产业链生产基地的分接开关制造企业，全资子公司上海华明被认定为上海 市"专精特新"中小企业以及国家级专精特新"小巨人"企业。公司主要从事变压器有载分接开关和无励磁分 接开关的研发、制造、销售和服务，历经20载已自主研发了多款分接开关产品，其产品在全球近百个国家 安全运行，成为各国电网和工业用户主要选择的分接开关产品之一。 随着上市公司陆续发布股份回购报告，农历新年后的外资机构加仓动作也浮出水面。 证券时报·券商中国记者注意到，多家知名外资近期密集布局，增持了工业制造领域的一批潜力个股。具 体来看，新加坡政府投资公司（GIC）增持了华明装备，巴克莱和高盛增持了悦心健康，摩根士丹利则增 持了唯万密封。 业内人士认为，在当前的市场背景下，外资纷纷将注意力落在工业制造领域的投资机会，不仅体现出海外 投资者对中国制造业复苏前景的认可， ...

新加坡政府投资公司增持华明装备 3月10日，华明装备发布回购股份公告，披露了截至2月28日的公司前十大股东和前十大无限售条件股东的情 况。券商中国记者注意到，新加坡政府投资公司的最新持仓在此次回购股份公告中曝光，持有华明装备1808万 股，占总股本比例为2.02%，相较之前有所增持。 华明装备是国内唯一拥有两大全产业链生产基地的分接开关制造企业，全资子公司上海华明被认定为上海 市"专精特新"中小企业以及国家级专精特新"小巨人"企业。公司主要从事变压器有载分接开关和无励磁分接开 关的研发、制造、销售和服务，历经20载已自主研发了多款分接开关产品，其产品在全球近百个国家安全运 行，成为各国电网和工业用户主要选择的分接开关产品之一。 随着上市公司陆续发布股份回购报告，农历新年后的外资机构加仓动作也浮出水面。 券商中国记者注意到，多家知名外资近期密集布局，增持了工业制造领域的一批潜力个股。具体来看，新加坡 政府投资公司（GIC）增持了华明装备，巴克莱和高盛增持了悦心健康，摩根士丹利则增持了唯万密封。 业内人士认为，在当前的市场背景下，外资纷纷将注意力落在工业制造领域的投资机会，不仅体现出海外投资 者对中国制造业复苏前 ...