Overview - The core point of the announcement is that TBEA Co., Ltd. has approved a capital increase of 1 billion RMB from Agricultural Bank of China Financial Asset Investment Co., Ltd. to its subsidiary, TBEA Xinjiang New Energy Co., Ltd. This capital injection aims to reduce the subsidiary's debt ratio and support its operational capital needs [2][4][14]. Transaction Summary - The capital increase of 1 billion RMB will primarily be used for repaying loans from financial institutions [2][9]. - The increase in registered capital will raise TBEA Xinjiang New Energy's capital from 522.84 million RMB to 570.01 million RMB, with the new share price set at 2.12 RMB per share [9][14]. - The decision was made during the sixth temporary board meeting of 2025, with unanimous approval from the board members [3][9]. Investor Profile - Agricultural Bank of China Financial Asset Investment Co., Ltd. was established on August 1, 2017, with a registered capital of 20 billion RMB. It focuses on debt-to-equity swaps and restructuring of bank debts [8][9]. - TBEA Xinjiang New Energy Co., Ltd. was founded on August 30, 2000, with a registered capital of 522.84 million RMB, specializing in wind and solar power projects [8][9]. Agreement Details - The agreement allows Agricultural Bank of China Financial Asset Investment to nominate one director to the board of TBEA Xinjiang New Energy [9][10]. - The expected annual distributable profit for TBEA Xinjiang New Energy during Agricultural Bank's holding period is set at no less than 863 million RMB, with a minimum dividend payout ratio of 70% [11][14]. - The exit strategy for Agricultural Bank includes a potential stock repurchase by TBEA Xinjiang New Energy or its parent company within 60 months of the investment [12][14]. Impact on the Company - The capital increase is expected to enhance TBEA Xinjiang New Energy's financial stability, reduce its debt ratio, and broaden its financing channels, thereby supporting the growth and optimization of TBEA's renewable energy business [14][15].

Core Viewpoint - The report highlights the stable profitability and rapid development of non-network businesses for Guodian NARI Technology Co., Ltd. (国电南瑞), with a recommendation to increase holdings in the company [1]. Financial Performance - In 2024, the company achieved revenue of 57.417 billion yuan, a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 7.61 billion yuan, up 6.1% year-on-year [1]. - For Q4 2024, the company reported revenue of 25.104 billion yuan, a year-on-year increase of 8.9% and a quarter-on-quarter increase of 105.8% [1]. - In Q1 2025, the company generated revenue of 8.895 billion yuan, reflecting a year-on-year growth of 14.8% [1]. Profitability and Cost Structure - The gross profit margin and net profit margin for 2024 were 26.7% and 14.2%, respectively, with slight year-on-year declines of 0.1 percentage points and 0.6 percentage points [2]. - In Q1 2025, the gross profit margin and net profit margin were 24.2% and 7.8%, showing a year-on-year decrease of 0.5 percentage points for gross margin but no change for net margin [2]. - The company maintained high levels of R&D investment, with R&D expense ratio at 5.6% in 2024, an increase of 0.4 percentage points year-on-year [2]. Business Segments - The smart grid segment generated revenue of 28.47 billion yuan in 2024, a year-on-year increase of 11%, with a gross margin of 29.5% [2]. - The overseas revenue reached 3.279 billion yuan, marking a significant year-on-year growth of 135.14% [2]. - The digital energy integration business achieved revenue of 12.36 billion yuan in 2024, up 11% year-on-year, with a gross margin of 22.4% [3]. - The low-carbon energy business reported revenue of 12.19 billion yuan, a year-on-year increase of 26.4% [3]. Future Outlook - Revenue projections for 2025, 2026, and 2027 are estimated at 64.2 billion yuan, 71.98 billion yuan, and 78.98 billion yuan, respectively [3]. - The company is expected to benefit from ongoing expansion in both network and non-network businesses, leading to stable growth in performance [3].

(原标题：特变电工（600089）2024年营收978亿元分红12.55亿元国际业务激增体现能源全产业链优势) 4月21日晚间，特变电工披露2024年年报，报告期公司坚持稳健经营，深耕国内国际两个市场、持续培 育发展新动能，加速推进数字化赋能、组织架构变革、降本增效以及人才保障等举措，增强了公司经营 韧性，实现营业收入977.82亿元，实现利润总额50.22亿元，实现净利润35.98亿元，实现归属于母公司 股东的净利润41.35亿元，公司实现平稳发展。 基于特变电工上述领先优势、产能增加及加大市场开拓力度，数据显示，报告期公司核心产品中电气设 备产品、电线电缆产品及发电业务营收规模分别较上年增长20.98%、15.81%和30.99%；从利润率来 看，报告期公司加强成本管控，电气设备产品毛利率增长1.93%，达到17.58%。 展望未来，尽管我国面临"供强需弱"的矛盾和内需增长动能不足的问题，但我国经济发展的基本面没有 改变，市场潜力大、经济韧性强，支撑高质量发展具备一定的积极因素和条件，公司将继续积极开拓国 内外市场，致力于为客户提供绿色科技、智能环保、可靠高效的产品和服务，加快由制造业向制造服务 业升级转 ...