9月24日，四方股份涨1.39%，成交额2.81亿元。两融数据显示，当日四方股份获融资买入额3315.16万 元，融资偿还2951.96万元，融资净买入363.19万元。截至9月24日，四方股份融资融券余额合计3.82亿 元。 融资方面，四方股份当日融资买入3315.16万元。当前融资余额3.81亿元，占流通市值的2.54%，融资余 额超过近一年70%分位水平，处于较高位。 融券方面，四方股份9月24日融券偿还6700.00股，融券卖出2100.00股，按当日收盘价计算，卖出金额 3.84万元；融券余量6.78万股，融券余额124.07万元，超过近一年70%分位水平，处于较高位。 资料显示，北京四方继保自动化股份有限公司位于北京市海淀区上地信息产业基地四街9号，成立日期 1994年4月8日，上市日期2010年12月31日，公司主营业务涉及继电保护、电网自动化及发电厂自动化产 品的研发、生产、销售和技术服务。主营业务收入构成为：电厂及工业自动化49.82%，电网自动化 42.94%，其他7.09%，房屋租赁、技术服务、材料销售等0.15%。 截至6月30日，四方股份股东户数3.96万，较上期减少5.28%；人均 ...

Core Viewpoint - The company has been deeply engaged in the energy and power sector, providing various products and solutions for power generation, transmission, distribution, usage, and storage [1] Group 1: Business Focus - The company offers relay protection, automation and control systems, power electronics, integration of primary and secondary systems, and smart IoT solutions [1] - The company is actively expanding into other industrial automation and intelligent fields [1] Group 2: Specific Business Development - The unmanned boat business is seen as a synergistic expansion of the company's related technologies and products into relevant fields [1] - Current market conditions indicate that the business expansion of unmanned boats is not meeting expectations [1]

格隆汇9月23日丨四方股份(601126.SH)在投资者互动平台表示，公司长期深耕能源电力领域，为电力的 发、输、配、用、储等环节提供继电保护、自动化与控制系统、电力电子、一二次融合、智慧物联等产 品及解决方案。同时积极拓展其他工业自动化、智能化的领域。无人艇业务属于公司相关技术及产品在 相关领域的协同拓展，鉴于其市场情况，公司无人艇的业务拓展当前不及预期。 ...

Core Viewpoint - Sifang Co., Ltd. has shown a mixed performance in stock price and financial results, with a notable increase in revenue and net profit year-on-year, while experiencing fluctuations in stock price over recent trading periods [1][2]. Financial Performance - For the first half of 2025, Sifang Co., Ltd. achieved a revenue of 4.02 billion yuan, representing a year-on-year growth of 15.62% [2]. - The net profit attributable to shareholders for the same period was 476 million yuan, reflecting a year-on-year increase of 12.41% [2]. - Cumulatively, the company has distributed a total of 4 billion yuan in dividends since its A-share listing, with 1.599 billion yuan distributed over the past three years [3]. Stock Market Activity - On September 5, Sifang Co., Ltd.'s stock price increased by 2.04%, reaching 17.00 yuan per share, with a trading volume of 165 million yuan and a turnover rate of 1.20% [1]. - The company’s total market capitalization is approximately 14.166 billion yuan [1]. - Year-to-date, the stock price has increased by 4.68%, but it has decreased by 6.13% over the last five trading days and by 1.90% over the last 20 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Sifang Co., Ltd. was 39,600, a decrease of 5.28% from the previous period [2]. - The average number of circulating shares per shareholder increased by 5.57% to 20,686 shares [2]. - Notable changes in the top ten circulating shareholders include a decrease in holdings by Hong Kong Central Clearing Limited and Guangfa Multi-Factor Mixed Fund, while new shareholders include Zhuque Hengxin One-Year Holding and Southern CSI 1000 ETF [3]. Business Overview - Sifang Co., Ltd. specializes in the research, development, production, sales, and technical services of relay protection, grid automation, and power plant automation products [1]. - The company's revenue composition includes 49.82% from power and industrial automation, 42.94% from grid automation, and 7.09% from other sources [1]. - The company operates within the electric equipment industry, specifically in grid automation equipment, and is involved in sectors such as nuclear power, railway infrastructure, military-civil integration, DC transmission, and ultra-high voltage [1].

Core Viewpoint - Sifang Co., Ltd. has shown a mixed performance in financing activities and stockholder dynamics, with notable revenue growth and profit increase in recent financial reports [1][2][3]. Financing Activities - On August 27, Sifang Co., Ltd. experienced a 2.34% decline in stock price with a trading volume of 246 million yuan. The financing buy-in amounted to 18.95 million yuan, while financing repayment was 25.12 million yuan, resulting in a net financing outflow of 6.16 million yuan [1]. - As of August 27, the total financing and securities lending balance for Sifang Co. was 355 million yuan, with the financing balance at 354 million yuan, representing 2.41% of the circulating market value, indicating a high level compared to the past year [1]. - The securities lending activity on the same day showed no shares were repaid, with 6,900 shares sold, amounting to 123,600 yuan. The securities lending balance was 1.38 million yuan, also at a high level compared to the past year [1]. Financial Performance - For the period from January to March 2025, Sifang Co. reported a revenue of 1.83 billion yuan, reflecting a year-on-year growth of 18.34%. The net profit attributable to shareholders was 241 million yuan, marking a 33.38% increase compared to the previous year [2]. Shareholder Dynamics - As of March 31, 2025, the number of shareholders for Sifang Co. was 41,800, a decrease of 3.54% from the previous period. The average circulating shares per person increased by 3.67% to 19,594 shares [2]. - The company has distributed a total of 4 billion yuan in dividends since its A-share listing, with 1.6 billion yuan distributed over the last three years [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third largest with 23.38 million shares, an increase of 3.80 million shares from the previous period. New entrants include several funds, indicating a shift in institutional holdings [3].

Core Viewpoint - The company reported strong Q1 2025 results with revenue of 3.23 billion yuan, a year-on-year increase of 21.4%, and a net profit attributable to shareholders of 450 million yuan, up 22.9% year-on-year, indicating robust growth in both domestic and international markets [1][2]. Group 1: Q1 Performance - Q1 2025 revenue reached 3.23 billion yuan, reflecting a 21.4% year-on-year growth [1] - Net profit attributable to shareholders was 450 million yuan, up 22.9% year-on-year, with a non-recurring net profit of 440 million yuan, increasing by 28% [1] - Gross margin stood at 30.3%, a slight decrease of 0.4 percentage points year-on-year, while net profit margin was 13.8%, an increase of 0.2 percentage points [1] Group 2: Market Dynamics - Domestic ultra-high voltage market has seen breakthroughs, with significant growth in grid investment; Q1 grid infrastructure completion reached 95.6 billion yuan, a 25% increase year-on-year [2] - The company successfully won bids for 750kV equipment, marking a breakthrough in the high-end product market, which is expected to enhance gross margins in domestic operations [2] - International demand for power grid construction remains high, with transformer and high-voltage switch exports increasing by 40% and 30% year-on-year, respectively [3] Group 3: Cost Management and Financial Health - Q1 2025 operating expenses were 480 million yuan, a 10% increase year-on-year, with an expense ratio of 14.8%, down 1.5 percentage points, indicating effective cost control [3] - Inventory at the end of Q1 2025 was 4.1 billion yuan, an 18% increase year-on-year, while contract liabilities rose to 2.84 billion yuan, up 20% year-on-year, showing solid growth foundations [3] Group 4: Profit Forecast and Investment Rating - The company maintains profit forecasts for 2025-2027, with net profits expected to be 2.73 billion, 3.54 billion, and 4.56 billion yuan, representing year-on-year growth of 33%, 30%, and 29%, respectively [4] - Corresponding price-to-earnings ratios are projected at 21x, 16x, and 12x, with a "buy" rating maintained [4]