证券日报网讯安靠智电8月13日在互动平台回答投资者提问时表示，公司产品适用于水电站项目，公司 超高压电缆连接件产品早期已运用于水电工程项目。GIL产品具有电压等级高、输电容量大、占用空间 小、使用寿命长、安全性高、运维便捷等特点，在发电侧、城市电网、工业端都有应用。在发电侧大型 水电站的电源送出中，国内已有运用先例。公司暂未参与雅下水电站项目，后续会持续跟踪该项目力争 取得订单，但是否能取得该项目订单有不确定性，请注意相关投资风险。 （文章来源：证券日报） ...

格隆汇7月31日丨安靠智电(300617.SZ)于投资者互动平台表示，公司超高压电缆连接件产品已运用于水 电项目。GIL产品具有电压等级高、输电容量大、占用空间小、使用寿命长、安全性高、运维便捷等特 点，在发电侧、城市电网、工业端都有应用。在发电侧大型水电站的电源送出中，国内已有运用先例。 公司暂未参与雅下水电站项目，后续会持续跟踪该项目力争取得订单，但是否能取得该项目订单具有不 确定性。 ...

Financial Performance - The fourth quarter accounts for a significant portion of the company's revenue and net profit due to seasonal factors and procurement patterns from major clients like State Grid and Southern Power Grid [1][2]. - The company expects a revenue growth of 13.21% for 2024, with specific segments showing notable increases: cable accessories up 24.28%, GIL up 52.60%, and smart modular substations up 20.02% [8]. Research and Development - The company plans to enhance R&D by shifting from passive to proactive innovation, increasing incentives for innovation, and utilizing PLM tools for better management [2][3]. - Key R&D focuses include smart, lightweight, and environmentally friendly cable connection products, with ongoing efforts to optimize production processes [5]. Market Opportunities - The company anticipates an increase in GIL product market share due to its status as a recognized leader in the industry, with a cost advantage of approximately 30% lower than traditional single-phase GIL [3]. - The upcoming high-voltage projects, such as the Gansu-Zhejiang and Zhejiang ring network, are expected to create significant market opportunities starting in 2025 [10]. Product Innovations - The smart modular substation technology offers a 30% reduction in lifecycle costs and a 50%-70% decrease in land use, with an 80% reduction in construction time compared to traditional substations [4]. - The company has successfully applied its GIL products in various projects, including photovoltaic and data center applications, demonstrating their versatility [13]. International Expansion - The company is focusing on expanding its presence in overseas markets, particularly in Europe, the Middle East, and Southeast Asia, capitalizing on the demand for electrical equipment due to aging infrastructure and AI advancements [7][17]. - Plans include strengthening the sales team, forming partnerships with quality overseas agents, and participating in international trade shows to attract more clients [9][17]. Strategic Focus - In 2025, the company will prioritize enhancing management, risk control, and efficient production to support strategic R&D and market expansion [8]. - The company is exploring innovative business models, such as leasing for smart modular substations, to reduce customer costs and expand market reach [15]. Industry Trends - The "14th Five-Year Plan" is expected to boost investment in power grid construction, presenting both opportunities and challenges for the company, particularly in the context of increasing demand for renewable energy integration [10][12]. - The company is monitoring industry consolidation trends and is open to potential mergers and acquisitions to strengthen its position in the supply chain [14].

Financial Overview - The total operating revenue for the company in 2024 was 1.085 billion yuan, an increase of 13.21% year-on-year, while the net profit attributable to shareholders was 183 million yuan, a decrease of 10.5% year-on-year, indicating a decline in profitability despite revenue growth [1] - In the fourth quarter, the total operating revenue was 416 million yuan, showing a strong growth of 49.03% year-on-year, with a net profit attributable to shareholders of 47.37 million yuan, an increase of 7.93% year-on-year, although the non-recurring net profit decreased by 6.91% [2] Accounts Receivable - The accounts receivable for 2024 amounted to 864 million yuan, which is 471.34% of the net profit attributable to shareholders, indicating a high ratio that may impact cash flow and requires close monitoring of receivables collection [4] Cash Flow and Liabilities - The company’s main business revenue primarily comes from the power industry, accounting for 98.78% of total revenue. Specific product revenues include: - Smart modular substations: 379 million yuan (34.92% of total revenue, gross margin of 22.31%) - GIL products and system services: 232 million yuan (21.35% of total revenue, gross margin of 49.88%) - 110(66)kV cable connectors: 126 million yuan (11.58% of total revenue, gross margin of 30.41%) [5] Key Financial Metrics - Gross margin was 34.16%, a decrease of 17.69% year-on-year - Net margin was 17.11%, a decrease of 19.1% year-on-year - Operating expenses accounted for 9.57% of revenue, a decrease of 15.29% year-on-year - Earnings per share were 1.12 yuan, a decrease of 10.4% year-on-year, while the net asset per share increased by 6.05% to 17.21 yuan [8] Cash and Debt - Cash and cash equivalents amounted to 211 million yuan, an increase of 9.18% year-on-year - Interest-bearing debt decreased by 25.74% to 75.73 million yuan - Net cash flow from operating activities increased by 102.57%, primarily due to an increase of 132.28 million yuan in cash received from sales of goods and services [9] Development Outlook - The company focuses on innovation and research in cable connector systems, GIL systems, smart modular substations, and smart sponge energy storage systems, providing comprehensive services across the power industry chain. Despite significant progress in technology and market expansion, the company faces risks from industry policy changes, market competition, product quality, and technology leakage. The company plans to address these challenges through continuous innovation, market expansion, and internal management optimization [6][7]