证券时报网讯，证券时报•数据宝统计显示，科润智控所属的电力设备行业，目前整体涨幅为2.40%，行 业内，目前股价上涨的有334只，涨停的有电气风电、万润新能等6只。 股价下跌的有38只，跌幅居前的有欧普泰、艾能聚、美硕科技等，跌幅分别为5.06%、4.04%、3.35%。 两融数据显示，该股最新（11月4日）两融余额为1138.37万元，其中，融资余额为1138.37万元，近10日 增加527.42万元，环比增长86.33%。 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q3 2024 performance was impacted by structural factors, but new overseas orders are expected to drive future growth [1] - Revenue for Q1-Q3 2024 reached RMB 849 million, up 15.49% YoY, while net profit attributable to shareholders was RMB 26 million, down 49.38% YoY [2] - Q3 2024 revenue was RMB 328 million, up 20.53% YoY and 3.26% QoQ, but net profit attributable to shareholders was RMB 6 million, down 69.73% YoY and 63.71% QoQ [2] - The company has secured new overseas orders, including a RMB 73 million contract for a 150MVA/220KV/35KV substation project, which is expected to positively impact future performance [3] Financial Performance - Revenue for 2024E is projected at RMB 1,262.59 million, up 25.81% YoY, with net profit attributable to shareholders at RMB 46.92 million, down 35.76% YoY [1] - Revenue for 2025E is forecasted at RMB 1,639.68 million, up 29.87% YoY, with net profit attributable to shareholders at RMB 71.83 million, up 53.09% YoY [1] - Revenue for 2026E is expected to reach RMB 2,054.74 million, up 25.31% YoY, with net profit attributable to shareholders at RMB 100.33 million, up 39.69% YoY [1] Cost Control and Expenses - In Q3 2024, the company's sales, management, R&D, and financial expense ratios were 3.13%, 3.89%, 3.24%, and 1.85%, respectively [3] - Sales expenses increased due to higher employee compensation and business development costs, while financial expenses rose due to increased interest-bearing liabilities [3] Overseas Market Expansion - The company has been actively expanding its overseas market, signing a memorandum of understanding with ENDE-EP and a RMB 73 million contract with an overseas client for a substation project [3] Valuation Metrics - The company's P/E ratio for 2024E is 32.93x, with a P/B ratio of 1.93x [11] - The P/E ratio for 2025E is 21.51x, and for 2026E, it is 15.40x [1] Market Data - The closing price of the company's stock is RMB 8.28, with a market capitalization of RMB 1,544.93 million [6] - The company's PB ratio is 2.21x, and its ROE for 2023A was 10.90% [11] Financial Ratios - The company's gross margin for 2024E is projected at 16.81%, with a net margin attributable to shareholders of 3.72% [10] - The ROIC for 2024E is expected to be 5.57%, increasing to 7.25% by 2026E [11]

证券代码：834062 证券简称：科润智控 公告编号：2024-135 科润智能控制股份有限公司 2024 年 7 月 29 日，公司向北交所提交了《科润智能控制股份有限公司关于 因财务报告过期中止向特定对象发行股票审查的申请》，并经北交所同意中止后 于 2024 年 7 月 31 日在北交所官网（www.bse.cn）披露了《关于北京证券交易所 2024 年 5 月 8 日，公司收到北交所出具的《受理通知书》（DF20231031002）， 并在北交所官网（www.bse.cn）披露了《关于向特定对象发行股票申请获得北京 证券交易所受理的公告》（公告编号：2024-056）及相关申报稿。 2024 年 5 月 21 日，公司收到北交所下发的《关于科润智能控制股份有限公 司向特定对象发行股票申请文件的审核问询函》，并在北交所官网（www.bse.cn） 披露了《关于收到北京证券交易所<关于科润智能控制股份有限公司向特定对象 发行股票申请文件的审核问询函>的公告》（公告编号：2024-062）。 2024 年 6 月 17 日，公司在北交所官网（www.bse.cn）披露了《关于延期回 复北京证券交易所审核问询 ...

Financial Performance - Operating revenue for the first nine months of 2024 reached CNY 849,313,090.92, a 15.49% increase from CNY 735,381,420.87 in the same period of 2023[5] - Net profit attributable to shareholders decreased by 49.38% to CNY 26,160,077.85 for the first nine months of 2024, down from CNY 51,680,877.61 in 2023[5] - Total profit decreased by 55.04% to ¥25,566,996.22, primarily due to a decline in operating profit[8] - Net profit fell by 49.47% to ¥26,077,857.02, reflecting similar trends in operating profit[8] - Basic earnings per share dropped by 50.00% to CNY 0.14 from CNY 0.28 in the previous year[5] - The company's equity attributable to shareholders rose to ¥699,487,366.27 from ¥670,316,339.35, an increase of approximately 4.3%[24] - Total operating revenue for the first nine months of 2024 reached ¥849,313,090.92, an increase of 15.5% compared to ¥735,381,420.87 in the same period of 2023[28] - The total profit for the first nine months of 2024 was ¥25,566,996.22, down 55.1% from ¥56,871,687.83 in the same period of 2023[29] Cash Flow - The net cash flow from operating activities was negative CNY 176,990,949.25, worsening by 63.61% compared to negative CNY 108,176,938.76 in the previous year[5] - Cash flow from operating activities showed a net outflow of ¥176,990,949.25, a decrease of 63.61%, attributed to longer customer credit terms and increased procurement costs[8] - Cash flow from financing activities increased by 122.78% to ¥254,635,740.99, mainly due to new bank loans and repayments[8] - Operating cash inflow for the first nine months of 2024 was CNY 706,717,943.10, an increase from CNY 553,354,167.19 in the same period of 2023, representing a growth of approximately 27.7%[31] - The net cash outflow from operating activities was CNY -176,990,949.25, compared to CNY -108,176,938.76 in the previous year, indicating a decline in operational cash flow[31] - Financing activities produced a net cash inflow of CNY 254,635,740.99, significantly higher than CNY 114,299,878.28 in the previous year, reflecting improved financing conditions[32] Assets and Liabilities - Total assets increased by 19.67% to CNY 1,763,001,450.89 as of September 30, 2024, compared to CNY 1,473,271,310.23 at the end of 2023[4] - The company's debt-to-asset ratio increased to 60.20% from 54.34% year-on-year, indicating a rise in financial leverage[4] - Total liabilities rose to ¥1,061,260,402.27, compared to ¥800,619,067.70, reflecting an increase of about 32.5%[24] - Current liabilities totaled ¥897,373,139.25, up from ¥671,529,788.48, indicating a growth of approximately 33.5%[23] - Non-current liabilities increased to ¥163,887,263.02 from ¥129,089,279.22, marking a rise of about 26.9%[23] Inventory and Expenses - Inventory increased by 54.41% to CNY 368,541,116.28, primarily due to an increase in stock[7] - Sales expenses rose by 40.43% to CNY 30,741,852.55, attributed to increased sales personnel and business development costs[7] - Total operating costs increased to ¥825,685,893.32, up 19.0% from ¥694,300,325.80 year-over-year[28] - Financial expenses increased significantly to ¥12,983,675.05, compared to ¥5,554,564.36 in the same period of 2023[28] - The company experienced a significant increase in tax expenses, which rose to ¥3,996,413.77 from ¥1,547,898.11 year-over-year[28] Shareholder Information - Major shareholders include Wang Rong with 21.92% and Wang Longying with 14.80% of shares[12] - The total number of ordinary shares remained at 186,586,277, with no changes during the reporting period[11] Guarantees and Commitments - The company has engaged in external guarantees and has fulfilled disclosure obligations timely[15] - The company provided a guarantee of CNY 49,750,000 for its subsidiary, with a guarantee period from April 21, 2023, to April 21, 2028[16] - The company has fulfilled all disclosed commitments without any overdue obligations[20] Regulatory and Compliance - The company received a warning letter from the China Securities Regulatory Commission regarding regulatory measures taken against it[21] - The company is actively involved in employee incentive plans, which have been approved by the shareholders[15] Future Outlook - The company reported an increase in customer orders and backlog, indicating potential future revenue growth[8] - The expected amount for related party transactions in 2024 is CNY 1,050,000,000, with CNY 637,167,786.95 already realized in the first nine months of 2024[18]

本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 证券代码：834062 证券简称：科润智控 公告编号：2024-133 科润智能控制股份有限公司 第四届监事会第四次会议决议公告 1.会议召开时间：2024 年 10 月 29 日 2.会议召开地点：公司会议室 3.会议召开方式：现场会议 4.发出监事会会议通知的时间和方式：2024 年 10 月 26 日以书面方式发出 2024 年前三季度的生产经营和业务发展等情况，公司编制了《2024 年第三季度 报告》。 具体内容详见公司于同日在北京证券交易所指定披露平台（www.bse.cn）上 披露的《2024 年第三季度报告》（公告编号：2024-134）。 5.会议主持人：监事会主席王震 6.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、表决程序等方面符合《中华人民共和国公司法》和 《公司章程》的有关规定。 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一 ...

证券代码：834062 证券简称：科润智控 公告编号：2024-132 科润智能控制股份有限公司 第四届董事会第五次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 10 月 29 日 2.会议召开地点：公司会议室 3.会议召开方式：现场和通讯相结合 会议应出席董事 9 人，出席和授权出席董事 9 人。 董事刘杰、冯震远、潘自强因工作以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于 2024 年第三季度报告的议案》 1.议案内容： 4.发出董事会会议通知的时间和方式：2024 年 10 月 26 日以书面和电话方式 发出 5.会议主持人：董事长王荣 6.会议列席人员：公司其他高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、表决程序等方面符合《中华人民共和国公司法》和 《公司章程》的有关规定。 （二）会议出席情况 根据《中华人民共和国公司法》《中华人民共和国证券法》《北京证券交易 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of its stock [3]. Core Insights - The company is recognized as the first transformer stock on the Beijing Stock Exchange and is classified as a specialized and innovative "little giant" enterprise, primarily engaged in the research, manufacturing, and sales of core power distribution equipment [1][8]. - The company has shown rapid revenue growth from 2019 to the first half of 2024, with a compound annual growth rate of 16.15% [21]. - The domestic and international investment climate for power grids is favorable, driven by increasing electricity demand and a higher proportion of renewable energy, which is expected to boost investment in power grid infrastructure [1][26]. - The company has made significant strides in expanding its market presence both domestically and internationally, securing multiple contracts and orders from various regions [1][3]. Summary by Sections Company Overview - The company specializes in power distribution equipment, including transformers and high/low voltage switchgear, with a focus on quality improvement and brand development [8][11]. - The company has a stable shareholding structure, with the controlling shareholder holding 21.92% of the total shares [20]. Financial Analysis - The company's revenue reached 1.12 billion CNY in 2024, with a year-on-year growth rate of 11.68% [4]. - The net profit attributable to shareholders is projected to be 75 million CNY in 2024, reflecting a growth rate of 2.06% [4]. - The company's gross margin has been declining, primarily due to an increase in the proportion of lower-margin other business revenues [21][24]. Market Investment Climate - The demand for electricity has been steadily increasing, with industrial electricity consumption rising from 3,865.7 billion kWh in 2013 to 5,977.9 billion kWh in 2023, indicating a compound annual growth rate of 4.46% [26]. - The investment in power grid infrastructure is expected to exceed 600 billion CNY in 2024, driven by the need for modernization and expansion of the grid [30][31]. - Globally, there is a significant need for investment in power grid infrastructure, with estimates suggesting that Europe will require approximately 375 to 425 billion EUR by 2030 [32][33]. Competitive Landscape - The domestic market for power distribution equipment is characterized by a low concentration of manufacturers, particularly in the low-end equipment sector, but is expected to consolidate as technical barriers increase [34].

证券代码：834062 证券简称：科润智控 公告编号：2024-131 科润智能控制股份有限公司签订海外合同的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 合同签署概况 （一） 基本情况 科润智能控制股份有限公司（以下简称"公司"或"本公司"）于近日和 ABER ENGENHARIA-CONSTRUCAO LDA.(以下简称"阿贝尔公司")共同与某海外客 户签订了一份《高压输配电工程承包合同》，合同总金额为人民币 73,000,000.00 元。该客户向本公司采购其 150MVA/220KV/35KV 变电站建设及配套线路等工 程项目所需的电力设备及安装服务等，本公司选定阿贝尔公司作为这个项目的电 力设备安装服务的提供商。 与此同时，公司原先与阿贝尔公司签订的《高压供变电设备购销合同》（详 见公告编号：2024-066）随之终止。 （二） 审批情况 根据《公司章程》及相关制度，上述合同的签订属于公司日常经营行为，不 需要经过公司董事会及股东大会审议。 二、 合同对手方情况 该客户为出口电力 ...

证券代码：834062 证券简称：科润智控 公告编号：2024-129 科润智能控制股份有限公司 关于拟调整安哥拉子公司设立方案的公告 本次设立方案的调整是基于公司实际情况、战略规划所作出的决定，不会对 公司日常经营产生重大影响，调整后安哥拉子公司的股权结构更为简单，更便于 公司对子公司的管理，更利于提升公司的持续发展能力，预计对公司未来的财务 状况及经营成果产生积极影响。公司将通过建立健全子公司内部控制制度，组建 优良的经营团队，完善管理体系等方式来降低相应的管理风险。本次调整后的对 外投资事项尚需获得相关主管部门的备案或批准，存在一定不确定性，能否取得 相关备案或批准，以及最终取得的时间存在不确定性的风险。 四、备查文件 （一）《科润智能控制股份有限公司第四届董事会第四次会议决议》； 一、调整原因及内容 科润智能控制股份有限公司（以下简称"公司"）第四届董事会第三次会议 审议通过了《关于拟对外投资并在安哥拉设立子公司的议案》，拟使用自有资金 在安哥拉投资设立安哥拉科润电力工程有限责任公司（暂定名，以下简称"安哥 拉子公司"）。基于公司实际情况、战略规划调整，公司拟调整安哥拉子公司的 设立方案，股权结构由原 ...

证券代码：834062 证券简称：科润智控 公告编号：2024-130 科润智能控制股份有限公司 ENDE-EP 是一家安哥拉当地的国家电力分销公司，负责在安哥拉全国范围 内管理公共电力系统中的电力分销和商业化业务，位于安哥拉罗安达。 ENDE-EP 与公司不存在关联关系，ENDE-EP 不属于失信被执行人，具有良 好的资信及履约能力。 三、备忘录主要内容 1、合作内容：双方为交流信息和知识，提供技术人员培训，向安哥拉商业 实体供应高低压输配电设备、变压器、货物和服务所达成的共识。双方未来可就 关于与 ENDE-EP 签署货物和服务供应契约备忘录的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、概述 科润智能控制股份有限公司（以下简称"公司"）于近日收到并与 Empresa Nacional de Distribuição de Electricidade-Empresa Publica（以下简称"ENDE-EP"） 签署了《MEMORANDO DE ENTENDIMENTO》，即货物和服务供 ...