Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Views - The company plans to acquire equity in Yili Technology, a wholly-owned subsidiary of its controlling shareholder, to enhance operational quality and eliminate business overlap [3][4] - Yili Technology has total assets of 3.558 billion and net assets of 1.143 billion as of December 31, 2023, representing 26.2% and 18.1% of the company's total assets and net assets, respectively [3] - The acquisition is expected to initiate a series of asset integrations, promoting resource consolidation and strengthening the company's market position [4] - The company is positioned as a key platform for the State Grid's digital transformation, benefiting from the high investment climate in the power information sector [5] Summary by Sections Acquisition Details - The company received a letter from its controlling shareholder regarding the planned acquisition of Yili Technology's equity to address business overlap and improve operational quality [3] - Yili Technology specializes in energy data infrastructure and had a revenue of 2.636 billion and a net profit of 188 million in 2023, contributing significantly to the company's overall performance [3] Financial Performance - The company forecasts revenues of 85.28 billion, 94.59 billion, and 104.78 billion for 2024-2026, with year-on-year growth rates of 11.14%, 10.92%, and 10.77% respectively [10] - The projected net profits for the same period are 9.08 billion, 10.37 billion, and 11.86 billion, with growth rates of 9.58%, 14.21%, and 14.39% respectively [10] Market Position - The company is the only listed platform of the State Grid and plays a crucial role in the digital transformation of the energy sector, expected to benefit from the planned investment exceeding 600 billion in 2024 [5][10]

证券代码：600131 证券简称：国网信通 公告编号：2024-055号 国网信息通信股份有限公司 关于拟收购控股股东有关股权的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 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 担个别及连带责任。 国网信息通信股份有限公司（以下简称"公司"）于2024年12月6 日接到控股股东国网信息通信产业集团有限公司（以下简称"信产集 团"）《关于筹划有关股权注入上市公司的函》。鉴于2019年重大资产 重组过程中，公司控股股东和间接控股股东出具了《关于避免同业竞 争的承诺函》，信产集团下属国网信通亿力科技有限责任公司（以下 简称"亿力科技"）在通信集采领域与公司存在业务重合，为推动承 诺有效履行，进一步提高公司经营质量，公司拟收购标的资产亿力科 技有关股权。具体情况如下： 一、拟收购股权情况 注册地址：厦门市软件园二期观日路36号402室 法定代表人：林建华 注册资本：40,960万元人民币 经营范围：一般项目：软件开发；数据处理和存储支持服务；信 息系统集成服务；数字内容制作服务（不含出版发行）；集成电路设 计；企业管理咨询；企业征信业务 ...

%% %% 丨证券研究报告丨 联合研究丨公司点评丨国网信通（600131.SH） [Table_Title] 24Q3 受交付影响，国网数字化第 4 批招标支撑 经营改善 | --- | --- | |---------------------------------------|-------| | | | | 亿元，同比减少 4.89% ，归 | | | 亿元，同比减少 3.22% ；单三季度，公 | | 分析师及联系人 [Table_Author] | --- | --- | |--------|----------------| | | | | | 邬博华 | | SAC ： | S0490514040001 | | SFC ： | BQK482 | | | | SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BUD284 | --- | |-------------------| | | | 宗建树 | | ： S0490520030004 | | ： BUX668 | 曹海花 司鸿历 袁澎 请阅读最后评级说明和重要声明 国网 ...

国网信息通信股份有限公司投资者关系活动记录表 证券代码：600131 证券简称：国网信通 | --- | --- | --- | |-------------------------|--------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □特定对象调研 | □分析师会议 | | | □媒体采访 | 业绩说明会 | | 投资者关系活动 类别 | □新闻发布会 | □路演活动 | | | □现场参观 □其他（请文字说明其他活动内容） | | | 参与单位名称及 人员姓名 | | 通过上证路演中心参与"公司 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [6] Core Viewpoints - The company is a leading energy digitalization innovation enterprise under the State Grid, benefiting from the high prosperity of electricity information investment, with expected steady growth in performance [1][2] - The company has undergone a significant business transformation since its major asset restructuring in 2019, with a focus on energy digitalization and cloud network integration [18][19] - The company is well-positioned to benefit from the acceleration of digital and intelligent construction of the power grid, driven by the high demand for new power systems [5][46] Summary by Relevant Sections Company Overview - The company, formerly known as Minjiang Hydropower, transformed its business through a major asset restructuring in 2019, changing its focus to provide "cloud-network integration" services [18] - The main business segments include digital infrastructure, power digital applications, enterprise digital applications, cutting-edge technology innovation, and energy innovation services, with respective revenue contributions of 52.17%, 29.45%, 8.76%, 5.95%, and 3.66% in the first half of 2024 [2][35] Financial Performance - The company has shown stable revenue growth, with a CAGR of 3.0% from 2020 to 2023 and a CAGR of 10.8% for net profit during the same period [3] - For the first three quarters of 2024, the company achieved revenue of 3.747 billion yuan, a decrease of 4.89% year-on-year, and a net profit of 298 million yuan, down 13.00% year-on-year [4][32] - The company aims for a revenue target of 8.49 billion yuan in 2024, corresponding to a year-on-year growth of approximately 10.65% [4][32] Market Outlook - The overall investment in the power grid is expected to remain high, with the State Grid planning to exceed 600 billion yuan in investment for 2024, driven by the need for ultra-high voltage projects and digital upgrades [5][46] - The company is positioned as a key player in the digital transformation of the power grid, with strong project experience and customer base advantages [5][46] Profitability and Valuation - The company's gross margin improved to 21.56% in 2023, with a net margin of 10.79%, reflecting ongoing enhancements in profitability [3][38] - Profit forecasts for the company indicate net profits of 955 million yuan, 1.089 billion yuan, and 1.234 billion yuan for 2024, 2025, and 2026, respectively, with expected growth rates of 15.30%, 13.92%, and 13.46% [8][10]

证券代码：600131 证券简称：国网信通 公告编号：2024-054 号 国网信息通信股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 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 担法律责任。 重要内容提示： 会 议 召 开 时 间 ： 2024 年 11 月 14 日 ( 星 期 四 ) 下 午 15:00-16:00。 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/）。 会议召开方式：上证路演中心网络互动。 征集问题方式：投资者可于 2024 年 11 月 7 日(星期四)至 11 月 13 日(星期三)16:00 前登录上证路演中心网站首页点击"提问预 征集"栏目或通过公告中的联系电话、电子邮箱进行提问，公司将在 业绩说明会上对投资者普遍关注的问题进行回答。 国网信息通信股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日披露了《公司 2024 第三季度报告》，为便于广大投资者 更全面深入地了解公司 2024 年第三季度经营成果和财务状 ...

股价表现 力数字化业务高增 2024 年 11月 05 日 国网信通 (600131. SH) Q3 业绩短暂承压，子公司贯穿全产业链布局 目事件概述: 近日,国网信通发布《2024年第三季度报告》。前三季度,公司实现 营业收入 37.47 亿元,同比下降 4.89%;实现归母净利润 2.98 亿元, 同比下降 13%； 扣非归母净利润为 2.93 亿元，同比下降 3.22%。 目Q3 业绩承压，存货高增预示业绩有望改善 单三季度来看,实现营收 10.65 亿元,同比下滑 4.38%,主要是三季 皮中标金额中集采类业务占比较大,但尚在履约过程中,未转化为收 入;实现归母净利润 0.66亿元,同比下滑 29.29%;若剔除非经常性 损益影响,公司单三季度实现扣非净利润 0.61 亿元,同比下滑 33.29%。前三季度综合毛利率为 21.16%，同比提升 0.59 个百分点。 Q3 期末存货达 6.74 亿元,同比增长 47.81%,存货高增预示着 Q4 业 绩有望改善。目前电网企业客户对数字化投资有更高的管理要求,更 加看重数字化与实际生产经营的结合应用,信息化与电网生产深度融 合将有助于公司根据客户需求开展全 ...

证券代码：600131 证券简称：国网信通 | --- | --- | --- | |-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

10月29日晚间，国网信通（600131.SH）发布了2024年三季报。 报告显示，前三季度公司实现营业收入37.47亿元，实现归母净利润2.98亿元。 2024年，公司立足现有信息化发展成果，持续推动数字技术与电网业务的深度融合，不断提高支撑新型 电力系统建设的核心能力，业务总体保持健康发展的态势。 据了解，国网信通作为信产集团旗下上市平台，整体定位聚焦于信息化、数字化，主要业务包括电力数 字化服务、企业数字化服务、云网基础设施，覆盖数字化相关的硬件和软件产品。 近年来，以数字化、智能化为标志的信息技术革命正深刻改变着当今世界的战略格局，新一代信息通信 技术加速向纵深发展，人工智能、大数据、边缘计算等信息通信技术更新迭代迅速，并不断释放发展动 能。 2024年，软件和信息技术服务业发展再上新台阶，通信行业高质量发展迈出新步伐，电力行业为经济社 会发展和人民美好生活提供了坚强保障。 前三季度，国网信通坚决贯彻党的二十大精神，服务国家"双碳"目标实现及新型电力系统构建，充分把 握国家政策机遇及行业发展趋势。 一方面，公司深入发挥在能源数字化智能化领域技术优势与资源优势，稳步推进数字化基础设施业务、 前沿技术创新 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 1,064,811,360.80, representing a decrease of 4.38% compared to the same period last year[2]. - The net profit attributable to shareholders was CNY 65,545,931.56, down 29.29% year-on-year[2]. - The net profit after deducting non-recurring gains and losses was CNY 61,129,202.87, a decrease of 33.29% compared to the previous year[6]. - The basic earnings per share for the period was CNY 0.05, reflecting a decline of 37.50%[3]. - The total operating profit for Q3 2024 was approximately CNY 299.52 million, a decrease of 5.4% compared to CNY 318.29 million in Q3 2023[15]. - Net profit attributable to shareholders of the parent company for Q3 2024 was CNY 297.94 million, down 13.0% from CNY 342.45 million in Q3 2023[16]. - The company reported a total profit of CNY 297.01 million for Q3 2024, down from CNY 355.82 million in Q3 2023, reflecting a decline of 16.5%[15]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 12,468,886,218.20, down 8.14% from the end of the previous year[3]. - The company's total assets decreased to CNY 12,468,886,218.20 from CNY 13,573,847,623.95 in the previous year, reflecting a decline of 8.1%[13]. - Total liabilities decreased to CNY 6,087,822,612.90, down 15.9% from CNY 7,242,018,994.59 in 2023[13]. - The total current assets decreased to RMB 9,732,639,522.54 from RMB 10,985,284,595.06, showing a decline of about 11%[11]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 31,230, with the largest shareholder, State Grid Information Communication Industry Group Co., Ltd., holding 526,920,295 shares, accounting for 43.85% of the total[8]. - The top ten shareholders include several state-owned entities, with the top three holding a combined total of 682,305,415 shares, which is approximately 56.57% of the total shares[9]. - The company has no pledged, marked, or frozen shares among its major shareholders[8]. Cash Flow and Investments - The company reported a net cash flow from operating activities of -CNY 115,731,233.64 for the period[3]. - Cash flow from operating activities for the first nine months of 2024 was CNY 5.70 billion, an increase of 45.2% from CNY 3.93 billion in the same period of 2023[17]. - The net cash flow from operating activities in Q3 2024 improved to -CNY 115.73 million, compared to -CNY 552.40 million in Q3 2023[18]. - The net cash flow from investing activities for Q3 2024 was CNY 29.16 million, a recovery from a negative cash flow of -CNY 12.85 million in Q3 2023[18]. Operational Metrics - The company attributed the decline in net profit to a decrease in operating revenue and other factors[6]. - The company reported a significant increase in contract assets to RMB 639,294,638.99 from RMB 604,261,334.43, indicating a growth of about 6%[11]. - Accounts receivable decreased to RMB 5,245,735,517.03 from RMB 6,801,014,236.63, indicating a reduction of about 23%[11]. - Inventory increased significantly to RMB 674,298,126.09 from RMB 151,096,502.45, reflecting an increase of approximately 346%[11]. Research and Development - Research and development expenses increased to CNY 215,387,758.89, up 9.3% from CNY 196,960,486.41 in the previous year[14]. - The company is focusing on expanding its market presence and enhancing its technological capabilities through ongoing R&D efforts[14]. - The company has not disclosed any new product or technology developments in the current reporting period[10]. Future Outlook - Future guidance indicates a cautious outlook due to market conditions, with a focus on cost control and efficiency improvements[14].