证券代码：600268 股票简称：国电南自 编号：临 2024-043 国电南京自动化股份有限公司 关于对全资子公司南京国电南自新能源科技有限公司增资 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： 相关风险提示：本次增资不涉及关联交易，也不构成《上市公司重大资 产重组管理办法》规定的重大资产重组事项。本次增资符合相关法律法规，符合 公司整体经营规划，但仍然可能面临宏观经济波动、行业市场不达预期等不确定 性因素带来的风险。公司将积极跟进本次增资须履行的有关部门备案或核准手续 等相关工作，同时紧密关注宏观政策、行业动态，加强风险管控，注重提升核心 竞争力，维护公司及股东利益。 一、增资事项概述 （一）交易基本情况 1 增资标的名称：公司全资子公司南京国电南自新能源科技有限公司 增资金额：2,000 万元 （一）标的公司基本情况 企业名称：南京国电南自新能源科技有限公司 成立时间：2000 年 5 月 18 日 注册资本：7,500 万人民币 为满足公司全资子公司南京国电南自新能源科技有限公司（以下简称"新 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥2,119,744,862.30, representing a year-on-year increase of 14.34%[2] - The net profit attributable to shareholders for Q3 2024 was ¥51,375,908.69, a significant increase of 154.94% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥49,412,164.57, reflecting a substantial increase of 350.41% year-on-year[2] - Basic earnings per share for Q3 2024 were ¥0.05, up 154.40% from the previous year[3] - The diluted earnings per share for Q3 2024 were also ¥0.05, an increase of 154.59% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2024 reached ¥5,538,826,132.35, an increase of 8.34% compared to ¥5,112,364,866.34 in the same period of 2023[14] - Operating profit for the first three quarters of 2024 was ¥333,491,377.77, up from ¥259,196,979.35 in 2023, reflecting a growth of 28.63%[14] - Net profit for the first three quarters of 2024 was ¥285,819,477.69, compared to ¥216,926,667.69 in 2023, representing an increase of 31.8%[15] - The company’s total operating costs for the first three quarters of 2024 were ¥5,235,760,674.53, an increase of 6.98% from ¥4,893,315,772.57 in 2023[14] - The company reported a decrease in other comprehensive income after tax, amounting to -¥96,987,429.57 in 2024 compared to ¥236,254,038.28 in 2023[15] - The company’s total comprehensive income for the first three quarters of 2024 was ¥188,832,048.12, down from ¥453,180,705.97 in 2023[15] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥10,161,097,275.95, a 2.19% increase from the end of the previous year[3] - As of September 30, 2024, the company's total assets reached approximately CNY 10.16 billion, an increase from CNY 9.94 billion at the end of 2023, reflecting a growth of about 2.2%[11] - The company's total current liabilities increased to CNY 5.84 billion from CNY 5.54 billion, reflecting a growth of about 5.4%[12] - Total liabilities as of the end of the reporting period were ¥6,178,966,651.84, an increase from ¥5,919,197,392.10 in the previous year[14] - Total equity as of the end of the reporting period was ¥3,982,130,624.11, slightly down from ¥4,023,858,564.61 in the previous year[14] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥322,560,355.90, showing an increase compared to the same period last year[2] - Cash inflow from operating activities for the first nine months of 2024 was CNY 5,907,280,834.68, compared to CNY 5,150,713,839.26 in the same period of 2023, an increase of 14.66%[16] - Net cash flow from operating activities for the first nine months of 2024 was CNY 322,560,355.90, a significant recovery from a net outflow of CNY 457,251,040.82 in the same period of 2023[16] - The ending balance of cash and cash equivalents as of Q3 2024 was CNY 1,721,866,866.89, compared to CNY 1,042,114,656.54 at the end of Q3 2023, reflecting a year-over-year increase of 65.3%[17] - The company reported a decrease in cash received from operating activities related to tax refunds, totaling CNY 52,577,572.80 in 2024 compared to CNY 105,975,485.83 in 2023[16] - The company’s total cash outflow from operating activities for the first nine months of 2024 was CNY 5,584,720,478.78, slightly down from CNY 5,607,964,880.08 in the same period of 2023[16] Investments and Expenses - Research and development expenses for the first three quarters of 2024 amounted to ¥382,284,468.68, up from ¥322,043,538.80 in 2023, indicating a growth of 18.73%[14] - The company’s financial expenses decreased to ¥11,896,978.48 in 2024 from ¥23,433,703.09 in 2023, a reduction of 49.3%[14] - Total cash inflow from investment activities in Q3 2024 was CNY 1,832,714.20, down from CNY 16,334,046.11 in Q3 2023[17] - Net cash flow from investment activities for Q3 2024 was -CNY 40,068,705.80, compared to -CNY 16,862,367.92 in Q3 2023, indicating increased cash outflow[17] - Cash inflow from financing activities in Q3 2024 was CNY 150,000,000.00, a decrease from CNY 712,499,600.00 in Q3 2023[17] - Net cash flow from financing activities for Q3 2024 was -CNY 310,174,876.63, contrasting with a positive net flow of CNY 310,025,258.13 in Q3 2023[17] Shareholder Information - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities[10] - The company has no significant new strategies or mergers and acquisitions reported during the quarter[10]

证券代码：600268 股票简称：国电南自 编号：临 2024-038 国电南京自动化股份有限公司 关于出售所持中船科技股份有限公司股票资产 的进展公告 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。 一、交易概述 2022 年 9 月 30 日，公司 2022 年第三次临时董事会会议审议通过《关于转 让参股公司中国船舶重工集团海装风电股份有限公司 5.2937%股份的议案》，并 经公司 2022 年第二次临时股东大会审议批准。公司将持有的参股公司中船海装 风电有限公司（原名称为"中国船舶重工集团海装风电股份有限公司"，已于 2023 年 8 月 11 日变更为现名称，以下简称"中国海装"）69,803,722 股股份（占 总股本 5.2937%）转让给中船科技，转让对价为 32,256.50 万元。中船科技以非 公开发行人民币普通股（A 股）的形式支付交易对价。本次交易定价基准日为中 船科技第九届董事会第十二次会议决议公告之日，即 2022 年 10 月 10 日，本次 交易股份价格为 11.39 元/股。若本次交易顺利完成 ...

证券研究报告·公司深度研究·电网设备 国电南自（600268） 老牌二次设备供应商，全面发展稳健成长【勘 误版】 2024 年 09 月 29 日 增持（首次） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 7008 | 7623 | 8331 | 8829 | 9347 | | 同比（ % ） | 18.92 | 8.78 | 9.28 | 5.98 | 5.87 | | 归母净利润（百万元） | 152.28 | 226.87 | 273.05 | 312.78 | 351.51 | | 同比（ % ） | (41.04) | 48.98 | 20.36 | 14.55 | 12.38 | | EPS- 最新摊薄（元 / 股） | 0.15 | 0.22 | 0.2 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company is a well-established secondary equipment supplier with over 80 years of comprehensive development, evolving from its origins in 1940 to become a recognized provider of power automation solutions in China. The business has expanded from traditional power grid and plant automation to various fields including rail transit, information technology, information security, smart primary equipment, and power electronics. The expected CAGR for revenue from 2023 to 2026 is 7% [2]. - The company is poised to benefit from the acceleration of grid investments, with a projected investment exceeding 600 billion in 2024. The market share in the main grid is expected to increase from 9% in 2023 to 11% in 2024 YTD, driven by the demand for clean energy integration and high-voltage line support. The company is also a controlling entity of Huadian Group, which enhances its position in the power plant secondary equipment sector [2]. - The company is actively expanding its business in rail transit automation and information security, with significant growth expected in these areas due to increased investment in railway infrastructure. Additionally, the company is exploring opportunities in power electronics and primary equipment, which are anticipated to contribute to new revenue streams [2]. - The company’s revenue and profit are expected to grow steadily, with projected net profits of 273 million, 313 million, and 352 million from 2024 to 2026, reflecting year-on-year growth rates of 20%, 15%, and 12% respectively. The valuation corresponds to P/E ratios of 23x, 21x, and 18x for the respective years [2]. Summary by Sections 1. Established Secondary Equipment Supplier - The company has a long history and has undergone multiple transformations, covering all aspects of the new power system. It has become a leading provider of power automation solutions in China [19]. - The company benefits from the backing of Huadian Group, which provides a stable shareholding structure and experienced management [19]. - Revenue has shown steady growth, with a CAGR of 11% from 2019 to 2023, and net profit has increased significantly, with a CAGR of 42% during the same period [25]. 2. New Power System Development - The "dual carbon" strategy is driving significant growth in grid investments, with a projected increase of over 8% in 2024. The average annual investment in the grid is expected to remain above 500 billion during the "14th Five-Year Plan" period [39]. - The company is well-positioned to benefit from the ongoing energy transition, with its established presence in both grid and power plant secondary equipment sectors [39]. 3. Multi-Business Collaboration - The company is a key player in rail transit automation, with expected rapid growth due to increased railway investment. The information security business is also anticipated to grow steadily, driven by internal demand from Huadian Group [2]. - The company is actively expanding into power electronics and primary equipment, with products like SVG and energy storage systems expected to grow alongside the renewable energy market [2]. 4. Profit Forecast and Investment Rating - The company is expected to see net profits of 273 million, 313 million, and 352 million from 2024 to 2026, with corresponding P/E ratios of 23x, 21x, and 18x, justifying the "Accumulate" rating [2].

证券代码：600268 证券简称：国电南自 编号：2024-004 国电南京自动化股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |------------|---------------------------------------------------|---------------------------------------|------------------------------------------------------------------| | | | | | | 类别 | □机构调研 | □个人投资者调研 | | | | □分析师会议 □媒体采访 | | | | | √业绩说明会 □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） | | 时间 | 2024年9月27 日下午 | 15:00-16:00 | | | 地点 | 上海证券交易所上证路演中心 （网址： | http://roadshow.sseinfo.com/ | ） | | 参与单位 | | | 通过网 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 8.25 CNY for the next six months, based on a 25x PE ratio for 2024 [5][49]. Core Insights - The company, Guodian Nanzi (600268), is a pioneer in the power automation sector, benefiting from accelerated grid construction and a strong historical and technical foundation in the industry [2][17]. - The company has a diversified "5+2" industrial system focusing on power automation, power plant automation, industrial automation, rail transit automation, information and security technology, and power electronics, transitioning towards intelligent, digital, and autonomous upgrades [11][15]. - The company has shown robust growth in its electric grid automation business, with a 9.5% year-on-year increase in new orders totaling 2.48 billion CNY and a 10.2% increase in revenue to 1.84 billion CNY in the first half of 2024 [2][23]. Summary by Sections Section 1: Electric Technology Pioneer - Guodian Nanzi is recognized as China's first listed high-tech power company, established in 1940, and has a rich history of technological advancements in power automation [11][12]. - The company has established a strong R&D capability, with numerous national-level research platforms and a commitment to innovation [11][12]. Section 2: High Prosperity in Grid Investment - The new infrastructure initiative is a key growth driver, with significant investments in renewable energy and grid construction expected to continue [2][20]. - The company has a strong brand recognition and technical strength in the electric grid automation sector, supported by a rich resource background from its parent company, China Huadian Group [2][23]. Section 3: Rapid Development of System Integration Center - The company’s system integration center has seen rapid growth, with new orders increasing from 800 million CNY in 2019 to 2.57 billion CNY in 2023, reflecting a compound annual growth rate of 34% [3][34]. - The company is actively involved in multiple renewable energy projects, enhancing its market position in the system integration business [3][34]. Section 4: Virtual Power Plant as a New Profit Engine - The construction of virtual power plants is expected to accelerate, providing a cost-effective solution for energy management and efficiency [4][39]. - The company has developed a comprehensive solution for virtual power plants, which is anticipated to become a significant revenue source as the energy market evolves [4][39]. Section 5: Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 337 million CNY, 389 million CNY, and 446 million CNY for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.33, 0.38, and 0.44 CNY [5][49]. - The company’s strong historical and technical foundation in power automation justifies its valuation compared to industry peers, leading to a "Buy" recommendation [5][49].

证券代码：600268 股票简称：国电南自 编号：临2024-037 国电南京自动化股份有限公司 关于诉讼结果的公告 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。 公司所处的当事人地位：国电南京自动化股份有限公司（以下简称"公 司"）的全资子公司南京南自信息技术有限公司（以下简称"南自信息"、"原审 原告"、"被上诉人"、"被申请人"）为被申请人。 涉案的金额：再审申请人吴献忠、史芳在抽逃出资本金1029万元及利息 范围内，对第三人上海广大信息技术有限公司（以下简称"广大信息"）不能清偿 原告的债务货款9,440,500元及利息承担连带补充赔偿责任。 是否会对公司损益产生负面影响：截至目前，公司累计已收到本金及利 息14,980,878.44元，吴献忠、史芳所欠款项已全部结清。本次公告的诉讼结果预 计对公司本期利润或期后利润等无重大影响。最终会计处理及影响金额须以注册会 计师审计确认后的结果为准，敬请投资者注意投资风险。 公司的全资子公司南自信息的全资子公司南京尚安数码科技有限公司（以 下简称"尚安数码"）与广大信息因买卖合 ...

重要内容提示： 会议召开时间：2024 年 9 月 27 日(星期五)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 证券代码：600268 证券简称：国电南自 公告编号：临 2024-036 国电南京自动化股份有限公司 关于召开 2024 年半年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。 投资者可于 2024 年 9 月 20 日(星期五)至 9 月 26 日(星期 四)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 过公司邮箱 s-dept@sac-china.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 国电南京自动化股份有限公司（以下简称"公司"）已于 2024 年 8 月 23 日发布公司 2024 年半年度报告，为便于广大投资者更全面深 入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 ...

国电南京自动化股份有限公司 第八届监事会第十二次会议 监事会意见书 根据《公司法》《公司章程》等有关法律、法规的规定，监事会对公司第八 届监事会第十二次会议审议的相关事项发表如下意见: 2024年8月21 日 e was a (以下无正文) ( 本页无正文,为《国电南京自动化股份有限公司第八届监事会第十二次会议监事会意见书》 之签字页 ) 监事会主席:宋志强 监事:白延辉 职工代表监事:葛来龙 一、关于对中国华电集团财务有限公司的风险持续评估报告的事项 该风险持续评估报告对公司在财务公司办理金融业务的风险进行了客观、充 分的评估。公司董事会在审议该议案时,关联董事已回避表决,审议程序符合法 律法规、规范性文件以及公司章程的有关规定,不存在损害公司及股东,特别是 中小股东利益的情形，同意该风险持续评估报告。 ...