国电南瑞科技股份有限公司 2024 年年度股东大会 会议资料 江苏·南京 二〇二五年五月二十七日 2024 年年度股东大会会议资料 | | | | 会议须知 | | | 1 | | --- | --- | --- | --- | | 会议议程 | | | 2 | | 1.关于 | 2024 | 年度财务决算的议案 | 4 | | 2.关于 | 2024 | 年度独立董事述职报告的议案 | 7 | | 3.关于 | 2024 | 年度董事会工作报告的议案 | 8 | | 4.关于 | 2024 | 年度监事会工作报告的议案 | 16 | | 5.关于 | 2025 | 年度财务预算的议案 | 19 | | 6.关于 | 2025 | 年度投资计划的议案 | 20 | | 7.关于日常关联交易的议案 | | | 21 | | | | 8.关于金融服务关联交易暨签订《金融业务服务协议》的议案 | 25 | | 9.关于 | 2024 | 年度利润分配方案暨 2025 年半年度利润分配计划的议案 | 30 | | 10.关于 | 2024 | 年年度报告及其摘要的议案 | 32 | 2024 年年度股东大会会议资料 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [5][7]. Core Insights - The company, Guodian NARI (国电南瑞), has shown steady performance with a revenue of 57.42 billion yuan in 2024, reflecting a year-on-year growth of 11.15%. The net profit attributable to shareholders reached 7.61 billion yuan, up 6.06% year-on-year [4][5]. - In Q1 2025, the company reported a revenue of 8.89 billion yuan, a 14.76% increase year-on-year, with a net profit of 680 million yuan, up 14.14% [4]. - The smart grid segment generated 28.47 billion yuan in revenue in 2024, growing by 10.70% with a gross margin of 29.52% [4]. - The company signed new contracts worth 66.32 billion yuan in 2024, marking a 13.78% increase from the previous year [4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 57,417.25 million yuan and a net profit of 8,146.60 million yuan. The projected EPS for 2025 is 1.09 yuan, with a PE ratio of approximately 21 times [6]. - The company’s gross margin and net margin for 2024 were 26.66% and 14.19%, respectively, indicating stable profitability [4]. Business Development - The company is enhancing its competitive edge through the integration of business units and focusing on new energy, industrial control, and international markets. New business segments grew by 36.24% [4]. - The company is actively participating in high-voltage and pumped storage projects, securing significant contracts in 2024 [4]. Research and Innovation - R&D investment reached 4.03 billion yuan in 2024, accounting for 7.02% of total revenue, which is an increase of 0.31 percentage points year-on-year [4]. - The company is committed to strengthening its technological innovation capabilities, which is expected to enhance its core competitiveness [5].

证券代码：600406 证券简称：国电南瑞 公告编号：临 2025-029 国电南瑞科技股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 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： | 回购方案首次披露日 | 提议 2025/4/15，由董事长山社武先生于 2025/4/7 | | --- | --- | | 回购方案实施期限 | 自公司董事会审议通过之日起不超过 12 个月 | | 预计回购金额 | 5亿元~10亿元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | 累计已回购股数 | □为维护公司价值及股东权益 4,492,600股 | | 累计已回购股数占总股本比例 | 0.056% | | 累计已回购金额 | 99,917,950.31元 | | 实际回购价格区间 | 22.18元/股~22.30元/股 | 一、 回购股份的基本情况 2025 年 4 月 7 日，公司董事长山社武先生向公司董事会提议回购公司股份。 2025 年 4 月 14 ...

特此公告。 关于董事长辞职的公告 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个别及连带责任。 因工作变动，山社武先生不再担任国电南瑞科技股份有限公司（以下简称"公 司"）第九届董事会董事长、董事及董事会战略委员会召集人、董事会科技创新 委员会召集人、董事会环境、社会及治理（ESG）委员会召集人、董事会提名委 员会委员职务。山社武先生辞去上述职务后，将不再担任公司其他任何职务。 证券代码：600406 证券简称：国电南瑞 公告编号：临2025-028 根据《中华人民共和国公司法》、《公司章程》的有关规定，山社武先生辞 去董事职务未导致公司董事会成员低于法定最低人数，山社武先生的辞职报告自 送达公司董事会之日起生效。根据《公司章程》，在选举产生新任董事长之前， 由公司副董事长郑宗强先生代行董事长、法定代表人职责。 国电南瑞科技股份有限公司 山社武先生担任公司董事长期间，勤勉履职、恪尽职守，锐意进取、担当作 为，团结带领董事会和公司全体干部员工，大力推进科技创新，统筹谋划产业布 局，坚定不移深化改革，经营业绩再创新高，实现公司事业取得新突 ...

Investment Rating - The report maintains a "Buy" rating for Guodian NARI Technology Co., Ltd. [1] Core Views - The company's performance aligns with market expectations, with a revenue of 57.42 billion yuan in 2024, reflecting a year-on-year growth of 11.15% [8] - The company continues to invest heavily in research and development, with R&D expenses increasing by 19% to 2.26 billion yuan in 2024 [8] - The net profit attributable to shareholders is projected to reach 7.61 billion yuan in 2024, a year-on-year increase of 6.06% [8] Summary by Sections Financial Performance - Total revenue for 2023 is reported at 51.66 billion yuan, with projections for 2024 at 57.42 billion yuan, 2025 at 64.63 billion yuan, and continuing growth through 2027 [1] - The net profit attributable to shareholders is forecasted to grow from 7.17 billion yuan in 2023 to 10.53 billion yuan by 2027 [1] - The earnings per share (EPS) is expected to increase from 0.89 yuan in 2023 to 1.31 yuan in 2027 [1] Business Segments - The company's internal business revenue is expected to reach 39.2 billion yuan in 2024, with a year-on-year growth of 9% [8] - The external business revenue is projected to grow to 18.1 billion yuan in 2024, reflecting a year-on-year increase of 16% [8] - International business revenue is anticipated to reach 3.3 billion yuan in 2024, showing a significant year-on-year growth of 135% [8] R&D and Future Outlook - The company plans to maintain its high R&D investment, with total expenses expected to rise to 7.7 billion yuan in 2025, a 20% increase from 2024 [8] - The report anticipates a stable growth trajectory for the company, with a projected revenue of 64.63 billion yuan in 2025 and a net profit of 8.37 billion yuan [1][8] - The company is expected to benefit from upcoming large-scale equipment updates and upgrades in the distribution network, which will drive demand for its traditional business [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company achieved a revenue of 57.42 billion yuan in 2024, representing a year-on-year growth of 11.15%, and a net profit attributable to shareholders of 7.61 billion yuan, up 6.06% year-on-year [1]. - The company is expected to benefit from increased investment in China's power grid and the acceleration of digitalization in the sector, with projected revenues of 64.55 billion yuan in 2025, reflecting a growth of 12.42% [6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 57.42 billion yuan, a growth of 11.15% compared to 2023, and a net profit of 7.61 billion yuan, up 6.06% [1]. - For Q1 2025, the company achieved a revenue of 8.89 billion yuan, marking a year-on-year increase of 14.76% [1]. Business Segments - The smart grid business generated revenue of 28.47 billion yuan in 2024, growing by 10.70% year-on-year, with a gross margin increase of 0.61 percentage points to 29.52% [2]. - The energy low-carbon business saw significant growth, with revenue reaching 12.19 billion yuan, up 26.43% year-on-year, although its gross margin decreased by 0.94 percentage points to 22.98% [3]. Market Expansion - The company signed new contracts worth 66.32 billion yuan in 2024, a year-on-year increase of 13.78%, with domestic revenue growing by 7.76% to 54.04 billion yuan [4]. - Internationally, the company achieved a revenue of 3.28 billion yuan, a remarkable growth of 135.14% year-on-year [4]. Profitability and Valuation - The report forecasts net profits of 8.47 billion yuan, 9.39 billion yuan, and 10.35 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.06 yuan, 1.17 yuan, and 1.29 yuan [6]. - The projected P/E ratios for 2025, 2026, and 2027 are 22, 20, and 18 respectively, indicating a favorable valuation outlook [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.04 RMB [8][11]. Core Views - The company is expected to achieve a revenue of 64.65 billion RMB in 2025, representing a year-on-year growth of 12.60% [7]. - The company has a strong order backlog, with a total of 506.97 billion RMB in hand orders by the end of 2024, indicating robust business development [4]. - The company is positioned to benefit from the construction of new power systems, leading to sustained and stable growth in performance [1]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 57.42 billion RMB (+11.33% year-on-year) and a net profit attributable to shareholders of 7.61 billion RMB (+5.94% year-on-year) [7]. - The company reported a Q1 2025 revenue of 8.90 billion RMB (+14.76% year-on-year) and a net profit of 680 million RMB (+14.14% year-on-year) [2]. Business Segments - The company’s revenue from smart grid, digital energy integration, and low-carbon energy segments for 2024 was 28.47 billion RMB (+10.70%), 12.37 billion RMB (+11.05%), and 12.19 billion RMB (+26.43%) respectively [3]. - The industrial interconnection segment saw a decline of 9.51% year-on-year, while the integrated and other businesses experienced a decrease of 23.89% [3]. Profitability and Dividends - The company maintained a dividend payout ratio of 60% in 2024, resulting in a dividend yield of 2.26% [2]. - The gross and net profit margins for 2024 were 26.66% and 14.19%, respectively, indicating stable profitability [2]. Future Projections - The company plans to achieve a revenue of 64.65 billion RMB in 2025, with a projected net profit of 8.33 billion RMB [5]. - The estimated PE ratio for 2025 is set at 22.27, reflecting the company's strong market position and technological advantages [5][23].

Investment Rating - The investment rating for the company is "Buy" with a target price of 27.04 RMB [8][11]. Core Views - The company is expected to achieve a revenue of 64.65 billion RMB in 2025, representing a year-on-year growth of 12.60% [7]. - The company maintains a strong order backlog, with a total of 506.97 billion RMB in hand orders by the end of 2024, indicating robust business development [4]. - The company is positioned to benefit from the construction of new power systems, leading to sustained and stable growth in performance [1]. Revenue and Profitability - In 2024, the company achieved a revenue of 57.42 billion RMB, an increase of 11.33% year-on-year, and a net profit of 7.61 billion RMB, up 5.94% year-on-year [7]. - The gross and net profit margins for 2024 are projected to be 26.66% and 14.19%, respectively, indicating stable profitability [2]. Business Segments Performance - The revenue from the smart grid, digital energy integration, and low-carbon energy segments for 2024 is expected to be 28.47 billion RMB, 12.37 billion RMB, and 12.19 billion RMB, respectively, with growth rates of 10.70%, 11.05%, and 26.43% [3]. - The industrial interconnection segment is experiencing a decline, with a revenue drop of 9.51% [3]. Financial Forecasts - The forecasted net profit for 2025 is 8.33 billion RMB, reflecting a decrease of 9.59% from previous estimates due to potential impacts from changes in the renewable energy policy [5]. - The company’s PE ratio for 2025 is estimated at 22.27 times, with a target price based on this valuation [5][23].

证券代码：600406 证券简称：国电南瑞 公告编号：临 2025-026 股东大会召开日期：2025年5月27日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 国电南瑞科技股份有限公司 关于召开2024年年度股东大会的通知 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： (一) 股东大会类型和届次 2024年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 27 日 14 点 30 分 召开地点：江苏省南京市江宁区诚信大道 19 号南瑞大厦 A2-310 会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 27 日 至2025 年 5 月 27 日 本次股东大会审议议案及投票股东类型 | 序号 | | | 议案名称 ...

证券代码：600406 证券简称：国电南瑞 公告编号：临 2025-027 国电南瑞科技股份有限公司 第九届监事会第二次会议决议公告 四、会议以 3 票同意，0 票反对，0 票弃权，审议通过关于日常关联交易的 议案。 本公司监事会及全体监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。 五、会议以 3 票同意，0 票反对，0 票弃权，审议通过关于金融服务关联交 易暨签订《金融业务服务协议》的议案。 经国电南瑞科技股份有限公司（以下简称"国电南瑞"、"公司"）监事会 于 2025 年 4 月 17 日以会议通知召集，公司第九届监事会第二次会议于 2025 年 4 月 27 日在公司会议室召开，应到监事 3 名，实到监事 3 名，会议由监事会主 席战广生先生主持。会议符合《公司法》和《公司章程》的有关规定。经会议审 议，形成如下决议： 一、会议以 3 票同意，0 票反对，0 票弃权，审议通过关于 2024 年度监事 会工作报告的预案。 六、会议以 3 票同意，0 票反对，0 票弃权，审议通过关于在中国电力财务 有限公司办理金融业务的风险评估报告的 ...