Investment Rating - The report maintains a "Buy" rating for the company [7][6]. Core Insights - The company reported a significant increase in performance for Q3 2024, with total revenue reaching 15.25 billion yuan, a year-on-year growth of 6.21%. The net profit attributable to shareholders was 787 million yuan, up 45.33%, and the net profit excluding non-recurring items was 781 million yuan, reflecting a 74.5% increase [4][5]. - In Q3 alone, the company achieved revenue of 4.903 billion yuan, a 3.74% increase year-on-year, with net profit soaring by 200% to 334 million yuan, and net profit excluding non-recurring items reaching 310 million yuan, marking a 384% increase [4][5]. Summary by Sections Revenue Performance - The company experienced a slight decrease in revenue quarter-on-quarter, attributed to the seasonal slowdown in grid delivery, particularly for conventional voltage products. However, there is an expectation for accelerated revenue growth in Q4 due to the National Grid's initiative to expedite transmission and transformation infrastructure projects [5][6]. Profitability - The gross margin for the first three quarters was 20.48%, an increase of 3.73 percentage points year-on-year. In Q3, the gross margin reached 23.74%, a significant increase of 6.51 percentage points year-on-year and 3.91 percentage points quarter-on-quarter, primarily driven by the delivery of ultra-high voltage products [5][6]. Expense Management - The company’s expense ratio for the first three quarters was 13.3%, up 0.64 percentage points year-on-year. In Q3, the expense ratio decreased to 13.92%, down 0.57 percentage points year-on-year, due to reductions in sales and management expenses. However, R&D spending increased, leading to a rise in the R&D expense ratio by 0.91 percentage points [5][6]. Inventory and Future Outlook - The company’s inventory at the end of Q3 reached 4.92 billion yuan, a year-on-year increase of 9% and a quarter-on-quarter increase of 27%, setting the stage for a strong Q4 delivery. The level of contract liabilities remains high, indicating potential for further performance release [6]. - The company is seeing rapid growth in orders from both domestic and international markets, with expectations for continued delivery of ultra-high voltage products in Q4. The forecast for the full year suggests a net profit of approximately 1.2 billion yuan, corresponding to a PE ratio of 38 times [6].

证券代码：601179 证券简称：中国西电 公告编号：2024-046 中国西电电气股份有限公司 关于持股 5%以上股东权益变动达到 1% 暨减持计划实施完毕的公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况：本次权益变动前，中国西电电 气股份有限公司（以下简称公司）持股 5%以上股东 GE SMALLWORLD (SINGAPORE) PTE LTD（以下简称通用电气 新加坡公司）持有公司股份数量为 768,882,352 股，占公司总 股本的比例为 15%。 减持计划的实施结果情况：2024 年 10 月 1 日，公司披 露了《关于持股 5%以上股东减持股份计划的公告》（公告编 号：2024-040），公司持股 5%以上股东通用电气新加坡公司 因自身经营发展需要，拟减持公司股份不超过 153,776,470 股， 即不超过公司总股本的 3%。其中，拟通过集中竞价交易方式 减持不超过 51,258,823 股，拟通过大宗交易方式减持不超过 102,517,647 股。截至 ...

证券代码：601179 证券简称：中国西电 公告编号：2024-045 中国西电电气股份有限公司 产品中标公告 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。 三、风险提示 目前公司尚未与国家电网有限公司相关机构签署正式商务合 同，合同条款尚存在不确定性，上述中标项目交货时间需根据实际 合同要求确定，对公司当期业绩的影响存在不确定性，具体内容以 最终签署的合同为准。敬请广大投资者谨慎决策，注意投资风险。 特此公告。 中国西电电气股份有限公司董事会 一、中标情况 根据上述中标公告，公司下属西安西电变压器有限责任公司、 济南西电特种变压器有限公司、西安西电高压开关有限责任公司、 西安西电电力系统有限公司、西安西电避雷器有限责任公司为项 目中标人之一，中标电抗器、交流变压器、组合电器、隔离开关、 隔离开关和接地开关、交直流断路器、换流阀、避雷器等产品，总 中标金额为 13.3053 亿元。公司 2023 年度营业收入为 208.4791 亿元。 二、对公司的影响 相关项目签约后，其合同的履行将对公司未来经营发展产生 积极的影响。项目 ...

Investment Rating - The report maintains a "Buy" rating for China XD Electric (601179) [2] Core Views - China XD Electric's profitability has significantly improved year-over-year, driven by the delivery of high-value-added products, particularly in the UHV and power transmission sectors [3] - The company's Q3 2024 revenue reached 4.9 billion yuan, up 4% YoY, with net profit attributable to shareholders surging 200% YoY to 330 million yuan [3] - Gross profit margin in Q3 2024 rose to 23.7%, up 6.5 percentage points YoY, while net profit margin increased to 8.6%, up 5.3 percentage points YoY [3] - The company's new orders have been growing steadily in 2024, with a 32% YoY increase in power transmission bidding, outperforming the 12% growth in State Grid's total bidding amount [5] Financial Performance - For the first three quarters of 2024, China XD Electric achieved revenue of 15.2 billion yuan, up 6% YoY, and net profit attributable to shareholders of 790 million yuan, up 45% YoY [3] - The company's gross profit margin for the first three quarters of 2024 was 20.5%, up 3.7 percentage points YoY, while net profit margin was 6.5%, up 1.9 percentage points YoY [3] - In Q3 2024, the company's non-GAAP net profit attributable to shareholders surged 384% YoY to 310 million yuan [3] Market Position and Growth Prospects - China XD Electric is a leading domestic player in UHV-related power equipment, with significant market share in key products such as transformers and gas-insulated switchgear [3] - The company won 5.9 billion yuan in UHV and power transmission transformer bids in 2023, a 447% YoY increase, and 4.4 billion yuan in gas-insulated switchgear bids, up 94% YoY [3] - In 2024, the company secured 1.1 billion yuan in UHV flexible DC converter valve bids, capturing a 25% market share, indicating strong growth potential in the flexible DC sector [5] Financial Forecasts - Revenue is projected to grow to 22.3 billion yuan in 2024, 24.9 billion yuan in 2025, and 27.8 billion yuan in 2026, with YoY growth rates of 6%, 12%, and 12% respectively [5] - Net profit attributable to shareholders is expected to reach 1.29 billion yuan in 2024, 1.82 billion yuan in 2025, and 2.31 billion yuan in 2026, with YoY growth rates of 45%, 41%, and 27% respectively [5] - EPS is forecasted to be 0.3 yuan in 2024, 0.4 yuan in 2025, and 0.5 yuan in 2026, with corresponding P/E ratios of 35X, 24X, and 19X [5] Valuation Metrics - As of November 4, 2024, the company's stock price was 8.68 yuan, with a total market capitalization of 44.49 billion yuan and a circulating market capitalization of 44.49 billion yuan [3] - The 52-week price range was 4.38-9.54 yuan, with a daily average trading volume of 1.11 billion yuan and a one-month turnover rate of 2.37% [3][4]

证券代码：601179 证券简称：中国西电 公告编号：2024-044 中国西电电气股份有限公司 关于持股 5%以上股东权益变动达到 1%的 提示性公告 本公司董事会、全体董事及相关股东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： 本次权益变动为中国西电电气股份有限公司（以下简 称公司）持股 5%以上非第一大股东减持，不触及要约收购， 亦不会导致公司控股股东、实际控制人发生变化。 本次权益变动前，公司持股 5%以上股东 GE SMALLWORLD (SINGAPORE) PTE LTD（以下简称通用电气新加坡公司）持 有公司股份数量为 768,882,352 股，占公司总股本的比例为 15%。本次权益变动后，通用电气新加坡公司持有公司股份 数量为 717,623,529 股，占公司总股本的比例为 14%。 2024 年 11 月 1 日，公司收到持股 5%以上非第一大股东 通用电气新加坡公司发来的《关于股份减持进展暨权益变动 比例累计达到 1%的通知》，获悉通用电气新加坡公司于 2024 年 10 月 29 日至 2024 年 1 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company has shown significant profit acceleration, with a 45.33% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2024, reaching 787 million yuan. The net profit for Q3 2024 alone surged by 199.96% year-on-year to 334 million yuan [2][4]. - The company's profitability has improved, with a gross margin of 20.48% for the first three quarters of 2024, up 3.73 percentage points year-on-year, and a net margin of 6.52%, up 1.93 percentage points year-on-year. In Q3 2024, the gross margin reached 23.74%, reflecting a 6.51 percentage point increase year-on-year [3][4]. - The company is well-positioned to benefit from the ongoing growth in electricity consumption and substantial investments in the power grid, with a projected revenue growth of 18.3% in 2024 [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 15.162 billion yuan, a 6.94% increase year-on-year. The revenue for Q3 2024 was 4.878 billion yuan, a 4.29% increase year-on-year [1][2]. - The company’s net profit attributable to shareholders for 2024 is forecasted to be 1.265 billion yuan, with a growth rate of 43.0% [5][7]. Market Outlook - The total electricity consumption in China for January to September 2024 reached 74,094 billion kWh, a year-on-year increase of 7.9%. The investment in power grid projects during the same period was 398.2 billion yuan, reflecting a significant year-on-year growth of 21.1% [4]. - The company is expected to maintain its leading market share in the power transmission and transformation equipment sector while expanding into emerging sectors such as smart grids and renewable energy [4]. Earnings Forecast - The projected revenues for 2024, 2025, and 2026 are 24.896 billion yuan, 29.038 billion yuan, and 33.562 billion yuan, respectively, with corresponding growth rates of 18.3%, 16.6%, and 15.6% [5][7]. - The forecasted net profit attributable to shareholders for the same years is 1.265 billion yuan, 1.996 billion yuan, and 2.359 billion yuan, with growth rates of 43.0%, 57.7%, and 18.2% [5][7].

| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------|------------------|----------------------------------------|------------------------------------------|--------------------------------------| | 2024 年 11 月 01 日 \n中国西电（ 601179.SH ） \n24Q3 业绩高增，盈利能力显著提升 | 投资评级 \n股价 | 电力设备及新能源 \n(2024-11-01) | 公司研究●证券研究报告 \n\| \n增持-B(维持 | 公司快报 \n输变电设备Ⅲ \n) \n8.67 元 | | 投资要点 | | | | | | | 交易数据 | | | | | ...

证券代码：601179 证券简称：中国西电 中国西电电气股份有限公司 投资者关系活动记录表 | --- | --- | |-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动类别 参与单位名称 | 特定对象调研 □分析师会议 \n□媒体采访 ☑业绩说明会 □新闻发布 ...

Investment Rating - The report maintains a "Buy" rating for China Xidian (601179) [1] Core Views - The company's Q3 2024 performance significantly exceeded market expectations, with a year-on-year revenue increase of 4% and a remarkable growth in net profit attributable to shareholders by 200% [1][2] - The improvement in profitability is attributed to optimized delivery structures and enhanced management, leading to a substantial increase in gross margin [2][3] - The company is expected to continue benefiting from high-margin orders and a strong market position in the ultra-high voltage (UHV) segment, with a projected gross margin recovery to around 25% for UHV products [3][4] Summary by Relevant Sections Financial Performance - For Q3 2024, the company reported a revenue of 4.9 billion yuan, a 4% increase year-on-year, and a net profit of 330 million yuan, reflecting a 200% increase [1][2] - The gross margin for Q3 reached 23.7%, up by 6.5 percentage points year-on-year, driven by the delivery of UHV products and optimized product designs [2] - The net profit margin for Q3 was 6.3%, an increase of 4.9 percentage points year-on-year [2] Order and Market Position - The company has maintained its leading position in the UHV market, securing contracts worth 2.3 billion yuan, representing a 25% market share [3][4] - The company is also seeing growth in non-UHV orders, with a significant increase in bidding activity from the State Grid [3] Profitability Forecast - The report revises the company's net profit forecasts for 2024-2026, projecting net profits of 1.26 billion yuan, 2.07 billion yuan, and 2.74 billion yuan respectively, with year-on-year growth rates of 42%, 65%, and 32% [4] - The target price for the stock is set at 10.0 yuan, based on a 25 times price-to-earnings ratio for 2025 [4]

中国西电电气股份有限公司 2024 年第三季度报告 证券代码：601179 证券简称：中国西电 中国西电电气股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 1 / 15 中国西电电气股份有限公司 2024 年第三季度报告 一、 主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------|------------------|----------------- ...