(一) 股东大会召开的时间：2024 年 5 月 16 日 (二) 股东大会召开的地点：重庆市长寿区化北路 18 号望变电气研发楼 606 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 证券代码：603191 证券简称：望变电气 公告编号：2024-040 重庆望变电气（集团）股份有限公司 2023 年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | | 56 | | --- | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 143,571,624 | | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | | 份总数的比例（%） | | 43.1775 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由本公司董事会负责召集，以现场投票与网络投票相结合的方 式表决，董事长杨 ...

北京市嘉源律师事务所 关于重庆望变电气（集团）股份有限公司 2023 年年度股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 SRYE UT FIC Fir A YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西 & XI'AN 关于重庆望变电气(集团) 股份有限公司 2023 年年度股东大会的 法律意见书 嘉源(2024)-04-342 北京市嘉源律师事务所(以下简称"本所") 接受重庆望变电气(集团) 股 份有限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下 简称"《公司法》")、《上市公司股东大会规则》(以下简称"《股东大会规则》") 等现行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规") 以及《重庆望变电气(集团)股份有限公司章程》(以下简称"《公司章程》"的 有关规定,指派本所律师对公司 2023年年度股东大会(以下简称"本次股东大 会")进行见证,并依法出具本法律意见书。 为出具本法律意见书,本所 ...

请仔细阅读在本报告尾部的重要法律声明 57 法律声明 请仔细阅读在本报告尾部的重要法律声明 59 华金证券股份有限公司 网址： www.huajinsc.cn 2.4 全球：电网投资提升需求迫切 美国 u AI和数据中心的电力需求不断上升。数据中心是支持数字化的基础设施的关键部分，也是为其供电的电力基础设施。据 IEA估计，2022年，数据中心、加密货币和人工智能（AI）在全球消耗了约460TWh的电力，几乎占全球总电力需求的2%。 随着AI和算力的快速发展，电力需求有望呈现爆发式增长。 2.9 全球:美国变压器面临严重短缺 u 巴西电力行业进入成熟发展阶段，输电线扩建速度加快。考虑到未来新增风能、太阳能需要向东南、中西部运送需求， 巴西能源部能源计划PNE2029计划投资730亿雷亚尔用于铺设输电线，300亿用于建造变电站，共计1030亿雷亚尔。 非洲基础设施发展规划(PIDA) 巴西国家电网(SIN) u 2023年西欧和北美市场是施耐德电气业绩增长的主要来源。2023西欧地区营收为89.12亿欧元，同比+7.3%，北美地区营 收为122.11亿欧元，同比+11.2%。 2023施耐德电气全球各区域营收及 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook based on expected performance improvements in the coming years [3]. Core Insights - The company is expected to benefit from a recovery in oriented silicon steel prices and strong demand for power transmission and transformation equipment, leading to improved profitability [2][3]. - The company's revenue for 2023 is projected to be 27.18 billion yuan, with a year-on-year growth of 7.57%, while the net profit attributable to shareholders is expected to be 2.35 billion yuan, reflecting a decline of 21.31% [10]. - The report highlights the company's strategic acquisition of Yunbian, which is anticipated to enhance synergies and product offerings in the oriented silicon steel segment [3][11]. Financial Summary - Revenue projections for the company are as follows: 2023 at 27.18 billion yuan, 2024 at 37.94 billion yuan (39.6% growth), 2025 at 46.75 billion yuan (23.2% growth), and 2026 at 56.81 billion yuan (21.5% growth) [1]. - The net profit attributable to shareholders is forecasted to be 2.35 billion yuan in 2023, increasing to 2.92 billion yuan in 2024 (24.5% growth), 3.95 billion yuan in 2025 (35.4% growth), and 5.42 billion yuan in 2026 (37.1% growth) [1]. - The company's gross margin is expected to slightly decline to 16.9% in 2024 but is projected to recover to 18.5% by 2026 [1]. - Return on equity (ROE) is anticipated to improve from 9.8% in 2023 to 15.6% in 2026 [1]. Market Data - As of May 8, 2024, the closing price of the company's stock is 17.67 yuan, with a total share capital of 333 million shares and a net asset value of 2.417 billion yuan [9].

2023年度持续督导报告书 | 上市公司:重庆望变电气(集团)股份有限公司(以下简称"望变电气"或"公司") | | | --- | --- | | 保荐人名称:中信证券股份有限公司(以下简称"中信证券"或"保荐人") | | | 保荐代表人姓名:张阳 | 联系申话:010-60838794 | | 保荐代表人姓名:叶建中 | 联系申话:010-60833934 | 经中国证券监督管理委员会《关于核准重庆望变电气(集团)股份有限公司 首次公开发行股票的批复》(证监许可(2022)490 号)核准,并经上海证券交 易所同意,公司于 2022年 4 月 18 日首次向社会公开发行人民币普通股( A 股) 83,291,852 股,每股发行价格为 11.86元,募集资金总额为 98,784.14 万元,扣除 各类发行费用之后实际募集资金净额 85.456.18 万元。大华会计师事务所(特殊 普通合伙)于 2022年 4 月 26 日对望变电气首次公开发行股票的资金到位情况进 行了审验,并出具了"大华验字[2022]000143 号"验资报告。2022年4月28日, 公司在上海证券交易所上市。 根据《证券发行上市保荐 ...

中信证券股份有限公司 关于重庆望变电气(集团)股份有限公司 2023 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第11号 -- 持续督导》等有 关法律、法规的规定,中信证券股份有限公司(以下简称"中信证券"或"保荐 人")作为正在对重庆望变电气(集团)股份有限公司(以下简称"望变电气" "公司""上市公司")进行持续督导工作的保荐人,对公司 2023年度(以下简 称"本持续督导期间")的规范运作情况进行了现场检查,现就现场检查的有关 情况报告如下: 一、本次现场检查的基本情况 (一) 保荐人 中信证券股份有限公司 (二) 保荐代表人 张阳、叶建中 (四)现场检查时间 (三) 现场检查人员 2024 年 4 月 28 日 (五) 现场检查内容 现场检查人员对本持续督导期内望变电气的公司治理和内部控制情况、信息 披露情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情 况、募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等 方面进行了现场检查,具体检查内容详见本报告"二、本次现场检查主要事项及 意见"。 1 张阳 二、本次现场检查主要事项及意见 (一) 公 ...

Financial Performance - The net profit attributable to the parent company for 2023 is CNY 234,586,738.82, with distributable profits amounting to CNY 995,843,075.29 as of December 31, 2023[7]. - The company plans to distribute a cash dividend of CNY 1.5 per 10 shares, totaling CNY 49,877,195.85, which represents 21.26% of the net profit attributable to the parent company[7]. - The company's operating revenue for 2023 was CNY 271,778.88 million, representing a 7.57% increase compared to CNY 252,647.97 million in 2022[28]. - The net profit attributable to shareholders for 2023 was CNY 23,458.67 million, a decrease of 21.31% from CNY 29,811.02 million in 2022[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 22,512.62 million, down 18.55% from CNY 27,639.91 million in 2022[28]. - The cash flow from operating activities for 2023 was CNY 29,186.40 million, an increase of 42.83% compared to CNY 20,434.99 million in 2022[28]. - The total assets at the end of 2023 were CNY 487,524.19 million, a 39.03% increase from CNY 350,651.72 million at the end of 2022[28]. - The net assets attributable to shareholders at the end of 2023 were CNY 239,080.85 million, reflecting a 5.48% increase from CNY 226,658.58 million at the end of 2022[28]. - The basic earnings per share for 2023 were CNY 0.70, down 28.57% from CNY 0.98 in 2022[29]. - The diluted earnings per share for 2023 were also CNY 0.70, a decrease of 28.57% compared to CNY 0.98 in 2022[29]. - The weighted average return on equity for 2023 was 10.02%, down from 16.28% in 2022, a decrease of 6.26%[29]. Business Operations and Strategy - The company focuses on two main businesses: oriented silicon steel and power distribution and control equipment, leveraging 30 years of accumulated advantages[4]. - The company aims to enhance its R&D, manufacturing, and solution capabilities in the context of global energy transition and revolution[5]. - The company has a strategic goal of becoming a hundred billion enterprise and entering the top 100 in the industry[4]. - The company maintained a stable production and construction strategy, achieving historical highs in production across both main business sectors[42]. - The company has established a vertical management system to enhance operational efficiency and reduce reporting layers, improving response times across functional departments[73]. - The company is focused on developing advanced electronic soft magnetic materials from oriented silicon steel waste, creating new profit growth points and expanding application fields[68]. - The company is committed to modern management system development, ensuring stable and sustainable growth through organizational restructuring and capability enhancement[70]. Research and Development - The company invested 170 million yuan in R&D in 2023, representing a 70% year-on-year increase, with successful development of high-end oriented silicon steel products and new power distribution products[62]. - The company has established a complete R&D system, focusing on the development of high magnetic induction oriented silicon steel and intelligent energy-saving power distribution and control equipment[116]. - The company applied for 44 new patents in 2023, including 22 invention patents, and received 12 patent grants, highlighting its commitment to innovation[63]. - The company is in the trial production phase for advanced electronic soft magnetic materials, which could become a new profit growth point[149]. - The company is focusing on expanding its new materials division, which is expected to drive future growth[200]. Market and Industry Trends - The demand for energy-efficient transformers has notably increased due to the implementation of the "dual carbon" policy and the "Transformer Energy Efficiency Improvement Plan (2021-2023)"[81]. - The company is positioned to benefit from the "dual carbon" policy and the "Guidelines for Green Procurement," which promote the development of green power equipment[167]. - The company anticipates an average annual growth rate of over 9% in the main business revenue of the power equipment industry from 2023 to 2024[168]. - The market for energy-efficient transformers is expected to see an increase of over 10 percentage points in the proportion of transformers meeting energy efficiency level 2 or above by 2025 compared to 2021[83]. - The company ranks third nationally in oriented silicon steel production, with a market share of 44% from private enterprises, which is a 3 percentage point increase year-on-year[94]. Production and Supply Chain - The company produced 125,900 tons of oriented silicon steel in 2023, marking a year-on-year growth of 13.25%[46]. - The production of power transformers increased by 32.90% to 11.3325 million kVA, while the production of box-type substations rose by 36.82% to 1,557 units[44]. - The company has established a direct sales model combined with trade partnerships for its oriented silicon steel products, targeting both production enterprises and trade channels[114]. - The company utilizes a procurement model focused on "sales-driven purchasing" with a stable supply of key materials like oriented silicon steel and copper[107]. - The production model for oriented silicon steel products is based on "sales-driven production," ensuring alignment with market demand and inventory management[111]. Financial Position and Investments - The company’s cash and cash equivalents increased by 44,014.56 million yuan, a year-on-year growth of 47.18% due to increased operating cash inflows[155]. - Accounts receivable rose by 22,764.59 million yuan, a year-on-year increase of 30.80%, primarily driven by a 38.52% increase in revenue from power distribution and control equipment[155]. - Fixed assets increased by 52,550.46 million yuan, reflecting a year-on-year growth of 89.17% as projects reached operational status[155]. - The company has increased its special reserves by CNY 6.59 million, a growth of 43.05%, due to the new policy for safety production costs in the power distribution and control equipment industry[156]. - Long-term borrowings increased by 271.15%, reflecting a significant rise in financing activities[155]. Governance and Compliance - The company has established a comprehensive governance structure, ensuring compliance with legal regulations and protecting shareholder rights[192]. - The company has implemented measures to maintain the independence of its operations from its controlling shareholders, ensuring proper governance practices[192]. - The company has not faced any penalties from securities regulatory agencies in the past three years, indicating strong compliance[200]. Challenges and Risks - The company faces risks related to macroeconomic conditions and industry demand, which are closely tied to the power sector's investment and demand[184]. - The company anticipates increased competition in the oriented silicon steel market due to industry expansion and imports, which may impact profitability[185]. - The company is exposed to risks from fluctuations in commodity prices, particularly for copper and silicon steel, which can affect production costs and profitability[188]. - The company exports a significant portion of its oriented silicon steel products, making it vulnerable to exchange rate fluctuations that could impact financial performance[189].

公司报告 | 年报点评报告 事件： 新产线投产有望进一步提升取向硅钢业务盈利能力 | --- | --- | --- | --- | --- | --- | |----------------------------------|----------|----------|----------|----------|----------| | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 2,526.48 | 2,717.79 | 3,318.11 | 3,724.94 | 4,168.60 | | 增长率 (%) | 30.68 | 7.57 | 22.09 | 12.26 | 11.91 | | EBITDA( 百万元 ) | 434.55 | 384.21 | 464.61 | 537.80 | 641.90 | | 归属母公司净利润 ( 百万元 ) | 298.11 | 234.59 | 287.12 | 356.67 | 456.77 | | 增长率 (%) | 67.34 | (21.31) | 22.39 | 2 ...

公司报告 | 年报点评报告 事件： 新产线投产有望进一步提升取向硅钢业务盈利能力 | --- | --- | --- | --- | --- | --- | |----------------------------------|----------|----------|----------|----------|----------| | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 2,526.48 | 2,717.79 | 3,318.11 | 3,724.94 | 4,168.60 | | 增长率 (%) | 30.68 | 7.57 | 22.09 | 12.26 | 11.91 | | EBITDA( 百万元 ) | 434.55 | 384.21 | 464.61 | 537.80 | 641.90 | | 归属母公司净利润 ( 百万元 ) | 298.11 | 234.59 | 287.12 | 356.67 | 456.77 | | 增长率 (%) | 67.34 | (21.31) | 22.39 | 2 ...

2023年年度股东大会会议资料 1 2023年年度股东大会会议资料 | 2023年年度股东大会会议须知 | | 3 | | --- | --- | --- | | 2023年年度股东大会会议议程 | | 5 | | 2023年年度股东大会会议议案： | | 7 | | 议案一 | 关于公司2023年度董事会工作报告的议案 | 7 | | 议案二 | 关于公司2023年度财务决算报告的议案 | 32 | | 议案三 | 关于公司2024年度财务预算报告的议案 | 46 | | 议案四 | 关于公司2023年度利润分配方案的议案 | 51 | | 议案五 | 关于公司2023年年度报告全文及其摘要的议案 | 54 | | 议案六 | 关于修订公司对外投资管理制度的议案 | 55 | | 议案七 | 关于公司2023年度监事会工作报告的议案 | 67 | | 议案八 | 关于审议2024年度监事薪酬的议案 | 73 | | 议案九 | 关于审议2024年度董事薪酬的议案 | 75 | | 议案十 | 关于为子公司云南变压器电气股份有限公司申请授信 | | | 提供担保的议案 | | 77 | 2 2023年年度股东 ...