证券代码：688248 证券简称：南网科技 公告编号：2024-009 南方电网电力科技股份有限公司 关于参加中国南方电网有限责任公司控股上市公司 2023 年度集体业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 南方电网电力科技股份有限公司（以下简称"公司"）已于 2024 年 3 月 30 日发布《2023 年年度报告》。为便于广大投资者更全面、更深入地了解公司 2023 年经营业绩和未来发展方向等内容，公司定于 2024 年 4 月 19 日（星期五）下午 参加中国南方电网有限责任公司（以下简称"南方电网"）控股上市公司 2023 年度集体业绩说明会，通过视频与网络文字互动相结合的方式，与广大投资者进 行互动交流。 一、会议主题及类型 本次业绩说明会将围绕国务院国资委提高央企控股上市公司质量专项工作 关于"争做资本市场主业突出、优强发展、治理完善、诚信经营的表率"的要求， 秉承让投资者"走得近、听得懂、看得清、有信心"的原则，以"坚持以投资者 为本，全面提高上市公司质量，加快发展新质 ...

了智能配用电终端操作系统国产化替代并量产。公司基于"丝路"系 统的新一代量测设备形成南网标准，通过自主投标和芯片授权等方式 开拓非股东市场，蓝牙模块在南网 21 版智能电能表市场全覆盖，市 场份额持续保持稳定。智能计量周转柜实现广东全覆盖并形成标准， 在南网其余四省推广。 储能业务持续巩固业内领先地位，佛山南海储能项目中标金额突破 5 亿元，再创新高。国内最大火储联调项目、南方区域首个锂电+超级 电容混合储能项目、南方区域首个海上风电+独立储能项目相继并网。 此外，公司牵头联合储能领域上下游头部骨干企业，组建广东新型储 能国家研究院有限公司，获批全国唯一国家地方共建新型储能创新中 心。建立广东新型储能产业技术创新联盟，覆盖全国 85%以上本领域 国家级创新平台。 投资建议： 南网科技作为央企南方电网集团的核心科技资产和数字化转型重要 力量，未来将全面受益于能源行业智能化数字化发展和新型电力系统 建设的高景气趋势。我们预计公司 2024 年-2026 年的营业收入分别 为 41.12/60.13/82.42 亿元，归母净利润分别为 4.46/6.24/8.07 亿 元。维持买入-A 的投资评级，6 个月目标价为 ...

收入端实现快速增长，收购子公司扩张省外业务 构建"丝路"操作系统生态，巩固储能领军地位 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 | --- | --- | |-----------------------------|------------| | | | | 相关报告 | | | 23Q1 净利润高增，赋能电网 | 2023-04-30 | | 智能化和新型电力系统 | | 电力电子及自动化 收入端快速增长，打造智能配用电操作系统生态 近日，南网科技发布了《2023 年年度报告》。2023 年，公司实现营业 收入 25.37 亿元，同比增长 41.77%；归母净利润为 2.81 亿元，同比 增长 36.71%；扣非归母净利润为 2.64 亿元，同比增长 36.53%；经营 活动产生的现金流量净额 5.21 亿元，同比增长 71.12%。 2023 年，公司积极开拓市场，储能系统技术服务、试验检测服务等 业务实现收入高速增长，跨区域发展成效显著，新收购子公司带来业 务收入增量。由于较低毛利的储能系统技术服务业务占比提升，结构 性变化导致净利润增速低于营收增速。 分业务看，①储能系统技 ...

市场数据 公司研究 ——南网科技（688248.SH）2023 年年度报告点评 事件：公司发布 2023 年年度报告：2023 年公司实现营业收入 25.37 亿元，同 比增长 42%；归母净利润 2.81 亿元，同比增长 37%；扣非归母净利润 2.64 亿 元，同比增长 37%。其中，Q4 实现营业收入 9.03 亿元，同比增长 32%；归母 净利润 1.21 亿元，同比增长 74%；扣非归母净利润 1.17 亿元，同比增长 96%。 试验检测业务营收高增，毛利率有所下滑：2023 年，公司试验检测及调试服务 业务实现营收 5.82 亿元，同比+65%，毛利率 42%，同比-5pct。营收的高速增 长主要系本部电网侧试验检测业务规模持续扩大，新收购子公司带来业务增量。 毛利率的下滑主要系部分废水零排放改造、自动化改造等项目材料成本较高，项 目毛利率偏低，拉低了试验检测业务毛利率。 盈利预测、估值与评级：由于国内储能行业竞争加剧，我们下调公司 24-25 年的 盈利预测，新增 26 年的盈利预测，预计 24-26 年实现归母净利润 4.26/6.25/8.11 亿元（下修 28%/下修 25%/新增），当前 ...

证券研究报告·公司点评报告·电网设备 买入（维持） ◼ 事件：公司发布 2023 年年报公告，实现营收 25.37 亿元，同比+42%， 归母净利润 2.81 亿元，同比+37%，其中 Q4 实现营收 9.03 亿元，同比 +32%，归母净利润 1.21 亿元，同比+74%。23 年毛利率为 28.98%，同 比-0.68pct，Q4 毛利率 32.92%，同比+6.08pct，环比-4.35pct；23 年归母 净利率为 11.09%，同比-0.41pct，Q4 归母净利率 13.45%，同比+3.25pct， 环比+1.78pct。业绩与预告基本一致，符合市场预期。 ◼ 收购导致管理费用增长较多，现金流充足，在手订单充沛。23 年公司期 间费用同比+41%，其中管理/研发费用增长较多同比+42%/34%，但整体 控制较好，期间费用率同比-0.01pct 至 16.29%。23 年经营活动现金流量 净流入 5.21 亿元，同比+71%，现金流比较充足，期末合同负债 7.91 亿 元，比年初增长 61%，在手订单充沛。 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 ze ...

R&D Investment and Projects - The company invested a total of 16,860.80 million yuan in R&D projects, with cumulative investment of 7,595.906758 million yuan and remaining investment of 11,593.059395 million yuan[3] - The company's R&D personnel increased to 298, accounting for 36.88% of the total workforce, with a total R&D salary of 117.6911 million yuan and an average salary of 39,490 yuan[10] - The company's R&D team consists of 38 PhDs, 105 master's degree holders, and 133 bachelor's degree holders, with 84% holding advanced degrees[10] - R&D investment accounts for an increasing proportion of revenue, with a compound annual growth rate of 20% over the past three years[28] - The company has obtained 152 provincial and ministerial-level scientific and technological awards and 298 invention patents[28] - The company has been selected as a benchmark enterprise in the "Science and Technology Reform Action" for three consecutive years and was included in the list of "World-Class Demonstration Enterprises and Specialized and Sophisticated SMEs" in 2023[29] - The company has 18 laboratories, including the Guangdong Provincial Key Laboratory of Smart Grid and the Guangdong Provincial Engineering Research Center for Special Robots[29] - The company has established a national-local co-construction new energy storage innovation center, focusing on the development of a globally influential new energy storage manufacturing innovation hub[28] - The company has participated in the formulation of 15 national and industry standards and has 19 key laboratories and engineering technology centers in Guangdong Province[28] - The company's R&D investment for the year was RMB 162,587,119.98, an increase of 34.08% compared to the previous year. The total R&D investment accounted for 6.41% of the company's revenue, a slight decrease of 0.37 percentage points from the previous year[190] Energy Storage Technology - The company developed a 40-foot containerized lithium iron phosphate battery energy storage system with a capacity of no less than 2.5MWh, a cycle life of no less than 6,000 times, and a system cost of no more than 1.3 yuan/Wh[3] - Large-scale advanced compressed air energy storage technology is under development as part of the 2023 National Key R&D Program, with a project timeline from December 2023 to November 2026[15] - Research on key technologies for safety prevention and control throughout the entire process of coupled electrochemical energy storage power stations is ongoing, with a project timeline from December 2023 to December 2027[15] - The company has developed a 1250kW grid-forming energy storage converter with an efficiency greater than 97% and a dynamic reactive power response time of less than 60ms[32] - The company has completed the development of real-time simulation models for wind farms and large-scale energy storage stations, as well as a joint real-time simulation model for offshore wind power with energy storage integration[32] - The company has developed modular energy storage products, including 0.5C air-cooled and liquid-cooled PACKs, with a maximum internal temperature difference of less than 5℃ and multi-sensor fire detection systems[32] - The battery cabin has a peak auxiliary power consumption of no more than 10kW, with a capacity between 600kWh-750kWh, and a maximum DC voltage exceeding 1000V, achieving an overall system charge-discharge efficiency of no less than 88%[35] - The large-scale lithium battery energy storage system has completed the overall design of a 40-foot containerized lithium iron phosphate battery cabin and thermal management simulation model development[177] - The compact distribution station modular energy storage device has a capacity of 100kW/200kWh, with an energy conversion efficiency of over 85% and a battery cycle life of at least 5000 cycles[177] Smart Grid and Power Technology - The company completed the development of a 2.0 prototype for low-voltage transparent grid smart metering terminals and developed a smart module for distributed photovoltaic monitoring and control[3] - Development of a new generation of smart meter architecture and standardization of key technologies for power terminals is planned, with a project timeline from January 2024 to December 2026[15] - The company developed a real-time multitasking microkernel operating system, supporting the rapid development and deployment of new-generation smart meters and advanced applications, filling the domestic gap in practical smart meter operating systems. The system has been extended to metering terminals, IoT modules, and low-voltage switches, and has been adapted to core domestic chips, ensuring the autonomous and secure control of key power energy equipment[41] - The company's new-generation station terminal architecture and functional model, combined with high-performance hardware platforms and unified software architecture, have achieved hardware independence and software-defined functionality. This includes the use of edge-side "data centers" and containerization technology to address data unification and network coordination issues in low-voltage distribution networks[41] - The company's modular hardware architecture design and component hot-swapping technology have transformed traditional closed hardware systems, enabling plug-and-play interfaces, hardware-based software functions, and flexible component expansion and configuration[41] - The company's source-grid-load-storage coordinated operation control technology, based on cloud-edge collaboration and virtual power plant hierarchical aggregation regulation, has developed a platform and terminal equipment for flexibility resource regulation, providing a comprehensive solution for the optimization and market participation of flexibility resources in the new power system[41] - The company's 10kV multi-chamber fixed gap lightning protection technology has achieved breakthroughs in arc blowing, near-electrode voltage drop, near-cathode effect, and zero-crossing arc extinguishing, significantly reducing lightning strike faults on 10kV lines and faults caused by arrester defects[41] - The company's high-precision waveform sampling technology and fault traveling wave comprehensive analysis technology can locate fault points on high-voltage cables with an error of no more than 30 meters[45] - The company has developed intelligent recognition and diagnostic technologies for power transmission and transformation equipment, achieving a recognition accuracy of over 90% for equipment status and implementing high-precision real-time monitoring of tower inclinations[192] - The company has advanced technologies for unified task decomposition, allocation, and scheduling for distributed heterogeneous entities, improving the intelligent inspection level of robot and drone groups[192] - The company has developed a flexible assembly key technology for secondary equipment in substations, significantly enhancing the processing quality and lifecycle quality of secondary cables[192] Financial Performance - Revenue for the reporting period reached 2,537.31 million yuan, a year-on-year increase of 41.77%[58] - Net profit attributable to shareholders of the listed company was 281.27 million yuan, up 36.71% year-on-year[58] - Revenue from energy storage system technical services surged by 123.11%, contributing 28.62% to total revenue[64] - Revenue from testing and debugging services increased by 64.73%, but毛利率 decreased by 4.59 percentage points[64] - Revenue from intelligent power distribution equipment grew by 31.85%, with毛利率 rising by 8.27 percentage points[64] - Revenue from intelligent monitoring equipment increased by 5.04%, with毛利率 up by 1.47 percentage points[64] - Revenue from robot and drone business decreased by 7.36%, with毛利率 down by 2.85 percentage points[64] - Revenue from outside Guangdong Province increased by 63.56%, driven by acquisitions[64] - Overall毛利率 for 2023 was 28.98%, a slight decrease of 0.68 percentage points compared to the previous year[66] - Operating cash flow increased by 71.12% to 520.59 million yuan, reflecting improved cash management[59] - Distribution channel revenue decreased by 18.01% to 192.26 million yuan, with a gross margin of 32.01%, down by 2.76 percentage points[69] - Guangdong province revenue decreased by 35.32% to 1.78 billion yuan, with a gross margin of 29.29%, down by 2.34 percentage points[70] - Revenue outside Guangdong province increased by 63.56% to 745.02 million yuan, with a gross margin of 28.22%, up by 3.77 percentage points[70] - Total revenue decreased by 42.57% to 2.53 billion yuan, with a gross margin of 28.97%, down by 0.82 percentage points[70] - Sales of intelligent power distribution equipment decreased by 44.18% to 767,540 units, with inventory down by 29.41%[73] - Sales of intelligent monitoring equipment decreased by 10.99% to 21,544 units, with inventory up by 225.80%[73] - Sales of robots and drones increased by 2.11% to 3,759 units, with inventory up by 4.14%[73] - Direct material costs for technical services increased by 89.36% to 562.26 million yuan, accounting for 54.6% of total costs[76] - Direct labor costs for technical services increased by 91.95% to 89.08 million yuan, accounting for 8.65% of total costs[76] - Manufacturing costs for technical services increased by 80.23% to 378.37 million yuan, accounting for 36.75% of total costs[76] - The top five customers accounted for sales of 2,092.26 million yuan, representing 82.46% of total annual sales, with related party sales of 1,734.30 million yuan, accounting for 68.35% of total annual sales[84][87] - Customer 1 (China Southern Power Grid) accounted for over 50% of total sales, with sales of 1,734.30 million yuan, representing 68.35% of total annual sales[88] - The top five suppliers accounted for purchases of 623.17 million yuan, representing 27.33% of total annual purchases, with related party purchases of 136.77 million yuan, accounting for 6.00% of total annual purchases[89][90] - Sales expenses increased by 14.14% to 92.56 million yuan, primarily due to market expansion and the consolidation of two newly acquired subsidiaries[95] - Management expenses increased by 49.15% to 187.09 million yuan, driven by the consolidation of two newly acquired subsidiaries and increased operational scale[95] - R&D expenses increased by 34.08% to 162.59 million yuan, due to increased R&D personnel and the consolidation of two newly acquired subsidiaries[95] - Net cash flow from operating activities increased by 71.12% to 520.59 million yuan, driven by revenue growth and improved cash management[96] - Net cash flow from investing activities improved significantly, with a decrease of 93.99% to -40.46 million yuan, due to reduced investment in financial products[96] - Inventory increased by 115.19% to 869.97 million yuan, primarily due to increased sales orders and large-scale energy storage projects not yet completed[100] - Fixed assets increased by 71.66% to 220.09 million yuan, driven by investments in six R&D platforms and the consolidation of two newly acquired subsidiaries[100] - Deferred tax assets increased by 89.47% to 39,069,616.51 yuan, mainly due to the increase in deductible temporary differences, asset impairment provisions, and lease liabilities[101] - Other non-current assets decreased by 61.11% to 27,807,308.23 yuan, primarily due to the reduction in contract assets over one year and prepayments for fixed assets[101] - Accounts payable increased by 74.55% to 709,675,152.16 yuan, in line with the growth in operating revenue[101] - Contract liabilities increased by 61.43% to 791,430,258.54 yuan, mainly due to the increase in prepayments from customers[101] - The company added new equity investments totaling 303.83 million yuan, including the acquisition of two subsidiaries and three joint ventures[112] - The company invested 194.79 million yuan in Guizhou Chuangxing Power Science Research Institute Co., Ltd., acquiring a 100% stake[114] - The company's total assets in Guizhou Chuangxing Power Science Research Institute Co., Ltd. reached 235.39 million yuan, with a net profit of 17.42 million yuan[122] - The company's total assets in Guangxi Guineng Technology Development Co., Ltd. reached 105.89 million yuan, with a net profit of 12.71 million yuan[122] - The company's trading financial assets decreased to 300 million yuan from 1.868 billion yuan due to sales and redemptions[119] - The company's accounts receivable financing decreased to 8.64 million yuan from 37.91 million yuan due to other changes[119] Awards and Recognitions - The company received a Patent Excellence Award from the National Intellectual Property Administration for a method, system, and equipment for testing the charge-discharge response time of energy storage frequency modulation systems[18] - The company was awarded the Second Prize for Scientific and Technological Progress by the Chinese Mechanical Engineering Society for key technologies and large-scale application of fully automated power IoT terminals[18] - The company received the Second Prize for Scientific and Technological Progress from the Chinese Society of Electrical Engineering for integrated application key technologies and engineering practices of large-scale coal-fired power plants coupled with sludge incineration[18] - The company was awarded the First Prize for Technological Innovation by the China Energy Research Association for the construction and application of a low-voltage carrier "communication, sensing, and computing" integrated technology ecosystem based on chip-level computing power[18] - The company received the First Prize for Power Technology Innovation (Management Achievement) from the China Electricity Council for research and application of a panoramic digital intelligent operation and maintenance system for complex large power grids[18] - The company was awarded the Second Prize for Power Technology Innovation (Technical Achievement) by the China Electricity Council for research and application of key technologies and equipment based on a new generation of intelligent measurement systems[18] - The company received the Second Prize for Power Technology Innovation (Technical Achievement) from the China Electricity Council for research and application of key technologies for safe and efficient operation and maintenance of substation monitoring systems with cloud-edge collaboration[18] - The company has received multiple awards for value creation in the Southern Power Grid, including second and third prizes for various technological advancements and applications in power grid management and equipment[187] Strategic Goals and Future Plans - The company aims to become a nationally renowned provider of clean power and smart grid solutions by 2025, with a strong focus on innovation and market leadership[131] - The company plans to strengthen its core businesses, including energy storage technology services, power source testing, and smart grid solutions, to enhance market competitiveness[132] - The company will focus on developing digital intelligent testing equipment and integrating AI technologies to support the construction of a new power system[132] - The company aims to expand its market share in the energy storage, testing, and smart equipment sectors, becoming a leading specialized listed company[131] - The company will leverage its innovation center to enhance its energy storage technology, particularly in grid-forming energy storage products[132] - The company plans to strengthen its brand and core R&D capabilities in the smart power consumption sector, offering standardized product packages to customers[132] - The company will focus on expanding its market presence in the robotics and UAV sectors, maintaining its industry leadership through key projects[132] - The company aims to become a world-class provider of clean power and smart grid solutions, supporting Guangdong Power Grid to lead nationally and China Southern Power Grid to become globally competitive[138] Leadership and Governance - The company's management team includes 169 senior-level professionals, 37 with senior professional titles, and 38 experts in various committees and associations[13] - The company held 1 annual general meeting and 2 extraordinary general meetings during the reporting period, with all resolutions passed[134] - The company held 10 board meetings and 9 supervisory board meetings to oversee financial and operational performance[134] - The company approved 15 proposals at the 2022 annual general meeting, including the 2023 investment plan[145] - The company held 3 general meetings in total during the reporting period, with all proposals approved[145] - Chairman Wu Yizhu increased his shareholding by 4,000 shares through secondary market transactions, bringing his total holdings to 4,000 shares[150] - Vice President Zhang Chaoshu increased his shareholding by 14,116 shares through secondary market transactions, bringing his total holdings to 14,116 shares[152] - The total shareholding of directors, supervisors, and senior management increased by 26,025 shares during the reporting period[152] - Chairman Wu Yizhu received a pre-tax remuneration of 936,300 RMB for the year[150] - Vice President Li Aimin received the highest pre-tax remuneration among executives at 961,700 RMB[152] - The total pre-tax remuneration for all disclosed executives and directors amounted to 9,088,300 RMB[152] - Several key personnel changes occurred in November 2023, including the appointment of new non-executive directors and independent directors[155] - The company's core technical team consists of at least 10 members, with some remuneration details undisclosed for confidentiality reasons[155] - The company underwent significant leadership changes in 2023, with multiple positions including non-executive directors, independent directors, and supervisors being replaced[155] - The company's total disclosed executive and director compensation increased by approximately 26% compared to the previous year, based on the disclosed figures[150][152] - The company's board of supervisors includes key personnel with extensive experience in finance, engineering, and investment management, such as Jiang Shengjun, Deng Yan, and Tian Feng[161] - The company has a strong focus on technological innovation and energy technology, with key personnel like Guo Bin and Xuan Wenjian holding significant roles in research and development[161] - The company's investment and development strategies are managed by experienced professionals like Hu Yujia, who has a background in investment development and corporate culture[161] - The company's financial and auditing functions are overseen by seasoned professionals like Liao Hongkai, who has a strong background in engineering and financial management[161] - Key leadership changes include the appointment of Zhao Ziyi as the Chief Financial Officer of Southern Power Grid Electric Technology Co., Ltd., effective December 2023[165] - The company has a strong leadership team with extensive experience in the energy and technology sectors, including roles in research, development, and management[165] - Southern Power Grid Electric Technology Co., Ltd. continues to focus on innovation and development in the energy sector, with a particular emphasis on new energy technologies[165] - The company's leadership team includes individuals with advanced degrees and professional certifications, highlighting a commitment to expertise and professional development[165] - Strategic roles within the company include positions in finance, technology, and energy management, indicating a diversified approach to business operations[165] - The company has a history of leadership in the energy sector, with key figures holding positions in various energy-related organizations and committees[165] - The company's leadership team has a strong background

南方电网电力科技股份有限公司 涉及财务公司关联交易的存 款、贷款等金融业务的 专项说明 大信专审字[2024]第 1-01608 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 涉及财务公司关联交易的存款、贷款等金融业务的 专项说明 大信专审字[2024]第 1-01608 号 南网电网电力科技股份有限公司全体股东： - 1 - 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 ...

南方电网电力科技股份有限公司 审 计 报 告 大信审字[2024]第 1-01748 号 南方电网电力科技股份有限公司全体股东： 一、审计意见 我们审计了南方电网电力科技股份有限公司（以下简称"南网科技公司"）的财务报表， 包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并 及母公司现金流量表、合并及母公司股东权益变动表，以及财务报表附注。 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www ...

南方电网电力科技股份有限公司 募集资金存放与实际使用情况 审核报告 大信专审字[2024]第 1-01607 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 募集资金存放与实际使用 情况审核报告 大信专审字[2024]第 1-01607 号 南方电网电力科技股份有限公司全体股东： 我们接受委托，对后附的南方电网电力科技股份有限公司（以下简称"贵公司"）《2023 年度募集资金存放与实际使用情况的专项报告》（以下简称"募集资金存放与实际使用情况 专项报告"进行了审核。 一、董事会的责任 按照中国证券监督管理委员会《上海证券交易所科创板上市公司自律监管指引第1号—— 规 ...