公司发布2024 年年报和2025 年一季报。2024 年全年营业收入170.9 亿元，同比+0.2%；归母净利润11.2 亿元，同比+11.1%；扣非净利润10.6 亿元，同比+22.2%。单季度看，公司2024Q4营业收入75.0 亿元， 同比+17.3%，环比+172.8%；归母净利润2.2 亿元，同比-4.7%，环比-16.7%；扣非净利润2.0 亿元，同 比+31.6%，环比-22.0%。公司2025 一季度营业收入23.5 亿元，同比-16.4%；归母净利润2.1 亿元，同 比-12.5%；扣非净利润2.0 亿元，同比-10.0%。 事件评论 事件描述 分板块看，公司2024 年全年智能变配电系统收入47.11 亿元，同比+2.9%；智能电表收入38.66 亿元，同 比+11.0%；智能中压供用电设备收入33.52 亿元，同比+6.7%；新能源及系统集成收入24.64 亿元，同 比-37.5%；直流输电系统收入14.44 亿元，同比+101.6%；充换电设备及其它制造服务收入12.52 亿元， 同比+4.2%。其中，直流输电系统收入大增预计主要系2024 年确认较多在建特高压工程换流阀和直流控 制 ...

公司为国内特高压换流阀头部企业，充分受益于行业需求放量。2024 年公司直流输电系统业务实现营 收14.4亿元，同比增长101.6%，主要受2023 年"四直"相继核准开工，2024 年交付增加，且2024-2025 年 亦为特高压直流核准大年，支撑公司直流业务在未来几年增长。此外，柔性直流换流阀价值量约为常规 直流的2-3 倍，伴随柔直渗透率提升，公司亦充分受益。 网内产品稳中有升，网外业务快速增长。2024 年，公司智能电表业务实现收入38.7 亿元，同比增长 11%，毛利率为24.7%，电能表份额在国网集招排名领先；智能中压供用电设备实现收入33.5 亿元，同 比增长6.7%，毛利率为18.8%。 2024 年，公司充换电业务实现收入12.5 亿元，同比增长4.2%，毛利率为14.2%，同比增长3.6pp，显著 上升；新能源及系统集成实现收入24.6 亿元，同比变化-37.5%。公司积极拓展数据中心、氢能等赛道， 实现多行业发展。 事件：公司2024 年实现营收170.89 亿元，同比增长0.2%；实现归母净利润11.17 亿元，同比增长 11.1%；扣非归母净利润10.62 亿元，同比增长22.2%。 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7] Core Views - The company reported a slight increase in revenue for 2024, with total revenue of 17.09 billion yuan, up 0.2% year-on-year. The net profit attributable to shareholders was 1.12 billion yuan, an increase of 11.1% year-on-year, while the net profit excluding non-recurring items was 1.06 billion yuan, up 22.2% year-on-year [2][4] - In Q4 2024, the company achieved a revenue of 7.50 billion yuan, representing a year-on-year increase of 17.3% and a quarter-on-quarter increase of 172.8%. However, the net profit attributable to shareholders decreased by 4.7% year-on-year to 220 million yuan [2][4] - For Q1 2025, the company reported a revenue of 2.35 billion yuan, down 16.4% year-on-year, and a net profit of 210 million yuan, down 12.5% year-on-year [2][4] Financial Performance - The company's revenue from various segments in 2024 included: - Smart distribution and transformation systems: 4.71 billion yuan, up 2.9% - Smart meters: 3.87 billion yuan, up 11.0% - Smart medium-voltage power supply equipment: 3.35 billion yuan, up 6.7% - New energy and system integration: 2.46 billion yuan, down 37.5% - DC transmission systems: 1.44 billion yuan, up 101.6% - Charging and swapping equipment and other manufacturing services: 1.25 billion yuan, up 4.2% [10] - The overall gross margin for 2024 was 20.77%, an increase of 2.78 percentage points year-on-year. The gross margin for Q4 2024 was 19.28%, up 2.50 percentage points year-on-year but down 5.24 percentage points quarter-on-quarter [10] - The company’s total expenses ratio for 2024 was 12.54%, an increase of 1.68 percentage points year-on-year, with the sales expense ratio at 4.22%, up 1.34 percentage points [10] Future Outlook - The company has set a financial target for 2025 to achieve a revenue of 18.3 billion yuan. The expected net profit attributable to shareholders for 2025 is projected to reach 1.45 billion yuan, corresponding to a PE ratio of approximately 15 times [10]

Group 1 - The company announced an additional temporary proposal for the 2024 Annual General Meeting, recommending Ding Gengxin as a candidate for the ninth Supervisory Board [1][27] - The original notice for the shareholders' meeting remains unchanged, with the meeting being convened by the company's board of directors [2] - The meeting will take place on May 12, 2025, with both on-site and online voting options available for shareholders [3][4] Group 2 - The meeting's equity registration date is set for May 6, 2025, allowing all shareholders registered by that date to attend [4] - The meeting will include various proposals, including a report from independent directors [7] - The company will provide a platform for online voting through the Shenzhen Stock Exchange [13][22] Group 3 - The resignation of the Supervisory Board Chairman and a supervisor was announced, with the company expressing gratitude for their contributions [25][26] - Ding Gengxin has been recommended as a candidate for the Supervisory Board, pending approval at the shareholders' meeting [27][30] - The candidate's qualifications and background were detailed, confirming compliance with relevant regulations [29][33]

关于监事会主席、监事辞职及补选监事的公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会主席、监事辞职情况 许继电气股份有限公司（以下简称"公司"）监事会近日收到监事会主席李 卫东先生、监事常勇先生提交的书面辞职报告，因工作变动，李卫东先生提出辞 去公司监事会主席职务，常勇先生提出辞去公司监事职务。辞去以上职务后，李 卫东先生仍任公司监事,常勇先生仍在公司任职。 截止本公告日，常勇先生未持有公司股份。因常勇先生辞职将导致公司监事 会人数低于《公司法》及《公司章程》规定的监事人数，在公司完成增补监事前， 常勇先生将继续履行监事职务。 证券代码：000400 证券简称：许继电气 公告编号：2025-21 许继电气股份有限公司 公司监事会对常勇先生在任职期间的勤勉工作和为公司发展做出的贡献表 示衷心感谢！ 第九届监事会监事候选人简历 二、补选监事情况 2.许继电气股份有限公司九届十六次监事会决议。 特此公告。 许继电气股份有限公司监事会 2025 年 4 月 26 日 附件： 鉴于公司监事常勇先生提出辞职申请，根据《公司法》《公司章程》等相关 规定，经公 ...

证券代码：000400 证券简称：许继电气 公告编号：2025-22 许继电气股份有限公司 关于 2024 年度股东大会增加临时提案暨股东大会补充通知 的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 许继电气股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日在巨潮资 讯网（http://www.cninfo.com.cn）公告了《关于召开 2024 年度股东大会的通 知》。 2025 年 4 月 25 日，公司董事会（即本次股东大会召集人）收到单独持有公 司 37.91%股份的股东中国电气装备集团有限公司发来的《关于在许继电气股份 有限公司 2024 年度股东大会上增加临时提案的函》。中国电气装备集团有限公 司提议在公司 2024 年度股东大会上增加《关于增补第九届监事会监事候选人的 议案》，议案的主要内容为推荐丁庚鑫先生为公司第九届监事会监事候选人，并 提交公司 2024 年度股东大会审议。经核查，上述临时提案属于股东大会职权范 围，有明确议题和具体决议事项，提案内容及程序符合法律、行政法规、部门规 章、规范性文件和公司章程等相关规定 ...

证券代码：000400 证券简称：许继电气 公告编号：2025-20 二、监事会会议审议情况 会议以 3 票同意、0 票反对、0 票弃权审议通过公司《关于增补第九届监事会 监事候选人的议案》。 鉴于公司监事常勇先生提出辞职申请，根据《公司法》《公司章程》等相关规 定，经公司控股股东中国电气装备集团有限公司推荐，公司监事会同意丁庚鑫先 生（简历附后）为公司第九届监事会监事候选人，任期至本届监事会届满。 上述议案尚需公司股东大会审议通过。 公司《关于监事会主席、监事辞职及补选监事的公告》刊登于巨潮资讯网 （http://www.cninfo.com.cn）、《中国证券报》《证券时报》《上海证券报》及《证 券日报》上。 三、备查文件 许继电气股份有限公司 九届十六次监事会决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、监事会会议召开情况 许继电气股份有限公司（以下简称"公司"）九届十六次监事会会议于 2025 年 4 月 22 日以电话和邮件方式发出会议通知，在保障监事充分表达意见的前提下， 于 2025 年 4 月 25 日以通讯表决方式召开，应参加 ...

Financial Performance - In 2024, the company achieved an operating revenue of 17.089 billion CNY, a year-on-year growth of 0.17% [1] - The net profit attributable to shareholders was 1.117 billion CNY, reflecting an increase of 11.09% year-on-year [1] - The gross profit margin improved to 20.77%, up by 2.78 percentage points compared to the previous year [1] Industry Outlook - National electricity consumption is projected to reach 10.4 trillion kWh in 2025, representing a growth of approximately 6% [2] - The total installed power generation capacity in the country is expected to exceed 3.8 billion kW by the end of 2025, marking a year-on-year increase of around 14% [2] - The investment in the power sector is anticipated to remain stable, focusing on optimizing the main grid and enhancing distribution network construction [2] Technology and Product Development - The company has made significant breakthroughs in flexible direct current (DC) technology, with successful applications in major projects [2] - New products include a 5kA flexible DC converter valve and a 6.5kV/3kA IGBT flexible DC converter valve, which have been validated and applied in key engineering projects [2] - The company is addressing challenges in energy balance for ultra-long-distance transmission systems with innovative solutions [2] Strategic Adjustments - The company is shifting focus towards enhancing the proportion of equipment-related businesses and optimizing its project portfolio [3] - The decline in revenue from the renewable energy and system integration segment is attributed to changes in revenue structure and order delivery timing [3] - The company plans to maintain a stable market value through improved management practices and increased cash dividends [3] Future Growth Drivers - The transition towards a new energy system under the "dual carbon" goals is expected to drive demand for renewable energy and related technologies [4] - The company aims to increase R&D investment and market expansion efforts to enhance operational efficiency and maintain healthy growth [4]

Financial Performance - In 2024, the company achieved operating revenue of 17.089 billion yuan (+0.17%) and a net profit attributable to shareholders of 1.117 billion yuan (+11.09%) [1] - For Q4 2024, the operating revenue was 7.503 billion yuan, with a net profit of 222 million yuan [1] - In Q1 2025, the company reported operating revenue of 2.348 billion yuan and a net profit of 208 million yuan [1] Business Segments - The direct current transmission system segment showed significant growth, supported by a rich pipeline of projects, including high-voltage projects confirmed for revenue in 2024 [1] - The smart electric meter segment generated revenue of 3.866 billion yuan in 2024, up 11.00%, with a gross margin of 24.26% [2] - The distribution and transmission business reported revenue of 4.711 billion yuan in 2024, an increase of 2.93%, with a gross margin of 24.26% [2] - The new energy and system integration segment saw a decline in revenue, down 37.47% to 2.464 billion yuan, with a gross margin of 8.14% [2] Cost and Expenses - The company experienced an increase in sales expenses due to the establishment of a secondary marketing platform, with a sales expense ratio of 4.22% [2] - Asset impairment impacted performance, with a total impairment provision of 59.44 million yuan, accounting for 4.20% of total profit [2] Future Outlook - The company is expected to achieve revenues of 18.367 billion yuan, 19.880 billion yuan, and 21.370 billion yuan from 2025 to 2027, with corresponding net profits of 1.446 billion yuan, 1.780 billion yuan, and 2.057 billion yuan [3] - The projected EPS for 2025, 2026, and 2027 are 1.42 yuan, 1.75 yuan, and 2.02 yuan, respectively, with a PE ratio of 16, 13, and 11 times based on the stock price as of April 16, 2025 [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 17.089 billion yuan in 2024, a slight increase of 0.17% year-on-year, and a net profit of 1.117 billion yuan, up 11.09% year-on-year. A cash dividend of 1.50 yuan per 10 shares is proposed [1] - The company's direct current transmission system business is expected to see significant growth due to ongoing ultra-high voltage construction in China, with revenue from this segment increasing by 101.57% to 1.444 billion yuan in 2024 [2] - The company is benefiting from increased investment in the power grid, with various business segments showing growth opportunities, including smart distribution systems and smart meters [3] Summary by Sections Financial Performance - In 2024, the company recorded a gross profit margin of 20.77%, an increase of 2.77 percentage points year-on-year, and a net profit margin of 6.54%, up 0.65 percentage points year-on-year. For Q1 2025, the gross profit margin and net profit margin were 23.47% and 8.84%, respectively [1] - The company has adjusted its profit forecasts for 2025 and 2026, expecting net profits of 1.418 billion yuan and 1.728 billion yuan, respectively, with corresponding EPS of 1.39 yuan and 1.70 yuan [4] Business Segments - The smart distribution system revenue grew by 2.93% to 4.711 billion yuan in 2024, while smart meters saw an 11% increase to 3.866 billion yuan. However, the renewable energy and system integration segment experienced a decline of 37.47% to 2.464 billion yuan [3] - The company’s direct current transmission system revenue is projected to continue growing due to the ongoing development of flexible direct current transmission technology and the high demand for ultra-high voltage projects in China [2] Market Outlook - The report highlights that the investment in China's power grid is expected to increase, with a projected completion amount of 608.3 billion yuan in 2024, representing a year-on-year growth of 15.3%. The combined investment from State Grid and Southern Grid is anticipated to exceed 800 billion yuan in 2025 [3]