证券研究报告 | 2024年04月14日 许继电气（000400.SZ） 买入 特高压与海风助力直流业务发展，电表与国际业务表现亮眼 核心观点 公司研究·财报点评 全年业绩稳健增长，拟现金分红3亿元。23年公司实现营收170.61亿元， 电力设备·电网设备 同比增长13.51%，实现归母净利润10.05亿元，同比增长28.03%。全年销 证券分析师：王蔚祺 证券分析师：王晓声 售毛利率18.00%（同比-1.04pct.），扣非销售净利率5.09%（同比+0.31pct.）。 010-88005313 010-88005231 wangweiqi2@guosen.com.cnwangxiaosheng@guosen.com.cn 2023年公司拟派发现金红利3亿元，占当期归母净利润30%。 S0980520080003 S0980523050002 基础数据 四季度业绩同比高增，毛利率同比有所改善。第四季度公司实现营收63.97 亿元（同比+8.17%，环比+80.22%），归母净利润2.33亿元（同比+70.20%， 投资评级 买入(维持) 合理估值 环比+4.28%）。 收盘价 27.08元 总市值/流通 ...

股 票 研 究 [Table_industryInfo] 资本货物/工业 [ Table_Main[许ITnaf 继bol]e 电_Ti气tle]( 000400) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩略超预期，网内外业务成效显著 目标价格： 29.68 上次预测： 23.63 公 ——2023年报点评 当前价格： 24.77 司 庞钧文(分析师) 2024.04.11 更 021-38674703 [交Ta易bl数e_M据a rket] 新 pangjunwen@gtjas.com 证书编号 S0880517120001 52周内股价区间（元） 16.88-25.65 报 总市值（百万元） 25,241 告 本报告导读： 总股本/流通A股（百万股） 1,019/1,008 流通 B股/H股（百万股） 0/0 公司23年报业绩略超预期，网内业务成长稳健，网外业务发展迅速。 流通股比例 99% 日均成交量（百万股） 13.90 投资要点： 日均成交值（百万元） 317.47 [T abl维e_S持um增m持ar评y]级 ，上调目标价至29.68元。公司23 年报业绩略超预期， [ ...

[Table_StockInfo] 持有 2024年 04月 10日 （维持） 证券研究报告•2023年年报点评 当前价： 24.77元 许继电气（000400） 电力设备 目标价： ——元（6个月） 盈利略超预期，24 年受益于柔直增长 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma2r0y2] 3年实现营业收入170.6亿元，同比增长13.5%；实现归母净利 [分Ta析bl师e_：Au韩th晨or ] 润 10.1亿元，同比增长28%；扣非归母净利润8.7亿元，同比增长21.8%。2023 年第四季度公司实现营收64亿元，同比增长8.2%；实现归母净利润2.3亿元， 执业证号：S1250520100002 电话：021-58351923 同比增长70.2%；扣非归母净利润1.5亿元，同比增长68.6%。 邮箱：hch@swsc.com.cn  净利率有所提升，费用率管控较好。盈利端：2023年公司销售毛利率/净利率分 联系人：李昂 别为 18%/7%，同比-1/+0.5pp；单 Q4毛利率/净利率分别为 16.8%/4.4%，分 别环比下降1.9/3pp。费用端：公司2023年销 ...

证券研究报告 公 2024年04月12日 司 报 告 许继电气(000400) │ 行 业： 电力设备/电网设备 公 投资评级： 买入（维持） 司 当前价格： 26.88元 业绩略超预期，电网行业高景气促公司成长 年 目标价格： 29.59元 报 点 事件： 评 基本数据 公司发布《2023 年年度报告》，2023 年公司实现营收 170.61 亿元，同比 总股本/流通股本(百万股) 1,019.01/1,008.32 +13.51%，实现归母净利润10.05亿元，同比+28.03%，2023Q4公司实现营 流通A股市值(百万元) 27,103.70 收 62.31亿元，同比+7.39%，实现归母净利润1.95亿元，同比+75.68%， 每股净资产(元) 10.51 业绩略超预期。 资产负债率(%) 46.61  网内业务稳定增长，新能源业务表现亮眼 一年内最高/最低(元) 27.25/16.66 受益电网投资增加，公司2023年电表/中压供用电设备/直流输电系统营收 同比增长分别为12.55%/14.25%/3.12%，同时公司积极拓展新能源业务，新 股价相对走势 能源及系统集成/充换电设备及其他服务营收 ...

证券代码：000400 证券简称：许继电气 公告编号：2024-09 本公司及董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。 许继电气股份有限公司（以下简称"公司"）于 2024 年 4 月 11 日在巨潮资 讯网（http://www.cninfo.com.cn）披露《2023 年年度报告》全文及其摘要。 为进一步做好投资者关系管理工作，加强与广大投资者的沟通，使广大投资 者更全面深入的了解公司情况，公司将于 2024 年 4 月 16 日 15:00-16:30 举行 2023 年度网上业绩说明会。本次业绩说明会通过深圳证券交易所"互动易"平 台（http://irm.cninfo.com.cn）采用网络远程的方式举行，投资者可登录"互 动易"平台，进入"云访谈"栏目参与本次业绩说明会。 出席本次业绩说明会的人员有：公司董事长孙继强先生，董事、总经理许涛 先生，独立董事申香华女士，总会计师王斐先生，董事会秘书万桂龙先生。 为充分尊重投资者、提升交流的针对性，现就本次业绩说明会提前向投资者 公开征集问题。投资者可提前登录"互动易"平台"云访谈"栏目进入公司 2023 ...

Financial Performance - The company's operating revenue for 2023 reached ¥17,060,896,563.04, representing a 13.51% increase compared to ¥14,917,449,398.19 in 2022[15] - Net profit attributable to shareholders was ¥1,005,384,610.79, a 28.03% increase from ¥759,217,152.98 in the previous year[15] - The net profit after deducting non-recurring gains and losses was ¥869,065,456.59, up 21.82% from ¥712,939,702.87 in 2022[15] - The net cash flow from operating activities increased by 56.53% to ¥2,748,163,854.51, compared to ¥1,731,508,402.78 in 2022[15] - Basic earnings per share rose to ¥0.9971, reflecting a 28.03% increase from ¥0.7529 in the previous year[15] - The diluted earnings per share was ¥0.9960, an increase of 27.89% from ¥0.7529 in 2022[15] - The weighted average return on equity improved to 9.41%, up 1.50 percentage points from 7.79% in 2022[15] - Total assets reached CNY 21.90 billion, an increase of 12.91% compared to the previous adjustment[16] - The company reported a net cash flow from operating activities of CNY 1.26 billion in Q4 2023, showing a significant recovery from previous quarters[21] - Non-recurring gains and losses totaled CNY 136.32 million in 2023, compared to CNY 71.89 million in 2022, indicating improved financial performance[22] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥2.96 per 10 shares, totaling ¥1,019,009,309[3] - The company has increased its cash dividend rate and amount as part of its commitment to shareholder returns[89] - The cash dividend per 10 shares is 2.96 CNY (including tax), with no bonus shares issued[134] - The company implemented a cash dividend policy, distributing a total of 301,626,755.46 CNY, which represents 100% of the distributable profit of 4,810,847,523.11 CNY[134] Business Strategy and Market Expansion - The company plans to expand its international market presence, leveraging high-end power equipment to enhance competitiveness[25] - The company is actively participating in the construction of new energy systems, aligning with national energy strategies[25] - The company aims to deepen its presence in the domestic market, particularly in the State Grid and Southern Grid markets, while also targeting the renewable energy sector[83] - The company is expanding its international market presence, particularly in South America, the Middle East, and Southeast Asia, and is accelerating localization efforts in Central Asia and Europe[83] - The company is exploring potential mergers and acquisitions to accelerate growth and expand its technological capabilities[103] Research and Development - Research and development investment totaled 794 million yuan, reflecting a 13.60% increase compared to the previous year[39] - The company has a strong R&D capability, focusing on key technologies and achieving numerous "China first" and "world first" innovations[37] - The company completed several key R&D projects, including the development of a new type of converter valve based on IGCT technology[61] - The company aims to enhance its competitive edge in the high-voltage direct current transmission control protection field through standardized technology research and development[61] - The company is investing 500 million yuan in research and development for new technologies in power automation[106] Environmental and Sustainability Efforts - In 2023, the company invested 1.353 million yuan in environmental protection efforts, focusing on green and low-carbon development[152] - The company has installed a 605 kW photovoltaic power generation system on its rooftop, enhancing the energy structure of the industrial park[156] - The company operates 38 sets of environmental protection equipment, ensuring compliance with pollution discharge standards[152] - The company has been recognized as a national-level green supply chain management enterprise and a water-saving enterprise in Xuchang[152] - The company has achieved a reduction in carbon emissions through various energy-saving initiatives and upgrades[156] Governance and Compliance - The company has maintained an "A" level evaluation for information disclosure for twelve consecutive years[91] - The company’s governance structure complies with the requirements set by the China Securities Regulatory Commission[91] - The company completed the election of directors and supervisors on May 9, 2023, with several key personnel, including former directors and supervisors, leaving their positions[98] - The company is focusing on enhancing its governance structure with the new appointments made during the recent election[100] - The company has established an effective internal control system covering all operational aspects, including information disclosure, fund management, production, sales, contract management, investment, related transactions, and financial reporting[140] Employee and Management Structure - The total number of employees at the end of the reporting period is 5,661, with 2,883 in the parent company and 2,778 in major subsidiaries[126] - The professional composition includes 966 production personnel, 1,267 sales personnel, 2,820 technical personnel, 173 financial personnel, and 435 administrative personnel[127] - The company has established a performance-oriented compensation policy linked to economic benefits and labor efficiency, with a diversified income distribution system[129] - The company has implemented a position salary system for its directors and senior management[113] - The company has a comprehensive employee incentive mechanism that includes profit increment special rewards and project effectiveness awards for new product development teams[139] Related Party Transactions - The company reported a total of CNY 253.16 million in related party procurement transactions, accounting for 1.98% of similar transaction amounts[172] - The company reported related party procurement transactions with Xuchang Xujie Electric Technology Co., Ltd. amounting to CNY 1.357 million, accounting for 10.64% of similar transaction amounts[172] - The total amount of related party transactions for the year 2023 reached 403,498.73 million yuan, with an approved transaction limit of 484,300 million yuan[176] - The company has pledged to avoid and minimize related party transactions with its subsidiaries, ensuring fair pricing and compliance with regulations[163] Acquisitions and Investments - The company completed the acquisition of 100% equity in Harbin Electric Meter Research Institute for 44,049.46 million yuan, with an asset book value of 17,695.53 million yuan[177] - The company established a new subsidiary, Xuchang Huandian Technology Co., Ltd., in partnership with Southern Power Grid Industrial Investment Group[168] - The company acquired a 5.99% stake in Xidian Financial Company for a cash consideration of 32,977.34 million yuan, with an asset book value of 12,576.03 million yuan[177] Financial Position - Total assets increased from 19,399,386,310.90 CNY at the beginning of the period to 21,903,098,446.17 CNY at the end of the period, representing a growth of approximately 12.93%[195] - Total liabilities rose from 8,301,871,167.09 CNY to 10,209,761,933.26 CNY, resulting in an increase in the debt-to-asset ratio from 42.79% to 46.61%[195] - The largest shareholder, China Electric Equipment Group Co., Ltd., holds 37.91% of the shares, totaling 386,286,454 shares[196] - The company did not report any related party transactions or concerted actions among the top 10 shareholders[197]

·[table_research] 公司点评报告 ●电力设备及新能源行业 2024年 4月 10日 [table_main] 公司深度报告模板 净利润增速亮眼，新能源放量打造第 许继电气（000400.SZ） 二增长曲线 推荐 (维持评级) 核心观点：  事件：4月10日，公司发布年度报告，2023年实现收入170.61亿，同比+13.51%， 分析师 归母净利润10.05亿，同比+28.03%，扣非净利润8.69亿，同比+21.90%，EPS0.99元。 周然 23Q4单季实现营业收入63.97亿，同比+8.17%，环比+80.22%，归母净利润2.33亿， ：（8610）8092 7636 同比+70.20%，环比+4.28%，扣非净利润1.5亿，同比+68.63%，环比+21.70%。经营 ：zhouran@chinastock.com.cn 性现金流27.48亿，同比+58.72%。符合预期。 分析师登记编码：S0130514020001  新能源放量高增，充换电出海顺利。1）2023年新能源及系统集成营收3.94亿元，占 比23.10%，同比+42.03%，毛利率5.42%，同比+0.32p ...

许继电气（000400.SZ）2023年年报点评 23 年业绩超预期，市场开拓成效显著 2024年04月11日 ➢ 事件：2024年4月10日，公司发布2023年年报。23年公司实现营业总 推荐 维持评级 收入170.61亿，同比增长13.51%；实现归母净利润10.05亿，同比增长28.03%； 当前价格： 24.77元 实现扣非归母净利润8.69亿，同比增长21.82%。分业务来看，智能变配电系统 实现收入 45.77 亿元，同比减少 0.88%；新能源及系统集成实现收入 39.41 亿 元，同比增长 42.03%；智能电表实现收入 34.83 亿元，同比增长 12.55%；智 能中压供用电设备实现收入31.41亿元，同比增长15.25%；充换电设备及其它 [Table_Author] 制造服务实现收入 12.01 亿元，同比增长 9.42%；直流输电系统实现收入 7.16 亿元，同比增长3.12%。分地区来看，国内业务实现收入169.08亿元，同比增 长13.08%；海外业务实现收入1.53亿元，同比增长98%。 ➢ 盈利能力保持稳定，费用管控良好。公司 23 年实现毛利率 18.00%，同比 减少1. ...

证券研究报告 | 年报点评报告 2024年04月11日 许继电气（000400.SZ） 业绩高增，2024 年柔直放量业绩有望再攀峰 事件：公司发布年报。公司2023年实现营业收入170.61亿元，同比+13.51%， 增持（维持） 归母净利润 10.05 亿元，同比+28.03%。其中 Q4 实现营收 63.97 亿元，同比 股票信息 +8.17%，归母净利润2.33亿元，同比+70.2%。公司业绩实现大幅高增。 行业 电网设备 收入划分：各板块平稳发展，新能源及系统集成快速增长。2024年公司智能变配 电系统板块实现营收 45.77 亿元，同比-0.88%。直流输电系统 7.16 亿元，同比 前次评级 增持 +3.12%。智能电表34.83 亿元，同比+12.55%。智能中压供用电设备 31.41 亿 4月10日收盘价(元) 24.77 元，同比+14.25%，充换电设备及其他制造12.02亿元，同比+9.42%，新能源及 总市值(百万元) 25,240.86 系统集成39.41亿元，同比+42.03%。 总股本(百万股) 1,019.01 盈利性：毛/净利率维稳，期间费用率整体稳定。公司2023年毛利率 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 电力设备 ＃investSuggestion＃ ＃ ＃d 许yCo 继mp 电any＃气 （ 000400 ） investSug 增持 ( 维ges持tion ）Ch 000009 行业 需求向好 ＃ ，tit 多le＃ 业 务 稳步增长 ange＃ ＃ createTime1＃ 2024年 4月 11 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫s um 事ma 件ry＃ ： 公司发布2023年年报，报告期内公司实现营收170.61亿元，同比 司 日期 2024-04-10 +13.51%，实现归母净利润 10.05 亿元，同比+28.03%，略超市场预期。 点 收盘价（元） 24.77 分季度来看，23Q4公司实现营收63.97亿元，同比+10.26%，实现归母净 评 总股本（百万股） 1019 利润2.33亿元，同比增长109.93%。单季度毛利率为16.8%，同比+0.6pct， 报 流通股本（百万股） 1008 单季度净利率4.4%，同比+1.5pct。 告 净资产（百万元） 10705 ⚫ 智能变配电 ...