Summary of Conference Call Company Overview - The conference call discusses the financial performance and future outlook of Xu Electric, a company involved in the energy sector, particularly focusing on new energy and system integration. Key Points Business Strategy - The company's operational strategy for 2024 and 2025 focuses on two main keywords: restructuring and improving efficiency. Restructuring involves adjusting business, order, and revenue structures, while improving efficiency aims to enhance profitability and operational efficiency [2][3]. Revenue Structure - The revenue structure is improving, with a notable decline in the new energy and system integration segment, which saw a revenue drop of 1.5 billion (37.44%) compared to the previous year [3]. - The direct current transmission segment (Ultra High Voltage) experienced a revenue increase of 728 million (6.89%) [4]. - Equipment-related revenue now accounts for over 90% of total revenue, up from over 80% the previous year, indicating a shift towards higher-margin products [4][5]. Financial Performance - The total revenue for the year was reported at 17.089 billion, showing a slight increase despite expectations of a decline [4][6]. - The company anticipates a revenue target of 18.3 billion for 2025, representing a growth of 7.1% [6][7]. - Gross margin improved to 20.77% for the year, an increase of 2.77 percentage points year-over-year, with the first quarter of 2025 showing a gross margin of 23.57% [7][8]. Cost Management - The company aims to control expenses, with a target expense ratio of around 12%, slightly above the initial goal due to increased sales and R&D expenses [9][10]. - The sales expense ratio increased by 25% year-over-year, attributed to the establishment of a secondary marketing system to enhance market penetration [10][11]. Profitability - The company is focused on maintaining profitability despite rising costs, with measures in place to ensure that expense growth does not exceed revenue growth [11][12]. - The increase in accounts receivable and contract assets is expected to impact profitability, but the overall operating profit is projected to continue improving [12][13]. Market Outlook - The company is preparing for ongoing investments in the power grid, with expectations of stable growth in the sector [14]. - Future revenue from the Ultra High Voltage segment is projected to be around 1.2 billion, with a significant backlog of orders amounting to approximately 2.7 billion [16][21]. International Expansion - The company continues to focus on international markets, particularly in South America and the Middle East, with a strategy to deepen market penetration rather than broad expansion [40]. Challenges and Risks - The company faces challenges related to pricing pressures in the equipment market, with ongoing efforts to optimize costs and improve product design to maintain margins [37][38]. - The overall investment in the power grid is expected to increase, but the pace of growth may vary based on market conditions and project timelines [22][23]. Additional Insights - The company is actively working on enhancing its marketing and sales capabilities to better align with market demands and improve order matching rates [19][20]. - There is a focus on technological innovation and R&D to adapt to changing market needs and improve product offerings [10][11]. This summary encapsulates the key points discussed during the conference call, providing insights into the company's performance, strategy, and market outlook.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company is continuously strengthening its business focus and is expected to benefit from the high demand in the ultra-high voltage industry [1]. - In 2024, the company achieved a revenue of 17.1 billion yuan, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 1.12 billion yuan, a year-on-year increase of 11% [4]. - The company is positioned as a leading supplier in the direct current equipment sector, with significant growth potential due to the increasing demand in the industry [9]. Financial Performance Summary - In 2024, the company reported a revenue of 171 billion yuan, with a net profit of 11.2 billion yuan, and a gross profit margin of 20.8%, which is an increase of 2.8 percentage points year-on-year [4]. - For Q4 2024, the revenue was 75.0 billion yuan, showing a year-on-year increase of 17% and a quarter-on-quarter increase of 173% [4]. - In Q1 2025, the revenue was 23.5 billion yuan, a year-on-year decrease of 16%, while the net profit was 2.1 billion yuan, a decrease of 12% year-on-year [5]. Business Segment Performance - The company has reduced low-margin integrated business and achieved rapid growth in direct current business, with direct current transmission system revenue increasing by 102% year-on-year [6]. - The intelligent distribution system generated revenue of 47.1 billion yuan, with a gross margin of 24.3%, while the intelligent meter segment reported revenue of 38.7 billion yuan [6]. - The company is expected to benefit from the anticipated approval of five ultra-high voltage direct current projects in 2025, which will drive demand for direct current equipment [6]. Earnings Forecast - The company is projected to achieve revenues of 18.3 billion yuan, 20.0 billion yuan, and 22.1 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7%, 9%, and 10% [9]. - The net profit attributable to shareholders is expected to be 1.45 billion yuan, 1.77 billion yuan, and 2.13 billion yuan for the same years, with growth rates of 30%, 21%, and 20% respectively [9]. - The current stock price corresponds to a price-to-earnings ratio of 16x for 2025, 13x for 2026, and 11x for 2027 [9].

近日，许继电气股份有限公司（以下简称"许继电气"）发布2024年度报告，2024年实现营业收入170.89亿元，同比增长0.17%；实现归母净利润11.17亿元， 同比增长11.09%。 | | 2024 年 | 2023 年 | 变 | | --- | --- | --- | --- | | 研发投入金额(元) | 879, 862, 224. 99 | 793, 816, 594. 45 | | | 研发投入占营业收入比例 | 5.15% | 4. 65% | 增长 0. ! | | 研发投入资本化的金额(元) | 97, 560, 347. 69 | 78, 800, 475. 86 | | | 资本化研发投入占研发投入的比例 | 11. 09% | 9.93% | 增长 1. | 许继电气成功研制全球首台40.5千伏/4000安气体绝缘开关设备，6.5千伏/4000安IGCT柔直换流阀实现首次应用，同时许继电气积极拓展新业务，产品构网型 储能变流器、虚拟电厂运行管控系统等实现首台套应用。 此外，许继电气还凭借技术优势，加快了"出海"步伐，2024年许继电气国际方面实现营收3.09亿元，同比增长102. ...

证券研究报告 | 2025年04月15日 许继电气（000400.SZ） 优于大市 大额减值拖累 24 年业绩，25 年换流阀需求有望集中释放 全年业绩稳健增长，收入结构持续优化。2024 年公司实现营收 170.89 亿元， 同比+0.17%；归母净利润 11.17 亿元，同比+11.09%。2024 年公司销售毛利 率为 20.77%，同比+2.78pct.；销售净利率为 7.56%，同比+0.61pct。公司 持续优化收入结构，降低低毛利的新能源及系统集成业务占比，带动盈利能 力提升。 交付节奏影响一季度业绩，盈利能力明显提升。2025 年第一季度公司实现营 收 23.48 亿元，同比-16.42%，环比-68.70%；归母净利润 2.08 亿元，同比 -12.47%，环比-6.59%。一季度公司毛利率 23.47%，同比+5.20pct，环比 +4.19pct，净利率 10.06%，同比+0.68pct，环比+6.47pct。 研发投入保持高强度，全年中标多个海内外重点项目。2024 年公司研发成功 世界首台 40.5kV/4000A 气体绝缘开关设备，6.5kV/4000A IGCT 柔直换流阀 实 ...

许继电气（000400.SZ）24 年年报及 25 年一季报点评 减值拖累 24 年业绩，盈利能力持续优化 2025 年 04 月 12 日 ➢ 事件：2025 年 4 月 10 日，公司发布 24 年年报、25 年一季报。2024 年， 公司实现营收 170.9 亿元，同比+0.2%；归母净利润 11.2 亿元，同比+11.1%； 扣非归母净利润 10.61 亿元，同比+22.2%。单 24Q4，公司实现营收 75.0 亿元， 同比+20.4%，环比+172.8%；归母净利润 2.2 亿元，同比+13.9%，环比-16.7%； 扣非归母净利润 2.0 亿元，同比+31.6%，环比-22.0%。单 25Q1，公司实现营 收 23.5 亿元，同比-16.4%，环比-68.7%；归母净利润 2.1 亿元，同比-12.5%， 环比-6.6%；扣非净利润 2.0 亿元，同比-10.0%，环比+3.1%。 ➢ 减值对公司 24 年业绩拖累较大。24 年公司计提资产减值 5944 万元（占利 润总额比例 4.2%），信用减值计提 1.41 亿元（占利润总额比例 10%），减值损 失合计约 2 亿元。 ➢ 直流输电系统业务 ...

| 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 17,089 | 18,691 | 21,393 | 24,616 | | 增长率（%） | 0.2 | 9.4 | 14.5 | 15.1 | | 归属母公司股东净利润（百万元） | 1,117 | 1,491 | 1,807 | 2,279 | | 增长率（%） | 11.1 | 33.5 | 21.2 | 26.1 | | 每股收益（元） | 1.10 | 1.46 | 1.77 | 2.24 | | PE | 21 | 16 | 13 | 10 | | PB | 2.1 | 1.9 | 1.8 | 1.6 | ➢ 减值对公司 24 年业绩拖累较大。24 年公司计提资产减值 5944 万元（占利 润总额比例 4.2%），信用减值计提 1.41 亿元（占利润总额比例 10%），减值损 失合计约 2 亿元。 ➢ 直流输电系统业务高增，新能源系统集成业务结构优化。智能变配电板块， 24 年实现收入 47.11 亿元、同比+2.93%，毛 ...

特高压在手订单充沛，建设加速确收有望持续超预期。24 年直流输电业务收入14.44亿元，同增102%， 毛利率30.92%，同比-11.37pct。毛利率大幅下滑，我们预计主要系24 年确收了较多直流测量等低毛利 产品所致，收入超预期我们认为主要为陇东-山东控保+哈密-重庆部分换流阀提前在24Q4 确收，同时导 致25Q1 收入有所承压。25 年随着甘浙柔直+广东背靠背等项目的推进，我们预计板块收入有望超17 亿，且毛利率有望大幅提升。 传统主业提质增效，盈利能力持续提升。1）24 年智能变配电业务收入47.11 亿元，同增3%，毛利率 24.26%，同比+1.6pct。24 年国网保护/监控招标量同比+15%/16%，25 年我们预计公司主网二次收入维 持稳定增长，配电业务随配网投资加速有望实现5-10%左右增长；2）24 年智能电表业务收入38.66 亿 元，同增11%，毛利率24.66%，同比-0.57pct。24 年公司智能电表份额保持领先，我们认为随着新版智 能电表的推出，电表业务单价有望上涨，25 年智能电表收入有望5-10%的增长。 总包业务大幅剥离，一次&电力电子表现稳健。1）24 年公司新能 ...

证券研究报告·公司点评报告·电网设备 许继电气（000400） 2024 年年报及 2025 年一季报点评：计提大 额减值，业绩略低于市场预期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 17,061 | 17,089 | 18,451 | 21,118 | 23,424 | | 同比（%） | 13.51 | 0.17 | 7.97 | 14.45 | 10.92 | | 归母净利润（百万元） | 1,005 | 1,117 | 1,520 | 1,897 | 2,354 | | 同比（%） | 28.03 | 11.09 | 36.08 | 24.79 | 24.09 | | EPS-最新摊薄（元/股） | 0.99 | 1.10 | 1.49 | 1.86 | 2.31 | | P/E（现价&最新摊薄） | 23.76 | 21.39 | 15.72 | 12.60 | 10.15 | [关键词： Ta ...

编号：2025-01 | | □特定对象调研 |  分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访 | 业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 | | | 参与单位名称及 | c/o 摩根士丹利亞洲有限公司 | 王子瑷 | | | CAPITAL | 时鹏 | | 人员姓名 | CAPITAL | 刘鑫颖 | | | IGWT Investment | 廖克銘 | | | Millennium Management LLC | 白杨 | | | Point72 Hong Kong Limited | 封启云 | | | Schroder investment | Louisa lo | | | Shanghai Eureka Investment Partner Co.,Ltd. | 李泓桦 | | | 安联环球投资有限公司 | 朱劲吉 | | | 安信基金管理有限责任公司 | 梁明琨 | | | 安信证券资产管理有限公司 | 李犁 | | | 百嘉基金管理有限公司 | 黄艺明 | | | 百年 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 对于累积投票提案，填报投给某候选人的选举票数。股东应当以其所拥有的每个提案组的选举票数为限 进行投票，股东所投选举票数超过其拥有选举票数的，或者在差额选举中投票超过应选人数的，其对该 项提案组所投的选举票均视为无效投票。如果不同意某候选人，可以对该候选人投0票。 累积投票制下投给候选人的选举票数填报一览表 ■ 各提案组下股东拥有的选举票数举例如下： （如表1提案10，采用等额选举，应选人数为1位） 股东所拥有的选举票数=股东所代表的有表决权的股份总数×1。 股东可以在1位董事候选人中将其拥有的选举票数任意分配，但投票总数不得超过其拥有的选举票数， 所投人数不得超过1位。 3. 股东对总议案进行投票，视为对除累积投票提案外的其他所有提案表达相同意见。 股东对总议案与具体提案重复投票时，以第一次有效投票为准。如股东先对具体提案投票表决，再对总 议案投票表决，则以已投票表决的具体提案的表决意见为准，其他未表决的提案以总议案的表决意见为 准；如先对总议案投票表决，再对具体提案投票表决，则以总议案的表决意见为准。 二.通过深交所交易系统投票的程序 1. 投票时间：202 ...