证券代码：002270 证券简称：华明装备 公告编号：〔2024〕049 号 4、本次实施的利润分配方案与股东大会审议通过的利润分配方案一致； 5、本次权益分派的实施距股东大会审议通过的时间未超过两个月。 华明电力装备股份有限公司 2024 年前三季度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 华明电力装备股份有限公司（以下简称"公司"）2024 年前三季度权益分 派方案已获2024年11月8日召开的公司2024年第二次临时股东大会审议通过， 现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案的情况 1、公司 2024 年第二次临时股东大会审议通过公司 2024 年前三季度利润分 配议案，具体内容为：公司拟以本次董事会审议时，公司总股本 896,225,431 股为基数，按每 10 股派发现金红利 0.56 元（含税），共分配现金股利 50,188,624.14 元（含税），不送红股，不以资本公积金转增股本，剩余未分配 利润结转以后年度。 2、自公司 2024 年前三季度利润分配方案披露至本次权益分派实施期间，公 司股本总额未发 ...

Group 1: Company Overview and Market Position - The company, Huaming Power Equipment Co., Ltd., specializes in transformer-related products, primarily focusing on tap changers [1][2]. - The company has a high market share in domestic sales volume for tap changers, but its sales revenue market share is lower due to a significant presence of imported products in high-end markets [5][7]. - The company’s average revenue growth over the past three years has been between 15%-20% [5]. Group 2: Investment and Growth Trends - The growth of the company is closely linked to the number of new transformer station projects and the scale of investments, with a relatively stable increase in new projects [3][4]. - The company anticipates that the investment growth in the power grid and renewable energy will continue, although its revenue growth may lag behind these investments [3][4]. - The company expects a gradual recovery in order rhythm since June, following fluctuations in order pace due to raw material price volatility and project progress [4]. Group 3: Customer and Procurement Insights - Customers typically do not purchase tap changers directly from the company but include technical requirements in their transformer bidding processes [3][4]. - The procurement decisions for grid customers are influenced by the bidding entities, primarily state-owned enterprises [4][5]. Group 4: Competitive Landscape - The global transformer industry is currently experiencing a favorable cycle, with some overseas customers viewing it as a rare opportunity [4][5]. - The company faces significant competition from established brands, particularly in high-voltage products, where the market is dominated by a German competitor with a long history [5][7]. - The company’s overseas market share is still low, but it aims to leverage its full supply chain production model and customization capabilities to enhance competitiveness [7][8]. Group 5: International Expansion Strategy - The company is focusing on localized strategies in overseas markets, establishing local teams for sales and service after securing a foothold in specific regions [7][8]. - The company’s overseas sales strategy primarily involves direct sales, with some consideration for distributors in early market development stages [7][8]. - The company plans to expand its production capacity in overseas markets, including potential factory setups in the U.S. if market conditions allow [21][22]. Group 6: Product Development and Innovation - The company is developing high-voltage tap changers and has begun supplying products for ultra-high voltage applications, with initial orders already fulfilled [22]. - The company is also exploring low-voltage power electronic products, although mass application remains uncertain [22]. - The company’s vacuum switches are gaining traction due to their safety and lower lifecycle maintenance costs compared to traditional oil-immersed switches [22].

证券代码：002270 证券简称：华明装备 公告编号：〔2024〕047 号 华明电力装备股份有限公司 关于为下属全资公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保事项概述 （一）担保情况概述 1、2024 年 11 月 25 日，华明电力装备股份有限公司（以下简称"公司"或 "华明装备"）向中国工商银行股份有限公司上海市普陀支行（以下简称"工商 银行"）出具《承诺函》，公司拟为上海华明电力设备制造有限公司（以下简称"上 海华明"）向工商银行申请流动资金贷款 15,000 万元的主债权承诺：在主债权存 续期内，华明装备将为上海华明提供现金短缺支持，若上海华明无法偿还主债权 当期本息，由华明装备代为偿还。 二、被担保人基本情况 公司名称：上海华明电力设备制造有限公司 成立日期：1995 年 4 月 3 日 注册资本：3911.225 万元人民币 法定代表人：肖毅 注册地点：上海市普陀区同普路 977 号 2、2024 年 11 月 25 日，华明装备与中信银行股份有限公司上海分行（以下 简称"中信银行"）签署《最高额保证合同》， ...

证券代码：002270 证券简称：华明装备 公告编号：〔2024〕046 号 华明电力装备股份有限公司 关于诉讼事项的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 1、案件所处的诉讼阶段：法院已立案受理，尚未开庭。 2、上市公司所处的当事人地位：华明电力装备股份有限公司（以下简称 "公司"）子公司贵州长征电气有限公司（以下简称"长征电气"）为被告之一。 3、涉案的金额：原告请求依法判令被告威海银河风力发电有限公司、四川 都江机械有限责任公司、北海银河生物产业投资股份有限公司、贵州长征天成 控股股份有限公司（以下简称"天成控股"）、江西变压器科技股份有限公司、 广西柳州特种变压器有限责任公司、四川永星电子有限公司、贵州长征电气有 限公司、北海银河开关设备有限公司承担 277,289,224.57 元（借款本金及暂计 至 2024 年 9 月 12 日的利息、逾期罚息）。 二、有关案件的基本情况 （一）诉讼当事人情况 原告：兰州三维汇成置业有限公司，统一社会信用代码： 91620100296720209G，住兰州市城关区高新雁南路 447 ...

Grandall Law Firm (Shanghai) 中国 上海 北京西路 968 号嘉地中心 23-25 层，200041 国浩律师（上海）事务所 临时股东大会法律意见书 国浩律师(上海)事务所 23-25th Floor, Garden Square, No. 968West Beijing Road, Shanghai 200041, China 电话/TEL.: (+86)(21) 5234 1668 传真/FAX: (+86)(21) 5234 1670 国浩律师（上海）事务所 关于华明电力装备股份有限公司 2024 年第二次临时股东大会的 法律意见书 致：华明电力装备股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）和中国证券监督管理委员会《上市公司股 东大会规则》（以下简称"《股东大会规则》"）的规定，国浩律师（上海）事务 所（以下简称"本所"）接受华明电力装备股份有限公司（以下简称"公司"） 董事会的聘请，指派林祯律师、凌宇斐律师（以下简称"本所律师"）出席并见 证公司于 2024 年 11 月 8 日下午 14:30 ...

证券代码：002270 证券简称：华明装备 公告编号：〔2024〕045 号 华明电力装备股份有限公司 关于 2024 年第二次临时股东大会决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无增加、变更、否决议案的情况； 2、本次股东大会不涉及变更前次股东大会决议。 一、会议召开和出席情况 1、会议召开情况 （1）会议召开时间 现场会议：2024年11月8日（星期五）下午14:30 网络投票时间：2024年11月8日 ①通过深圳证券交易所交易系统进行网络投票的具体时间为：2024 年 11 月 8 日上午 9:15-9:25,9:30-11:30，下午 13:00-15:00； ②通过深圳证券交易所互联网投票系统投票的具体时间为 2024 年 11 月 8 日 09:15-15:00 期间的任意时间。 （2）会议召开地点：上海金沙智选假日酒店二楼会议室(上海市普陀区金沙 江路2281号） （3）会议召开方式：现场记名投票与网络投票相结合。 （4）召集人：公司董事会 1 关法律、行政法规、部门规章、规范性文件和《华明电力装备 ...

Core Viewpoint - Huaming Equipment's ultra-high voltage tap switch products are in the early stages of development, with the first product delivered to Southern Power Grid in 2022 [1] Group 1: Product Development - The company signed a bulk sales order with State Grid in late October last year, and has completed delivery by June this year [1] - The company anticipates that it may receive small batch orders for ultra-high voltage products in the next two years, but these will have minimal impact on revenue [1]

Group 1: Export Performance - The company's overseas direct and indirect exports showed slight improvement in Q3 compared to H1, with indirect exports growing faster due to the transfer of transformer plant capacity to China [1] - The proportion of indirect exports has significantly increased this year, indicating a potential for further growth in the future [2] - The main regions for indirect exports are Europe and Southeast Asia, with Europe being the largest market for overseas revenue [2][3] Group 2: Market Dynamics - The demand in Europe has been driven by the shift from fossil fuels to non-fossil energy sources and the electrification efforts post the Russia-Ukraine conflict [3] - The company faces competition in the U.S. market, where products are subject to tariffs, but the price advantage and faster delivery mitigate the impact of these tariffs [3] - The company is actively exploring opportunities in the Middle East, where demand for grid investment and new energy construction is growing faster than previously anticipated [3][4] Group 3: Product Strategy - The company is focusing on high-quality products and believes that initial limited purchases can lead to expanded market share over time [4] - The company’s vacuum switch products have seen a gradual increase in proportion, with a focus on safety and lower lifecycle maintenance costs compared to oil-immersed switches [6] - The company is also expanding its product offerings in the 500kV segment, with increasing domestic market share and successful orders from Indonesia [6] Group 4: Financial Outlook - The company plans to maintain a cash dividend of no less than 60% of the distributable profit for the years 2023-2025, reflecting confidence in future operational performance [7] - Future gross margin stability will depend on revenue growth and cost control, with potential adverse impacts from rising labor and material costs [7] - The company’s net profit margin has fluctuated significantly due to the influence of its power engineering business, while the equipment business remains stable [6][7]

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock to outperform the CSI 300 index by more than 15% over the next six months [8]. Core Insights - The company reported steady growth in its Q3 2024 results, with revenue reaching 1.699 billion, a year-on-year increase of 16.78%, and a net profit of 494 million, up 7.52% year-on-year [2][6]. - The gross margin for Q3 2024 was 54.01%, showing a recovery to normal levels, while the net margin was 31.23% [2][6]. - The company continues to pay dividends, distributing 0.56 yuan per 10 shares in Q3, contributing to a total dividend payout of 292 million for the year, with a payout ratio of 59% [2][6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.699 billion, with a net profit of 494 million and a non-recurring net profit of 472 million [2][3]. - The projected revenues for 2024-2026 are 2.448 billion, 2.795 billion, and 3.186 billion, representing year-on-year growth rates of 24.84%, 14.15%, and 14.01% respectively [3][6]. - The projected net profits for the same period are 651 million, 787 million, and 931 million, with growth rates of 19.99%, 20.86%, and 18.30% respectively [3][6]. Market Outlook - The company is expected to benefit from accelerating overseas demand and stable domestic grid investments, leading to steady growth in performance [2][6]. - The report highlights the company's ongoing efforts to expand into Southeast Asia, Europe, and the United States, anticipating a new growth phase in overseas markets over the next 2-3 years [2][6].

Financial Performance - The company achieved approximately 578 million in revenue for Q3 2024, a year-on-year increase of 6% [5] - The net profit attributable to shareholders was about 179 million, reflecting a growth of nearly 4% [5] - The net profit excluding non-recurring gains was around 178 million, with a year-on-year increase of 4.63% [5] - For the first three quarters of 2024, the company reported approximately 1.7 billion in revenue, a year-on-year growth of 16.78% [5] - The net profit attributable to shareholders for the first three quarters was about 472 million, up 10.79% year-on-year [5] Operational Insights - The company faced challenges in Q3 due to a high base from the previous year but still managed to achieve growth in both revenue and profit [6] - Non-recurring gains significantly decreased compared to the previous year, with Q3 showing low non-recurring gains [6] - The company's total assets and net assets decreased due to dividend payments and exchange rate impacts [6] - Accounts receivable increased at the end of Q3, influenced by the company's sales strategies and customer payment terms [6] Market Dynamics - Domestic demand growth is primarily driven by grid investment and social investment cycles [7] - The company noted that the growth in the renewable energy sector is crucial for future demand, particularly for products like tap changers [8] - The company is observing a trend of indirect exports increasing due to the shift of overseas production capacity back to China [14] Strategic Outlook - The company plans to distribute a cash dividend of 0.56 per 10 shares (tax included) [6] - Future growth will depend on macroeconomic conditions and the ability to adapt to market changes [7] - The company is focusing on localizing production in key overseas markets, particularly in the U.S. and Indonesia, to enhance market share [10][12] - The company aims to double its net profit over four years, considering both domestic and international market conditions [17]