| 股票代码：600885 | 公司简称：宏发股份 公告编号：2025--025 | | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | 宏发科技股份有限公司 关于参加湖北辖区上市公司 2025 年投资者 网上集体接待日活动的公告 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2025 年 6 月 12 日（周四） 14:00-16:40。届时 公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、 经营状况和可持 续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参 与。 特此公告！ 宏发科技股份有限公司董事会 2025 年 6 月 5 日 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。 为进一步加强与投资者的互动交流，宏发科技股份有限公司（以下简称"公 司"）将参加由湖北证监局指导、湖北上市公司协会与深圳市全景网络有限公司 联合举办的"湖北辖区上市公司 20 ...

| 证券代码：600885 | 证券简称：宏发股份 | 公告编号：2025-026 | | --- | --- | --- | | 转债代码：110082 | 转债简称：宏发转债 | | 宏发科技股份有限公司 关于实施 2024 年度权益分派"宏发转债" 停止转股的提示性公告 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、准确性和完整性承担法律责任。 因公司实施 2024 年度权益分派,本公司的相关证券停复牌情况如下：2024 年年度 权益分派公告前一交易日（2025 年 6 月 10 日）至权益分派股权登记日期间，"宏 发转债"将停止转股。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 110082 | 宏发转债 | 可转债转股停牌 | 2025/6/10 | | | | 一、本次权益分派方案的基本情况 宏发科技股份有限公司（以下简称"公司"或"本公司"） 2024 年年度利润 分配方案的基本情况如下： ...

Group 1 - The core viewpoint of the news is that Hongfa Technology Co., Ltd. has shown a positive financial performance in 2024, with a revenue increase driven by demand in the home appliance and new energy markets [2][3] - As of May 30, 2025, Hongfa's stock price closed at 32.76 yuan, down 3.22% from the previous week, with a market capitalization of 34.158 billion yuan, ranking 5th in the electric grid equipment sector [1] - The company achieved a revenue of 14.102 billion yuan in 2024, reflecting a year-on-year growth of 8.95% [2][3] Group 2 - Hongfa's global market share for relay products stands at 23.10%, making it the market leader [2] - The company has three production bases in China and factories in Indonesia and Germany, with overseas sales accounting for 31.77% of total revenue in 2024 [2] - Hongfa maintains an AA credit rating for both its main entity and convertible bonds, with a stable outlook [2][3]

Core Viewpoint - Hongfa Technology Co., Ltd. maintains a stable credit rating due to its strong market position and operational performance, despite facing challenges such as intense competition and funding pressures [1][3][4]. Company Overview - Hongfa Technology is the largest relay manufacturer in China, holding the top global market share in relay products, with a revenue of 127.01 billion yuan in 2024, reflecting an 8.96% increase year-on-year [8][13]. - The company operates multiple production bases domestically and has established factories in Indonesia and Germany, with ongoing construction projects requiring significant investment [11][12]. Financial Performance - The company's EBITDA for 2024 reached 36.07 billion yuan, a 9.98% increase from the previous year, indicating strong profitability [13]. - The total assets as of the end of 2024 were 60.39 billion yuan, with total liabilities of 22.81 billion yuan, resulting in an asset-liability ratio of approximately 37.8% [3][4]. Market Position - The company’s relay products account for about 90% of its total revenue, with significant demand driven by the recovery in the market and the growth of the new energy sector [8][9]. - The global market share for the company's relay products is 23.10%, with specific segments like power relays and automotive relays holding shares of 31.70% and 23.00%, respectively [12]. Operational Efficiency - The company has a production capacity of 39.74 billion relays per year, with a production output of 32.44 billion relays in 2024, achieving a capacity utilization rate of 81.63% [10][11]. - The average inventory turnover period is extended due to high overseas sales and shipping delays, with a cash conversion cycle of approximately 204.93 days [15][16]. Industry Context - The electrical equipment industry is experiencing robust growth driven by investments in clean energy and infrastructure, with significant government spending on grid upgrades and new energy projects [5][7]. - The competitive landscape is intensifying, particularly in traditional electrical equipment sectors, while leading companies are focusing on technological upgrades and product diversification to maintain market share [7][8].

Core Points - The company, Hongfa Technology Co., Ltd., has maintained its credit rating for its convertible bonds and corporate entity at "AA" with a stable outlook [1][2] - The previous rating results were also "AA" for both the corporate entity and the convertible bonds, indicating no change in the creditworthiness assessment [1][2] Summary by Sections - **Rating Results** - The current credit rating for Hongfa Technology Co., Ltd. is "AA" for both the corporate entity and the convertible bonds, with a stable outlook [1][2] - The rating agency, Shanghai New Century, conducted a comprehensive analysis of the company's operational status and industry conditions before issuing the report [2] - **Previous Ratings** - The previous ratings were also "AA" for both the corporate entity and the convertible bonds, with a stable outlook, showing consistency in the company's credit profile [1][2] - **Rating Agency** - The credit rating was conducted by Shanghai New Century Credit Rating Agency, with the latest report dated May 23, 2025 [2]

宏发科技股份有限公司 关于可转换公司债券跟踪评级结果的公告 | 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 2025-024 | | --- | --- | --- | | 转债代码：110082 | 转债简称：宏发转债 | | 评级机构上海新世纪在对公司经营状况、行业等其他情况进行综合分析与评 估的基础上，于 2025 年 5 月 23 日出具了《宏发科技股份有限公司公开发行 可转换公司债券定期跟踪评级报告》【新世纪跟踪（2025）100022 】，本次公 司主体信用评级结果为：AA；宏发转债评级结果为：AA；评级展望：稳定。本次 评级结果较前次没有变化。 本次信用评级报告《宏发科技股份有限公司公开发行可转换公司债券定期跟 踪评级报告》详见上海证券交易所网站（www.sse.com.cn）。 特此公告。 ● 前次宏发转债评级："AA" 主体评级："AA" 评级展望：稳定 ● 本次宏发转债评级："AA" 主体评级："AA" 评级展望：稳定 ● 本次评级结果较前次没有变化 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、准确性和完整性承 ...

内部编号:2025050065 宏发科技股份有限公司 公开发行可转换公司债券 定期跟踪评级报告 项目负责人:张智慧 张指锡 zhangzhihui@shxsj.com 因為了平 zhoujiayi@shxsj.com 项目组成员 周嘉伊 82-167 评级总监： 张明海 联系电话: (021)63501349 联系地址:上海市黄浦区汉口路 398 号华盛大厦 14 层 公司网站：www.shxsj.com 新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Inwestors Service Co., Ltd. 本报告并非是某种决策的结论、建议。本评级机构不对发行人使用或引用本报告产生的任何后果承担责任，也不 对任何投资者的投资行为和投资损失承担责任。本报告的评级结论及相关分析并非对评级对象的鉴证意见。鉴于 信用评级工作特性及受客观条件影响,本报告在资料信息获取、评级方法与模型、未来事项预测评估等方面存在 局限性。 本次跟踪评级的信用等级自本跟踪评级报告出具之日起至被评债券本息的约定偿付日有效。在被评债券存续期 内，本评级机构将根据《跟踪评级安排》，定期或不 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has shown solid growth in its main relay business and steady development in its electrical products, with revenue and profit growth of 17.09% and 15.47% year-on-year for 2024 and Q1 2025 respectively [3][8] - The company is solidifying its market share and is actively advancing its overseas manufacturing capabilities, including the establishment of a factory in Germany and land acquisition in Indonesia [8] Financial Summary - The company’s revenue for 2024 is projected to be RMB 141.02 billion, with a year-on-year growth rate of 9.07% [9] - The net profit for 2024 is expected to reach RMB 16.31 billion, reflecting a growth of 17.09% [9] - For Q1 2025, the company achieved a revenue of RMB 39.83 billion, a year-on-year increase of 15.35% [10] - The earnings per share (EPS) for 2025 is adjusted to RMB 1.84, with corresponding price-to-earnings ratios of 18.2, 15.9, and 13.9 for 2025-2027 [5][11] Market Position - The company holds the largest market share in the relay product sector, with a 40% share in high-voltage direct current relays, and has seen a 1.7 percentage point increase in overall market share compared to 2023 [8] - The electrical products segment reported a revenue of RMB 7.92 billion in 2024, although it experienced a slight decline of 3.24% year-on-year [8] Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of RMB 16.27 billion, RMB 18.79 billion, and RMB 21.71 billion for 2025, 2026, and 2027 respectively, indicating a compound annual growth rate of approximately 15.4% [7][11] - The overseas business is anticipated to grow, supported by the establishment of new manufacturing facilities [5][8]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6][3]. Core Views - The company is expected to achieve a revenue of 14.1 billion yuan in 2024, representing a year-over-year growth of 9.07%, and a net profit of 1.631 billion yuan, reflecting a year-over-year increase of 17.09% [1][3]. - The company has strengthened its leading position in the industry, with a global market share increase of 1.7 percentage points in 2024, making it the largest in the relay market [2]. - The company has invested over 900 million yuan in technological upgrades and capacity expansion, adding 29 automated production lines to enhance efficiency in high-pressure direct current relays and automotive relays [2]. Financial Performance - In Q1 2025, the company reported a revenue of 3.983 billion yuan, a year-over-year increase of 15.35%, and a net profit of 411 million yuan, also up by 15.47% year-over-year [1]. - The gross profit margin for 2024 is projected to be 36.21%, with a net profit margin of 15.34% [1]. - The company expects to achieve a net profit of 1.879 billion yuan in 2025, with a growth rate of 15.23% [3]. Market Position - The company holds a 40% market share in high-pressure direct current relays, 23.1% in automotive relays, and 57.1% in power relays, benefiting from the global smart grid transformation [2]. - The expansion of the company's production bases in Germany and Indonesia is expected to enhance its competitiveness in the European market and diversify its product offerings [2]. Financial Projections - The projected revenue growth rates for the company are 12.15% in 2025, 14.23% in 2026, and 14.76% in 2027 [5]. - The earnings per share (EPS) is expected to increase from 1.56 yuan in 2024 to 2.40 yuan in 2027 [5].

Core Viewpoint - The company reported a strong performance in Q1 2025, with significant year-on-year and quarter-on-quarter growth in revenue and net profit, indicating robust operational efficiency and market demand [1][2]. Financial Performance - The company's Q1 2025 revenue reached 3.98 billion, representing a year-on-year increase of 15.3% and a quarter-on-quarter increase of 23.2% [1]. - The net profit attributable to the parent company was 410 million, up 15.5% year-on-year and 13.7% quarter-on-quarter [1]. - The non-recurring net profit was 380 million, reflecting a year-on-year growth of 14.2% and a quarter-on-quarter growth of 20.8% [1]. Revenue Growth Drivers - All downstream sectors are expected to achieve year-on-year growth, with the new energy sector anticipated to grow rapidly [2]. - The company is experiencing fast development in modular products, with high-pressure control boxes, automotive modules, and industrial control modules expected to show relatively high growth rates in Q1 2025 [2]. Profitability and Cost Management - The gross profit margin for Q1 2025 was 33.77%, a decrease of 1.04 percentage points year-on-year, primarily due to raw material costs and product mix [3]. - The total expense ratio for Q1 2025 was 17.64%, down 1.56 percentage points year-on-year, with specific reductions in sales, management, R&D, and financial expense ratios [3]. Inventory and Receivables - As of the end of Q1 2025, inventory stood at 2.93 billion, an increase of 25.6% year-on-year but a decrease of 16.0% from the previous quarter [4]. - Contract liabilities were 5.3 million, down 8.1% year-on-year and up 12.1% quarter-on-quarter [4]. - Accounts receivable reached 6.197 billion, reflecting an increase of 11.4% year-on-year and 25.9% quarter-on-quarter [4]. Financial Health - The asset-liability ratio at the end of Q1 2025 was 38.49%, an increase of 2.26 percentage points year-on-year and a decrease of 0.81 percentage points from the previous quarter [4]. - The operating net cash flow for Q1 2025 was -502 million, a decline of 107.2% year-on-year [4]. Future Outlook - The company expects a net profit of 1.9 billion for 2025, corresponding to a price-to-earnings ratio of approximately 18 times [5].