大家好欢迎参加东吴电信红发股份深度更新电话会议目前所有参会者均处于静音状态现在开始播报免责声明声明播完毕后主持人可以直接开始发言谢谢东吴证券研究所提醒您本次电话会议即面向机构投资者或受邀客户第三方专家发言内容仅代表其个人观点所有信息或所表述的意见 均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议未经合法授权严禁录音转发及相关解读涉嫌违反上述情形的我们将保留追究法律责任的权利感谢您给予的理解和配合谢谢 各位投资者大家晚上好我是动物证券的电信首席曾斗宏非常欢迎大家我们这一场深度报告的分享那么主要是跟大家深度分享红华股份首先由我简短的说一下对红华股份的一个观点然后的话是由我们团队的 那个折动然后来做这个详细的这个分享那首先呢就是宏发我们应该是是一个非常优秀的公司也是一个非常这个踏实和这个务实的一个公司因为它是这个全球吸电器的这个全球龙头 应该说在纪念旗领域里面从小做到大基本上应该已经有五年以上吧都是全球的龙头超过了海外的友商相当于在纪念旗领域里面一定义上已经是自由的王国 那他之所以这样呢还是因为就是公司一直以来这个对产品就对继电器这一块的当然本身是有比较好的一个积累那同时呢就是一直持续的这个坚持这个 ...

电力设备/电网设备 公 司 研 究 宏发股份（600885.SH） 2024 年 08 月 18 日 下游需求延续向好趋势，汽车继电器份额显著提升 ——公司信息更新报告 投资评级：买入（维持） 殷晟路（分析师） 王嘉懿（联系人） yinshenglu@kysec.cn 证书编号：S0790522080001 wangjiayi@kysec.cn 证书编号：S0790123070003 | --- | --- | |--------------------|-------------| | 日期 | 2024/8/16 | | 当前股价(元) | 27.09 | | 一年最高最低(元) | 35.25/20.90 | | 总市值(亿元) | 282.46 | | 流通市值(亿元) | 282.46 | | 总股本(亿股) | 10.43 | | 流通股本(亿股) | 10.43 | | 近 3 个月换手率(%) | 40.03 | 股价走势图 宏发股份 沪深300 -40% -30% -20% -10% 0% 10% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《全球继电器龙头 ...

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 8 月 14 日 600885.SH 增持 原评级：增持 市场价格:人民币 28.14 板块评级:强于大市 股价表现 (37%) (30%) (22%) (14%) (6%) 1% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 宏发股份 上证综指 | --- | --- | --- | --- | --- | |--------------|-------|-------|-------|--------| | (%) | 今年 | 1 | 3 | 12 | | | 至今 | 个月 | 个月 | 个月 | | 绝对 | 5.0 | 1.2 | (3.2) | (19.7) | | 相对上证综指 | 8.2 | 4.7 | 5.7 | (9.6) | | --- | --- | --- | |--------------------------|------------|-----------| | 发行股数 (百万) | | 1,042.68 | | ...

证券代码：600885 证券简称：宏发股份 宏发科技股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------|--------------|-------------------------------| | | 特定对象调研 | 分析师会议媒体采访业绩说明会 | | 投资者关系 | | | | 活动类别 | | | | | 新闻发布会 | 路演活动 现场参观其他线上交流 | 时间 2024 年 8 月 9 日至 2024 年 8 月 12 日 地点 福建省厦门市集美区东林路厦门宏发电声股份有限公司三楼 形式 电话会议 活动接待人员 董事、副总经理兼董事会秘书林旦旦先生 参与活动人员 此次分析师会议，共有民生证券、东吴证券、天风证券、汇丰、花旗、中金等 多家机构共计 498 位代表参会，参会人员详见附表。 会议开始，林旦旦先生向参加会议的投资者介绍了公司 2024 年半年度主要 经营情况。报告期内，公司坚持宏发经营特色，以提升市场份额为中心，应用 积极灵活的竞争策略，把握市场机会，在宏观经济形势压力较大，材料价格快 速上涨，部分行业竞争加剧的外部环境下，主要经营指标 ...

Company and Industry Summary Company: Hongfa Technology Co., Ltd. Key Points - **Growth in Traditional Vehicles**: The company anticipates a growth of 20-30% in orders despite a slight decline in production and sales due to high temperatures in the past two months [1] - **Decline in Overseas Revenue**: The overseas revenue decreased year-on-year primarily due to a significant drop in demand from Europe, particularly in the new energy sector, including electric vehicles and photovoltaic products. North America showed a less pronounced decline [1] - **Power Relay Product Growth**: The power relay segment is expected to grow by 20% after two and a half years of continuous growth, although achieving faster growth may be challenging due to already high global market share [1] - **Export Ratio**: Approximately 60% of the power relay revenue comes from exports, indicating a strong international presence [1] - **Smart Meter Demand**: The primary downstream application for power relays is in smart meters, which are crucial for smart grid operations [1] - **Middle East Market Orders**: The company completed significant orders in Saudi Arabia by 2020, and the current economic conditions in Europe pose challenges for new orders [2] - **Smart Grid and Generation Side**: The smart grid transformation is not directly linked to new energy generation sources, as smart meter upgrades focus on operational efficiency rather than generation technology [2] - **Household Appliance Growth**: The household appliance segment is expected to see a normal growth rate of 8-10%, following adjustments made in the past two years [3][4] - **Export of Power Relays**: The overall export ratio is close to 40%, with household appliances having a higher export ratio [4] - **Industrial Relay Growth**: The industrial relay segment has started to grow in Q2, with expectations of continued recovery as inventory levels normalize and economic confidence improves [4] - **Net Profit Growth**: The net profit growth in Q2 outpaced revenue growth, attributed to favorable currency fluctuations and raw material price impacts [4][5] - **Stable Order Backlog**: The company maintains a stable order backlog of approximately 3-3.5 billion, driven by recovering demand and stable production capacity [5] - **Capacity Utilization**: Expected capacity utilization for the year is around 85%, with potential improvements if favorable economic conditions arise [6] - **Raw Material Price Impact**: The company does not foresee significant price increases due to raw material fluctuations, which have not heavily impacted gross margins [7] - **Revenue Growth Projection**: The company initially projected a revenue growth of around 10%, with current indications suggesting a potential increase to 15% [7] - **Product Development**: New products such as fuses are in the testing phase, with expectations for small-scale production in the second half of the year [8] - **Low Voltage Switches**: There are opportunities in both domestic and overseas markets for low voltage switches, particularly in energy management and HVAC products [8] - **Tariff Information**: The tariff for relays in the U.S. is 25%, while there are no additional tariffs in Europe [9]

Summary of Conference Call Company Overview - The company discussed is likely involved in the precious metals industry, specifically focusing on gold and silver based on the context of the conference call [1]. Key Points and Arguments - The half-year report indicates strong performance, suggesting positive financial results and operational metrics [1]. - The speaker, identified as Lin Dan Dan, is likely a key executive providing insights into the company's performance [1]. Additional Important Content - The call emphasizes the importance of summarizing key highlights from the half-year report, indicating a focus on transparency and communication with stakeholders [1].

2024年8月12日 | 9:11AM CST 2131d4eaf4cb4d50b1d51c8af07b64b4 宏发股份 (600885.SS): 2024年二季度业绩符合预期，汽 车继电器业务表现好于预期，2024年公司指引上调；买入 宏发股份在8月8日盘后公布的2024年二季度业绩显示，公司实现收入/毛利/EBIT/净利 润人民币37.78亿/13.09亿/6.76亿/4.88亿元（同比+11%/+7%/+1%/+28%），较我们 的预测高4%/低1%/高4%/高14%。剔除2023年二季度非经常性项目（远期外汇合约公 允价值变动损失人民币1.32亿元）的基数因素影响后，2024年二季度净利润同比下降 6%。总体而言，公司已将2024年收入指引从同比增长7-13%上调至目前的同比增长 10-15%。我们预计公司收入将同比增长15%，处于指引区间高端，得益于强劲的订单 势头（目前在手订单为2-3个月，而生产周期为1个月，2024年上半年产能利用率回升 至80-85%，而2023年为70%）。我们预计：1) 国内电力继电器招标强劲，2024年下 半年收入确认潜在走强；2) 高压直流继电器收入将保持增长势头； ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][10]. Core Views - The company achieved a net profit of 844 million yuan in the first half of 2024, representing a year-on-year increase of 15%. Revenue for the same period was 7.23 billion yuan, up 9% year-on-year, with a gross margin of 34.8% and a net margin of 15.3% [1][5]. - The company benefits from high demand in the global new energy vehicle and power equipment sectors, with a market share exceeding 40% in high-voltage direct current relays and a projected shipment growth of over 30% year-on-year for this segment in Q2 [1][9]. - The company is implementing a "75+" strategy to promote the development of new products such as film capacitors, connectors, current sensors, and fuses, which are expected to see increased shipments in the second half of the year [2][10]. Financial Performance - For Q2 2024, the company reported revenue of 3.78 billion yuan, a 12% increase year-on-year and a 9% increase quarter-on-quarter, with a net profit of 490 million yuan, reflecting a 21% year-on-year and a 37% quarter-on-quarter increase [1][5]. - The gross margin for Q2 was 34.6%, down 1.4 percentage points year-on-year, while the net margin improved to 16.8%, up 1.4 percentage points year-on-year [1][8]. - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 1.706 billion yuan, 1.939 billion yuan, and 2.121 billion yuan, respectively, with year-on-year growth rates of 22.5%, 13.6%, and 9.4% [10][12]. Industry Outlook - The traditional relay industry is expected to maintain steady growth, with household appliance relays projected to grow by 5%-10% year-on-year in Q2, and new energy relays showing signs of recovery due to strong demand in emerging markets [2][9]. - The company is well-positioned to capitalize on the ongoing recovery in the European market and the anticipated growth in energy storage installations in the U.S. due to a potential interest rate cut [2][10].

公 司 研 究 2024.08.10 宏 发 股 份 （ 6 0 0 8 8 5） 公 司 点 评 报 告 业绩整体符合预期，继电器龙头稳中求进 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 郭彦辰 登记编号：S1220523110003 联系人 唐叶 公 司 信 息 行业 电网自动化设备 最新收盘价(人民币/元) 28.01 总市值(亿)(元) 292.05 52 周最高/最低价(元) 35.12/21.76 历 史 表 现 数据来源：wind 方正证券研究所 相 关 研 究 《宏发股份(600885)：继电器龙头稳中求进， 《宏发股份：Q1 业绩稳健，继电器龙头地位稳 《宏发股份：业绩增长稳健，继电器龙头地位 | --- | |--------------------------------------| | 产品线横向拓展加深护城河》2024.04.01 | | 固》2023.05.03 | 稳固》2022.08.18 事件：公司发布 24 年中报，公司营业收入 72.31 亿元，同比增长 8.89%； 归属于上市公司股东的净利润 8.44 亿元，同比增长 15.33%；归属于上市公 司股 ...

大家好欢迎参加东吴电信恐慌股份半年度业绩声明会议目前所参会者均处于静音状态下面开始播报声明声明播报完毕后主持人可以直接开始发言谢谢东吴证券研究所提醒您本次电话会议仅面向机构投资者或受邀客户第三方专家发言内容仅代表其个人观点所有信息或所表述的意见 均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议未经合法授权严禁录音转发及相关解读涉嫌违反上述情形的我们将保留追究法律责任的权利感谢您给予的理解和配合谢谢 各位投资人大家下午好我是东吴证券的电信首席客户左宏今天我们非常荣幸邀请到了宏发的董立宁总跟我们一起就昨天晚上的中报做一个交流昨天的中报我想大家都看到了我们是觉得中报的整体的表现整体的业绩应该是超预期的 整个经营的质量应该说也是非常之高的因为从现金流这些包括预修都能看得出来因为它二季度利润增速就是规模利润增速超过20%当然这个也是只有该体现公司新一轮的 周期的向上具体来说的话就是我们可以看到像原来占偏传统一点的行业占比较大的像家电这边也在好转然后汽车这边我觉得应该是有一个超预期的增长超过30%这是两个大的板块另外像新能源汽车这边的话增长也有一定的提速然后 新能源这一块降幅明显的收窄下半年会有增长其实简 ...