证券研究报告 | 电力设备 | 2 0 2 5年 2 月 2 2 日 摘要 资料来源：方正证券研究所 2 Ø 电源：数据中心供配电由于其用电特殊性，电源价值量及冗余配置大幅提升，价值量大+技术持续迭代+敏感度不高。 • 机柜外：1）HVDC和UPS的对比：HVDC核心在效率和可靠性上有所升级，效率方面：拓扑结构比 UPS 简单，少半个变压器，成本更低，转化效率 更高，不过 UPS 升级后效率差异有所减小。可靠性方面：蓄电池挂载位置不同，HVDC 直流电流直接挂载在直流母线上，后端出问题时仍能顶上， 宕机率比 UPS 低。2）规模测算：按照UPS电源国内价格大约在0.6元/W（不含铅酸电池）；HVDC电源大多是集采所以价格更低，大约0.5元/W （整流器件和PSU的用量减少），国内27年远期规模测算在150亿左右； • 机柜内：非标+定制化需求更高，带来更多溢价。2024-2029 年 AI 服务器平均机架密度将从 40-100kW 增加至 350-500kW。以英伟达最新的主 流机架 GB200 NVL72为例，单机架120kW对应约198kW 服务器电源（单个模块功率为5.5kW，总共36 个模块），容量配 ...

| 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 | 2025-001 | | --- | --- | --- | --- | | 转债代码：110082 | 转债简称：宏发转债 | | | 宏发科技股份有限公司 ● 累计转股情况：宏发转债自 2022 年 5 月 5 日进入转股期，截至 2024 年 12 月 31 日，累计有 513,000 元宏发转债转换为公司普通股股票，累计转股数 8,105 股，占可转 债转股前公司已发行股份总额的 0.0011%。 ● 未转股可转债情况：截至 2024 年 12 月 31 日，尚未转股的可转债金额为 1,999,487,000 元，占可转债发行总量的 99.9744%。 ● 2024 年度第四季度转股情况：本季度可转债转股的金额为 10,000 元，因转股形成 的股份数量为 280 股。 一、可转债发行上市概况 宏发科技股份有限公司（以下简称"公司"）经中国证券监督管理委员会《关于核准宏发 科技股份有限公司公开发行可转换公司债券的批复》（证监许可【2021】3145 号）核准，于 2021 年 10 月 28 日公开发行了 2,000 万张可转换 ...

Investment Rating - The report assigns a "Buy" rating for the company, Hongfa Technology Co., Ltd. (600885) [4] Core Viewpoints - Hongfa Technology is a leading global player in the relay industry, maintaining a strong market share and focusing on quality and efficiency to enhance its competitive edge [19] - The company has shown consistent revenue growth and stable profitability, with a projected increase in net profit from 1.39 billion RMB in 2023 to 2.09 billion RMB by 2026 [20] - The establishment of its first overseas factory in Indonesia has yielded significant results, with sales revenue reaching 244 million RMB, a year-on-year increase of 157% [19] Summary by Relevant Sections Financial Performance - The company's sales gross margin has remained stable at around 35% from 2017 to Q3 2024, while the net profit margin has been approximately 14% [1] - The projected revenues for 2024-2026 are 145.71 billion RMB, 162.58 billion RMB, and 180.97 billion RMB, respectively, with corresponding net profits of 1.68 billion RMB, 1.85 billion RMB, and 2.09 billion RMB [20][70] Market Position - Hongfa Technology has achieved a global market share of 31.6% in power relays and over 40% in high-voltage direct current relays as of 2023 [14] - The company has a comprehensive product range, producing over 30 billion relays annually across various categories, including automotive and industrial relays [14][15] Research and Development - The company maintains a high R&D investment, with a R&D expense ratio of 4.92% in Q1-Q3 2024, and has filed 497 patents in the relay field, marking a 48% increase year-on-year [1][62] - Hongfa Technology actively participates in the formulation of international and national standards, reinforcing its leadership in the relay industry [62] Strategic Initiatives - The company is expanding its product categories and enhancing its manufacturing capabilities, particularly in the context of new energy vehicles and smart home applications [19][58] - Hongfa Technology's strategic focus on automation and self-sufficiency in component supply is expected to support its growth in new product lines [19]

Investment Rating - The report initiates coverage with a "Buy" rating for Hongfa Technology Co., Ltd. (600885) [31] Core Views - Hongfa Technology is positioned as a leading company in the relay industry, benefiting from its scale production capabilities and expected market share growth due to industry expansion [3][6] - The company has successfully established its first overseas factory in Indonesia, achieving significant sales growth and profitability [30] - The demand for relays is expected to rise due to the expansion of downstream industries, particularly in home appliances and automotive sectors, which together account for over 50% of relay applications [23][54] Summary by Sections 1. Company Overview - Hongfa Technology has a clear ownership structure and strategic layout, with major shareholders holding significant stakes [10] - The company has established R&D and production bases across various regions in China and has developed a marketing network in the Americas, Europe, and Southeast Asia [10] 2. Relay Business Growth - The relay business is experiencing rapid growth, with a projected increase in profitability [13] - The company holds a 21.6% global market share in the relay sector, maintaining its position as the market leader [29][68] 3. Downstream Demand and Market Trends - The relay market is supported by strong demand from various sectors, including home appliances, automotive, and renewable energy [23][50] - The automotive sector, particularly for electric vehicles, is driving demand for high-voltage relays, with the company’s products meeting the necessary specifications [28][54] 4. Financial Performance and Projections - Revenue is expected to grow from 129.30 billion RMB in 2023 to 180.97 billion RMB by 2026, with a steady increase in gross profit margins [31][81] - The company’s net profit is projected to reach 20.87 billion RMB by 2026, with corresponding PE ratios decreasing over the years [31][81] 5. Investment Recommendations - The report emphasizes that the revenue growth is primarily driven by relay products, highlighting the company's strong market position and growth potential [80]

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。 北京德皓国际会计师事务所（特殊普通合伙）成立日期为 2008 年 12 月 8 日，注册地址为北京市西城区阜成门外大街 31 号 5 层 519A，执行事务合伙人为 杨雄。 更名后的事务所各项执业资格、服务团队、单位地址、联系电话等均无 变化，主体资格和法律关系不变。原"北京大华国际会计师事务所（特殊普通合 伙）"各项业务、权利和义务由"北京德皓国际会计师事务所（特殊普通合伙）" 继续承担，原有的业务关系及已签订的合同继续履行。 | 证券代码：600885 | 证券简称：宏发股份 | 编 | 号：临 | 2024—072 | | --- | --- | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | | | 本次变更仅为名称变更，不涉及主体资格变更，不属于更换或重新聘任会计 师事务所事项。 宏发科技股份有限公司 关于会计师事务所更名的公告 特此公告。 宏发科技股份有限公司（以下简称"公司"）于近日收到 2024 年度财务报表 和内部 ...

| 证券代码：600885 | 证券简称：宏发股份 | 编 | 号：临 | 2024—071 | | --- | --- | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | | | 宏发科技股份有限公司 关于控股股东部分股份解押再质押的公告 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。 重要内容提示: 截止本公告日，公司控股股东有格创业投资有限公司（以下简称"有格投资"） 持有宏发科技股份有限公司（以下简称"公司"或"本公司"）股份数量为 285,154,494 股，占本公司总股本的 27.35%。有格投资持有本公司股份累计 质押数量（含本次）为 69,238,000 股，占其持有的本公司股份的 24.28%， 占本公司总股本的 6.64%。 宏发科技股份有限公司（以下简称"公司"或"本公司"）于 2024 年 12 月 26 日接到本公司控股股东有格创业投资有限公司（以下简称"有格投资"）通知， 有格投资将其原质押给中国银河证券股份有限公司本公司无限售条件流通股 1,500, ...

债券代码：110082 债券简称：宏发转债 股票代码：600885 公司简称：宏发股份 公告编号：临 2024-070 宏发科技股份有限公司 关于 2025 年度日常关联交易预计的公告 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个别及连带责任。 重要内容提示： | 向关联人提供劳 | 厦门彼格科技有 | 检测费、培训费 | 市场价格 | 2 | 5.5 | 2 | | --- | --- | --- | --- | --- | --- | --- | | 务 | 限公司 | 等 | | | | | | 其他 | 厦门彼格科技有 | 房租、水电费等 | 市场价格 | 1 | 0.2 | 1 | | | 限公司 | | | | | | | 其他 | 福建鼎悦体育发 | 其他 | 市场价格 | 0 | 4 | 12 | | | 展有限公司 | | | | | | | 合计： | | | | 4980 | 3071.70 | 4218 | 公司董事会对日常关联交易实际发生情况与预计存在较大差异的说明: 公司预计的日常关联交易额度是依据公司业 ...

| 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 2024-069 | | --- | --- | --- | | 转债代码：110082 | 转债简称：宏发转债 | | 宏发科技股份有限公司 第十一届监事会第三次会议决议公告 2024 年 12 月 14 日 二、监事会会议审议情况 1、审议通过了《关于 2025 年度日常关联交易预计的议案》 2025 年公司与关联人发生的日常关联交易是公司日常经营所必需的，日常 关联交易计划决策程序合法有效，交易定价公允合理，充分保证了公司的利益， 不存在损害上市公司和股东利益的情形。 表决结果：3 票同意，0 票反对，0 票弃权。 特此公告。 宏发科技股份有限公司监事会 本公司监事会及全体监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。 一、监事会会议召开情况 宏发科技股份有限公司（以下简称"公司"）于 2024 年 12 月 6 日以电子邮 件和电话通知的方式向公司全体监事发出召开第十一届监事会第三次会议的通 知，会议于 2024 年 12 月 13 日上午在公司会议室以通迅方式召开 ...

1、审议通过了《关于 2025 年度日常关联交易预计的议案》 具体内容详见公司同日披露《宏发股份：关于 2025 年度日常关联交易预计 的公告》。 | 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 | 2024-068 | | --- | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | | 宏发科技股份有限公司 第十一届董事会第五次会议决议公告 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。 一、董事会会议召开情况 宏发科技股份有限公司（以下简称"公司"）于 2024 年 12 月 6 日以电子邮 件和电话通知的方式向公司全体董事、监事和高级管理人员发出召开第十一届董 事会第五次会议的通知，会议于 2024 年 12 月 13 日以通迅方式在公司会议室召 开。本次会议应到董事 9 名，实到董事 9 名，公司监事和高级管理人员列席会议。 董事推选郭满金董事主持会议。会议的召集和召开符合《公司法》、《证券法》及 《公司章程》的有关规定，会议决议合法有效。 二、董 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Insights - The company reported a revenue of 10.87 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 9.97%. The net profit attributable to the parent company was 1.269 billion yuan, up 15.07% year-on-year [5][6]. - In Q3 alone, the company achieved a revenue of 3.638 billion yuan, with a year-on-year increase of 12.19%, and a net profit of 425 million yuan, reflecting a growth of 14.55% [5][6]. - The report highlights that the revenue growth in Q3 is indicative of improving downstream demand, particularly in the power relay segment, which is expected to see accelerated growth due to the recovery in the new energy sector [6][7]. Financial Performance - The gross profit margin for the first three quarters was 35.17%, a slight decrease of 0.42 percentage points year-on-year, while the Q3 gross profit margin was 35.95%, down 0.82 percentage points [6]. - The operating expense ratio for the first three quarters was 18.14%, an increase of 0.86 percentage points year-on-year, with a Q3 expense ratio of 18.74%, which decreased by 0.97 percentage points due to a decline in financial expense ratio [6][7]. - The company's asset-liability ratio at the end of Q3 was 40.7%, an increase of 1.96 percentage points from the previous quarter [7]. Future Outlook - The report anticipates that the company will continue to experience robust growth driven by the recovery of downstream demand and ongoing cost reduction efforts. The projected net profit for 2024 is 1.63 billion yuan, corresponding to a PE ratio of approximately 20.4 times [7][8].