1 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 | --- | --- | |---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company's Q3 2024 performance met expectations, with a gradual improvement in its overseas layout as the German factory has been completed and is set to begin production in 2025 [2] - The target price has been raised to 41.61 CNY from the previous 35.36 CNY, reflecting a positive outlook on the company's growth prospects [2][7] Financial Performance Summary - In Q3 2024, the company achieved a revenue of 3.638 billion CNY, representing a year-on-year increase of 12.19% and a quarter-on-quarter decrease of 3.71% [7] - The net profit attributable to shareholders for Q3 2024 was 425 million CNY, up 14.55% year-on-year but down 12.91% quarter-on-quarter [7] - For the first three quarters of 2024, the company reported a total revenue of 10.869 billion CNY, a 9.97% increase year-on-year, and a net profit of 1.269 billion CNY, up 15.07% year-on-year [7] Business Strategy and Market Position - The company is a leading player in the global relay market, holding a market share of 21.3% in 2023, an increase of 7.2 percentage points since 2019 [7] - The company is expanding its product categories, particularly in low-voltage electrical products, to create a new growth curve while maintaining its leadership in relay products [7] - The overseas layout has been enhanced with the completion of the German factory and significant growth in sales and profits from the Indonesian market, which saw a 157% increase in sales and an 89% increase in net profit year-on-year [7] Financial Forecast - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.56 CNY, 1.79 CNY, and 2.03 CNY respectively, reflecting adjustments from previous estimates [8] - Revenue is expected to grow from 14.62 billion CNY in 2024 to 18.40 billion CNY in 2026, with corresponding net profits increasing from 1.629 billion CNY to 2.119 billion CNY over the same period [8]

Summary of the Conference Call for Dongwu Telecom Hongfa Co., Ltd. Q3 2024 Earnings Company Overview - **Company**: Dongwu Telecom Hongfa Co., Ltd. - **Industry**: Telecommunications and Electrical Equipment Key Points and Arguments Financial Performance - The company reported stable financial performance with slight revenue decline in Q3 compared to Q2, approximately over 100 million [2] - Gross profit margin improved by over 1 percentage point, reaching close to 36% in Q3 [5] - Overall revenue and profit reflect a steady operational trend, with Q3 showing a slight decrease in revenue but an increase in gross margin [2][5] Market Dynamics - The demand in the electric vehicle (EV) sector showed a slight decline in Q3, attributed to seasonal factors, with expectations for recovery in Q4 due to upcoming demand from events like Double Eleven [2] - The signal infrastructure segment experienced significant growth due to new applications in renewable energy and traditional communication sectors [3] - The power energy sector remains stable with good growth, particularly in products related to inverters, with monthly averages exceeding 90 million [3][4] Strategic Developments - The company is expanding its global manufacturing footprint, with a factory in Texas nearing completion and automation lines being installed [5] - A proposal for a downward adjustment of the conversion price for bonds was discussed, aimed at alleviating financial pressure and stabilizing long-term operations [6] Industry Trends - The automotive market is performing well, with expectations for a significant increase in global market share [4] - The high-voltage direct current (HVDC) segment is projected to grow by over 20%, with notable demand from both domestic and international markets [11] - The company is optimistic about the recovery of the European market, anticipating a 60-70% increase in consumption for certain products in 2024 [14] Challenges and Risks - The company acknowledged potential short-term fluctuations in demand due to macroeconomic factors and geopolitical tensions [22] - Concerns were raised about the impact of rising raw material costs on profitability, with strategies in place to manage inventory and production levels [23] Future Outlook - The company expects stable growth in Q4, with a maintained order visibility of approximately 30-35 billion [21] - There is a focus on optimizing customer and product coverage to enhance market positioning [9] - The management is cautious yet optimistic about the long-term growth trajectory, particularly in the automotive and renewable energy sectors [29] Additional Insights - The company has successfully diversified its customer base, reducing reliance on major clients like Huawei [8] - The introduction of new products and technologies is seen as a key driver for future growth, particularly in the EV and smart home sectors [32] Conclusion Dongwu Telecom Hongfa Co., Ltd. demonstrated resilience in its Q3 performance amidst market fluctuations, with strategic expansions and a focus on innovation positioning the company for future growth in the telecommunications and electrical equipment industry.

Investment Rating - The investment rating for the company is "Outperform the Market" [2][7]. Core Views - The company has shown steady revenue growth with a 9.97% year-on-year increase in revenue for the first three quarters of 2024, reaching 10.869 billion yuan, and a 15.07% increase in net profit attributable to shareholders, totaling 1.269 billion yuan [3][4]. - The company maintains a strong market position as a global leader in relays, benefiting from the rapid development of industries such as new energy vehicles and smart home technology [5][7]. Financial Performance Summary - For the first three quarters of 2024, the comprehensive gross margin was 35.17%, a decrease of 1.19 percentage points year-on-year [3]. - The operating expenses ratio for the first three quarters was 18.14%, an increase of 0.56 percentage points year-on-year, with a decrease in the sales expense ratio to 3.29% [3]. - In Q3 2024, revenue reached 3.638 billion yuan, a 12.19% increase year-on-year, with a net profit of 425 million yuan, reflecting a 14.55% increase [4]. Market Position and Growth Potential - The global electromagnetic relay market was valued at approximately 54 billion yuan in 2023, with a year-on-year growth of 3.6%, while the Chinese market reached about 37.18 billion yuan, growing by 5.1% [5]. - The company is expected to benefit significantly from the growth in smart home, industrial automation, and the rapid development of new energy vehicles and 5G communication [5]. Financial Forecasts - The company is projected to achieve net profits of 1.619 billion yuan, 1.898 billion yuan, and 2.233 billion yuan for the years 2024, 2025, and 2026, respectively [7][11]. - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are 1.55 yuan, 1.82 yuan, and 2.14 yuan, respectively [7][11].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in Q1-Q3 2024 met market expectations, with revenue increasing by 10% year-on-year to 10.87 billion yuan and net profit rising by 15% year-on-year to 1.27 billion yuan [2] - The recovery in new energy and signal products exceeded expectations, with anticipated growth rates of over 50% and 30% respectively in Q3 [3] - The electric vehicle and fuel vehicle segments are expected to grow by approximately 20% in Q3, supported by strong domestic demand and a recovery in the European market [3] - Short-term pressure is anticipated in the power, industrial, and low-voltage electrical sectors, but gradual recovery is expected [4] - The company is projected to achieve net profits of 1.68 billion yuan in 2024, with a corresponding P/E ratio of 25x, leading to a target price of 40.3 yuan [4] Financial Forecasts and Valuation - Total revenue is forecasted to reach 14.70 billion yuan in 2024, with a year-on-year growth of 13.66% [10] - The net profit attributable to the parent company is expected to be 1.68 billion yuan in 2024, reflecting a year-on-year increase of 20.53% [10] - The report outlines a steady increase in EPS from 1.34 yuan in 2023 to 1.61 yuan in 2024 [10] - The company maintains a strong market position, with a projected P/E ratio decreasing from 25.77 in 2023 to 19.19 in 2024 [1][4]

Investment Rating - The report maintains a "Recommend" rating for Hongfa Corporation (600885 SH) [4][6] Core Views - Hongfa Corporation's Q3 2024 performance met expectations with strong profitability [2] - The company achieved revenue of 10 869 billion yuan in the first three quarters of 2024 a YoY increase of 9 97% and net profit attributable to the parent company of 1 269 billion yuan a YoY increase of 15 07% [2] - In Q3 2024 the company achieved revenue of 3 638 billion yuan a YoY increase of 12 19% and net profit attributable to the parent company of 425 million yuan a YoY increase of 14 55% [2] - The company's gross profit margin for the first three quarters of 2024 was 35 17% a slight decrease of 0 41pct YoY while the net profit margin increased by 0 87pct to 15 42% [3] - The company's R&D investment in the first three quarters of 2024 was 357 million yuan a YoY increase of 20% with an R&D expense ratio of 4 92% [3] - The company's "75+" strategy has shown significant results with breakthroughs in new product categories such as film capacitors connectors current sensors and fuses [4] - The report forecasts revenue of 14 708 billion yuan 16 833 billion yuan and 19 229 billion yuan for 2024 2025 and 2026 respectively with YoY growth rates of 13 8% 14 4% and 14 2% [4] - The report forecasts net profit attributable to the parent company of 1 586 billion yuan 1 821 billion yuan and 2 122 billion yuan for 2024 2025 and 2026 respectively with YoY growth rates of 13 9% 14 8% and 16 6% [4] Financial Performance Summary - The company's gross profit margin for 2024E is expected to be 35 25% slightly lower than 36 89% in 2023A [8] - The net profit margin is expected to remain stable at around 10 8% from 2024E to 2026E [8] - The ROE is forecasted to be 16 77% 16 92% and 17 27% for 2024E 2025E and 2026E respectively [8] - The company's PE ratio is expected to decrease from 20x in 2024E to 15x in 2026E [4][8] - The PB ratio is forecasted to decline from 3 4x in 2024E to 2 6x in 2026E [4][8] Business Development - The company's low-voltage switchgear business remained stable in H1 2024 despite challenges in the domestic building power distribution market by exploring new growth areas in new energy industrial and grid applications [4] - New product categories such as film capacitors connectors current sensors and fuses have shown significant progress with fuses already obtaining certification [4]

| 证券代码：600885 | 证券简称：宏发股份 | 公告编号：2024-064 | | --- | --- | --- | | 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"宏发转债"调整转股价格暨转股停复牌的公告 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： 证券停复牌情况：适用 因"宏发转债" 实施修正条款,本公司的相关证券停复牌情况如下： | | | ● 调整前转股价格：50.52 元/股 ● 调整后转股价格：32.32 元/股 3、因公司实施 2023 年年度利润分配方案，自 2024 年 6 月 20 日起，转股价格调整为 50.52 元/股，详见《关于"宏发转债"调整转股价格暨转股停复牌的公告》（公告编号：临 2024-032）。 一、转股价格调整依据 根据《宏发科技股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集说 明书》"）的约定，"宏发转债"的转股价格向下修正条款如下： （1）修正条件与修正幅度 ● 宏发转债本次转股价格调整实施日期： ...

二、董事会会议审议情况 1、审议通过了《关于确定向下修正"宏发转债"转股价格的议案》 根据《宏发科技股份有限公司公开发行可转换公司债券募集说明书》相关规 定及公司 2024 年第二次临时股东大会授权，综合考虑公司未来发展前景，公司 董事会决定将"宏发转债"的转股价格由 50.52 元/股向下修正为 32.32 元/股， 修正后的转股价格自 2024 年 11 月 5 日起生效。 | 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 | 2024-066 | | --- | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | | 宏发科技股份有限公司 第十一届董事会第四次会议决议公告 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个别及连带责任。 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 10 月 26 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 事会第四次会议的通知，会议于 2024 年 11 月 ...

競天公誠律師事務所 JINGTIAN & GONGCHENG 中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话:(86-10) 5809-1000 传真:(86-10) 5809-1100 北京市竞天公诚律师事务所 关于宏发科技股份有限公司 2024年第二次临时股东大会的法律意见书 致:宏发科技股份有限公司 北京市竞天公诚律师事务所(以下简称"本所")接受宏发科技股份有限公司 (以下简称"公司")的委托,指派本所吴杰江律师、李蒙律师对公司于 2024年 11 月 1 日 14 点 30 分在厦门宏发电声股份有限公司东林厂区二楼调度会议室(厦 门市集美区东林路 564 号 ) 召开的 2024 年第二次临时股东大会 ( 以下简称"本次 股东大会")进行见证,并依据《中华人民共和国公司法》等中国现行法律、法 规和其他规范性文件(以下简称"中国法律法规")及《宏发科技股份有限公司章 程》(以下简称"公司章程")的规定,就本次股东大会的召集和召开程序、出席 会议人员资格、召集人资格、会议表决程序和表决结果等事宜(以下简称"程序 事宜")出具本法律意见书。 为出具本法律意见 ...

证券代码：600885 证券简称：宏发股份 公告编号：2024-065 宏发科技股份有限公司 2024 年第二次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 441 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 613,165,596 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总 | | | 数的比例（%） | 58.8069 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 表决方式符合《公司法》及《公司章程》的规定，大会由郭满金董事长主持。 (一) 股东大会召开的时间：2024 年 11 月 1 日 (二) 股东大会召开的地点：厦门宏发电声股份有限公司东林厂区二楼调度会 议室（厦门市集美区东林路 564 号） (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (五) 公司董事、监事 ...