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 ...

Group 1 - The smart connected vehicle ETF (159872.SZ) increased by 0.33%, with its associated index CS Vehicle Networking (930725.CSI) rising by 0.09% [1] - Major component stocks such as BYD rose by 2.05%, Aerospace Science and Technology by 2.22%, and CATL by 0.88%, reflecting a positive market sentiment towards the new energy vehicle and smart connected industry chain [1] - According to the latest survey by the China Passenger Car Association, the narrow passenger car retail market is expected to reach approximately 1.85 million units this month, representing a year-on-year growth of 8.5% and a month-on-month increase of 5.4% [1] Group 2 - Galaxy Securities noted that satellite communication is being integrated into high-level autonomous driving emergency link systems, particularly in western and high-speed scenarios, complementing 5G and vehicle-road collaboration [2] - The domestic policy continues to support "smart connected vehicles" and "vehicle-road collaboration," accelerating the construction of national smart connected vehicle demonstration zones and driving demand for vehicle communication [2] - The battery swap model, represented by CATL, enhances efficiency by reducing vehicle energy consumption and battery replacement costs, with applications in vehicle networking infrastructure such as NIO's battery swap stations [2]

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]

Group 1 - The core viewpoint of the news is that the China Securities New Energy Vehicle Index has shown mixed performance, with a recent decline despite a positive trend over the past month and year-to-date [2][1]. - The China Securities New Energy Vehicle Index has increased by 7.73% in the last month, decreased by 2.33% in the last three months, and has risen by 5.46% year-to-date [2]. - The index includes companies involved in lithium batteries, charging piles, and new energy vehicles, reflecting the overall performance of related listed companies [2]. Group 2 - The top ten weighted companies in the index are BYD (13.83%), Huichuan Technology (11.28%), CATL (9.99%), Sanhua Intelligent Control (4.83%), Yiwei Lithium Energy (4.55%), Huayou Cobalt (3.81%), Ganfeng Lithium (2.84%), Greeenme (2.58%), Tianqi Lithium (2.45%), and Hongfa Technology (2.25%) [2]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (83.07%), followed by the Shanghai Stock Exchange (16.31%) and the Beijing Stock Exchange (0.62%) [2]. - The industry composition of the index holdings includes 56.48% in industrials, 24.71% in consumer discretionary, 17.65% in materials, and 1.15% in information technology [2]. Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]. - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [3].

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 performance of the China Securities New Energy Vehicle Index has shown fluctuations, with a recent decline in the index value despite a notable increase over the past month [2]. Group 1: Index Performance - The China Securities New Energy Vehicle Index has decreased by 0.27%, closing at 2952.77 points with a trading volume of 27.231 billion yuan [1]. - Over the past month, the index has increased by 11.17%, while it has decreased by 3.61% over the last three months and has risen by 3.04% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in lithium batteries, charging stations, and new energy vehicles, reflecting the overall performance of related listed companies [2]. - The top ten weighted companies in the index are BYD (13.47%), Huichuan Technology (11.56%), CATL (9.64%), Sanhua Intelligent Control (4.86%), Yiwei Lithium Energy (4.34%), Huayou Cobalt (3.87%), Ganfeng Lithium (2.83%), Greenmeadows (2.6%), Tianqi Lithium (2.46%), and Hongfa Technology (2.23%) [2]. Group 3: Market and Sector Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (82.93%), followed by the Shanghai Stock Exchange (16.47%) and the Beijing Stock Exchange (0.60%) [2]. - In terms of industry distribution, the index comprises 56.65% in industrials, 24.48% in consumer discretionary, 17.70% in materials, and 1.18% in information technology [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].

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].

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company reported a revenue of 3.98 billion yuan for Q1 2025, representing a year-on-year increase of 15.3% and a quarter-on-quarter increase of 23.2% [3][9]. - The net profit attributable to the parent company for Q1 2025 was 410 million yuan, up 15.5% year-on-year and 13.7% quarter-on-quarter [3][9]. - The non-recurring net profit for Q1 2025 was 380 million yuan, reflecting a year-on-year increase of 14.2% and a quarter-on-quarter increase of 20.8% [3][9]. Revenue Analysis - The company expects all downstream sectors to achieve year-on-year growth, with the new energy sector anticipated to grow rapidly [9]. - The company is experiencing rapid development in modular products, with high-voltage control boxes, automotive modules, and industrial control modules expected to see relatively high growth in Q1 2025 [9]. Profitability and Costs - 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 and product structure impacts [9]. - The total expense ratio for Q1 2025 was 17.64%, down 1.56 percentage points year-on-year, indicating effective cost control by the company [9]. Balance Sheet Insights - As of the end of Q1 2025, the company's inventory was 2.93 billion yuan, an increase of 25.6% year-on-year but a decrease of 16.0% from the previous quarter [9]. - The accounts receivable at the end of Q1 2025 reached 6.197 billion yuan, up 11.4% year-on-year and 25.9% quarter-on-quarter [9]. - The company's asset-liability ratio at the end of Q1 2025 was 38.49%, an increase of 2.26 percentage points year-on-year [9].