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 ...

Summary of the Conference Call Company and Industry - The conference call pertains to Dongwu Telecom Panic Co., Ltd, focusing on its semi-annual performance statement [1] Core Points and Arguments - The call is intended for institutional investors and invited clients, indicating a focus on professional stakeholders [1] - The content shared during the call is presented as personal opinions from third-party experts, suggesting a level of caution regarding the information's reliability [1] Other Important but Possibly Overlooked Content - The meeting emphasizes that all participants are currently muted, which may indicate a structured format for the discussion [1] - The mention of the research institute suggests that there may be additional insights or analyses provided by Dongwu Securities Research Institute, although specific details are not disclosed in the excerpt [1]

abc 2024 年 08 月 09 日 Global Research and Evidence Lab 快评 宏发股份 Q224业绩略超预期， 汽车板块市占率快速提升 问：相对于预期，业绩表现如何？ H124收入/归母净利72.3亿元/8.4亿元，同比+9/+15% H 1 2 4 收 入 / 归 母 净 利 润 占 我 们 此 前 预 期 5 1 / 5 5 % ， 占 一 致 预 期50/52%（过去5年平均：49/49%），业绩略超我们/市场预期 Q224营收/归母净利38/4.9亿元，同比+12/+22%（Q124: +6/+8%） Q224毛利率34.6%，同比下降1.4ppts（铜银涨价，但结构改善） Q224汇兑影响（汇兑损益+结汇）0.67亿元，Q223汇兑影响0.91亿元 问：业绩中最值得关注的是什么？ Q 2 2 4 家 电 / 汽 车 / 电 动 车 板 块 发 货 1 1 . 5 亿 元 / 5 . 7 亿 / 8 . 1 亿 ， 同 比+5/+51/+34%（受益市占率提升，汽车板块表现好于我们预期） Q224风光储板块发货发货2.4亿，同比持平（Q124同比-34%），公司 表 ...

一些红花的这种制造能力和这个市场的这个应变的这个能力吧所以整个全球这品牌的这种渗透力在全球范围内应该都是越来越强的那我们把公司的这个就在这个基调之下我们也认为上修了这个业绩的这个预期然后我们觉得在这个位置还是非常抗衡的那至于的话我想 先请林总叔叔简单的介绍然后我们再提问交流感谢多叔刚才多叔也总结回顾了我们上半年跟二季度的情况我觉得 应该说也比较全面也基本上代表了我们公司自己对自己过去这半年来的一个经营状况的一个判断第一个就是我们觉得经营质量体现的还是比较高的特别是在当前整体外部形势压力比较大然后不确定事件也比较多这样的一个情况下 我们应该说比前年年初的整体的一个经营展望是会有超出预期或者说是高于预期所以对下半年整体的一个状况我们现在从趋势上来讲也会更有信心当然下半年我们认为说看到的这个情况依然是有很多 不确定性跟变化的可能但是因为现在半年的基调已经在这里了然后包括结合我们近期的一些业务的一些表现我们认为说今年应该来讲总体上来讲是经营上是会比较有信心所以刚才德子因为对整个公司的业务总结已经比较完整了我就不再最仔细回顾它所以接下来看 具体的一些经营环节大家有感兴趣的我们就具体的交流好的好的好的谢谢林总对我大致总结 ...

证券研究报告·公司点评报告·电力设备 宏发股份（600885） 2024 年半年报业绩点评：业绩符合预期，龙 头地位稳固 2024 年 08 月 09 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 11646 | 12930 | 14696 | 16759 | 18907 | | 同比（%） | 16.20 | 11.02 | 13.66 | 14.04 | 12.82 | | 归母净利润（百万元） | 1250 | 1393 | 1679 | 1985 | 2316 | | 同比（%） | 17.66 | 11.42 | 20.53 | 18.21 | 16.70 | | EPS-最新摊薄（元/股） | 1.20 | 1.34 | 1.61 | 1.90 | 2.2 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Views - The company reported strong performance in H1 2024, with revenue of 7.231 billion yuan, a year-on-year increase of 8.9%, and a net profit attributable to shareholders of 844 million yuan, up 15.3% year-on-year [1]. - The core relay products continue to see rapid new product iterations, solidifying market share, with 193 new projects initiated in H1 2024, a 16% increase year-on-year [1]. - The company is benefiting from multiple downstream sectors, including consumer electronics, industrial equipment, power energy, and automotive transportation, with significant growth in demand and market share [1]. - The company is implementing its "75+" strategy, focusing on high-quality development of its core relay business while also promoting the growth of five new product categories [1]. Financial Performance - In H1 2024, the company achieved a gross margin of 34.8%, a slight decrease of 0.23 percentage points year-on-year, while the net profit margin improved by 0.97 percentage points to 15.3% [1]. - The company’s revenue projections for 2024-2026 are 14.999 billion yuan, 17.406 billion yuan, and 20.140 billion yuan, with growth rates of 16.0%, 16.0%, and 15.7% respectively [2][6]. - The net profit attributable to shareholders for the same period is projected to be 1.609 billion yuan, 1.879 billion yuan, and 2.195 billion yuan, with growth rates of 15.5%, 16.8%, and 16.8% respectively [2][6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 40.32 RMB [6][7]. Core Views - The company achieved a robust performance in H1 2024, with revenue of 7.231 billion RMB (up 8.89% YoY) and net profit of 844 million RMB (up 15.33% YoY) [1]. - The company is a global leader in electromagnetic relays, benefiting from strong demand in various sectors, including smart electric meters and automotive markets [3][4]. - The report projects EPS for 2024, 2025, and 2026 to be 1.61 RMB, 1.89 RMB, and 2.28 RMB respectively, with a PE ratio of 25 times for 2024 [1][5]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 3.778 billion RMB (up 11.89% YoY) and net profit of 488 million RMB (up 21.56% YoY) [1]. - The overall gross margin for H1 2024 was 36.15%, a decrease of 0.72 percentage points YoY, primarily due to rising raw material costs [2]. Market Demand - The demand for power relays is increasing due to the rapid growth in the global smart electric meter market, with a capacity utilization rate exceeding 90% [3]. - The automotive sector is also experiencing significant growth, with the company's low-voltage automotive relay business benefiting from increased demand and market share [3]. Product Development - The company is implementing its "75+" strategy, with notable growth in new product categories such as film capacitors (up 20% YoY) and connectors (up 129% YoY) [4]. - The report highlights the company's ongoing efforts to expand its product lines and improve profitability through scale [4].

独立董事提名人声明与承诺 宏发科技股份有限公司 提名人宏发科技股份有限公司董事会,现提名郑海味为宏发科技股份有限公司第十一届 董事会独立董事候选人,并已充分了解被提名人职业、学历、职称、详细的工作经历、全部 兼职、有无重大失信等不良记录等情况。被提名人已同意出任宏发科技股份有限公司第十一 届董事会独立董事候选人(参见该独立董事候选人声明)。 提名人认为,被提名人具备独立董事任职资格,与宏发科技股份有限公司之间不存在任 何影响其独立性的关系,具体声明并承诺如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、行政法规、规章及其他 规范性文件,具有5年以上法律、经济、财务、管理或者其他履行独立董事职责所必需的工 作经验。 被提名人已在上海证券交易所独立董事履职学习平台完成学习。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求; (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定(如适用); (三)中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监管规则以及 公司章程有关独立董事任职资格和条件的相关规定; (四)中共中央纪委 ...