Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company reported a total revenue of 14.1 billion yuan for 2024, representing a year-on-year increase of 9.1%. The net profit attributable to shareholders was 1.631 billion yuan, up 17.1% year-on-year, while the net profit excluding non-recurring items was 1.515 billion yuan, reflecting a 13.9% increase [2][4]. - In Q4 2024, the company achieved a revenue of 3.23 billion yuan, which is a 6.1% increase year-on-year but a 11.1% decrease quarter-on-quarter. The net profit for the same quarter was 362 million yuan, up 24.8% year-on-year but down 14.9% quarter-on-quarter [2][4]. Revenue Breakdown - The company, as a global leader in relays, increased its global market share by 1.7 percentage points in 2024, achieving a growth rate that outpaced the industry. Relay product revenue reached 12.701 billion yuan, up 9.0% year-on-year, while electrical product revenue was 792 million yuan, down 3.2%. Other business revenue grew significantly by 40.2% to 564 million yuan [11]. - Domestic revenue for 2024 was 9.237 billion yuan, reflecting a 16.1% year-on-year increase, while international revenue was 4.302 billion yuan, down 5.8% year-on-year [11]. Profitability Metrics - The overall gross margin for 2024 was 36.21%, a decrease of 0.68 percentage points year-on-year. In Q4 2024, the gross margin was 39.69%, down 1.51 percentage points year-on-year but up 3.74 percentage points quarter-on-quarter [11]. - The gross margin for relay products was 37.99%, down 0.64 percentage points year-on-year, while the gross margin for electrical products was 22.61%, down 0.12 percentage points [11]. Expense Analysis - The total expense ratio for 2024 was 19.91%, an increase of 1.29 percentage points year-on-year. In Q4 2024, the expense ratio rose to 25.86%, up 3.85 percentage points year-on-year [11]. - The breakdown of expenses showed a sales expense ratio of 3.68%, a management expense ratio of 10.18%, a research and development expense ratio of 5.57%, and a financial expense ratio of 0.49% for the full year 2024 [11]. Cash Flow and Balance Sheet - The company reported a year-end inventory of 3.487 billion yuan, an increase of 36.8% year-on-year, indicating a positive outlook for future deliveries. The year-end accounts receivable stood at 4.920 billion yuan, up 0.8% year-on-year [11]. - The asset-liability ratio at the end of 2024 was 39.30%, an increase of 1.69 percentage points year-on-year [11].

Core Viewpoint - The rapid charging industry is poised for significant growth due to the increasing maturity of high-voltage fast charging technology and the ongoing demand for efficient charging solutions in the electric vehicle market [1][3]. Industry Summary - There is a substantial gap in charging infrastructure, with a projected 31.4 million electric vehicles in China by the end of 2024, representing a year-on-year growth of 53.85%. The current vehicle-to-charging pile ratio stands at 2.4:1, indicating a persistent supply-demand gap for charging stations [2]. - Enhancing battery energy density and reducing charging time are critical to alleviating range anxiety among electric vehicle users. High-power fast charging is identified as the most effective solution to address these concerns [2]. - The current public charging infrastructure predominantly features low-power charging stations, highlighting the need for increased fast charging capabilities to unlock the full potential of the electric vehicle market [2]. Technology Summary - High-voltage fast charging technology is emerging as the mainstream solution for rapid energy replenishment, offering advantages such as a larger state of charge (SOC) range, higher peak charging power, lower technical difficulty, and more controllable costs compared to traditional high-current fast charging [1][3]. - The penetration of high-voltage fast charging vehicles in the mid-to-high-end market is steadily increasing, with leading automotive companies accelerating the launch of such models [3]. - The next 2-3 years are expected to see high-voltage platforms become standard in mid-to-high-end electric vehicles, with further penetration into the mainstream market [3]. Infrastructure and Component Upgrades - The development of high-voltage fast charging necessitates systematic upgrades across the entire industry chain, from electric vehicle components to charging stations and the power grid [3]. - Increased demand for high-power charging modules and enhanced thermal management requirements, such as liquid cooling technology, are anticipated at the charging station level [3]. - At the vehicle level, there will be higher demands for high-voltage components, with trends indicating a shift from IGBT to SiC power devices, alongside upgrades in safety performance and battery material systems [3]. Investment Opportunities - The fast charging sector is expected to experience rapid growth driven by strong policy support, technological advancements, and increasing market demand. Key companies to watch in the high-voltage fast charging industry include Shenghong Co., Ltd. (300693), Wolong Nuclear Material (002130), CATL (300750), Tiannai Technology (688116), and Hongfa Technology (600885) [4].

Group 1 - The core viewpoint of the news is the emphasis on strengthening the standard supply for intelligent connected vehicles as outlined by the Ministry of Industry and Information Technology (MIIT) in its 2025 automotive standardization work points [1][2] - The MIIT aims to accelerate the approval and implementation of standards related to autonomous driving, including design operation conditions, automatic parking, and simulation testing [1][2] - The report highlights that companies in the industry chain will focus on enhancing product maturity and safety, with major manufacturers expected to streamline hardware and software architectures and accelerate data collection [2] Group 2 - The intelligent connected vehicle ETF (159872) has shown a positive performance, with notable increases in constituent stocks such as Derun Electronics (8.65%) and Yiyuan Communication (5.78%) [1] - As of March 31, 2025, the top ten weighted stocks in the China Securities Internet of Vehicles Theme Index (930725) include BYD, Hongfa Technology, and Huichuan Technology, collectively accounting for 50.65% of the index [2]

Group 1 - The China Securities 500 Quality Growth Index (930939) has shown a slight increase of 0.22% as of April 30, 2025, with notable gains in constituent stocks such as Amlogic (688099) up 4.29% and Anker Innovations (300866) up 3.80% [1] - The 500 Quality Growth ETF (560500) has also risen by 0.22%, with the latest price reported at 0.92 yuan, and a significant increase in shares by 5 million this month, ranking it in the top third among comparable funds [1] - Huaxi Securities highlights the role of the Chinese version of the stabilization fund in supporting the A-share market, emphasizing a higher positioning for "stabilizing and activating the stock market" compared to previous times [1] Group 2 - The 500 Quality Growth ETF closely tracks the China Securities 500 Quality Growth Index, which selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the broader 500 Index [2] - As of March 31, 2025, the top ten weighted stocks in the index include Chifeng Jilong Gold Mining (600988) and Ninebot (689009), with the top ten stocks accounting for a total weight of 24.26% [2]

2025 年一季报点评：业绩符合市场预期，新 品动能多元化 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 12,930 | 14,102 | 16,679 | 18,902 | 21,269 | | 同比（%） | 11.02 | 9.07 | 18.27 | 13.33 | 12.52 | | 归母净利润（百万元） | 1,393 | 1,631 | 1,985 | 2,316 | 2,689 | | 同比（%） | 11.42 | 17.09 | 21.72 | 16.67 | 16.12 | | EPS-最新摊薄（元/股） | 1.34 | 1.56 | 1.90 | 2.22 | 2.58 | | P/E（现价&最新摊薄） | 25.06 | 21.40 | 17.58 | 15.07 | 12.98 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·电力 ...

宏发股份（600885.SH）2025 年一季报点评 25Q1 业绩高增，经营趋势向好 2025 年 04 月 29 日 ➢ 事件：2025 年 4 月 28 日，公司发布 2025 年一季报，25Q1 实现收入 39.83 亿元，同比增加 15.35%；归母净利润 4.11 亿元，同比增加 15.47%，环比增加 13.70%；扣非归母净利润 3.81 亿元，同比增加 14.22%，环比增加 20.80%。盈 利能力方面，25Q1 毛利率为 33.77%，同比下降 1.18pcts，净利率为 13.68%， 同比基本持平；费用率方面，25Q1 期间费用率为 17.64%，同比下降 0.93pct， 费用管控良好。 ➢ 公司继电器产品拥有全球竞争优势。 竞争格局方面，从产能角度来看，目前全球主要继电器产能分布于中国、日本， 其中我国企业的继电器产量占全球继电器产量 50%以上，具有较完整的继电器 产业链基础优势。公司在继电器产品、技术、产业链配套等方面已经形成较为明 显的优势，在高压直流、电力等场景中具备较高的市场份额，且已经拥有长期合 作的客户，在全球维度具备竞争力。 ➢ 产能全球化布局，合理规避贸易风险。 ...

证券研究报告 宏发股份 (600885 CH) Q1 业绩同比快速增长 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 电气设备 | 公司公布一季度业绩：收入 39.83 亿元（同比+15.35%、环比+23.17%）， 归母净利润 4.11 亿元（同比+15.47%、环比+13.70%），扣非净利 3.81 亿 元（同比+14.22%、环比+20.80%）。公司一季度业绩略低于我们预测的 4.35 亿元，主要系原材料涨价影响下毛利率略有下滑。看好公司新业务与新市场 开拓，巩固综合竞争力，步入增长新周期。维持"买入"评级。 25Q1 业绩同比快速增长，经营指标稳增 公司 25Q1 收入同环比增速较快，或主要系新能源汽车、家电等多领域需求 较好，呈现"开门红"。25Q1 毛利率/净利率分别为 33.77%/13.68%，同比 -1.18/+0.01pct，毛利率有所下滑主要系原材料价格提升影响成本。期间费 用率 17.64%，同比-1.70pct，其中销售/管理/研发/财务费用率分别同比 -0.21/-0.43 ...

股票代码：600885 宏发科技股份有限公司 HONGFA TECHNOLOGY CO.，LTD. 2024 可持续发展报告 SUSTAINABILITY REPORT IN 2024 目录 CONTENTS 01 关于宏发 05 社会 业务范围 04 产品创新引领 36 区域分布 04 知识产权保护 37 发展历程与可持续荣耀 05 供应链管理 38 产品质量责任 41 02 可持续发展管理 数字化运营 42 排放物与废弃物管理 33 关于本报告 1 领导致辞 2 | 可持续发展策略 | 07 | | --- | --- | | 实质性议题管理 | 08 | | 可持续发展沟通 | 11 | | 响应联合国可持续发展目标 | 12 | | | 可持续发展策略 | 07 | 数据安全与隐私保护 | 43 | | --- | --- | --- | --- | --- | | | 实质性议题管理 | 08 | 客户关系管理 | 44 | | | 可持续发展沟通 | 11 | 保障员工权益 | 45 | | | 响应联合国可持续发展目标 | 12 | 多元化与平等机会 | 46 | | | | | 员工薪酬福利与 ...

| 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 2025-023 | | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | 宏发科技股份有限公司 第十一届董事会第七次会议决议公告 具体内容详见公司同日披露的《宏发股份：2024 年第一季度报告》。 表决结果：同意票 9 票，反对票 0 票，弃权票 0 票。 二、《宏发科技股份有限公司 2024 年度可持续发展报告》 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"或者"宏发股份"）于 2025 年 4 月 23 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 七次会议的通知，会议于 2025 年 4 月 28 日在公司会议室以通迅方式召开。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。会议由董事长郭满金先生主持，会 议的召集和召开符合《公司法》、《证券法》和《公司章程》的有关规 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥3,982,795,719.10, representing a 15.35% increase compared to ¥3,452,812,881.70 in the same period last year[5]. - Net profit attributable to shareholders was ¥411,101,183.24, up 15.47% from ¥356,020,974.11 year-on-year[5]. - The basic earnings per share increased to ¥0.3943, reflecting a growth of 15.50% compared to ¥0.3414 in the previous year[5]. - Operating profit for Q1 2025 was CNY 632,948,692.28, representing an increase of 15.1% compared to CNY 549,625,864.29 in Q1 2024[19]. - The company reported a total comprehensive income of CNY 539,632,568.08 for Q1 2025, compared to CNY 468,081,758.14 in Q1 2024, marking a 15.2% increase[20]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥502,221,565.91, a decline of 107.20% from -¥242,388,192.36 in the same period last year[5][8]. - Cash inflow from operating activities totaled CNY 3,192,336,439.63, a 16.1% increase from CNY 2,750,676,850.31 in Q1 2024[23]. - The company reported a total cash outflow from operating activities of $3.69 billion, compared to $2.99 billion previously, reflecting increased operational expenses[24]. - The company's cash and cash equivalents decreased to CNY 3,751,573,455.73 from CNY 3,954,125,703.17, representing a decline of approximately 5.1%[14]. - The company’s total cash and cash equivalents at the beginning of the period were $1.86 billion, compared to $1.74 billion in the previous period[24]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥21,152,520,687.52, marking a 2.36% increase from ¥20,664,486,793.07 at the end of the previous year[6]. - The total liabilities of the company were CNY 8,142,498,424.73, slightly up from CNY 8,122,091,964.42, reflecting a marginal increase of 0.25%[17]. - The company's short-term borrowings increased to CNY 1,497,785,684.70 from CNY 1,213,516,480.57, indicating a rise of approximately 23.5%[17]. - The total equity of the company reached CNY 13,010,022,262.79, up from CNY 12,542,394,828.65, which is an increase of about 3.73%[17]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 25,176[9]. - The largest shareholder, Youge Venture Capital Co., Ltd., holds 27.35% of the shares, with 51,200,000 shares pledged[10]. Research and Development - Research and development expenses increased to CNY 194,332,712.87, up 9.0% from CNY 178,301,009.24 in Q1 2024[18]. Future Outlook - The company is focusing on expanding its market presence and enhancing product development strategies[1]. - The company plans to continue investing in new technologies and market expansion strategies to drive future growth[19]. Accounting and Standards - The company will not apply new accounting standards starting from 2025, as confirmed in the announcement[25].