大家好欢迎参加东吴电信红发股份深度更新电话会议目前所有参会者均处于静音状态现在开始播报免责声明声明播完毕后主持人可以直接开始发言谢谢东吴证券研究所提醒您本次电话会议即面向机构投资者或受邀客户第三方专家发言内容仅代表其个人观点所有信息或所表述的意见 均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议未经合法授权严禁录音转发及相关解读涉嫌违反上述情形的我们将保留追究法律责任的权利感谢您给予的理解和配合谢谢 各位投资者大家晚上好我是动物证券的电信首席曾斗宏非常欢迎大家我们这一场深度报告的分享那么主要是跟大家深度分享红华股份首先由我简短的说一下对红华股份的一个观点然后的话是由我们团队的 那个折动然后来做这个详细的这个分享那首先呢就是宏发我们应该是是一个非常优秀的公司也是一个非常这个踏实和这个务实的一个公司因为它是这个全球吸电器的这个全球龙头 应该说在纪念旗领域里面从小做到大基本上应该已经有五年以上吧都是全球的龙头超过了海外的友商相当于在纪念旗领域里面一定义上已经是自由的王国 那他之所以这样呢还是因为就是公司一直以来这个对产品就对继电器这一块的当然本身是有比较好的一个积累那同时呢就是一直持续的这个坚持这个 ...

电力设备/电网设备 公 司 研 究 宏发股份（600885.SH） 2024 年 08 月 18 日 下游需求延续向好趋势，汽车继电器份额显著提升 ——公司信息更新报告 投资评级：买入（维持） 殷晟路（分析师） 王嘉懿（联系人） yinshenglu@kysec.cn 证书编号：S0790522080001 wangjiayi@kysec.cn 证书编号：S0790123070003 | --- | --- | |--------------------|-------------| | 日期 | 2024/8/16 | | 当前股价(元) | 27.09 | | 一年最高最低(元) | 35.25/20.90 | | 总市值(亿元) | 282.46 | | 流通市值(亿元) | 282.46 | | 总股本(亿股) | 10.43 | | 流通股本(亿股) | 10.43 | | 近 3 个月换手率(%) | 40.03 | 股价走势图 宏发股份 沪深300 -40% -30% -20% -10% 0% 10% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《全球继电器龙头 ...

Investment Rating - The investment rating for the company is "Accumulate" [1][4] Core Views - The company reported a year-on-year revenue growth of 15.33% for the first half of 2024, achieving a revenue of RMB 7.23 billion and a net profit of RMB 844 million [4][6] - The main relay business has shown solid growth, with a revenue of RMB 6.49 billion, reflecting an 8% increase year-on-year [4][6] - The overall gross margin slightly decreased to 34.78%, while the net profit margin improved to 15.31% [4][6] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of RMB 7.23 billion, up 8.89% year-on-year, and a net profit of RMB 844 million, up 15.33% year-on-year [4][6] - The gross margin decreased by 0.97 percentage points to 34.78%, while the net profit margin increased by 0.46 percentage points to 15.31% [4][6] - The company’s operating efficiency improved, with per capita sales collection rising by 9.1% to RMB 602,000 [4][6] Business Segments - The main relay business maintained a stable market share, with a revenue of RMB 6.49 billion, up 8% year-on-year, despite a slight decline in gross margin to 36.15% [4][6] - The electrical products segment saw a revenue decline of 3.98% to RMB 405 million, attributed to a sluggish domestic construction distribution market [4][6] - New product categories such as film capacitors and current sensors experienced significant growth, with shipment volumes increasing by 20%, 118%, and 129% respectively [4][6] Valuation - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to RMB 1.59, RMB 1.83, and RMB 2.09 respectively, with corresponding price-to-earnings ratios of 17.7, 15.4, and 13.5 [4][5] - The company’s total market capitalization is approximately RMB 29.34 billion [3]

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 | --- | --- | --- | |------------|--------------|-------------------------------| | | 特定对象调研 | 分析师会议媒体采访业绩说明会 | | 投资者关系 | | | | 活动类别 | | | | | 新闻发布会 | 路演活动 现场参观其他线上交流 | 时间 2024 年 8 月 9 日至 2024 年 8 月 12 日 地点 福建省厦门市集美区东林路厦门宏发电声股份有限公司三楼 形式 电话会议 活动接待人员 董事、副总经理兼董事会秘书林旦旦先生 参与活动人员 此次分析师会议，共有民生证券、东吴证券、天风证券、汇丰、花旗、中金等 多家机构共计 498 位代表参会，参会人员详见附表。 会议开始，林旦旦先生向参加会议的投资者介绍了公司 2024 年半年度主要 经营情况。报告期内，公司坚持宏发经营特色，以提升市场份额为中心，应用 积极灵活的竞争策略，把握市场机会，在宏观经济形势压力较大，材料价格快 速上涨，部分行业竞争加剧的外部环境下，主要经营指标 ...

Company and Industry Summary Company: Hongfa Technology Co., Ltd. Key Points - **Growth in Traditional Vehicles**: The company anticipates a growth of 20-30% in orders despite a slight decline in production and sales due to high temperatures in the past two months [1] - **Decline in Overseas Revenue**: The overseas revenue decreased year-on-year primarily due to a significant drop in demand from Europe, particularly in the new energy sector, including electric vehicles and photovoltaic products. North America showed a less pronounced decline [1] - **Power Relay Product Growth**: The power relay segment is expected to grow by 20% after two and a half years of continuous growth, although achieving faster growth may be challenging due to already high global market share [1] - **Export Ratio**: Approximately 60% of the power relay revenue comes from exports, indicating a strong international presence [1] - **Smart Meter Demand**: The primary downstream application for power relays is in smart meters, which are crucial for smart grid operations [1] - **Middle East Market Orders**: The company completed significant orders in Saudi Arabia by 2020, and the current economic conditions in Europe pose challenges for new orders [2] - **Smart Grid and Generation Side**: The smart grid transformation is not directly linked to new energy generation sources, as smart meter upgrades focus on operational efficiency rather than generation technology [2] - **Household Appliance Growth**: The household appliance segment is expected to see a normal growth rate of 8-10%, following adjustments made in the past two years [3][4] - **Export of Power Relays**: The overall export ratio is close to 40%, with household appliances having a higher export ratio [4] - **Industrial Relay Growth**: The industrial relay segment has started to grow in Q2, with expectations of continued recovery as inventory levels normalize and economic confidence improves [4] - **Net Profit Growth**: The net profit growth in Q2 outpaced revenue growth, attributed to favorable currency fluctuations and raw material price impacts [4][5] - **Stable Order Backlog**: The company maintains a stable order backlog of approximately 3-3.5 billion, driven by recovering demand and stable production capacity [5] - **Capacity Utilization**: Expected capacity utilization for the year is around 85%, with potential improvements if favorable economic conditions arise [6] - **Raw Material Price Impact**: The company does not foresee significant price increases due to raw material fluctuations, which have not heavily impacted gross margins [7] - **Revenue Growth Projection**: The company initially projected a revenue growth of around 10%, with current indications suggesting a potential increase to 15% [7] - **Product Development**: New products such as fuses are in the testing phase, with expectations for small-scale production in the second half of the year [8] - **Low Voltage Switches**: There are opportunities in both domestic and overseas markets for low voltage switches, particularly in energy management and HVAC products [8] - **Tariff Information**: The tariff for relays in the U.S. is 25%, while there are no additional tariffs in Europe [9]

Summary of Conference Call Company Overview - The company discussed is likely involved in the precious metals industry, specifically focusing on gold and silver based on the context of the conference call [1]. Key Points and Arguments - The half-year report indicates strong performance, suggesting positive financial results and operational metrics [1]. - The speaker, identified as Lin Dan Dan, is likely a key executive providing insights into the company's performance [1]. Additional Important Content - The call emphasizes the importance of summarizing key highlights from the half-year report, indicating a focus on transparency and communication with stakeholders [1].

Investment Rating - The investment rating for Hongfa Technology (600885.SS) is "Buy" with a 12-month price target of RMB 37.3, indicating an upside potential of 33.2% from the current price of RMB 28.01 [8][10][11]. Core Insights - Hongfa Technology reported Q2 2024 results that met expectations, with revenue, gross profit, EBIT, and net profit showing year-on-year increases of 11%, 7%, 1%, and 28% respectively. The company raised its revenue guidance for 2024 from a growth of 7-13% to 10-15% [1][4][9]. - The company is expected to benefit from strong order momentum, particularly in the high-voltage direct current (HVDC) relay segment, which is primarily used in new energy vehicles [1][10]. - The automotive relay segment outperformed expectations in the first half of 2024, with revenue growth of 36% year-on-year, driven by domestic brands and a significant increase in global market share [2][4][9]. Revenue Breakdown by Segment - **HVDC Relay**: Revenue for the first half of 2024 reached RMB 17.50 billion, growing 31% year-on-year, with a strong performance in the new energy vehicle sector [1][4]. - **Automotive Relay**: Revenue for the first half of 2024 was RMB 11.18 billion, up 36% year-on-year, with expectations of a 22% growth for the full year [2][4]. - **Power Relay**: Revenue for the first half of 2024 was RMB 11.13 billion, reflecting a 20% year-on-year increase, supported by strong demand from the State Grid and overseas markets [2][4]. - **Home Appliance Power Relay**: Revenue for the first half of 2024 was RMB 16.88 billion, with a growth of 7% year-on-year, although growth was below industry levels due to price competition [4][9]. - **Industrial Control Relay**: Revenue for the first half of 2024 was RMB 3.86 billion, showing a slight decline of 3% year-on-year, but a recovery is anticipated in the second half [4][9]. Financial Performance - The company achieved a gross profit margin of 34.6% in Q2 2024, a decrease of 1 percentage point year-on-year, attributed to rising silver and copper prices, but production efficiency improvements are expected to stabilize margins in the second half [5][10]. - Operating cash flow was RMB 12.23 billion, which is 2.5 times the net profit, indicating strong cash generation capabilities [5][10]. Market Position and Outlook - Hongfa Technology holds a leading position in the global relay market with a market share of 23% as of 2023, and is expected to continue expanding its market share driven by technological advantages in automotive, home appliance, and power sectors [9][10]. - The company is well-positioned to benefit from the electrification of vehicles and the increasing demand for smart meters as the global power grid undergoes upgrades [10][11].

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]