电力设备/电网设备 公 司 研 宏发股份（600885.SH） 全球继电器龙头，营收净利稳健增长 究 2024年04月26日 ——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 wangjiayi@kysec.cn 日期 2024/4/25 证 书编号：S0790522080001 证书编号：S0790123070003 当前股价(元) 27.40  公司2024Q1实现归母净利3.56亿元，同比+7.76% 公 一年最高最低(元) 35.64/20.90 公司发布2024年一季报，2024Q1公司实现营业收入34.53亿元，同比+5.79%； 司 信 总市值(亿元) 285.69 实现归母净利润 3.56 亿元，同比+7.76%；实现扣非归母净利 3.33 亿元，同比 息 流通市值(亿元) 285.69 +13.86%。2024Q1 公司综合毛利率 34.94%，销售/管理/研发/财务费用率分别 更 总股本(亿股) 10.43 3.12%/10.22%/5.16%/0.84%。2024年第一季度公司经营活动产生的现金流量净额 新 报 流 ...

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2023年年度股东大会的 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 4 月 25 日 14 点 30 分在厦门宏发电声股份有限公司东林厂区二楼生产调度会议 室(厦门市集美区东林路 564 号)召开的 2023 年年度股东大会(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。 为出具本法律意见书,本所律师审查 ...

证券代码：600885 证券简称：宏发股份 公告编号：2024-024 宏发科技股份有限公司 2023 年年度股东大会决议公告 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个别及连带责任。 重要内容提示： 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | | 61 | | --- | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 578,783,605 | | | 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（%） | | 55.5094 | (四) 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 4 月 25 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生产调 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、监事和董事会秘书的出席情况 1、公司在任董事 9 人，出席 8 人， ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2024 performance met market expectations, with revenue increasing by 5.79% year-on-year to 3.453 billion yuan and net profit rising by 7.76% to 356 million yuan [3] - The company is expected to benefit from strong demand in the electric vehicle, power, and automotive sectors, projecting over 20% year-on-year growth in these areas [3] - Inventory turnover has improved significantly, although cash flow from operating activities saw a substantial decline [3] Financial Forecast and Valuation - The forecast for net profit attributable to the parent company for 2024-2026 is 1.61 billion, 1.84 billion, and 2.10 billion yuan, respectively, with year-on-year growth rates of 15%, 15%, and 14% [4] - The target price is set at 38.5 yuan, based on a 25x PE ratio for 2024 [4] - The company's total revenue is projected to reach 14.304 billion yuan in 2024, with a year-on-year growth of 10.63% [2][4] Market Data - The closing price is 28.12 yuan, with a market capitalization of approximately 29.32 billion yuan [6] - The price-to-earnings ratio (P/E) is currently 21.05 [10] Basic Data - The company's net asset value per share is 8.01 yuan, with a debt-to-asset ratio of 36.23% [7]

Financial Performance - The company's operating revenue for Q1 2024 was RMB 3,452,812,881.70, representing a year-on-year increase of 5.79%[4] - The net profit attributable to shareholders for Q1 2024 was RMB 356,020,974.11, reflecting a growth of 7.76% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 333,148,704.71, which is an increase of 13.86% year-on-year[4] - The basic earnings per share for Q1 2024 was RMB 0.34, an increase of 6.25% year-on-year[4] - Total operating revenue for Q1 2024 reached ¥3,452,812,881.70, an increase of 5.8% compared to ¥3,263,705,851.98 in Q1 2023[18] - Net profit for Q1 2024 was ¥471,747,726.43, representing a 7.0% increase from ¥440,884,699.74 in Q1 2023[19] - The total profit for Q1 2024 was ¥549,336,080.76, slightly up from ¥539,015,314.15 in Q1 2023[19] - Basic and diluted earnings per share for Q1 2024 were both ¥0.34, compared to ¥0.32 in Q1 2023[20] Cash Flow - The net cash flow from operating activities was negative at RMB -242,388,192.36, a decline of 224.15% compared to the previous year[4] - Cash flow from operating activities in Q1 2024 was ¥2,582,381,916.77, down from ¥2,674,880,385.57 in Q1 2023[20] - Net cash flow from operating activities was negative at -242,388,192.36, compared to a positive 195,239,356.46 in the previous year[21] - Cash inflow from investment activities totaled 693,269,331.42, while cash outflow was 475,891,939.13, resulting in a net cash flow of 217,377,392.29 from investment activities[22] - Cash inflow from financing activities was 200,000,000.00, with cash outflow totaling 9,696,407.47, leading to a net cash flow of 190,303,592.53 from financing activities[22] - The total cash and cash equivalents at the end of the period increased to 1,901,243,478.53, up from 1,741,643,259.13 at the beginning of the period[22] Assets and Liabilities - The total assets at the end of Q1 2024 amounted to RMB 18,038,469,196.24, showing a slight increase of 1.78% from the end of the previous year[5] - Total liabilities decreased to RMB 6,535,901,078.37 from RMB 6,666,000,759.08, representing a reduction of about 1.96%[16] - The company's cash and cash equivalents increased to RMB 2,103,667,973.88 from RMB 1,941,970,045.60, marking an increase of approximately 8.36%[14] - The total equity attributable to shareholders increased to RMB 8,697,282,910.96 from RMB 8,340,956,498.64, reflecting a growth of approximately 4.31%[17] - The total liabilities to equity ratio improved to approximately 0.75 from 0.80, indicating a stronger equity position[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,481, with no preferred shareholders[9] Expenses - Total operating costs for Q1 2024 were ¥2,947,303,891.25, up 6.7% from ¥2,761,560,691.78 in Q1 2023[18] - R&D expenses in Q1 2024 amounted to ¥178,301,009.24, a rise of 18.3% from ¥150,722,851.26 in Q1 2023[19] - The company reported a decrease in financial expenses to ¥28,897,755.98 in Q1 2024 from ¥34,408,032.33 in Q1 2023[19] - Cash paid to employees increased to 912,834,991.11 from 838,531,128.04 year-over-year[21] - Cash paid for taxes rose to 225,433,929.20, compared to 201,104,373.15 in the previous year[21] - Cash paid for purchasing goods and services increased to 1,705,605,444.80 from 1,496,267,967.67 year-over-year[21] Non-Recurring Items - Non-recurring gains and losses for the period totaled RMB 22,872,269.40 after tax, with significant contributions from government subsidies[7] Accounting Standards - The company did not apply new accounting standards for the current year[23]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current stock price of 27.80 CNY [2] Core Views - The company has established itself as a global leader in the relay industry, achieving a market share of 19.4% in 2022. The company focuses on quality and has diversified its product offerings to navigate through economic cycles, with significant contributions from high-growth sectors such as electric vehicles [5][15] - Revenue projections for 2024-2026 are estimated at 143.80 billion CNY, 160.06 billion CNY, and 178.29 billion CNY respectively, with net profits expected to be 16.12 billion CNY, 18.44 billion CNY, and 21.02 billion CNY. The corresponding EPS is projected to be 1.55 CNY, 1.77 CNY, and 2.02 CNY, indicating a stable growth trajectory [5][9] Summary by Sections Company Overview - The company has been in the relay industry for 40 years, growing to become a global leader with a focus on quality and technological investment. It has undergone three development phases, with significant growth in market share from 11% in 2015 to 19.4% in 2022 [15][18] Product Segments - The company has a diversified product portfolio, including power relays, automotive relays, signal relays, and industrial relays, with respective global market shares of 56.5%, 20%, and approximately 30% in 2022. The automotive relay segment is expected to grow steadily due to acquisitions and improved product structure [6][37] - High-voltage direct current relays are primarily used in the electric vehicle sector, with a projected global market size in the billions. The company holds over 40% market share in this segment as of 2023 [7][8] Financial Performance - The company has shown consistent revenue and profit growth, with a CAGR of 14.2% in revenue and 15.6% in net profit from 2013 to 2023. The gross margin has remained stable, with a gross margin of 36.9% in 2023, reflecting effective cost management [19][28] - The company’s revenue from relays constitutes 84%-90% of total revenue, with a significant portion of sales coming from overseas markets, accounting for 35%-40% of total revenue [25][23] Market Position - The relay industry is characterized by a concentration of major players, with the company being a key domestic competitor against foreign brands. The market is expected to benefit from the growth of new energy sectors and smart grid initiatives [41][48] - The company has a simple ownership structure, with core management and technical staff holding a significant stake, which supports its strategic direction and operational stability [18]

| 证券代码：600885 | 证券简称：宏发股份 | 编 | 号：临 | 2024-023 | | --- | --- | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | | | 宏发科技股份有限公司 关于控股股东部分股份解质的公告 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: 宏发科技股份有限公司（以下简称"公司"或"本公司"）于 2024 年 4 月 16 日接到本公司控股股东有格创业投资有限公司（以下简称"有格投资"）通知， 有格投资将其原质押给厦门银行股份有限公司漳州分行本公司无限售条件流通 股 8,000,000 股已解除质押，具体情况如下： | 股东名称 | 有格创业投资有限公司 | | --- | --- | | 本次解质股份 | 8,000,000 股 | | 占其所持股份比例 | 2.81% | | 占公司总股本比例 | 0.77% | | 解质时间 | 2024 年 4 月 15 日 | | 持股数量 | 285,154,494 股 | 1 ...

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 宏发股份（600885）公司年报点评 2024年04月09日 [Table_InvestInfo] 投资评级 优于大市 维持 业绩稳健增长，全球份额持续提升 股票数据 [Table_Summary] 0[4T月ab0le9_日S收to盘ck价（In元fo）] 26.24 投资要点： 52周股价波动（元） 20.90-35.64 总股本/流通A股（百万股） 1043/1043 总市值/流通市值（百万元） 27360/27360  2023年收入同比增11.02%，归母净利润同比增11.42%。2023年，公司实 相关研究 现营收129.30亿元，同比增11.02%；综合毛利率36.89%，同比增1.87pct； [《Ta业b绩le稳_R健e增p长or，tIn聚fo焦] 新能源及海外市场》 归母净利润13.93亿元，同比增长11.42%。 2023 年度拟向全体股东每股派发现金红利 0.439 元（含税），现金分红比例 2023.11.13 《电力、高压直流继电器快速增长，海外业务 为32.86%。 顺利推进》2023.08.04 《 ...

| 股票代码：600885 | 公司简称：宏发股份 公告编号：临 2024-022 | | --- | --- | | 转债代码：110082 | 转债简称：宏发转债 | 可转债转股结果暨股份变动公告 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： ● 累计转股情况：宏发转债自 2022 年 5 月 5 日进入转股期，截至 2024 年 3 月 31 日，累计有 496,000 元宏发转债转换为公司普通股股票，累计转股数 7,690 股，占可转 债转股前公司已发行股份总额的 0.0010%。 ● 未转股可转债情况：截至 2024 年 3 月 31 日，尚未转股的可转债金额为 1,999,504,000 元，占可转债发行总量的 99.9752%。 宏发科技股份有限公司 ● 2024 年度第一季度转股情况：本季度可转债转股的金额为 0 元，因转股形成的股份 数量为 0 股。 一、可转债发行上市概况 宏发科技股份有限公司（以下简称"公司"）经中国证券监督管理委员会《关于核准宏发 科技股份有限公司公开发行可转换公司债券 ...

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 4 月 1 日 600885.SH 增持 原评级：增持 市场价格:人民币 25.17 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (32%) (24%) (16%) (7%) 1% 10% Mar-23May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24 宏发股份 上证综指 绝对 (6.1) 1.1 (8.9) (24.3) 相对上证综指 (8.7) 0.2 (11.2) (18.2) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 1,042.68 | | 流通股 ( 百万 ) | | 1,042.68 | | 总市值 ( 人民币 百万 ) | | 26,244.15 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 206.69 | | 主要股东 | | | | ...