Group 1: Company Performance Highlights - Xingchen Technology achieved revenue of 2.354 billion yuan, a year-on-year increase of 16.49%, and a net profit of 256 million yuan, up 25.18% [3] - Lida's total revenue reached 6.807 billion yuan, growing by 1.88%, with a net profit of 418 million yuan, an increase of 33.25% [6][4] - Wangsu Technology reported revenue of 4.932 billion yuan, a 4.81% increase, and a net profit of 675 million yuan, up 10.02% [6] - Yanjing Co. achieved revenue of 1.485 billion yuan, a 17.96% increase, with a net profit of 27.28 million yuan, up 30.72% [6] - Weike Technology reported revenue of 1.819 billion yuan, a 35.64% increase, and a net profit of 220 million yuan, up 31.05% [7] - Hongfa Co. achieved revenue of 14.102 billion yuan, a 9.07% increase, with a net profit of 1.631 billion yuan, up 17.09% [11] - Hongxin Electronics reported revenue of 5.875 billion yuan, a significant increase of 68.91%, and a net profit of 56.82 million yuan, up 113.05% [12] Group 2: Business Segments and Growth Drivers - Xingchen Technology's smart IoT business grew significantly, with revenue of 475 million yuan, up 38.61%, and its automotive chip business also performed well, achieving revenue of 245 million yuan, up 31.01% [3] - Lida's lighting products contributed the majority of revenue, with lighting revenue at 4.363 billion yuan, a 5.84% increase [4] - Wangsu Technology focused on CDN and edge computing, increasing R&D investment to 447 million yuan, which is 9.07% of revenue [6] - Yanjing Co. plans to enhance customer loyalty through R&D innovation and global supply chain utilization [6] - Weike Technology is expanding into precision injection molding and health products, forming a "mold-injection integration" production model [7] - Hongfa Co. maintained a leading position in relay products, with a market share increase in various segments [11] - Hongxin Electronics experienced rapid growth in its computing power segment, significantly boosting overall profitability [12]

| 证券代码：600885 | 证券简称：宏发股份 | 公告编号：2025-022 | | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | 宏发科技股份有限公司 2024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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 21 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： | 1、出席会议的股东和代理人人数 | 429 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 601,851,454 | | 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（%） | 57.7218 | (四)表决方式符合《公司法》及《公司章程》的规定 大会 ...

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2024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 2025年 4 月 21 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 2024 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 ...

Summary of Hongfa Technology Co Ltd Conference Call Company Overview - **Company**: Hongfa Technology Co Ltd - **Industry**: Industrials, specifically focusing on relays and electrical components - **Market Cap**: Rmb37,484 million - **Stock Rating**: Overweight - **Price Target**: Rmb37.00, with a 3% upside from the current price of Rmb35.95 Key Financial Highlights - **FY24 Performance**: - Revenue: Rmb14,669 million, up 9% YoY - Net Profit: Rmb1,560 million, up 12% YoY - EBITDA: Rmb3,327 million, up 4% YoY - **4Q24 Results**: - Revenue: Rmb3.2 billion, a 6% increase YoY but a 11% decrease QoQ - Net Profit: Rmb362 million, a 25% increase YoY but a 15% decrease QoQ - Management expects revenue growth of approximately 10% YoY for 2025, supported by high-margin new energy and automotive relays [9][6][12] Growth Drivers - **New Energy and Automotive Relays**: - Expected to drive approximately 10% YoY growth in 2025 - Management is optimistic about domestic market conditions due to a higher order backlog and potential policy stimulus - Anticipated growth of 20-30% YoY for new energy vehicle (NEV) relays and around 15% for automotive relays in 2025 [2][9] - **New Product Revenue**: - New products are projected to reach Rmb4-5 billion in revenue over the next five years, with significant growth in PDU/BDU (+236% YoY) and current sensors (+81% YoY) [3][9] - **Overseas Capacity Expansion**: - Expansion in Germany and Indonesia is on track, with the Indonesia plant expected to generate an output value of over Rmb600 million in its first phase [4][9] Risks and Challenges - **Market Risks**: - Potential downturn in global EV demand and a sharp decline in China's property market could negatively impact home appliance consumption [14] - Uncertainty surrounding US trade policies is expected to have an insignificant impact on operations [2] Valuation and Outlook - **Valuation Methodology**: - A target P/E of 20x is applied to the 2025 EPS estimate, consistent with the 10-year average forward P/E [12] - **Long-term Growth**: - Management's guidance indicates a steady growth trajectory, with expectations of continued margin expansion and diversification in product offerings [9][6] Conclusion - Hongfa Technology Co Ltd demonstrates solid profit growth and a resilient outlook for 2025, driven by new energy and automotive relays, alongside strategic overseas expansions. However, potential market risks, particularly in the EV sector and property market, warrant careful monitoring.

Core Viewpoint - The company, Hongfa Technology (宏发股份), has solidified its leading position in the relay industry, achieving stable growth in performance with a revenue of 14.102 billion yuan and a net profit of 1.631 billion yuan in 2024, marking a year-on-year increase of 9.07% and 17.09% respectively [1][2]. Group 1: Financial Performance - In 2024, the company reported a revenue of 14.102 billion yuan, a 9.07% increase year-on-year, and a net profit of 1.631 billion yuan, reflecting a 17.09% growth [1][2]. - The company achieved a per capita return of 120.8 thousand yuan, which is a 9% increase compared to the previous year [2]. - The proposed cash dividend is 0.515 yuan per share, totaling 537 million yuan, which accounts for 32.92% of the annual net profit [4][5]. Group 2: Market Position and Strategy - The company has increased its overall market share in the relay industry by 1.7 percentage points, maintaining its position as the global leader [1][2]. - The high-voltage direct current relay market share reached 40%, solidifying its top position [1]. - The company is implementing the "75+" strategy to enhance its core competitiveness and achieve sustainable development [2][5]. Group 3: Product Development - The company has made significant advancements in new product categories, with connector product shipments increasing by 28% and capacitor product shipments growing by 14% [3]. - The company completed the development of over 30 new fuse products, covering major applications in the new energy market, with total shipments reaching 3.55 million yuan [3]. - Research and development expenses for 2024 amounted to 785 million yuan, a 16.57% increase, representing 5.57% of revenue [5]. Group 4: Investor Returns - The company has maintained a consistent cash dividend policy, with a total of 2.45 billion yuan distributed over the past ten years, representing 30.22% of cumulative net profit [5]. - Future plans include a comprehensive approach to balance company growth and shareholder returns, ensuring a stable and sustainable return mechanism [6].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company maintains a leading position in the relay market, with a market share increase of 1.7 percentage points in 2024, ranking first globally. The high-voltage direct current relay market share is 40%, while the automotive relay market share has risen by 3.1 percentage points to 23.1%. In the power relay sector, the company has maintained a 57.1% market share while seizing global grid renovation opportunities [4] - The company has initiated the "75+" strategy, with positive momentum in the "5+" product development. In the low-voltage electrical sector, the company is integrating low-voltage electrical products with relays to create comprehensive solutions. Connector product shipments increased by 28% year-on-year, with exports to Vietnam and Turkey. Capacitor product shipments also grew by 14% year-on-year [4] - Profit forecasts indicate that the company's net profit attributable to shareholders will be 1.96 billion, 2.29 billion, and 2.61 billion yuan for 2025-2027, representing year-on-year growth of 20%, 17%, and 14% respectively. As of April 1, the market value corresponds to a PE ratio of 19 and 16 times for 2025 and 2026 [4] Financial Summary - In 2024, the company achieved total revenue of 14.1 billion yuan, a year-on-year increase of 9.1%, and a net profit attributable to shareholders of 1.63 billion yuan, up 17.1% year-on-year. The fourth quarter of 2024 saw revenue of 3.23 billion yuan, a 7.81% increase year-on-year, and a net profit of 362 million yuan, an 11.37% increase year-on-year [1][3] - Key financial indicators for 2023A to 2027E show total revenue growth from 12.93 billion yuan in 2023 to 21.09 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 11.1%. Net profit attributable to shareholders is projected to grow from 1.39 billion yuan in 2023 to 2.61 billion yuan in 2027, with a CAGR of approximately 14% [3][4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company maintains a leading position in the relay market, with a market share increase of 1.7 percentage points in 2024, ranking first globally. The high-voltage direct current relay market share is 40%, while the automotive relay market share has risen by 3.1 percentage points to 23.1%. In the power relay sector, the company has maintained its share with the State Grid at 57.1% [4] - The company has initiated the "75+" strategy, with positive momentum in the "5+" product development. In the low-voltage electrical sector, the company is integrating low-voltage electrical products with relays to create comprehensive solutions. Connector product shipments increased by 28% year-on-year in 2024, with exports to Vietnam and Turkey. Capacitor product shipments also grew by 14% year-on-year [4] - Profit forecasts indicate that the company's net profit attributable to shareholders is expected to be 1.96 billion, 2.29 billion, and 2.61 billion yuan for 2025-2027, representing year-on-year growth of 20%, 17%, and 14% respectively. As of April 1, the market value corresponds to a PE ratio of 19 and 16 times for 2025 and 2026 [4] Financial Summary - In 2024, the company achieved total revenue of 14.1 billion yuan, a year-on-year increase of 9.1%, and a net profit attributable to shareholders of 1.63 billion yuan, up 17.1% year-on-year. The fourth quarter of 2024 saw revenue of 3.23 billion yuan, a 7.81% increase year-on-year, and a net profit of 362 million yuan, up 11.37% year-on-year [1][3] - Key financial indicators for 2023A to 2027E show total revenue growth from 12.93 billion yuan in 2023 to 21.09 billion yuan in 2027, with a compound annual growth rate of approximately 11.1%. The net profit attributable to shareholders is projected to grow from 1.39 billion yuan in 2023 to 2.61 billion yuan in 2027, with a CAGR of 14% [3][5] - The company's gross margin is expected to remain stable around 36% over the forecast period, with ROE projected to be around 16.6% to 17.2% [3][5]

宏发科技股份有限公司 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。 | 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 | 2025-021 | | --- | --- | --- | --- | | 转债代码：110082 | 转债简称：宏发转债 | | | 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 2025 年 3 月 31 日，累计有 519,000 元宏发转债转换为公司普通股股票，累计转股数 8,285 股，占可转 债转股前公司已发行股份总额的 0.0011%。 ● 未转股可转债情况：截至 2025 年 3 月 31 日，尚未转股的可转债金额为 1,999,481,000 元，占可转债发行总量的 99.9741%。 ● 2025 年度第一季度转股情况：本季度可转债转股的金额为 6,000 元，因转股形成的 股份数量为 180 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《 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [6]. Core Views - The company has solidified its advantages in relays and is experiencing strong growth in multiple new product categories [4]. - The company reported a revenue of 14.102 billion yuan for 2024, reflecting a year-on-year growth of 9.07%, with a net profit of 1.631 billion yuan, up 17.09% year-on-year [3][8]. Summary by Sections Relay Product Performance - In 2024, the company's relay products generated revenue of 12.701 billion yuan, a year-on-year increase of 8.95%, with a gross margin of 37.99%, slightly down by 0.64 percentage points. The overall market share increased by 1.7 percentage points, maintaining the leading position globally [4]. - The company holds a 40% market share in high-voltage direct current relays, leading the market and gaining recognition from major global automotive clients [4]. - The market share for automotive relays has increased by 3.1 percentage points to 23.1%, driven by the demand from the new energy vehicle sector [4]. New Product Development - The company is expanding its "5+" product layout, with significant growth in various new product categories: 1. Low-voltage electrical appliances have seen integration with relay solutions, with successful qualifications from major clients [5]. 2. Connector shipments increased by 28%, expanding into communication and data center sectors [5]. 3. Capacitor shipments grew by 14%, with successful audits from major new energy clients [5]. 4. The company has developed over 30 new fuse products, achieving mass production and validation in various projects [5]. 5. Current sensor shipments exceeded 100 million yuan, marking an 81% year-on-year increase [5]. Financial Forecast - The company is projected to achieve revenues of 16.296 billion yuan, 18.843 billion yuan, and 21.805 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.76 yuan, 2.07 yuan, and 2.43 yuan [6][8]. - The current stock price corresponds to a PE ratio of 20.9, 17.8, and 15.2 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation as the company benefits from increasing downstream demand and ongoing new product development [6].

Core Viewpoint - The report highlights the strong performance and growth potential of Hongfa Technology Co., Ltd. (宏发股份), emphasizing its leadership in the relay market and the robust growth of its diversified product lines, leading to a "buy" rating for the stock [1][5]. Financial Performance - In 2024, the company achieved a revenue of 14.102 billion yuan, representing a year-on-year growth of 9.07% - The net profit attributable to shareholders reached 1.631 billion yuan, up 17.09% year-on-year - The net profit after deducting non-recurring gains and losses was 1.515 billion yuan, an increase of 13.89% year-on-year [2]. Investment Highlights - The company’s relay products generated revenue of 12.701 billion yuan in 2024, with a year-on-year growth of 8.95% and a gross margin of 37.99%, slightly down by 0.64 percentage points - The overall market share increased by 1.7 percentage points, maintaining the global leading position - Specific segments include: - High-voltage direct current relays with a 40% market share - Automotive relays benefiting from the demand in the new energy vehicle sector, with a market share increase of 3.1 percentage points to 23.1% - Power relays maintaining a 57.1% market share - Signal relays expanding into new markets, increasing market share by 4.4 percentage points [3][4]. Product Development - The company is focusing on a "5+" product strategy, with significant growth in various new product categories: - Low-voltage electrical appliances with new production lines - Connectors with a 28% increase in shipment value - Capacitors with a 14% increase in shipment value - Fuses with over 30 new products developed - Current sensors with a shipment value exceeding 100 million yuan, growing by 81% [4]. Earnings Forecast - Projected revenues for 2025, 2026, and 2027 are 16.296 billion yuan, 18.843 billion yuan, and 21.805 billion yuan, respectively - Earnings per share (EPS) are forecasted to be 1.76 yuan, 2.07 yuan, and 2.43 yuan for the same years - The current stock price corresponds to price-to-earnings (PE) ratios of 20.9, 17.8, and 15.2 times for 2025, 2026, and 2027 [5].