Investment Rating - The report maintains a "Buy" rating for Hongfa Technology Co., Ltd. (600885) [1] Core Views - The company's Q4 profit slightly exceeded expectations, and strong demand growth is expected to accelerate this year [1] - Revenue for 2024 is projected to be 141.02 billion yuan, representing a year-on-year increase of 9.07% [1] - Net profit attributable to shareholders is forecasted to reach 1.63 billion yuan in 2024, with a year-on-year growth of 17.09% [1] - The company is expected to maintain a robust growth trajectory in the high-voltage direct current relay and automotive relay segments, with anticipated growth rates of 30% and 15% respectively for 2024 [8] - The implementation of the "75+" strategy and the rapid development of "5+" products are key initiatives for the company [8] - The target price is set at 47.5 yuan, based on a 25x PE for 2025, reflecting the company's global leadership position [8] Financial Projections - Total revenue is expected to grow from 12,930 million yuan in 2023 to 14,102 million yuan in 2024, with a projected CAGR of 9.07% [1][9] - Net profit is forecasted to increase from 1,393 million yuan in 2023 to 1,631 million yuan in 2024, with a year-on-year growth rate of 17.09% [1][9] - The latest diluted EPS is projected to be 1.56 yuan for 2024, increasing to 2.58 yuan by 2027 [1][9] - The company's P/E ratio is expected to decrease from 26.91 in 2023 to 22.98 in 2024, indicating improved valuation [1][9]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 14.102 billion yuan in 2024, representing a year-on-year increase of 9.07%, and a net profit attributable to shareholders of 1.631 billion yuan, up 17.09% year-on-year [1]. - The company has solidified its leading position in the relay industry, with a market share increase of 1.7 percentage points, reaching the top globally [2]. - The company is actively developing new product categories under its "75+" strategy, achieving breakthroughs in multiple fields [3]. Financial Performance Summary - In 2024, the company reported a gross margin of 36.21%, a slight decrease of 0.68 percentage points year-on-year, while the net profit margin increased by 0.5 percentage points to 15.34% [1]. - The company’s revenue projections for 2025, 2026, and 2027 are 16.297 billion yuan, 18.784 billion yuan, and 21.755 billion yuan, respectively, with growth rates of 15.6%, 15.3%, and 15.8% [4][5]. - The net profit attributable to shareholders is expected to reach 1.898 billion yuan in 2025, 2.240 billion yuan in 2026, and 2.649 billion yuan in 2027, with growth rates of 16.3%, 18.0%, and 18.3% respectively [4][5]. Market Position and Product Development - The company’s relay segment generated 12.701 billion yuan in revenue, accounting for 90.1% of total revenue, with significant growth in high-voltage direct current relays and automotive relays [2]. - The company is expanding its new product categories, including low-voltage electrical appliances, film capacitors, connectors, current sensors, and fuses, with notable revenue growth in these areas [3].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company achieved a revenue of 14.102 billion yuan in 2024, representing a year-on-year increase of 9.07%, and a net profit attributable to shareholders of 1.631 billion yuan, up 17.09% year-on-year [1]. - The company has solidified its leading position in the relay industry, with a market share increase of 1.7 percentage points compared to 2023, ranking first globally [2]. - The company is actively developing new product categories under its "75+" strategy, achieving breakthroughs in various fields, including low-voltage electrical appliances and film capacitors [3]. Financial Performance Summary - In 2024, the company reported a gross margin of 36.21%, a slight decrease of 0.68 percentage points year-on-year, while the net profit margin increased by 0.5 percentage points to 15.34% [1]. - The company’s revenue projections for 2025, 2026, and 2027 are 16.297 billion yuan, 18.784 billion yuan, and 21.755 billion yuan, respectively, with growth rates of 15.6%, 15.3%, and 15.8% [4][5]. - The net profit attributable to shareholders is expected to reach 1.898 billion yuan in 2025, 2.240 billion yuan in 2026, and 2.649 billion yuan in 2027, with growth rates of 16.3%, 18.0%, and 18.3% respectively [4][5].

Group 1 - The core viewpoint of the article is that Hongfa Co., Ltd. announced its 2024 annual distribution plan, proposing a 10-for-4 stock split and a cash dividend of 5.15 yuan (including tax) [1] - The company reported a revenue of 14.102 billion yuan for the year, representing a year-on-year increase of 9.07% [1] - The net profit for the year was 1.631 billion yuan, showing a year-on-year growth of 17.09%, with basic earnings per share at 1.56 yuan and a weighted average return on equity of 18.28% [1] Group 2 - The stock experienced a net outflow of 628,300 yuan in principal funds today, but saw a net inflow of 18.5923 million yuan over the past five days [1] - The latest margin financing balance for the stock is 149 million yuan, with an increase of 9.7848 million yuan over the past five days, reflecting a growth rate of 7.05% [1] Group 3 - A total of 507 companies have announced their 2024 annual distribution plans, with 34 of them including stock splits; 18 of these stocks saw price increases on the announcement day [1] - Over the five days following the announcement, 17 stocks experienced price increases, with notable cumulative gains for Xingtum Keke, Yizhi Moyou, and Electric Alloy, at 37.05%, 18.46%, and 10.80% respectively [1] Group 4 - The distribution plan history for Hongfa Co., Ltd. shows a pattern of alternating between stock splits and cash dividends, with the latest plan being the first stock split since 2021 [1] - The net profit figures have shown consistent growth over the years, with the most recent net profit of 1.631 billion yuan marking a significant increase compared to previous years [1]

Core Viewpoint - The report highlights the operational performance and governance structure of Hongfa Technology Co., Ltd., showcasing significant growth in revenue and net profit while emphasizing the company's commitment to corporate governance and investor relations [2][3][11]. Group 1: Company Performance - The company achieved an operating revenue of 14.102 billion yuan, representing a year-on-year increase of 10.04% [2][17]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 1.515 billion yuan, up 13.89% from the previous year [2][17]. - Total assets reached 20.664 billion yuan, reflecting a year-on-year growth of 16.59% [2][17]. Group 2: Board of Directors - The company successfully completed the election of the 11th Board of Directors on August 26, 2024, consisting of 3 independent directors and 6 non-independent directors [3][10]. - The board held multiple meetings to discuss various resolutions, including the annual profit distribution plan and internal control evaluation [3][7]. Group 3: Audit and Compliance - The company’s financial statements for 2024 were audited by Beijing Dehao International Accounting Firm, which issued a standard unqualified opinion [16]. - The audit committee reviewed the financial reports and internal control evaluations, ensuring compliance with relevant regulations [10][25]. Group 4: Investor Relations - The company emphasized the importance of investor relations management, utilizing multiple channels to communicate with investors and enhance transparency [11][12]. - A total of 132 documents were disclosed during the reporting period, including 72 temporary announcements and 4 periodic reports, ensuring accurate and timely information dissemination [11][12]. Group 5: Future Outlook - The company has set a revenue target of 15.028 billion yuan for 2025, indicating a growth rate of 6.56% compared to 2024 [17]. - The total assets are projected to reach 23.294 billion yuan, with an expected asset-liability ratio of 38.89% [17].

Group 1 - The company is holding its 2024 annual general meeting on April 21, 2025, at 14:30 [2] - The meeting will be conducted using a combination of on-site and online voting methods [2] - Shareholders can vote through the Shanghai Stock Exchange's online voting system during specified times on the meeting day [1][3] Group 2 - Shareholders must be registered by the close of trading on April 15, 2025, to attend the meeting [4] - The company will provide a proxy form for shareholders who wish to delegate their voting rights [7] - The company emphasizes that all votes must be completed before submission [4]

Core Viewpoint - The company is enhancing its shareholder engagement by implementing a network voting reminder service for the upcoming annual general meeting, ensuring that small and medium investors can participate and vote effectively [1][2]. Group 1: Shareholder Meeting Announcement - The company announced the 2024 annual shareholder meeting will be held on April 21, 2025, with details available on the Shanghai Stock Exchange website [1]. - The company aims to improve service for small and medium investors by using a reminder service provided by Shanghai Stock Exchange Information Co., which will send notifications to shareholders about the meeting and voting [1]. Group 2: Voting Process - Shareholders will receive smart SMS notifications with details on how to participate and vote, based on the shareholder registry as of the record date [1]. - In case of congestion, shareholders can still vote through the existing trading system and internet voting platforms [1].

General Provisions - Hongfa Technology Co., Ltd. is established to protect the legal rights of the company, shareholders, and creditors, and to regulate its organization and behavior according to relevant laws [2] - The company was approved by the Wuhan Municipal Reform Commission and registered with the Wuhan Market Supervision Administration, obtaining a business license [2][3] - The company was approved by the China Securities Regulatory Commission for its initial public offering of 18 million shares on February 5, 1996 [3] Business Objectives and Scope - The company's business objective is to achieve win-win outcomes [4] - The registered business scope includes the research, production, and sales of relays, low-voltage electrical appliances, contactors, automation equipment, and related electronic components, as well as import and export of goods or technology [4] Shares - The total number of shares issued by the company is 1,042,676,146, all of which are ordinary shares [5] - The company issues shares based on principles of openness, fairness, and justice, ensuring equal rights for each share of the same type [4][5] Shareholders and Shareholder Meetings - The company establishes a shareholder register based on the certificates provided by the securities registration agency, which serves as proof of share ownership [9] - Shareholders have rights to dividends, participate in meetings, supervise the company's operations, and transfer their shares according to the law [9][11] - The company must hold an annual shareholder meeting within six months after the end of the previous fiscal year [15] Board of Directors - The board of directors is responsible for convening shareholder meetings and must ensure compliance with legal and regulatory requirements [17] - The chairman of the board serves as the legal representative of the company [3] Financial Accounting System - The company is required to establish a financial accounting system, conduct internal audits, and appoint an accounting firm [8] Amendments to the Articles of Association - The articles of association can be amended according to the procedures outlined within the document and must be approved by the shareholders [10][14] Legal Obligations - Shareholders must comply with laws and the articles of association, and they are liable for any damages caused by abusing their rights [12][13]

按照《公司法》 宏发科技股份有限公司 《公司章程》 《上市公司独立董事管理办法》 《上海证券交易所股票上市 规则》等相关法律法规及业务规则的要求，本人作为宏发科技股份有限公司（以下简称"公 司"）的独立董事，积极、独立、忠实、勤勉地履行独立董事职责，切实发挥独立董事作用， 现就 2024 年度履职情况报告如下： 一、独立董事的基本情况 乔红军，自 2024 年 8 月至今担任公司独立董事，中国国籍，无境外居留权，男，1967 年出生，本科学历。曾任厦门金龙汽车集团有限公司财务总监，大通(福建)新材料股份有限 公司独立董事。现任厦门市仲裁委仲裁员、厦门汇丰律师事务所执业律师、华福证券股份有 限公司独立董事、易联众信息技术股份有限公司独立董事、浙江庞度环保科技股份有限公司 独立董事、宏发科技股份有限公司独立董事。 （二）董事会专业委员会任职情况 专门委员会类别 成员姓名 审计委员会 乔红军（主任委员）、郑海味、郭琳 提名委员会 杨文英（主任委员）、郑海味、郭满金 薪酬与考核委员会 郑海味（主任委员）、杨文英、郭满金 战略与可持续发展委员 郭满金（主任委员）、郭琳、李远瞻、丁云光、杨文英 会 （三）是否存在影响独立 ...

宏发科技股份有限公司 市值管理制度 （2025 年 3 月制定） 第一章 总则 第一条 为加强宏发科技股份有限公司（以下简称"公司"）市值管理工作， 增强投资者回报，规范公司的市值管理活动，确保公司市值管理活动的合规性、 科学性、有效性，切实维护公司、 投资者及其他利益相关者的合法权益，积极 响应《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》中 关于鼓励上市公司建立市值管理制度的号召，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上海交易所股票上市规则》《上市公司信息披露 管理办法》《上市公司监管指引第 10 号——市值管理》等法律法规、规范性 文件和《宏发科技股份有限公司章程》（以下简称"《公司章程》"）等规定， 制订本制度。 第二条 本制度所称市值管理是以提高公司质量为基础，为提升公司投资价 值和股东回报能力而实施的战略管理行为。 第三条 公司应当牢固树立回报股东意识，采取措施保护投资者尤其是中小 投资者利益，诚实守信、规范运作、专注主业、稳健经营，以新质生产力的培 育和运用，推动经营水平和发展质量提升，并在此基础上做好投资者关系管理， 增强信息披露质量和透明度，必要时积极采取措 ...