Investment Rating - The report maintains a "Recommend" rating for Hongfa Corporation (600885 SH) [4][6] Core Views - Hongfa Corporation's Q3 2024 performance met expectations with strong profitability [2] - The company achieved revenue of 10 869 billion yuan in the first three quarters of 2024 a YoY increase of 9 97% and net profit attributable to the parent company of 1 269 billion yuan a YoY increase of 15 07% [2] - In Q3 2024 the company achieved revenue of 3 638 billion yuan a YoY increase of 12 19% and net profit attributable to the parent company of 425 million yuan a YoY increase of 14 55% [2] - The company's gross profit margin for the first three quarters of 2024 was 35 17% a slight decrease of 0 41pct YoY while the net profit margin increased by 0 87pct to 15 42% [3] - The company's R&D investment in the first three quarters of 2024 was 357 million yuan a YoY increase of 20% with an R&D expense ratio of 4 92% [3] - The company's "75+" strategy has shown significant results with breakthroughs in new product categories such as film capacitors connectors current sensors and fuses [4] - The report forecasts revenue of 14 708 billion yuan 16 833 billion yuan and 19 229 billion yuan for 2024 2025 and 2026 respectively with YoY growth rates of 13 8% 14 4% and 14 2% [4] - The report forecasts net profit attributable to the parent company of 1 586 billion yuan 1 821 billion yuan and 2 122 billion yuan for 2024 2025 and 2026 respectively with YoY growth rates of 13 9% 14 8% and 16 6% [4] Financial Performance Summary - The company's gross profit margin for 2024E is expected to be 35 25% slightly lower than 36 89% in 2023A [8] - The net profit margin is expected to remain stable at around 10 8% from 2024E to 2026E [8] - The ROE is forecasted to be 16 77% 16 92% and 17 27% for 2024E 2025E and 2026E respectively [8] - The company's PE ratio is expected to decrease from 20x in 2024E to 15x in 2026E [4][8] - The PB ratio is forecasted to decline from 3 4x in 2024E to 2 6x in 2026E [4][8] Business Development - The company's low-voltage switchgear business remained stable in H1 2024 despite challenges in the domestic building power distribution market by exploring new growth areas in new energy industrial and grid applications [4] - New product categories such as film capacitors connectors current sensors and fuses have shown significant progress with fuses already obtaining certification [4]

| 证券代码：600885 | 证券简称：宏发股份 | 公告编号：2024-064 | | --- | --- | --- | | 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"宏发转债"调整转股价格暨转股停复牌的公告 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： 证券停复牌情况：适用 因"宏发转债" 实施修正条款,本公司的相关证券停复牌情况如下： | | | ● 调整前转股价格：50.52 元/股 ● 调整后转股价格：32.32 元/股 3、因公司实施 2023 年年度利润分配方案，自 2024 年 6 月 20 日起，转股价格调整为 50.52 元/股，详见《关于"宏发转债"调整转股价格暨转股停复牌的公告》（公告编号：临 2024-032）。 一、转股价格调整依据 根据《宏发科技股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集说 明书》"）的约定，"宏发转债"的转股价格向下修正条款如下： （1）修正条件与修正幅度 ● 宏发转债本次转股价格调整实施日期： ...

Financial Performance - The company's revenue for Q3 2024 reached CNY 3,637,808,901.72, representing a year-on-year increase of 12.19%[2] - Net profit attributable to shareholders for the same period was CNY 425,068,768.87, reflecting a growth of 14.55% compared to the previous year[2] - The net profit after deducting non-recurring gains and losses was CNY 413,392,377.72, which is an increase of 16.52% year-on-year[2] - Total operating revenue for the first three quarters of 2024 reached ¥10,869,000,223.68, an increase of 10.0% compared to ¥9,883,276,480.58 in the same period of 2023[15] - Net profit attributable to shareholders of the parent company was ¥1,269,452,759.13, compared to ¥1,103,223,169.07 in the previous year, marking an increase of 15.1%[16] - The company reported a net profit margin of approximately 11.7% for the first three quarters of 2024, compared to 11.2% in the same period of 2023[16] - The total comprehensive income for the period was ¥1,661,538,192.86, compared to ¥1,503,812,720.35, showing an increase of 10.5%[17] Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 20,594,367,189.17, marking a 16.20% increase from the end of the previous year[3] - The company's current assets amounted to RMB 12,912,704,031.91, up from RMB 10,612,669,606.94, indicating a growth of about 21.6%[13] - Total liabilities increased to RMB 12,912,704,031.91, up from RMB 10,612,669,606.94, indicating a growth of approximately 21.6%[13] - The company's total liabilities increased to ¥8,381,500,962.63 from ¥6,666,000,759.08, representing a growth of 25.7%[14] Shareholder Information - The equity attributable to shareholders reached CNY 9,144,352,343.89, up by 9.63% compared to the previous year[3] - Major shareholder, Youge Venture Capital Co., Ltd., holds 27.35% of the shares, amounting to 285,154,494 shares[7] - The total number of ordinary shareholders at the end of the reporting period was 25,187[6] Cash Flow and Investments - In the first three quarters of 2024, the cash inflow from operating activities reached ¥10,372,549,384.75, an increase of 11.14% compared to ¥9,334,270,736.62 in the same period of 2023[18] - The net cash flow from operating activities for the first three quarters of 2024 was ¥1,205,381,511.64, down from ¥1,665,300,362.75 in 2023, indicating a decline of 27.53%[19] - The cash inflow from investment activities in the first three quarters of 2024 was ¥1,099,879,904.92, significantly higher than ¥140,299,091.40 in 2023, marking an increase of 684.14%[19] - The net cash flow from investment activities was negative at -¥2,023,562,543.97 in 2024, compared to -¥1,194,583,616.59 in 2023, indicating a worsening of 69.25%[19] - The total cash and cash equivalents at the end of the third quarter of 2024 were ¥1,403,451,953.76, down from ¥1,767,005,550.38 in 2023, a decrease of 20.56%[19] Costs and Expenses - Total operating costs for the same period were ¥9,101,383,695.41, up from ¥8,107,114,145.44, reflecting a growth of 12.3%[15] - Research and development expenses for the first three quarters amounted to ¥534,870,405.18, an increase from ¥474,292,081.09, reflecting a growth of 12.8%[15] - Cash outflow for purchasing goods and services increased to ¥5,803,293,347.83 in 2024 from ¥4,637,613,209.24 in 2023, representing a rise of 25.14%[18] - The cash outflow for employee compensation rose to ¥2,119,921,480.78 in 2024 from ¥1,905,001,505.81 in 2023, an increase of 11.26%[19] Other Financial Metrics - The weighted average return on net assets was 4.76%, an increase of 0.14 percentage points from the previous year[3] - Basic earnings per share for the quarter was CNY 0.4077, reflecting a year-on-year increase of 14.55%[2] - Basic earnings per share for the period were ¥1.2175, compared to ¥1.0581 in the same period last year, an increase of 15.1%[17] - Long-term borrowings increased significantly to ¥712,102,225.81 from ¥118,698,401.88, a rise of 499.8%[14] Strategic Developments - The company has not disclosed any new strategies or product developments in this report[12]

证券代码：600885 证券简称：宏发股份 公告编号：2024-065 宏发科技股份有限公司 2024 年第二次临时股东大会决议公告 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法律责任。 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 | 1、出席会议的股东和代理人人数 | 441 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 613,165,596 | | 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（%） | 58.8069 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 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 11 月 1 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 ...

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年第二次临时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 11 月 1 日 14 点 30 分在厦门宏发电声股份有限公司东林厂区二楼调度会议室(厦 门市集美区东林路 564 号 ) 召开的 2024 年第二次临时股东大会 ( 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 ...

二、董事会会议审议情况 1、审议通过了《关于确定向下修正"宏发转债"转股价格的议案》 根据《宏发科技股份有限公司公开发行可转换公司债券募集说明书》相关规 定及公司 2024 年第二次临时股东大会授权，综合考虑公司未来发展前景，公司 董事会决定将"宏发转债"的转股价格由 50.52 元/股向下修正为 32.32 元/股， 修正后的转股价格自 2024 年 11 月 5 日起生效。 | 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 | 2024-066 | | --- | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | | 宏发科技股份有限公司 第十一届董事会第四次会议决议公告 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。 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"）于 2024 年 10 月 26 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 事会第四次会议的通知，会议于 2024 年 11 月 ...

Investment Rating - The report assigns a "Buy" rating to the company, Hongfa Technology Co., Ltd. (600885.SH) [1]. Core Insights - Hongfa Technology maintains a strong position as a global leader in the relay industry, with a market share of 21.6% in 2023. The company has shown steady revenue growth, with a 8.38% year-on-year increase in revenue to 72.31 billion yuan in the first half of 2024, and a 19.59% increase in net profit to 8.44 billion yuan [1]. - The company benefits from the growing demand in the new energy and electrification sectors, with a well-rounded product portfolio that includes high-voltage DC relays, automotive relays, power relays, and industrial relays [1][2]. - The company's strategy of expanding product categories and entering new markets is expected to drive future growth, particularly in low-voltage electrical products and other electrical components [1][2]. Summary by Sections 1. Company Leadership in Relay Industry - Hongfa Technology has established itself as a leader in the relay industry since its founding in 1984, with a focus on quality and market share [5][64]. - The company has undergone three phases of development, with significant milestones including the establishment of overseas subsidiaries and a shift to a joint-stock company structure [64][65]. 2. Stable Profitability and Business Expansion - The company's revenue has consistently increased, with a notable rise in global market share and expansion into overseas markets, particularly in the new energy vehicle sector [70][72]. - The gross margin for relay products was reported at 39% in 2023, indicating strong profitability compared to other product lines [72]. 3. Industry Growth Driven by New Energy - The relay industry is experiencing robust growth, particularly due to the electrification of vehicles and the expansion of renewable energy applications [77][81]. - The demand for high-voltage DC relays is expected to rise significantly as the market for electric vehicles grows, with the company positioned to benefit from this trend [85][89]. 4. "Internal Growth + External Expansion" Strategy - The company emphasizes quality in its operations and is expanding its product offerings through both internal development and acquisitions [100][101]. - Hongfa Technology is actively pursuing international expansion, with plans to establish manufacturing facilities in key markets such as Germany and Indonesia [109][110]. 5. Profit Forecast and Valuation - Future revenue projections for the company are optimistic, with expected revenues of 96.39 billion yuan in 2024, growing at a rate of 14.4% [111]. - The projected net profits for 2024-2026 are 16.67 billion yuan, 19.31 billion yuan, and 21.95 billion yuan, reflecting a strong growth trajectory [113].

| 证券代码：600885 | 证券简称：宏发股份 | 编 | 号：临 | 2024—063 | | --- | --- | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | | | http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 宏发科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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个别及连带责任。 重要内容提示: 投资者可于 2024 年 11 月 04 日(星期一)至 11 月 08 日(星期五)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮 箱 zqb@hongfa.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 宏发科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2 ...

| 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 | 2024-059 | | --- | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | | 宏发科技股份有限公司 第十一届董事会第三次会议决议公告 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 2024 年 10 月 25 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 第三次会议的通知，会议于 2024 年 10 月 30 日上午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》的有关规定，会议决议合 法有效。 （二）、董事会会议审议情况 一、审议通过了《2024 年第三季度报告》 公司为深入贯彻中央经济工作会议和中央金融工作会议精神，落实国 ...

| 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 | 2024-060 | | --- | --- | --- | --- | | 转债代码：110082 | 转债简称：宏发转债 | | | 宏发科技股份有限公司 第十一届监事会第二次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 宏发科技股份有限公司（以下简称"公司"）于 2024 年 10 月 25 日以电子 邮件和电话通知的方式向公司全体监事发出召开第十一届监事会第二次会议的 通知，会议于 2024 年 10 月 30 日上午在公司会议室以通迅方式召开。会议应到 监事 3 名，实到监事 3 名。会议由监事会主席郭晔先生主持，会议的召集和召开 符合《公司法》、《证券法》和《公司章程》的有关规定，会议决议合法有效。 二、监事会会议审议情况 1、审议通过了《2024 年第三季度报告》 综上，同意公司使用不超过 30 亿元的闲置自有资金进行现金管理。 具体内容详见公司同日披露《宏发股份：关于使用部分闲置自有资金进行现 金 ...