Investment Rating - Buy (Maintained) with a target price of 23.20 RMB for the next 6 months [1] Core Views - Net profit margin is under short-term pressure, while overseas business is growing rapidly [1] - Overseas business accounted for 8.2% of total revenue in Q3 2024, up from 6.7% in Q1 2024 and 7% in Q2 2024 [2] - The company's energy storage business has broad coverage and strong growth potential, ranking among the top five in terms of total power delivered in the PCS market [3] - The company is expected to achieve revenues of 3.62 billion, 4.49 billion, and 5.30 billion RMB in 2024, 2025, and 2026, respectively, with net profits of 394.65 million, 516.05 million, and 649.19 million RMB [3][6] Financial Performance - Revenue for the first three quarters of 2024 was 2.31 billion RMB, down 11.6% YoY, with net profit attributable to shareholders of 250 million RMB, down 36.9% YoY [1] - In Q3 2024, revenue was 930 million RMB, down 13.4% YoY, with net profit attributable to shareholders of 100 million RMB, down 50.4% YoY [1] - Gross margin for the first three quarters of 2024 was 37.5%, up 3.1 percentage points YoY, while net margin was 11.8%, down 3.7 percentage points YoY [2] - Overseas revenue in the first three quarters of 2024 was 170 million RMB, up 69.8% YoY, with a gross margin of 51.1%, 15.5 percentage points higher than domestic gross margin [2] Business Segments - New energy power control business revenue was 1.8 billion RMB in the first three quarters of 2024, down 13.4% YoY, with a gross margin of 34.3%, up 2.8 percentage points YoY [2] - Engineering transmission business revenue was 320 million RMB in the first three quarters of 2024, down 6.3% YoY, with a gross margin of 41.3%, down 3.6 percentage points YoY [2] - The company's new 2.5MW PCS product has achieved GW-level batch shipments, leveraging its technological advantages [3] Valuation and Forecast - The company is valued at 20x PE for 2025, with a target price of 23.20 RMB, maintaining a "Buy" rating [3][7] - The average PE ratio of comparable companies in the industry is 24x, 19x, and 15x for 2024, 2025, and 2026, respectively [7] - The company's ROE is expected to be 9.20%, 10.92%, and 12.31% in 2024, 2025, and 2026, respectively [4][10] Industry Outlook - The industry is expected to perform in line with the market over the next 6 months, with overall returns ranging between -5% and 5% compared to the relevant market index [12]

Investment Rating - The investment rating for the company is "Buy-A" [1] Core Views - The company has shown improvement in its non-net profit in Q3 2024, with a revenue of 930 million yuan, a year-on-year decrease of 13.42% but a quarter-on-quarter increase of 11.63% [1] - The company is experiencing short-term competitive pressure in the new energy sector, which has affected its performance, alongside losses from fair value changes [1] - The company is a leading manufacturer of high-power hydrogen production power supplies and has successfully expanded into overseas markets, achieving a 69.80% year-on-year increase in overseas revenue in the first three quarters of 2024 [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 2.312 billion yuan, a year-on-year decrease of 11.61%, and a net profit attributable to shareholders of 253 million yuan, down 36.91% year-on-year [1] - The gross profit margin for Q3 2024 was 35.88%, with a quarter-on-quarter increase of 0.89 percentage points [1] - The company’s sales, management, R&D, and financial expense ratios for Q3 2024 were 8.60%, 4.15%, 7.95%, and 1.25%, respectively, indicating good cost control capabilities [1] Business Segment Performance - The new energy electric control business stabilized with a revenue of 1.802 billion yuan in the first three quarters of 2024, a year-on-year decrease of 13.41%, but with a gross margin of 34.34%, up 2.84 percentage points year-on-year [1] - The engineering transmission business achieved a revenue of 316 million yuan in the first three quarters of 2024, down 6.34% year-on-year, with a gross margin of 41.30%, down 3.61 percentage points year-on-year [1] Future Outlook - The company is expected to continue expanding its overseas market and increase its focus on the hydrogen energy sector, which is anticipated to become a new growth driver for performance [1] - The projected net profits for the company from 2024 to 2026 are 470 million yuan, 598 million yuan, and 679 million yuan, respectively, with corresponding PE ratios of 17, 14, and 12 times [1][2]

深圳市禾望电气股份有限公司 关于以集中竞价交易方式回购公司股份进展的公告 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： 证券代码：603063 证券简称：禾望电气 公告编号：2024-091 2024 年 10 月，公司未进行股份回购。截至 2024 年 10 月 31 日，公司已累计 回购股份 1,083,000 股，占公司总股本比例为 0.24%，回购的最高价为 18.79 元/股， 最低价为 18.06 元/股，累计成交总金额为人民币 19,998,913.00 元（不含印花税、 佣金等交易费用）。 本次回购股份符合法律法规及公司回购股份方案的有关规定。 三、 其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告。 | 回购方案首次披露日 | 2024/2/5，由公司实际控制人、董事长韩玉先生 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][15] Core Views - The company experienced a 13% year-on-year decline in revenue for the third quarter, with overseas business revenue continuing to increase [1][4] - The company has adjusted its profit forecasts for 2024-2026 due to pressure on its main business, projecting net profits of 380 million, 450 million, and 550 million yuan respectively [1][15] - The company is expanding its overseas business, with a 104% year-on-year increase in overseas revenue for the third quarter [1][9] Financial Performance Summary - In Q3, the company achieved revenue of 930 million yuan, down 13% year-on-year, and a net profit of 100 million yuan, down 50% year-on-year [1][4] - For the first three quarters, the company reported total revenue of 2.31 billion yuan, a decrease of 12% year-on-year, and a net profit of 250 million yuan, down 37% year-on-year [1][4] - The gross margin for the first three quarters was 37.5%, an increase of 3.1 percentage points year-on-year [1][4] Business Segment Performance - The new energy control and engineering transmission businesses reported revenues of 750 million and 110 million yuan respectively in Q3, with year-on-year declines of 15% and 9% [1][9] - The gross margins for these segments were 32.5% and 44.6%, with the engineering transmission segment showing a slight improvement [1][9] - The overseas business accounted for 7.4% of total revenue in the first three quarters, up 3.5 percentage points year-on-year, with a gross margin of 51.1% [1][9] Profitability and Valuation Metrics - The company’s projected PE ratios for 2024, 2025, and 2026 are 19.5, 16.5, and 13.5 respectively [1][15] - The net profit margin for Q3 was 10.7%, down 8.1 percentage points year-on-year [4] - The company’s return on equity (ROE) is projected to be 9.3% in 2024, increasing to 11.4% by 2026 [14]

证券代码：603063 证券简称：禾望电气 公告编号：2024-090 深圳市禾望电气股份有限公司 股票交易异常波动公告 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： 深圳市禾望电气股份有限公司（以下简称"公司"）股票于 2024 年 10 月 25 日、10 月 28 日、10 月 29 日连续三个交易日收盘价格涨幅偏离值累计超过 20%， 根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动的情形。 经公司自查，公司未发现可能对公司股票交易价格产生重大影响需要澄清或 回应的媒体报道或市场传闻。 经公司自查，并书面问询公司控股股东及实际控制人，截至本公告披露日， 公司不存在应披露而未披露的重大信息。 一、股票交易异常波动的具体情况 截至 2024 年 10 月 29 日上海证券交易所交易收盘，公司股票于 2024 年 10 月 25 日、10 月 28 日、10 月 29 日连续三个交易日收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动情 形。 二 ...

关于《深圳市禾望电气股份有限公司股票交易异常波动问询函》的回 （本页无正文，为《关于<深圳市禾望电气股份有限公司股票交易异常波动 间询函>的回复》之签章页 ) 实际控制人: 复 深圳市禾望电气股份有限公司： 贵公司于 2024 年 10 月 29 日送达的《深圳市禾望电气股份有限公司股票交 易异常波动问询函》已收悉。作为贵公司的控股股东及实际控制人,经认真核实, 情况如下: 一、截至本问询函签署之日,除公司已公告事项外,不存在影响贵公司股票 交易异常波动的重大事项,不存在涉及贵公司应披露而未披露的重大信息,包括 但不限于重大资产重组、股份发行、重大交易类事项、业务重组、股份回购、股 权激励、破产重整、重大业务合作、引进战略投资者等重大事项。 二、本公司及实际控制人确认,在股票交易异常波动期间（2024年10 月 25 日、10 月 28 日、10 月 29 日）不存在买卖贵公司股票的情形。 特此回复。 (以下无正文) f 法定代表人(签 深圳市平启科技有限公司 プツ4年10月29日 t and ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance met expectations, with a focus on accelerating overseas expansion to open up new market opportunities [1] - The company reported Q3 2024 revenue of 2.312 billion yuan, a year-over-year decrease of 11.6%, and a net profit attributable to shareholders of 253 million yuan, down 36.9% year-over-year [1] - The company is adjusting its profit forecast for 2024-2026, expecting net profits of 380 million, 504 million, and 617 million yuan respectively [1] Financial Performance Summary - For Q3 2024, the company achieved revenue of 930 million yuan, a year-over-year decline of 13.4%, but a quarter-over-quarter increase of 11.6% [1] - The gross margin for Q3 was 35.9%, with a net margin of 10.7%, reflecting a slight increase in gross margin and a decrease in net margin compared to the previous quarter [1] - The company's overseas business revenue reached 172 million yuan in Q3, marking a year-over-year increase of 69.8% with a gross margin of 51.1% [1] Business Segment Performance - The new energy control business generated revenue of 1.802 billion yuan in the first three quarters of 2024, down 13.4% year-over-year, with a gross margin of 34.3% [2] - The engineering transmission business reported revenue of 316 million yuan in the first three quarters of 2024, down 6.3% year-over-year, but with a gross margin of 41.3% [2] - The company anticipates that the engineering transmission business will stabilize as domestic fiscal and monetary policies take effect [2] Valuation Metrics - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.86, 1.14, and 1.39 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19.5, 14.7, and 12.0 [4][5] - The company's total market capitalization is 7.42 billion yuan, with a current stock price of 16.74 yuan [5]

证券代码：603063 证券简称：禾望电气 单位：元 币种：人民币 深圳市禾望电气股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|----------|---------------------------------------|-----------------------------------------------|--------------------- ...

证券代码：603063 证券简称：禾望电气 公告编号：2024-088 特此公告。 深圳市禾望电气股份有限公司 深圳市禾望电气股份有限公司董事会 2024 年 1-9 月经营数据公告 2024 年 10 月 29 日 | 项目 | 主营业收入 | 主营业成本 | | 主营业收 | 主营业 成本比 | 毛利率 比上年 | | --- | --- | --- | --- | --- | --- | --- | | | （1-9 月） | （1-9 月） | 毛利率 | 入比上年 同期增减 | 上年同 | 同期增 | | | | | | | 期增减 | 减 | | 分产品 | | | | | | | | 新能源电控 业务 | 1,802,402,128.74 | 1,183,367,361.37 | 34.34% | -13.41% | -17.00% | 2.84% | | 工程传动业 | 316,421,106.12 | 185,742,155.36 | 41.30% | -6.34% | -0.20% | -3.61% | | 务 | | | | | | | | 其他 | 156,858,781.21 | 6 ...

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： 证券代码：603063 证券简称：禾望电气 公告编号：2024-089 深圳市禾望电气股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 会议召开时间：2024 年 11 月 11 日（星期一）上午 10:00-11:00 会议召开地点： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 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"栏目或通过公司邮箱 ir@hopewind.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。 深圳市禾望电气股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 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 ...