Investment Rating - The investment rating for the company is "Outperform the Market" [5][15][19] Core Views - The company is expected to achieve a net profit attributable to shareholders of 234-255 million yuan in the first half of 2025, representing a year-on-year growth of 51%-65% [1] - The growth is primarily driven by the performance of the new energy control business, which has shown significant year-on-year growth [1] - The company has successfully expanded its overseas business, with revenue from overseas operations reaching 260 million yuan in 2024, a year-on-year increase of 123% [2] - The implementation of a divisional system has improved operational efficiency, enhancing market responsiveness and business development [2] - The company is expected to open a second growth curve through its AIDC power equipment products, benefiting from the surge in demand for AI computing power [3] Financial Forecasts - The company is projected to achieve operating revenues of 4.51 billion yuan in 2025, with a year-on-year growth of 20.9% [4][12] - The net profit for 2025 is forecasted to be 603 million yuan, reflecting a year-on-year increase of 37% [4][12] - The earnings per share (EPS) for 2025 is estimated at 1.33 yuan, with a corresponding price-to-earnings (PE) ratio of 24.0 [4][12] - The EBIT margin is expected to improve to 15.2% by 2025, indicating enhanced profitability [4][12] - The return on equity (ROE) is projected to be 13.2% in 2025, showing a positive trend in shareholder returns [4][12]

证券代码：603063 证券简称：禾望电气 公告编号：2025-067 深圳市禾望电气股份有限公司 2025 年半年度业绩预增公告 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： 本期业绩预告适用于：实现盈利，且净利润与上年同期相比增加 50%以 上。 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 1、经财务部门初步测算，公司预计 2025 年半年度实现归属于上市公司股东 的净利润为 23,400.00 万元到 25,500.00 万元，与上年同期（法定披露数据）相比， 将增加 7,921.98 万元到 10,021.98 万元，同比增加 51.18%到 64.75%。 2、公司预计 2025 年半年度归属于上市公司股东的扣除非经常性损益的净利 润为 22,000.00 万元到 24,100.00 万元，与上年同期（法定披露数据）相比，将增 加 5,693.39 万元到 7,793.39 万元，同比增加 34.91%到 47.79%。 （三）本次预计的 ...

禾望电气：预计上半年净利润为2.34亿元到2.55亿元，同比增加51.18%到64.75%，业绩增长原因主要系 新能源业务增长。 ...

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030. This translates to a demand for AIDC power equipment of 29/48/60/67/70/74 GW, with an average annual growth rate of 20% [5][13] - The market potential for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is estimated to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - The domestic data center industry is expected to see increased capital expenditure from major cloud providers, with 2025 anticipated to be a pivotal year for AIDC construction [5][18] Summary by Sections AIDC Power Equipment - The AIDC power equipment sector has shown a diverse range of products, with major global players like Vertiv, Eaton, and Schneider Electric having established strong product lines and solutions [5] - Domestic companies are gaining competitive advantages in various segments, with leading firms gradually building their solution-providing capabilities [5] - The recent performance of the AIDC power equipment sector has been mixed, with notable declines in backup diesel power sources and lead-acid batteries [5][24] Grid Industry - The grid sector has seen significant investment growth, with national grid engineering investment reaching 632 billion yuan in May 2025, a year-on-year increase of 33.3% [31][32] - The bidding results for high-voltage equipment have shown a strong performance, with a total bid amount of 211.89 billion yuan in July 2025, reflecting a year-on-year increase of 38.1% [64] - The grid industry is expected to benefit from the maturation of new business models such as electricity trading and virtual power plants, with a focus on high-voltage orders and deliveries in the second half of 2025 [5][58]

Investment Rating - The report maintains a rating of "Accumulate" for the company [12] Core Views - The company has a strong layout in wind-solar-storage grid-type products and is experiencing continuous breakthroughs in overseas markets, embracing AIDC to establish a second growth curve [3][12] - The company is expected to achieve total revenue of 3.8 billion in 2023, with a projected increase to 6.6 billion by 2027, reflecting a compound annual growth rate (CAGR) of 20.4% [5][12] - Net profit attributable to the parent company is forecasted to grow from 500 million in 2023 to 900 million in 2027, with a significant increase of 88.2% in 2023 [5][12] Financial Summary - Total revenue projections: 3.8 billion in 2023, 3.7 billion in 2024, 4.8 billion in 2025, 5.5 billion in 2026, and 6.6 billion in 2027 [5] - Net profit (attributable to the parent) is expected to be 500 million in 2023, 400 million in 2024, 600 million in 2025, 800 million in 2026, and 900 million in 2027 [5] - Earnings per share (EPS) forecast: 1.10 in 2023, 0.97 in 2024, 1.38 in 2025, 1.66 in 2026, and 1.95 in 2027 [5] - Return on equity (ROE) is projected to improve from 12.8% in 2023 to 14.1% in 2027 [5] Market Data - The company's market capitalization is approximately 13.946 billion [6] - The stock price has ranged from 11.16 to 35.14 over the past 52 weeks [6] - The current stock price is 30.68, with a target price set at 37.81 [12] Business Growth - The engineering transmission business is expected to generate 560 million in revenue in 2024, with a year-on-year growth of 16.7% and a gross margin of 44.5% [12] - Overseas revenue is projected to reach 259 million in 2024, reflecting a year-on-year increase of 122.7% with a gross margin of 54.2% [12] - The company has established over 30 service bases in various countries, including the Netherlands, Brazil, and India, to support its overseas expansion [12] Product Development - The company has invested six years in developing wind-solar-storage grid-type products, which are expected to significantly enhance the safety and stability of power systems [12] - The company has launched various products, including a 1.5-20MW doubly-fed converter for wind power and a 320-350kW string inverter for photovoltaic applications, both designed to support high overload capabilities [12]

维持增持评级 。考虑到新品布局推进，而同期研发费用增加，调整25-26 年EPS 为1.38（-0.27）元， 1.66（-0.29）元，新增27 年EPS为1.95 元，参考可比公司估值，给予25 年27.4 倍PE，对应目标价37.81 元，维持增持评级。 海外业务持续突破，工程传动业务保持高增速。工程传动业务，24年实现5.6 亿收入，同增16.7%，毛 利率44.5%，新能源电控保持高增速；海外收入，2 024 年实现2.59 亿元，同增122.7%，毛利率54.2%，目前公司已在海外多地建立起30+个服务基地，为海 外拓展做支撑，如荷兰、巴西、印度等地。 本报告导读： 国家能源局将构网技术列为七大试点方向之首，公司在风光储构网型产品布局深厚。风、光在能源系统 中渗透率不断提升，面临灵活调节弱、安全要求高等现实挑战。凭借短路电流支撑、宽频振荡抑制、惯 量响应、调频调峰、黑启动等功能，构网型储能被寄予厚望，将极大支撑电力系统安全稳定，公司历时 六年推出风光储构网型产品。在风电领域推出1.5-20MW 双馈变流器，具备3 倍1.3s 短路电流输出能 力，为低压/高压/连续故障穿越提供强大支撑；在光伏领域推 ...

Group 1: Photovoltaic Silicon Material Industry - The photovoltaic silicon material industry is expected to accelerate capacity consolidation, with the Ministry of Industry and Information Technology emphasizing the need for high-quality development in the solar industry [1] - By 2027, the industry is projected to enter a stable development phase, with significant advantages in the silicon material segment due to differences in capacity costs and financial strength among companies [1] - Key companies to watch include GCL-Poly Energy, Xinte Energy, Tongwei Co., and TBEA [1] Group 2: Solid-State Battery Industry - The solid-state battery industry is witnessing continuous advancements, with equipment from Winbond Technology successfully delivered to major domestic clients [2] - Material production is ramping up, with significant capacity in oxide electrolytes and expectations for sulfide electrolytes to achieve ton-level shipments by 2025 [2] - Companies of interest in this sector include Xiamen Tungsten, Tianqi Lithium, and others involved in the solid-state battery supply chain [2] Group 3: Offshore Wind Power Development - The central government is promoting the orderly development of offshore wind power, with a focus on enhancing the marine economy and encouraging private investment [3] - Goldwind Technology has secured over 7.7GW of international orders for 2024, with significant revenue growth reported for its international subsidiary [3] - Key players in the wind power sector include Goldwind Technology, Oriental Cable, and Dajin Heavy Industry [3] Group 4: Data Center Investment - Global data center investments are accelerating, with Amazon planning to invest AUD 20 billion (approximately USD 13.1 billion) in Australia and SK Telecom collaborating with Amazon Web Services for a significant data center project in South Korea [4] - The deployment of NVIDIA's GB300 AI systems is underway, indicating a growing demand for AI computing resources [4] - Companies to monitor in the AIDC power equipment sector include Jinpan Technology, Xinte Electric, and others [4] Group 5: Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, with Goldwind Technology rated "Outperform" and projected to have an EPS of 1.28 in 2025 [5] - Jinpan Technology and other companies also received "Outperform" ratings, indicating positive market sentiment [5] Group 6: Industry Performance Overview - The electric power equipment sector outperformed the market in June, with a 6.68% increase compared to a 2.5% rise in the CSI 300 index [13] - The sector's PE ratio at the end of June was 30.3, reflecting a slight recovery in valuations [13] - The report highlights that the electric power equipment industry has shown strong performance across various sub-sectors, including lithium battery materials and wind power [23]

Meeting Information - The first extraordinary general meeting of shareholders for 2025 is scheduled for July 25, 2025, at 14:00 [1] - The meeting will be held at the company's conference room located in Nanshan District, Shenzhen [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's network voting system [1] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's network voting system, with specific time slots for voting on the meeting day [2] - There are no public solicitations for shareholder voting rights [2] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [4] Attendance and Registration - Only shareholders registered by the close of trading on the equity registration date (July 18, 2025) are entitled to attend the meeting [5] - Registration for attendance can be done through various methods, including in-person and electronic means [5] - The registration period for the meeting is from 12:45 to 13:45 on July 25, 2025 [5] Additional Services - The company will utilize a reminder service to notify shareholders about the meeting and voting procedures via SMS [3] - In case of network congestion, shareholders can still vote through the original trading system [4] Contact Information - The contact person for the meeting is Ms. Cao, with a provided phone number for inquiries [6]

Market Overview - The Shanghai Composite Index fell by 0.13% on July 9, with 17 out of the 28 sectors rising, led by Media and Agriculture sectors, which increased by 1.35% and 0.65% respectively [1] - The Electric Equipment sector saw a slight increase of 0.17% [1] - The sectors with the largest declines were Non-ferrous Metals and Basic Chemicals, which dropped by 2.26% and 0.85% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.536 billion yuan, with only three sectors experiencing net inflows: Media (1.055 billion yuan), Retail (864 million yuan), and Construction Decoration (40.34 million yuan) [1] - The Electronic sector had the largest net outflow, totaling 7.789 billion yuan, followed by Non-ferrous Metals with 5.412 billion yuan [1] Electric Equipment Sector Performance - In the Electric Equipment sector, 358 stocks were tracked, with 99 stocks rising and 252 stocks declining; 5 stocks hit the daily limit up [2] - The top net inflow stock was Ningde Times, with a net inflow of 378 million yuan, followed by Tongguan Copper Foil and Kelu Electronics with inflows of 219 million yuan and 178 million yuan respectively [2] - The sector experienced a total net outflow of 4.576 billion yuan, with 11 stocks seeing outflows exceeding 100 million yuan; the largest outflows were from Rongfa Nuclear Power, Sunshine Power, and Nord Shares, with outflows of 327 million yuan, 250 million yuan, and 226 million yuan respectively [2][3] Top Gainers in Electric Equipment Sector - The top gainers in the Electric Equipment sector included: - Ningde Times: +2.84%, turnover rate 0.75%, main capital flow 377.94 million yuan - Tongguan Copper Foil: +20.02%, turnover rate 48.19%, main capital flow 218.52 million yuan - Kelu Electronics: +10.06%, turnover rate 7.49%, main capital flow 178.39 million yuan [2] Top Losers in Electric Equipment Sector - The top losers in the Electric Equipment sector included: - Rongfa Nuclear Power: +0.42%, turnover rate 33.08%, main capital flow -327.43 million yuan - Sunshine Power: -0.57%, turnover rate 3.01%, main capital flow -249.65 million yuan - Nord Shares: -4.98%, turnover rate 14.04%, main capital flow -226.20 million yuan [3]

证券代码：603063 证券简称：禾望电气 公告编号：2025-065 | | 被担保人名称 | | 祁阳市博禾新能源有限公司（以下简称"祁阳博禾"） | | --- | --- | --- | --- | | | 本次担保金额 | 523,320,547.84 | 元 | | 担保对象 | 实际为其提供的担保余额 | 万元（不含本次） 0 | | | | 是否在前期预计额度内 | □是 否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子公 司对外担保总额（万元） | 628,387.98 | | 对外担保总额占上市公司最近一期经 审计净资产的比例（%） | 146.08 | | 50% 特别风险提示 | 对外担保总额超过最近一期经审计净资产 100% □担保金额超过上市公司最近一期经审计净资产 | | | □对合并报表外单位担保金额达到或超过最近一期 | | | 经审计净资产 30%的情况下 | | |  ...