Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a significant increase in Q4 2024 performance, with revenue reaching 1.422 billion yuan, a year-on-year increase of 25.05% and a quarter-on-quarter increase of 52.88% [4][5] - The company's annual revenue for 2024 was 3.733 billion yuan, a slight decrease of 0.50% year-on-year, while the net profit attributable to shareholders was 441 million yuan, down 12.28% year-on-year [4][5] - The Q4 net profit was 187 million yuan, showing a remarkable year-on-year increase of 85.86% and a quarter-on-quarter increase of 90.04% [4][5] - The company is experiencing a turnaround in profitability driven by overseas expansion and management reforms, despite overall industry demand decline [4][5] Financial Performance - The company achieved overseas revenue of 259 million yuan in 2024, a year-on-year increase of 122.74%, with a gross margin of 54.24% [4][5] - The gross margin for Q4 was 38.49%, higher than the annual gross margin of 37.86% [4][5] - The company expects net profits for 2025, 2026, and 2027 to be 614 million, 702 million, and 810 million yuan respectively, with corresponding EPS of 1.36, 1.56, and 1.80 yuan per share [5][6] Business Segments - The company is focusing on the synergy between wind, solar, and hydrogen energy, with significant growth in its engineering transmission business [4][5] - The data center power supply segment is being developed to meet the explosive demand driven by AI technology, with plans to innovate in high-capacity and multifunctional power systems [4][5] Market Position - The company maintains a strong market position in the wind power sector, with stable domestic market share and breakthroughs in overseas markets [4][5] - The company has made significant advancements in the hydrogen energy sector, particularly in high-power IGBT hydrogen production power supplies [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a significant increase in Q4 2024 performance, with revenue reaching 1.422 billion yuan, a year-on-year increase of 25.05% and a quarter-on-quarter increase of 52.88%. The net profit attributable to shareholders was 187 million yuan, up 85.86% year-on-year and 90.04% quarter-on-quarter [4][5] - The company faced overall pressure on annual performance due to a decline in demand in the new energy sector, but Q4 results confirmed a turnaround driven by overseas expansion and management reforms [4][5] - The company achieved overseas revenue of 259 million yuan in 2024, a year-on-year increase of 122.74%, with a gross margin of 54.24%, up 8.68 percentage points [4][5] - The company is focusing on the data center power supply market, developing high-capacity, multifunctional power systems to meet the explosive demand driven by AI technology [4][5] Financial Performance Summary - In 2024, the company achieved operating revenue of 3.733 billion yuan, a decrease of 0.50% year-on-year, and a net profit of 441 million yuan, down 12.28% year-on-year. The gross margin for Q4 was 38.49%, higher than the annual gross margin of 37.86% [4][6] - The projected net profits for 2025, 2026, and 2027 are 614 million yuan, 702 million yuan, and 810 million yuan, respectively, with corresponding EPS of 1.36, 1.56, and 1.80 yuan per share [5][6] - The company’s revenue is expected to grow significantly in the coming years, with estimates of 4.780 billion yuan in 2025, 5.700 billion yuan in 2026, and 6.701 billion yuan in 2027, reflecting year-on-year growth rates of 28.0%, 19.2%, and 17.5% respectively [6][8]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 3.733 billion yuan in 2024, which is approximately flat year-on-year, and a net profit attributable to shareholders of 441 million yuan, down 12.28% year-on-year. In Q4 2024, the company reported a revenue of 1.422 billion yuan, representing a 25.05% year-on-year increase, and a net profit of 187 million yuan, up 85.86% year-on-year and 90.04% quarter-on-quarter [1]. - The company's gross margin improved to 37.86%, an increase of 2.1 percentage points year-on-year, while the net profit margin decreased by 1.16 percentage points to 12.31% [1]. - The company is focusing on its strengths in the wind power converter market and is expanding its business in photovoltaic, transmission, energy storage, and SVG-related sectors [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.733 billion yuan, with a growth rate of -0.5%. The net profit attributable to shareholders was 441 million yuan, with a growth rate of -12.28%. The projected revenues for 2025 and 2026 are 4.735 billion yuan and 5.690 billion yuan, respectively, with growth rates of 26.8% and 20.2% [5][10]. - The company’s gross margin for 2024 was 37.86%, with a projected decline to 37.11% in 2025 and further to 37.05% in 2026 [11]. Business Segments - In the renewable energy sector, the company’s revenue from the electric control segment was 2.86 billion yuan in 2024, down 5% year-on-year, but the gross margin improved to 33.67% [2]. - The transmission business segment achieved a revenue of 562 million yuan in 2024, a 17% increase year-on-year, with a gross margin of 44.46%, down 1.11 percentage points [3]. Future Outlook - The company is expected to see revenue growth from 2023 to 2025, with projected revenues of 4.735 billion yuan in 2025 and 6.842 billion yuan in 2027, corresponding to growth rates of 26.8% and 20.3% [4][10]. - The net profit attributable to shareholders is projected to increase to 619 million yuan in 2025 and 904 million yuan in 2027, with growth rates of 40.6% and 21.0% respectively [4][10].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 3.733 billion yuan in 2024, which is approximately flat year-on-year, and a net profit attributable to shareholders of 441 million yuan, down 12.28% year-on-year. In Q4 2024, the company reported a revenue of 1.422 billion yuan, a year-on-year increase of 25.05%, and a net profit of 187 million yuan, up 85.86% year-on-year and 90.04% quarter-on-quarter [1]. - The company's gross margin improved to 37.86%, an increase of 2.1 percentage points year-on-year, while the net profit margin decreased to 12.31%, down 1.16 percentage points year-on-year. The company effectively managed its expenses, with a period expense ratio of 23.58%, up 0.72 percentage points year-on-year [1]. - The company is expected to see growth in its revenue and net profit from 2023 to 2025, with projected revenues of 4.735 billion yuan in 2025 and 6.842 billion yuan in 2027, corresponding to growth rates of 26.8% and 20.3%, respectively. The net profit attributable to shareholders is expected to reach 619 million yuan in 2025 and 904 million yuan in 2027, with growth rates of 40.6% and 21.0% [4][5]. Summary by Sections New Energy - The new energy control board segment generated a revenue of 2.86 billion yuan in 2024, a decline of 5% year-on-year, with a gross margin of 33.67%, up 0.43 percentage points year-on-year. The company made significant breakthroughs in the photovoltaic sector, successfully applying networked inverters in large-scale projects [2]. Transmission - The transmission business segment achieved a revenue of 562 million yuan in 2024, a year-on-year increase of 17%, with a gross margin of 44.46%, down 1.11 percentage points year-on-year. The company has made significant strides in domestic substitution and international expansion, particularly in the mining and petrochemical industries [3]. Power Supply - The company continues to launch various power supply solutions, including high-capacity products that cover a voltage range from 400V to 35kV and capacities from 500kVA to 100MVA. The company is actively developing innovative solutions for special power supply systems and data center power systems [3].

Investment Rating - The report maintains a strong buy recommendation for the company [3]. Core Views - The company has shown a significant operational turnaround, with Q4 performance exceeding expectations, indicating a new growth phase [1][6]. - The wind power solutions segment is expected to benefit from rapid industry growth, while the solar and energy storage sectors have demonstrated strong competitiveness in the market [1][20]. - The large drive business is expanding, moving from domestic applications to international markets, indicating potential for substantial growth [1][20]. - New business initiatives, including data centers and innovative drive technologies, are beginning to yield results [1][36]. Financial Data and Valuation - Total revenue for 2023 is projected at 3,752 million, with a slight decrease to 3,733 million in 2024, followed by a significant increase to 4,905 million in 2025, reflecting a 31% growth [2]. - Operating profit is expected to rise from 572 million in 2023 to 832 million in 2025, marking a 58% increase [2]. - Net profit attributable to shareholders is forecasted to grow from 502 million in 2023 to 697 million in 2025, also a 58% increase [2]. - The company’s PE ratio is projected to decrease from 30.8 in 2023 to 22.2 in 2025, indicating improved valuation metrics [2]. Business Performance - The company achieved a record high in Q4 2024, with revenue of 1.42 billion, a year-on-year increase of 25.1% [9]. - The renewable energy control business, the largest segment, reported revenue of 2.86 billion in 2024, despite a slight decline of 4.8% year-on-year [20]. - The large drive segment generated 562.2 million in revenue in 2024, reflecting a 16.8% increase [20]. New Business Development - The company is advancing in new business areas, including large-capacity power supplies and energy quality solutions, with products already being deployed in overseas markets [36]. - The data center segment is expected to grow rapidly, capitalizing on the global shift towards increased power demands in ICT devices [36][39]. Management and Human Resources - The company has expanded its workforce from 1,855 in 2022 to 2,486 in 2024, indicating growth in human resources to support business expansion [15]. - A significant management restructuring has occurred, introducing a younger leadership team to enhance operational vitality [43].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved better-than-expected performance in Q4, with a significant increase in net profit compared to the previous quarter [1] - The company is advancing in the wind, solar, and hydrogen sectors while maintaining a high level of profitability [1] - The engineering transmission business has expanded its layout, achieving growth in various traditional and new sectors [2] - The power supply sector is diversifying its product offerings, with promising prospects for data center power solutions [3] - The earnings forecast has been raised, with projected revenue growth for 2025-2027 [4] Financial Summary - In 2024, the company reported total revenue of 37.33 billion yuan, a year-on-year decrease of 0.50%, and a net profit of 4.41 billion yuan, down 12.28% year-on-year [1][6] - For Q4 2024, total revenue reached 14.22 billion yuan, up 25.05% year-on-year and 52.88% quarter-on-quarter, with a net profit of 1.87 billion yuan, an increase of 85.86% year-on-year and 90.04% quarter-on-quarter [1] - The company expects revenues of 51.21 billion yuan, 62.89 billion yuan, and 75.50 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 37.2%, 22.8%, and 20.1% [4][6] - The projected net profits for 2025, 2026, and 2027 are 6.10 billion yuan, 7.42 billion yuan, and 8.93 billion yuan, respectively, with corresponding year-on-year growth rates of 38.5%, 21.6%, and 20.4% [4][6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 41.20 RMB [8][9]. Core Insights - The company reported a significant increase in net profit for Q4, exceeding consensus expectations by 27%, primarily due to a rebound in its new energy control business [1]. - The company has a comprehensive layout in the wind-solar-storage hydrogen business, with rapid growth in its engineering transmission business and successful overseas expansion [1][4]. - The overall gross margin has steadily improved, driven by the growth in the engineering transmission segment and the recovery of the new energy sector [3][5]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 3.733 billion RMB, a slight decrease of 0.5% year-on-year, and a net profit of 440.58 million RMB, down 12.3% year-on-year. However, Q4 revenue reached 1.422 billion RMB, with a quarter-on-quarter increase of 25.1% and a year-on-year increase of 52.9% [1]. - The new energy control business faced challenges in 2024, with annual revenue of 2.86 billion RMB, down 4.79% year-on-year, but Q4 showed a recovery with revenue of 1.06 billion RMB, up 15% year-on-year [2]. - The engineering transmission business grew by 16.75% year-on-year, achieving revenue of 562 million RMB in 2024, contributing to an overall gross margin increase to 37.9% [3]. Business Segments - The overseas business saw remarkable growth, with revenue of 260 million RMB in 2024, up 122.74% year-on-year, and a gross margin of 54.2% [4]. - The company’s engineering transmission segment is expected to continue its rapid growth, with anticipated revenue growth exceeding the average for 2024 [3]. Profitability and Valuation - The report projects net profit for 2025 to be 642.36 million RMB, reflecting a 45.8% increase year-on-year, with an upward revision of profit forecasts for 2025-2027 [5]. - The company is assigned a PE ratio of 29 times for 2025, up from a previous estimate of 18 times, indicating a strong market position in the new energy inverter sector [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.733 billion yuan for 2024, a slight decrease of 0.50% year-on-year, while the net profit attributable to shareholders was 440.58 million yuan, down 12.28% year-on-year. However, Q4 showed a significant revenue increase of 25.05% quarter-on-quarter and 52.88% year-on-year, with net profit rising by 85.86% quarter-on-quarter and 90.04% year-on-year, slightly exceeding market expectations [7] - The restructuring into a divisional system has significantly improved profitability, with the gross margin increasing despite intensified competition in the renewable energy sector. The company achieved a gross margin of 33.67% in its new energy control business, up 1.96 percentage points year-on-year [7] - The company has a strong technological advantage in high-power products, particularly in the 5-20MW power equipment segment, and has established deep relationships with leading overseas companies, positioning itself well for future growth [7] - Operating cash flow turned positive in Q4, reaching 312 million yuan, with a significant year-on-year increase of 456.92% [7] Financial Summary - The company forecasts total revenue of 4.514 billion yuan for 2025, with a year-on-year growth of 20.91%. The net profit attributable to shareholders is projected to be 590.77 million yuan, reflecting a growth of 34.09% [1][8] - The earnings per share (EPS) is expected to be 1.31 yuan in 2025, with a price-to-earnings (P/E) ratio of 26x based on the current price [1][8] - The company anticipates a net profit of 8.2 billion yuan by 2027, representing a year-on-year growth of 15% [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.733 billion yuan for 2024, a slight decrease of 0.50% year-on-year, while the net profit attributable to shareholders was 440.58 million yuan, down 12.28% year-on-year. However, Q4 showed a significant revenue increase of 25.05% quarter-on-quarter and 52.88% year-on-year, with net profit rising by 85.86% quarter-on-quarter and 90.04% year-on-year, slightly exceeding market expectations [7] - The restructuring into a divisional system has significantly improved profitability, with the gross margin increasing despite intensified competition in the renewable energy sector. The company achieved a gross margin of 33.67% in its new energy control business, up 1.96 percentage points year-on-year [7] - The company has a strong technological advantage in high-power products, particularly in the 5-20MW power supply equipment segment, and is well-positioned to benefit from the trend towards high-power AI-related power supply equipment [7] Financial Summary - The company forecasts total revenue of 4.514 billion yuan for 2025, representing a growth of 20.91% year-on-year, and a net profit of 590.77 million yuan, up 34.09% year-on-year. The earnings per share (EPS) is projected to be 1.31 yuan [1][8] - The company’s operating cash flow for 2024 is expected to be 272 million yuan, with a significant improvement in Q4, reaching 312 million yuan [8] - The company’s total assets are projected to grow from 7.951 billion yuan in 2024 to 11.762 billion yuan by 2027, indicating a strong growth trajectory [8]

证券研究报告 禾望电气 (603063 CH) Q4 营收净利同环比高增 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 16 日│中国内地 | 电气设备 | 公司公布 24 年业绩：2024 全年公司实现营收 37.33 亿元（同比-0.5%）， 归母净利 4.41 亿元（同比-12.3%），扣非净利 3.97 亿元（同比-5.8%）；其 中 24Q4 营收为 14.22 亿元，同环比+25.1/52.9%，归母净利 1.87 亿元，同 环比+85.9/+90.0%，扣非净利 1.34 亿元，同环比+32.0/+34.3%。公司 24Q4 净利同环比大幅提升，超出 wind 一致预期 27%，主要系新能源电控业务触 底反弹。我们认为公司风光储氢业务布局全面，同时工程传动业务快速成长， 海外业务拓展顺利，毛利率稳步提升，维持"买入"评级。 新能源电控业务 Q4 营收同比触底回暖 公司新能源电控业务全链条布局，24 年受行业整体需求不及预期影响有所 承压，全年营收 28.6 亿元，同比-4.79%，毛利率 33.7%（+2pct yo ...