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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》 《上市公司行业信息披露指引第九号——光伏》等相关法律法规，深圳市禾望电 气股份有限公司（以下简称"公司"）现将 2024 年 1-3 月经营数据（未经审计） 披露如下： 币种：人民币 单位：元 | 项目 | 主营业收入 （1-3 月） | 主营业成本 （1-3 月） | 毛利率 | 主营业收 入比上年 | 主营业成 本比上年 | 毛利率 比上年 同期增 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 同期增减 | 同期增减 | | | | | | | | | 减 | | 分产品 | | | | | | | | 新能源电控业务 | 418,901,462.71 | 246,355,298.56 | 41.19% | -12.19% | -28.33% | 13.25% | | 工程传动业务 | 61,757,791.19 | 36,942,170.6 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥548,501,652.21, representing a decrease of 10.04% compared to the same period last year[9]. - The net profit attributable to shareholders was ¥55,351,170.94, down 29.46% year-on-year[9]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥70,904,933.60, an increase of 29.34% compared to the previous year[9]. - Basic earnings per share for the period were ¥0.12, down 33.33% compared to the same period last year[9]. - Net profit for Q1 2024 was ¥62,410,046.74, a decline of 20.5% from ¥78,413,546.76 in Q1 2023[28]. - Total operating revenue for Q1 2024 was ¥548,501,652.21, a decrease of 10% compared to ¥609,736,151.79 in Q1 2023[27]. - Total operating costs for Q1 2024 were ¥484,518,017.70, down 13.5% from ¥560,617,977.99 in Q1 2023[27]. - Basic and diluted earnings per share for Q1 2024 were both ¥0.12, down from ¥0.18 in Q1 2023[30]. - The company reported a total comprehensive income of ¥62,410,431.97 for Q1 2024, down from ¥78,668,106.37 in Q1 2023[28]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥315,978,026.80, a decrease of 812.66% year-on-year[9]. - Cash flow from operating activities in Q1 2024 was negative at -¥315,978,026.80, compared to -¥34,621,501.07 in Q1 2023[33]. - The net cash flow from investing activities was -$121.81 million, a decrease from -$164.48 million in the previous period[34]. - Cash inflow from financing activities totaled $132.50 million, compared to $147.86 million last year[34]. - The net cash flow from financing activities was $106.66 million, down from $116.88 million in the previous period[34]. - The cash and cash equivalents at the end of the period amounted to $482.69 million, compared to $385.87 million at the end of the previous period[34]. - The beginning cash and cash equivalents balance was $813.63 million, indicating a strong liquidity position[34]. Assets and Liabilities - The total assets at the end of the reporting period were ¥7,244,160,454.83, a slight decrease of 0.04% from the end of the previous year[10]. - The total liabilities decreased from RMB 3,227,417,040.12 at the end of 2023 to RMB 3,154,088,698.89, reflecting a reduction of about 2.27%[24]. - The company's cash and cash equivalents decreased from RMB 1,263,056,786.83 in December 2023 to RMB 936,403,826.24, a decline of approximately 25.8%[20]. - The accounts receivable decreased from RMB 1,870,125,653.02 in December 2023 to RMB 1,796,528,196.76, representing a decrease of about 3.93%[20]. - The inventory increased from RMB 892,629,869.68 at the end of 2023 to RMB 946,806,327.75, an increase of approximately 6.06%[20]. - The total equity attributable to shareholders rose from RMB 3,938,314,699.80 in December 2023 to RMB 4,001,436,571.97, an increase of about 1.6%[24]. - The total current liabilities decreased from RMB 2,291,995,465.90 to RMB 2,197,605,206.16, a reduction of approximately 4.1%[24]. Expenses - Research and development expenses increased to ¥73,368,614.20 in Q1 2024, up 21.5% from ¥60,369,575.45 in Q1 2023[27]. - Tax expenses for Q1 2024 were ¥14,026,757.04, significantly higher than ¥3,766,312.90 in Q1 2023[28]. - The company experienced a significant increase in sales expenses, which rose to ¥59,254,373.23 in Q1 2024 from ¥53,037,343.16 in Q1 2023[27]. Non-Recurring Items - The company reported non-recurring gains and losses totaling -¥15,553,762.66 for the period[11]. - The company incurred $39.49 million in cash payments for the acquisition of fixed assets, intangible assets, and other long-term assets[34]. - Cash received from borrowings was $102.00 million, down from $130.40 million in the previous period[34]. - The company paid $19.11 million in cash for debt repayment, compared to $24.12 million last year[34]. - The impact of exchange rate changes on cash and cash equivalents was $182,448.51, a positive change from -$20,744.19 in the previous period[34].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the relevant market index within the next six months [9][18]. Core Insights - The company's profitability continues to improve, with a gross margin of 35.8% and a net margin of 13.5% for 2023, reflecting year-on-year increases of 5.5 and 3.9 percentage points, respectively. This improvement is attributed to enhanced cost control and economies of scale [1]. - The company achieved a revenue of 3.75 billion yuan in 2023, a year-on-year growth of 33.6%, with a net profit of 500 million yuan, marking an 88.2% increase [13]. - The company is well-positioned in the renewable energy sector, with significant growth in its new energy control business, which generated 3 billion yuan in revenue, up 36.1% year-on-year [1]. Financial Performance - In 2023, the company reported a revenue of 3.75 billion yuan, with a gross margin of 35.8% and a net profit margin of 13.5% [13]. - The fourth quarter of 2023 saw a revenue of 1.14 billion yuan, a 7.8% increase year-on-year, and a net profit of 100 million yuan, up 4.2% [13]. - The company expects revenue growth of 39.04% in 2024, with projected revenues of 5.22 billion yuan, and a net profit growth of 29.7% [25]. Business Segments - The new energy control business is expected to see order delivery growth rates of 38% in 2024, 20% in 2025, and 14% in 2026, with a gross margin slightly declining due to competitive pressures [28]. - The engineering transmission business achieved a revenue of 480 million yuan in 2023, with a growth rate of 29.7%, and is projected to maintain a gross margin of 45.6% [29]. - The company's overseas business revenue reached 120 million yuan in 2023, a significant increase of 104.6% year-on-year, with a gross margin of 47.1% [1].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for future performance [13][22]. Core Views - The company is a leader in the high-power variable frequency drive sector and has made significant breakthroughs in wind power converters, photovoltaic inverters, and hydrogen power sources, benefiting from the synergistic development of wind and solar energy [13][22]. - The report slightly lowers the earnings forecast due to increasing competition in the renewable energy sector, projecting net profits for 2024-2026 to be 630 million, 774 million, and 914 million yuan respectively, with corresponding P/E ratios of 13.4, 10.9, and 9.2 times [13][14]. Financial Summary - The company achieved a revenue of 3.752 billion yuan in 2023, a year-on-year increase of 33.56%, with a net profit of 502 million yuan, up 88.18% year-on-year [22]. - The gross profit margin for the renewable energy control and engineering transmission businesses was 33.24% and 45.57% respectively, reflecting improvements in profitability [22]. - The company’s R&D expenses reached 322 million yuan in 2023, a 52.81% increase year-on-year, ensuring continued technological advantages [22]. Performance Metrics - The projected revenue for 2024 is 4.65 billion yuan, with a year-on-year growth rate of 23.9% [14]. - The report indicates an expected EPS of 1.42 yuan for 2024, with a projected net profit margin of 13.6% [14]. - The company’s return on equity (ROE) is forecasted to be 13.5% in 2024, indicating strong profitability [14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company's gross margin continues to improve quarter-on-quarter, although profits slightly missed expectations due to the timing of order confirmations and concentrated expense recognition [4] - In 2023, the company achieved revenue of 3.75 billion yuan, a year-on-year increase of 33.6%, and a net profit attributable to shareholders of 502 million yuan, a year-on-year increase of 88.2% [4] - The company has adjusted its profit forecasts for 2024-2025, expecting net profits of 565 million yuan and 700 million yuan respectively, with an additional forecast for 2026 of 898 million yuan [4] Financial Performance Summary - Revenue for 2023 was 3.75 billion yuan, with a year-on-year growth of 33.6% [7] - Net profit attributable to shareholders for 2023 was 502 million yuan, reflecting a year-on-year increase of 88.2% [7] - The gross margin for 2023 was 35.8%, up 5.5 percentage points year-on-year, while the net margin was 13.5%, up 3.9 percentage points year-on-year [4] - For Q4 2023, revenue was 1.14 billion yuan, a quarter-on-quarter increase of 5.9% and a year-on-year increase of 7.8% [4] - The company’s financial ratios indicate a P/E ratio of 16.8 for 2023, projected to decrease to 9.4 by 2026 [7] Business Segment Performance - The renewable energy control segment generated revenue of 3 billion yuan in 2023, with a year-on-year increase of 36.1% and a gross margin of 33.2% [4] - The hydrogen energy business is expected to accelerate, with product development focused on IGBT hydrogen power supplies and integrated hydrogen production systems [4] - The engineering transmission segment achieved revenue of 480 million yuan in 2023, with a year-on-year increase of 29.8% and a gross margin of 45.6% [5]

来源：公司年报、国金证券研究所 业绩简评 yaoy@8jzq.com.cn yaoy@8jzq.com.cn yaoy@8jzq.com.cn 分析师：苹果（执7851130522010005） 新能源与申力设备租 相关报告: 0 100 200 300 400 500 600 700 800 900 17.00 20.00 23.00 26.00 29.00 32.00 35.00 230418230718231018240118240418 人民币(元) 成交金额(百万元) 成交金额 禾望电气 沪深300 扫码获取更多服务 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------|-------------------------------------------------------------|-----------------------------| ...

Sustainability Report 2023 可持续发展报告 目录 关于本报告 管理层致辞 走进禾望电气 可持续发展 03 04 05 12 57 诚信共治 护航公司治理 01 04 02 05 03 06 行业共创 赋能生态伙伴 和谐共生 奉献公益力量 未来共建 打造人才强企 责任共筑 创新品质引领 绿色共护 践行环保使命 夯实公司治理根基 坚守合规经营底线 16 17 38 40 43 55 56 45 47 49 51 19 24 28 30 33 35 36 建设高效供应体系 提升客户服务保障 推动行业共创共赢 助力乡村产业升级 爱心奉献社会公益 完善人才雇佣体系 赋能员工职业发展 悉心关爱员工生活 守护职业健康安全 持续深耕科技创新 聚力铸就卓越品质 深化落实环境管理 提升资源使用效能 合规排放清洁生产 聚焦气候变化应对 奉行绿色运营理念 附录：GRI 索引 2023 可持续发展报告 关于本报告 3 关于本报告 编制依据 本报告参考全球报告倡议组织（GRI）标准，结合 深圳市禾望电气股份有限公司于环境、社会及管治 （以下简称"ESG"）方面现状进行编写。 报告周期 本报告覆盖的周期为 202 ...

目 录 | 一、审计报告……………………………………………………… 第 1—6 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | （一）合并资产负债表…………………………………………… | 第 | 7 页 | | （二）母公司资产负债表………………………………………… | 第 | 8 页 | | （三）合并利润表………………………………………………… | 第 | 9 页 | | （四）母公司利润表………………………………………………第 | 10 | 页 | | （五）合并现金流量表……………………………………………第 | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | 12 | 页 | | （七）合并所有者权益变动表……………………………………第 | 13 | 页 | | （八）母公司所有者权益变动表…………………………………第 | 14 | 页 | 三、财务报表附注……………………………………………… 第 15—118 页 四、资质证书复印件………………………………………… ...

深圳市禾望电气股份有限公司 2023 年度独立董事述职报告 本人作为深圳市禾望电气股份有限公司（以下简称"公司"）的独立董事， 严格按照《公司法》《证券法》《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，积极履行独立董事职责，独 立、勤勉、负责地行使职权，按时参加公司 2023 年董事会及相关会议，发挥独 立董事的作用。现就 2023 年度履职情况报告如下： 一、独立董事的基本情况 （一） 基本情况 王建平先生：中国国籍，无境外永久居留权，1957 年 7 月出生，管理工程专 业硕士研究生学历，正高级工程师。1976 年至 1978 年任呼和浩特市第一运输公 司工人，1982 年至 2017 年任中国农机院呼和浩特分院行业中心主任，1998 年至 今任全国风力发电标准化技术委员会副主任。2021 年 5 月至今任公司独立董事。 （二） 对是否存在影响独立性的情况进行说明 作为公司的独立董事，本人严格遵守法律法规和《公司章程》等有关规定， 均未在公司担任除独立董事以外的任何职务，也未在公司主要股东担任任何职务， 与公司及公司主要股东或有利害关系的机构和人员不存在妨碍本 ...

深圳市禾望电气股份有限公司 2023 年度独立董事述职报告 本人作为深圳市禾望电气股份有限公司（以下简称"公司"）的独立董事， 严格按照《公司法》《证券法》《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，积极履行独立董事职责，独 立、勤勉、负责地行使职权，按时参加公司 2023 年董事会及相关会议，发挥独 立董事的作用。现就 2023 年度履职情况报告如下： 一、独立董事的基本情况 （一） 基本情况 祁和生先生：1961 年 6 月出生，本科，历任中国农牧业机械总公司助理工 程师，1989 年加入中国农业机械工业协会风力机械分会至今，曾任工程师、高 级工程师、副秘书长、秘书长、教授级高级工程师，现任教授级高级工程师、常 务副理事长兼秘书长。2018 年 3 月至今任公司独立董事。 （二） 对是否存在影响独立性的情况进行说明 作为公司的独立董事，本人严格遵守法律法规和《公司章程》等有关规定， 均未在公司担任除独立董事以外的任何职务，也未在公司主要股东担任任何职务， 与公司及公司主要股东或有利害关系的机构和人员不存在妨碍本人进行独立客 观判断的关系。本人与公司之间不存在 ...