第四届董事会第二十次会议决议公告 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 二、董事会会议审议情况 证券代码：603556 证券简称：海兴电力 公告编号：2024-035 杭州海兴电力科技股份有限公司 审议通过了《关于2023年度环境、社会及治理（ESG）报告的议案》 2024 年 11 月 6 日，杭州海兴电力科技股份有限公司（以下简称"海兴电 力"或"公司"）第四届董事会第二十次会议在公司会议室以现场结合通讯表 决的方式召开。本次会议通知于 2024 年 11 月 1 日以电子邮件的形式向各位董 事发出，会议应参加董事 9 名，实际参加董事 9 名，占全体董事人数的 100%， 会议由董事长周良璋先生主持。本次会议的召集、召开以及表决程序符合《公 司法》及《公司章程》的有关规定，会议形成的决议合法有效。 2024年11月7日 表决结果：9 票赞成，0 票反对，0 票弃权。 特此公告。 杭州海兴电力科技股份有限公司董事会 具体内容详见同日披露在《上海证券报》、《证券时报》以及上海证券交易 ...

29 30 31 32 | 0 1 | | --- | | 优化治理 | | 基业长青 | | 规范三会运作 | 17 | | --- | --- | | 强化风险管理 | 21 | | 保护投资者权益 | 23 | | 合规与商业道德 | 26 | | 坚持党建引领 | 29 | | 02 | | | --- | --- | | 绿色行动 | | | 守护未来 | | | 环境合规管理 | 35 | | 应对气候变化 | 41 | | 高效利用资源 | 49 | | 污染物与废弃物 | 50 | 目 录 CONTENTS | 关于本报告 | 01 | | --- | --- | | 走进海兴电力 | 03 | | 可持续发展管理 | 11 | | 未来展望 | 117 | | --- | --- | | 附录 | 119 | 29 30 31 32 杭州海兴电力科技股份有限公司 2023年度环境、社会及治理（ESG）报告 01 02 关于本报告 报告说明 本报告是杭州海兴电力科技股份有限公司对外公开发布的首份环境、社会及治理（ESG）报告，旨 在披露海兴电力及附属公司在环境、社会以及公司治理方面的理念、进展 ...

Investment Rating - The report maintains a rating of "Add" for the company [5]. Core Views - The company has shown significant improvement in gross margin, achieving 45.97% in the first three quarters of 2024, an increase of 5.84 percentage points year-on-year. In Q3 alone, the gross margin reached 49.43%, up by 6.12 percentage points year-on-year and 5.27 percentage points quarter-on-quarter [1][2]. - The company reported a revenue of 34.10 billion yuan for the first three quarters, representing an 18.69% increase year-on-year, and a net profit attributable to shareholders of 7.91 billion yuan, up 18.34% year-on-year [2]. - The domestic bidding for electric meters has accelerated, with the company winning significant contracts totaling 3.02 billion yuan and 1.20 billion yuan in the first two batches of 2024 from the State Grid [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 34.10 billion yuan, a year-on-year increase of 18.69%, and a net profit of 7.91 billion yuan, up 18.34% year-on-year. The Q3 revenue was 11.55 billion yuan, with a net profit of 2.58 billion yuan, reflecting increases of 16.15% and 11.45% year-on-year, respectively [2]. - The gross margin for the first three quarters was 45.97%, with a notable increase in Q3 to 49.43% [1]. Cost Management - The company effectively controlled expenses, with a sales expense ratio of 8.56%, a management expense ratio of 3.95%, and a research and development expense ratio of 6.88% for the first three quarters. The sales expense ratio improved by 0.21 percentage points year-on-year [1]. Market Opportunities - The company is experiencing high demand overseas, with rapid revenue growth in Africa and Asia. The establishment of local production facilities in Europe and Africa is progressing well, which is expected to enhance market penetration [3]. - The introduction of new products, such as the "OrcaPro" solution and successful project deliveries in Asia, indicates a strong product development pipeline [3]. Future Projections - The report forecasts revenue growth for the company, estimating revenues of 51.89 billion yuan, 62.99 billion yuan, and 75.59 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 23.54%, 21.40%, and 20.00% [7][8]. - The projected net profit for the same years is 12.11 billion yuan, 14.74 billion yuan, and 17.82 billion yuan, with corresponding growth rates of 23.23%, 21.74%, and 20.91% [7][8].

证券代码：603556 证券简称：海兴电力 公告编号：2024-034 杭州海兴电力科技股份有限公司 关于召开2024年第三季度业绩说明会的公告 投资者可于 2024 年 11 月 05 日(星期二) 至 11 月 11 日(星期一) 16：0 0 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 offic e@hxgroup.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。 杭州海兴电力科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 23 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 2024 年 11 月 12 日下午 16:00-17:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交 流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 会议召开时间：2024 年 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [15]. Core Insights - The company has demonstrated robust performance in Q3 2024, with revenue reaching 1.155 billion yuan, a year-on-year increase of 16.15%, and a net profit of 258 million yuan, up 11.45% year-on-year [1][2]. - The gross margin has reached a record high of 49.43% in Q3 2024, driven by an increasing share of high-margin overseas business [2][3]. - The company is positioned as a leading player in the smart power distribution and metering industry, benefiting from both domestic and international market growth [6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 3.41 billion yuan, a year-on-year increase of 18.69%, and a net profit of 791 million yuan, up 18.34% year-on-year [1]. - The projected revenues for 2024 to 2026 are 5.259 billion yuan, 6.416 billion yuan, and 7.822 billion yuan, with respective growth rates of 25.21%, 21.99%, and 21.91% [6]. - The projected net profits for the same period are 1.194 billion yuan, 1.441 billion yuan, and 1.752 billion yuan, with growth rates of 21.54%, 20.67%, and 21.62% [6]. Market Dynamics - The demand for electric meters in key overseas regions remains strong, with a 10.06% year-on-year increase in exports, indicating a favorable market environment for the company [3]. - Domestic demand for smart meters is also on the rise, with a 25% year-on-year increase in the total number of smart meter tenders issued by the State Grid in 2024 [4][6].

Investment Rating - The report maintains a "Buy" rating for the company, HaiXing Electric (603556) [1][8]. Core Insights - The company's Q3 2024 report indicates steady growth in performance, with revenue reaching 3.41 billion, a year-on-year increase of 18.69%, and net profit attributable to shareholders at 791 million, up 18.34% year-on-year [2][3]. - The gross margin for Q3 2024 reached a new high of 49.43%, reflecting a year-on-year increase of 6.11 percentage points [2][3]. - The report highlights that domestic and international demand remains strong, with expectations for continued rapid growth in the company's performance [2][3]. Financial Performance Summary - For the first three quarters of 2024, revenue was 34.10 billion, with a gross margin of 45.97% and a net profit margin of 23.20% [2][3]. - Q3 2024 results showed revenue of 11.55 billion, a year-on-year increase of 16.15%, and a net profit of 2.58 billion, up 11.45% year-on-year [2][3]. - The report projects revenue for 2024-2026 to be 52.68 billion, 63.91 billion, and 74.09 billion respectively, with year-on-year growth rates of 25.41%, 21.31%, and 15.93% [2][3]. Market Outlook - The report notes that the domestic market is expected to see a 25.3% year-on-year increase in the total number of metering devices tendered by the State Grid in 2024 [2][3]. - Internationally, the company has seen an 8.10% year-on-year increase in exports of domestic electric meters from January to September 2024, with significant growth in the Asian and African markets [2][3].

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Insights - The company reported a robust revenue growth of 18.69% year-on-year for Q3 2024, reaching 34.10 billion yuan, with a net profit of 7.91 billion yuan, also up 18.34% year-on-year [1]. - The gross margin improved to 45.97% for the first three quarters of 2024, an increase of 5.84 percentage points year-on-year, indicating enhanced profitability [1]. - The global investment in green energy and smart grid technologies is projected to reach 1.3 trillion USD in 2024, with significant funding directed towards smart distribution networks [1]. - The company has successfully expanded its overseas market presence, with over 66% of its revenue coming from international sales, covering more than 100 countries [1]. - The domestic demand for smart meters continues to grow, with the State Grid's procurement of smart meters increasing by approximately 25% year-on-year [1]. Financial Forecasts - Revenue projections for 2024-2026 are 51.45 billion, 63.07 billion, and 77.39 billion yuan, with growth rates of 22.5%, 22.6%, and 22.7% respectively [2][4]. - The net profit forecasts for the same period are 12.07 billion, 14.83 billion, and 18.37 billion yuan, with growth rates of 22.8%, 22.9%, and 23.9% respectively [2][4]. - The PE ratios for 2024-2026 are projected to be 17X, 13X, and 11X, indicating a favorable valuation trend [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [1][5][8] Core Views - The company has shown a revenue growth of 19% year-on-year, reaching 3.4 billion yuan in the first three quarters of 2024, with a net profit attributable to shareholders of 790 million yuan, up 18% year-on-year [2][4] - The sales gross margin improved by 6.1 percentage points year-on-year to 49.4% in Q3 2024, attributed to an increase in overseas revenue [2][4] - Domestic orders for electric meters are robust, with expected revenue from two major networks projected to reach 1.11 billion yuan in 2024, a 39% increase year-on-year [4] - The overseas market remains promising, with a 12.2% year-on-year increase in electric meter exports, particularly in Asia and Africa, which have high growth potential [4] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 1.15 billion yuan, a 16% increase year-on-year but a 15% decrease quarter-on-quarter [2] - The net profit for Q3 2024 was 260 million yuan, an 11% increase year-on-year but a 19% decrease quarter-on-quarter [2] - The company expects revenue growth of 20%, 18%, and 19% for 2024, 2025, and 2026, respectively, with net profits projected to grow by 24%, 19%, and 19% in the same years [4][6] Market Position - The company is positioned as a leading exporter of electric meters, with a strong focus on overseas markets, particularly in regions with low penetration rates [4] - The current stock price is 40.34 yuan, with a market capitalization of approximately 19.71 billion yuan [3][8] Valuation Metrics - The report provides earnings per share (EPS) estimates of 2.49 yuan for 2024, 2.98 yuan for 2025, and 3.56 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 16.19, 13.55, and 11.34 [6][8]

Key Points Company Overview * **Revenue and Profit Growth**: The company achieved revenue of 34.1 billion yuan in the first three quarters of 2024, a year-on-year increase of 18.69%. Net profit was 7.91 billion yuan, up 18.34% year-on-year. This marks a new high for the company in terms of revenue and profit for the past few quarters, with a consistent growth trend over the past few years. [1] * **Earnings Per Share**: Basic EPS was 1.63 yuan. [1] * **Gross Margin**: Gross margin was 45.97%, up 5.84 percentage points from the same period last year. [1] * **Operating Expenses**: Operating expenses were 6.19 billion yuan, up 2.11 billion yuan year-on-year. The operating expense ratio was 18.14%, up 3.96 percentage points year-on-year. The increase in operating expenses was mainly due to financial expenses, which were up 72.02% year-on-year due to exchange losses of 63 million yuan. [1] * **New Talent and Capacity Expansion**: The company has continued to introduce high-end talents and expand its production capacity, leading to increased expenses in management, sales, and R&D. [1] * **New Graduates**: 121 university graduates joined the company in 2024, contributing to various business segments. [1] * **New Factories**: The company's Romanian and Nigerian factories have officially opened, further expanding its production capacity. [1] Business Segments * **Overseas Business**: Overseas business revenue accounted for 65.41% of total revenue, with a year-on-year growth of 19%. The main growth drivers were the Asian and African regions. [2] * **Domestic Business**: Domestic business revenue accounted for 34.59% of total revenue. The domestic electricity market experienced a good bidding situation, with a significant increase in bidding volume. [3] * **New Energy Business**: The company has made breakthroughs in the new energy charging station business and has established a joint venture with local state-owned enterprises in Hangzhou. [5] * **Water Meter Business**: The company's water meter business in Brazil has started generating contracts and orders, with an expected revenue scale of over ten million yuan. [5] * **System Solutions**: The company has received some orders for system solutions due to its low software cost and high profit margins. [6] Market Outlook * **Overseas Market**: The company expects continued growth in the overseas market, particularly in the Asian, African, and Middle Eastern regions. The company is actively participating in projects related to AMI, smart grid, and system solutions in these regions. [7] * **Domestic Market**: The company expects the domestic electricity market to remain strong, driven by the government's equipment replacement policy and the continuous increase in grid investment. [8] * **Long-term Outlook**: The company believes that the electricity meter industry will continue to grow in the long term, driven by technological upgrades, increasing demand for smart meters, and the expansion of the new energy market. [13] Other Important Points * **Tax Rate**: The company's tax rate increased in the third quarter due to higher overseas revenue and the impact of exchange losses. However, the company expects the tax rate to remain relatively high in the future due to the project-based nature of its business. [11] * **Factory Expansion**: The company has established or is expanding factories in Romania, Nigeria, Mexico, and South Africa to support its overseas business expansion. [15] * **Software Sales**: The company has achieved significant revenue and profit growth from software sales, which has contributed to its overall profitability. [17] * **Globalization Strategy**: The company is focusing on regional coverage and localization to expand its overseas business. The company aims to become a global leader in the electricity meter industry. [19]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company's Q1-3 2024 revenue reached 34.1 billion yuan, a year-on-year increase of 18.7%, with a net profit attributable to the parent company of 7.9 billion yuan, up 18.3% year-on-year [2] - The gross margin for Q3 2024 was 49.4%, an increase of 6.1 percentage points year-on-year, indicating strong profitability [2] - The company has seen a significant increase in overseas project contributions, with a focus on system solutions, which are expected to maintain high gross margins [2] - Domestic demand is also strong, with the State Grid's meter replacement entering a peak period and distribution investments accelerating [2] Financial Performance Summary - Total revenue (in million yuan) is projected to grow from 4,200 in 2023 to 5,055 in 2024, reflecting a year-on-year growth of 20.34% [1][9] - Net profit attributable to the parent company is expected to rise from 982.47 million yuan in 2023 to 1,209.19 million yuan in 2024, a growth of 23.08% [1][9] - The latest diluted EPS is projected to increase from 2.01 yuan in 2023 to 2.47 yuan in 2024 [1][9] Valuation Metrics - The current price-to-earnings (P/E) ratio is 21.61, with future estimates of 17.56 for 2024, 14.12 for 2025, and 11.26 for 2026 [1][10] - The target price for 2025 is set at 61.5 yuan per share, based on a 20x P/E ratio [3]