证券代码：603556 证券简称：海兴电力 公告编号：2024-021 杭州海兴电力科技股份有限公司 2023 年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 33 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 361,897,682 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 74.4241 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由董事会召集，采取现场和网络投票相结合的形式召开及表决， 会议由董事长周良璋先生主持。本次股东大会的召集、召开及表决方式符合《公 (一) 股东大会召开的时间：2024 年 5 月 10 日 (二) 股东大会召开的地点：杭州市莫干山路 1418-35 号 公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 49.25 CNY per share [31] Core Views - The company's 2023 and Q1 2024 performance exceeded expectations, driven by an increase in the proportion of high-margin solutions [35] - Overseas revenue accounted for over 60% of total revenue in 2023, with strong growth potential in Europe, Africa, and Latin America [36] - The company's smart electricity business is expected to grow steadily, while its new energy business is entering a new phase of development [34] Financial Performance - In 2023, the company achieved revenue of 4.20 billion CNY, a YoY increase of 26.91%, and net profit attributable to shareholders of 982 million CNY, a YoY increase of 47.97% [29] - Gross margin in 2023 was 41.90%, an increase of 3.67 percentage points YoY, while net margin was 23.39%, up 3.33 percentage points YoY [29] - For 2024-2026, the company is expected to achieve net profit attributable to shareholders of 1.20 billion, 1.47 billion, and 1.73 billion CNY, with YoY growth rates of 22.5%, 22.1%, and 17.7%, respectively [30] Business Segments Smart Electricity Business - Revenue in 2023 was 3.59 billion CNY, a YoY increase of 23.93%, with a gross margin of 43.85%, up 5.14 percentage points YoY [36] - Overseas revenue from the smart electricity business was 2.56 billion CNY, a YoY increase of 41.72%, with solutions accounting for approximately 60% of overseas revenue [36] Smart Distribution Business - Revenue in 2023 was 406 million CNY, a YoY increase of 24.19%, with a gross margin of 36.64%, up 1.74 percentage points YoY [36] - The company has developed products such as photovoltaic step-up transformers and has delivered distribution network projects in Africa [36] New Energy Business - Revenue in 2023 was 163 million CNY, a YoY increase of 283.50%, with a gross margin of 11.00%, down 1.18 percentage points YoY [36] - The company is expected to achieve rapid growth in its new energy business, with revenue growth rates of 25.2%, 20.0%, and 15.0% for 2024-2026 [42] Valuation and Peer Comparison - The company's 2024E P/E ratio is 18.55x, with a target P/E of 20x, implying a fair value of 49.25 CNY per share [37] - Comparable companies include Samsung Medical and Wasion Information, with average 2024E P/E ratios of 23.15x [52] Future Outlook - The company is expected to benefit from the replacement cycle of domestic electricity meters and the increasing penetration of smart meters in overseas markets [49] - The company's overseas channel advantages and cost management capabilities are expected to drive future growth, particularly in the new energy sector [34]

Investment Rating - The report maintains a "Buy" rating for the company [10][18]. Core Insights - The company reported a revenue of 4.2 billion yuan in 2023, representing a year-on-year increase of 26.91%, and a net profit of 982 million yuan, up 47.90% year-on-year [8]. - In Q4 2023, the company achieved a revenue of 1.328 billion yuan, a 43.84% increase year-on-year, and a net profit of 314 million yuan, which is a 61.17% increase year-on-year, exceeding expectations [8]. - The company's gross margin improved to 41.90% in 2023, up 3.67 percentage points year-on-year, with Q4 2023 gross margin at 45.73% [3][9]. - The overseas revenue for Q1 2024 is expected to be approximately 6.86 billion yuan, a 38% increase year-on-year, while domestic revenue is projected to be around 2.16 billion yuan, a decrease of 27% [2]. Financial Performance - The company’s operating cash flow for 2023 was 1.101 billion yuan, a 63.03% increase year-on-year, indicating high-quality earnings [17]. - The forecast for net profit for 2024-2026 is 1.153 billion yuan, 1.328 billion yuan, and 1.516 billion yuan, reflecting growth rates of 17.3%, 15.2%, and 14.2% respectively [10]. - The company’s revenue is projected to grow from 5.276 billion yuan in 2024 to 7.212 billion yuan in 2026, with year-on-year growth rates of 25.6% and 19.4% respectively [12]. Market Dynamics - The report highlights a strong demand for overseas electric meters, with overseas revenue reaching 2.561 billion yuan in 2023, a 41.72% increase year-on-year, while domestic revenue was 1.034 billion yuan, a decrease of 5.47% [16]. - The company’s revenue from new energy products surged to 163 million yuan, a 283.50% increase year-on-year, with significant contributions from overseas markets [16].

杭州海兴电力科技股份有限公司 2023 年年度股东大会会议资料 杭州海兴电力科技股份有限公司 2023 年年度股东大会 会 议 资 料 二零二四年五月 1 | 会议须知 3 | | --- | | 会议议程 5 | | 会议议案 7 | 杭州海兴电力科技股份有限公司 2023 年年度股东大会会议资料 杭州海兴电力科技股份有限公司 2023 年年度股东大会须知 三、公司董事会秘书负责本次大会的会务事宜。 四、出席会议的股东（或股东代理人）必须在会议召开前十分钟到达会场， 办理签到登记，应出示以下证件和文件： 1、自然人股东持本人身份证、证明其股东身份的文件，委托代理人出席会 议的，代理人还应出示本人身份证，授权委托书。 2、法人股东持企业法人营业执照复印件（加盖公章）、证明其股东身份的 文件、法定代表人身份证，委托代理人持企业法人营业执照复印件（加盖公章）、 证明股东身份的文件、法定代表人身份证复印件、授权委托书和委托代理人身份 证。 五、股东（或股东代理人）参加本次大会依法享有发言权、咨询权和表决权 等各项权益。 六、股东要求在股东会议上发言，须在会前向公司董事会办公室登记，填写 "股东发言登记表"，股东应在 ...

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执业证书编号：S1070520030003 邮箱：yuximeng@cgws.com 证券研究报告 | 公司动态点评 2024 年 04 月 25 日 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|------------------------------------------|------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 3,310 | 4,200 | 5,198 | 6,282 | 7,822 | 股票信息 | | | 增长率 yoy （ % ） | 23.0 | 26.9 | 23.75 | 20.86 | 24.52 | | | | 归母净利润（百万元） | 664 | 982 | 1,173 | 1,423 | 1,754 | 行业 | 电力设备及新能源 | | 增长率 y ...

证券研究报告 公司研究 新能源业务海外推进迅速，拓展公司数字能源体系业务。公司新能源业 务国内外增速显著，海外渠道建设、新产品、新技术有所突破。海外方 面，公司在非洲、拉美中标了微电网、综合能源管理等 EPC 项目，并 攻克了储能系统在中压配电网环境中的黑启动、并离网无缝切换等前沿 技术，为公司推进海外新能源系统解决方案打下良好的基础。国内方面， 公司中标了千万级充电场站 EPC 项目。 | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|--------------------------|---------------------------------------|-------|-------| | 重要财务指标 营业总收 入（百万 元） | 2022A | 2023A | 2024E 3,310 4,200 5,343 6,559 7,766 | 2025E | 2026E | | 同比(%) | 23.0% | 26.9% | 27.2% | 22.8% | 18.4% | | ...

Investment Rating - The report maintains a "Buy" rating for HaiXing Electric [1][12]. Core Views - The company's Q1 2024 performance met expectations, with a revenue of 902 million yuan, a year-on-year increase of 13.66%, and a net profit of 214 million yuan, up 21.52% year-on-year. The gross margin remained high at 44.25%, reflecting a 5.61 percentage point increase year-on-year [11][12]. - The demand for system solutions is strong, and the profitability is expected to remain at a high level. The gross margin for the smart electricity business is projected to be around 46% [11][12]. - The company is benefiting from both domestic and overseas demand growth, with significant opportunities in the smart electricity sector [12]. Financial Summary - Revenue (in million yuan): - 2023A: 4,200 - 2024E: 5,268 (growth rate: 25.41%) - 2025E: 6,391 (growth rate: 21.31%) - 2026E: 7,409 (growth rate: 15.93%) [3][12]. - Net Profit (in million yuan): - 2023A: 982 - 2024E: 1,190 (growth rate: 21.11%) - 2025E: 1,406 (growth rate: 18.15%) - 2026E: 1,601 (growth rate: 13.85%) [3][12]. - Earnings Per Share (EPS): - 2023A: 2.02 - 2024E: 2.43 - 2025E: 2.88 - 2026E: 3.28 [3][12]. - Price-to-Earnings Ratio (PE): - 2024E: 19.05 - 2025E: 16.13 - 2026E: 14.16 [3][12].

-20% -4% 12% 28% 44% 60% 76% 92% 108% 124% 2023/4/24 2023/8/23 2023/12/22 2024/4/21 海兴电力 沪深300 市场数据 | --- | --- | |--------------------------|-------------| | | | | 收盘价 ( 元 ) | 45.94 | | 一年最低 / 最高价 | 21.00/51.15 | | 市净率 ( 倍 ) | 3.28 | | 流通 A 股市值 ( 百万元 ) | 22,450.14 | | 总市值 ( 百万元 ) | 22,450.14 | 基础数据 | --- | --- | |--------------------------|--------| | | | | | | | 每股净资产 ( 元 ,LF) | 14.02 | | 资产负债率 (%,LF) | 25.21 | | 总股本 ( 百万股 ) | 488.68 | | 流通 A 股 ( 百万股 ) | 488.68 | 相关研究 《海兴电力(603556)：2023 年报点评： 解决方案大规模落地，业绩 ...

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