Group 1 - The core point of the article is that Haixing Electric (603556) reported a decline in both revenue and net profit for the first quarter of 2025 compared to the same period last year [1] Group 2 - The revenue for the first quarter of 2025 was 784 million yuan, representing a year-on-year decrease of 12.99% [1] - The net profit for the same period was 141 million yuan, showing a year-on-year decline of 34.07% [1]

Core Insights - The company reported a total revenue of 4.717 billion yuan in 2024, representing a year-on-year growth of 12.30% [1] - Net profit attributable to shareholders was 1.002 billion yuan, with a growth rate of only 2.00%, indicating a significant slowdown compared to previous years [5] - Revenue from the new energy business declined by 12.32%, highlighting potential issues within the business structure [1][5] Smart Distribution and Utilization Business - The smart distribution and utilization business achieved a revenue of 4.535 billion yuan in 2024, growing by 13.35% year-on-year [4] - Overseas revenue reached 2.940 billion yuan, up by 9.77%, while domestic revenue was 1.595 billion yuan, increasing by 20.61% [4] - The company made significant progress in localizing operations in overseas markets, with new production bases launched in Europe, Latin America, and Africa [4] New Energy Business - The new energy business generated a revenue of 143 million yuan, down 12.32% year-on-year, indicating challenges in market expansion and profitability [4][5] - The company is actively developing commercial microgrid capabilities in overseas markets, but the revenue decline suggests a need for improved strategic execution [5] Financial Performance - The net profit growth rate of 2.00% in 2024 is significantly lower than the previous years' growth rates of 47.89% in 2023 and 111.71% in 2022 [5] - Operating cash flow net amount was 886 million yuan, reflecting a decline of 19.56%, indicating cash flow pressure [5] - Research and development investment was 311 million yuan, up 9.43%, but the proportion of R&D investment to revenue decreased by 0.17 percentage points to 6.59% [5] Overall Assessment - The company maintained steady revenue growth in 2024, but the slowdown in net profit growth, decline in new energy revenue, and cash flow pressure are concerning [5] - There is a need for the company to optimize its business structure, enhance profitability in the new energy sector, and increase R&D investment to sustain long-term competitiveness [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 annual report indicates that exchange rate losses significantly impacted performance, resulting in results slightly below market expectations [8] - The company achieved a total revenue of 4.72 billion yuan in 2024, representing a year-on-year growth of 12.3%, while the net profit attributable to shareholders was 1 billion yuan, reflecting a year-on-year increase of 2% [8] - The report highlights robust growth in the Asia, Africa, and Latin America electricity markets, with overseas distribution business poised for expansion [8] - Domestic distribution revenue grew by 20.61% year-on-year, with expectations for continued stable growth in the domestic electricity business [8] - The report notes that personnel expansion led to increased expenses, and exchange rate losses had a significant impact on profits, with plans to mitigate future currency fluctuations [8] Summary by Sections Financial Performance - Total revenue for 2024 is projected at 4.72 billion yuan, with a year-on-year growth of 12.3% [1] - Net profit attributable to shareholders is expected to be 1 billion yuan, with a year-on-year increase of 2% [1] - The company’s gross margin is reported at 43.9%, with a slight year-on-year increase of 2 percentage points [8] Market Outlook - The overseas market generated revenue of 3.06 billion yuan in 2024, with a year-on-year growth of 10% [8] - The domestic distribution market is expected to maintain a growth rate of 10-15% [8] - The company plans to leverage its overseas factories and branches to enhance its market presence [8] Cost and Expenses - Total expenses for 2024 are projected at 880 million yuan, reflecting a year-on-year increase of 54% [8] - The company added 489 employees, contributing to the rise in expenses [8] - Financial expenses included an exchange loss of approximately 129 million yuan, significantly affecting profits [8] Profit Forecast - The forecast for net profit attributable to shareholders for 2025 and 2026 is adjusted to 1.20 billion yuan and 1.38 billion yuan, respectively [8] - The expected net profit for 2027 is projected at 1.59 billion yuan, with year-on-year growth rates of 20%, 15%, and 15% for the respective years [8]

海兴电力（603556） 2024 年年报点评：汇兑损失影响较大，业绩 略不及市场预期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,200 | 4,717 | 5,399 | 6,108 | 6,943 | | 同比（%） | 26.91 | 12.30 | 14.45 | 13.14 | 13.66 | | 归母净利润（百万元） | 982.41 | 1,002.04 | 1,203.80 | 1,383.84 | 1,589.84 | | 同比（%） | 47.89 | 2.00 | 20.13 | 14.96 | 14.89 | | EPS-最新摊薄（元/股） | 2.02 | 2.06 | 2.48 | 2.85 | 3.27 | | P/E（现价&最新摊薄） | 14.92 | 14.63 | 12.18 | 10.59 | 9.22 | 证券研究报告·公司点评报告·电网设备 [关键词： Tab ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][10]. Core Insights - The company reported a total revenue of 4.72 billion RMB for 2024, a year-on-year increase of 12.3%, with a net profit attributable to shareholders of 1.00 billion RMB, up 2.0% year-on-year [2]. - The smart distribution and renewable energy sectors show significant growth potential, benefiting from the global upgrade of smart grids [5]. - The company achieved a revenue of 4.54 billion RMB in the smart distribution business, reflecting a 13.4% year-on-year growth, with a gross margin of 45.3%, up 2.1 percentage points [3][4]. Summary by Sections Performance Review - In Q4, the company recorded a revenue of 1.31 billion RMB, a decrease of 1.5% year-on-year, and a net profit of 210 million RMB, down 32.9% year-on-year, primarily due to increased expenses and foreign exchange losses [2]. Operational Analysis - **Smart Distribution Business**: - Overseas revenue reached 2.94 billion RMB, up 9.8% year-on-year, with new production bases in Europe, Latin America, and Africa [3]. - Domestic revenue was 1.59 billion RMB, a 20.6% increase, with significant wins in government tenders [4]. - **Renewable Energy Business**: - Revenue was 140 million RMB, down 12.3% year-on-year, but long-term prospects remain positive with ongoing investments [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.33 billion RMB, 1.62 billion RMB, and 1.93 billion RMB for 2025, 2026, and 2027 respectively, with growth rates of 32%, 22%, and 19% [5]. - Current stock price corresponds to a PE ratio of 12, 10, and 8 for the years 2025, 2026, and 2027 [5].

业绩简评 4 月 21 日，公司发布 2024 年年报，2024 年实现营业总收入 47.2 亿元，同比+12.3%；归母净利润 10.0 亿元，同比+2.0%；扣 非归母净利润 9.7 亿元，同比+2.9%。Q4 实现营业总收入 13.1 亿 元，同比-1.5%；归母净利润 2.1 亿元，同比-32.9%；扣非归母净 利润 1.9 亿元，同比-39.9%，受费用增长及汇兑损失影响，业绩 略低于预期。 经营分析 智能配用电业务：海外加快本土化布局，国内业务快速增长。24 年实现营收 45.4 亿元，同比+13.4%；毛利率 45.3%，同比+2.1pct。 1）海外：实现收入 29.4 亿元，同比+9.8%，欧洲、拉美、非洲均 有新生产基地启动建设或投入生产运营。①用电领域：落地多个 AMI、STS2.0 预付费项目，解决方案的营收占比超过 60%。同时公 司在智能计量领域进行业务延伸，在水、气计量产品和 AMI 系统 解决方案领域取得新的突破，并持续获取订单；②配电领域：加 快推进配网产品在海外市场的业务拓展，重合器、环网柜、中置 柜、柱上断路器、智能箱变等产品在拉美、非洲、中东等区域实 现批量中标，看好公 ...

公募基金方面，本期较上一期持股增加的公募基金共计8个，主要包括交银瑞和三年持有期混合、交银 优势行业混合、交银阿尔法核心混合A、大成新能源混合发起式A、大成产业升级股票(LOF)A等，持股 增加占比达0.35%。本期较上一季度持股减少的公募基金共计5个，包括融通中国风1号灵活配置混合 A/B、融通行业景气混合A/B、广发新能源精选股票A、宏利新能源股票A、华安幸福生活混合A，持股 减少占比达0.59%。本期较上一季度新披露的公募基金共计274个，主要包括南方中证500ETF、华安逆 向策略混合A、中信保诚新兴产业混合A、华安研究智选混合A、南方新能源产业趋势混合A等。本期较 上一季未再披露的公募基金共计14个，主要包括东方红启元三年持有混合A、广发新经济混合A、东方 红优势精选混合、东方红启程三年持有混合A、富国碳中和混合A等。 2025年4月22日，海兴电力(603556.SH)发布2024年年度报告。截至2025年4月21日，共有294个机构投资 者披露持有海兴电力A股股份，合计持股量达3.30亿股，占海兴电力总股本的67.56%。其中，前十大机 构投资者包括浙江海兴控股集团有限公司、丽水海聚股权投资有限 ...

杭州海兴电力科技股份有限公司 已审财务报表 2024年度 杭州海兴电力科技股份有限公司 目 录 | | 页 次 | | | | --- | --- | --- | --- | | 审计报告 | 1 - | | 7 | | 已审财务报表 | | | | | 合并资产负债表 | 8 - | | 9 | | 合并利润表 | 10 - | | 11 | | 合并股东权益变动表 | 12 | | | | 合并现金流量表 | 13 - | | 14 | | 公司资产负债表 | 15 - | | 16 | | 公司利润表 | 17 | | | | 公司股东权益变动表 | 18 | | | | 公司现金流量表 | 19 - | | 20 | | 财务报表附注 | 21 - | | 105 | | 财务报表补充资料 | | | | | 1. 非经常性损益明细表 | | 1 | | | 2. 净资产收益率和每股收益 | | 2 | | 审计报告 安永华明（2025）审字第70013391_K02号 杭州海兴电力科技股份有限公司 杭州海兴电力科技股份有限公司全体股东： 一、审计意见 我们审计了杭州海兴电力科技股份有限公司的财务报表 ...

杭州海兴电力科技股份有限公司 内部控制审计报告 内部控制审计报告 安永华明（2025）专字第70013391_K01号 杭州海兴电力科技股份有限公司 杭州海兴电力科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了杭州海兴电力科技股份有限公司2024年12月31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价 指引》的规定，建立健全和有效实施内部控制，并评价其有效性是企业董事会的责任。 2024年度 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，杭州海兴电力科技股份有限公司按照《企业内部控制基本规范》和相 关 ...

杭州海兴电力科技股份有限公司 独立董事 2024 年度述职报告 （彭琳明） 作为杭州海兴电力科技股份有限公司（以下简称"公司"）的独立董事，本 人严格按照《中华人民共和国公司法》、《上市公司治理准则》、《上市公司独立董 事管理办法》、《上海证券交易所上市公司自律监管指引第1号——规范运作》、《公 司章程》、《公司独立董事工作制度》等有关规定，忠实履行独立董事的职责，积 极出席公司召开的相关会议，认真审阅各项议案并独立客观发表意见，充分发挥 独立董事作用，勤勉尽责，促进公司科学决策及规范运作，维护全体股东尤其是 中小股东的利益。现将2024年任期期间履行独立董事职责的相关工作情况报告如 下： 一、独立董事的基本情况 （一）个人履历 本人彭琳明，男，1963 年出生，博士，中国国籍，无境外永久居留权。曾 任上海贝尔电话设备制造有限生产部副总经理，上海贝尔阿尔卡特公司终端事业 部总经理、光通信事业部总经理、公司副总裁，上海贝曼元脉信息技术有限公司 副董事长，2008 年 5 月起至 2023 年 4 月任北京直真科技股份有限公司董事副总 经理，2023 年至今任上海轱辘圈网络科技有限公司高级顾问。 （二）独立性情况 ...