Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [1] Core Views - The company achieved significant growth in 2023, with revenue reaching 4.2 billion yuan, a year-on-year increase of 27%, and a net profit attributable to shareholders of 982 million yuan, up 48% year-on-year [1] - The company's overseas revenue has rapidly increased, with a notable growth in regions such as Africa and Europe, contributing to 66.46% of total revenue [1] - The company is positioned as a leading enterprise in smart power distribution and is expected to benefit from growing domestic and international demand [1] Financial Performance Summary - In 2023, the company reported revenue of 4.2 billion yuan, with a quarterly revenue of 1.328 billion yuan in Q4, reflecting a 44% year-on-year increase [1] - The gross profit margin improved to 41.90%, an increase of 3.67 percentage points year-on-year, while the net profit margin reached 23.39%, up 3.33 percentage points year-on-year [1] - The company’s overseas revenue reached 2.791 billion yuan, a year-on-year increase of 51.29%, while domestic revenue decreased by 3.71% to 1.372 billion yuan [1][3] Business Segment Performance - The company’s smart electricity, smart distribution, and new energy businesses generated revenues of 3.595 billion yuan, 406 million yuan, and 163 million yuan, respectively, with year-on-year growth rates of 23.93%, 24.19%, and 283.50% [1] - The new energy business has seen significant project wins in Africa and Latin America, including microgrid and comprehensive energy management projects [1] Future Earnings Forecast - The company is projected to achieve net profits of 1.208 billion yuan, 1.464 billion yuan, and 1.717 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 19.9, 16.5, and 14.0 [2][3]

证券研究报告：电力设备 | 公司点评报告 公司基本情况 总股本/流通股本（亿股）4.89 / 4.89 52 周内最高/最低价 49.84 / 21.08 市盈率 24.67 股票投资评级 个股表现 -39% -21% -3% 15% 33% 51% 69% 87% 105% 123% 2023-04 2023-07 2023-09 2023-11 2024-02 2024-04 海兴电力 电力设备 研究所 海兴电力(603556) ⚫ 投资要点 事件：海兴电力发布 2023 年年报，实现营收 42.00 亿元（+27%）、 归母净利 9.82 亿元（+48%），毛利率、净利率分别为 41.90%、23.39%， 同比提升 3.67、3.33pcts。其中 Q4 单季度实现营收 13.28 亿，同环 比均实现大幅增长，显著超预期，实现归母净利 3.14 亿元，创下单 季度业绩新高。 智能用电板块：2023 年实现营收 35.95 亿元（+24%），毛利率同 比提升 5.15pcts 至 43.85%。分区域来看，国内业务收入 10.34 亿元 （-5%），海外业务收入 25.61 亿元（+42%），其中非洲市 ...

[Table_Summary 事件：公司 202] 3年实现营业收入 42亿元，同比增长 26.9%；实现归母净利润 9.8亿元，同比增长 47.9%；扣非归母净利润 9.4亿元，同比增长 60.1%。2023 年第四季度公司实现营收 13.3亿元，同比增长 43.8%；实现归母净利润 3.1亿 元，同比增长 61.2%；扣非归母净利润 3.1 亿元，同比增长78.9%。 | --- | --- | --- | --- | --- | |----------------------------|--------|---------------------------------|--------|--------| | | | | | | | 营业收入（百万元） | | 4200.35 5379.72 6447.42 7462.16 | | | | 增长率 | 26.91% | 28.08% | 19.85% | 15.74% | | 归属母公司净利润（百万元） | | 982.47 1203.46 1426.90 1686.37 | | | | 增长率 | 47.90% | 22.49% | 18.57% ...

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。 证券代码：603556 证券简称：海兴电力 公告编号：2024-018 一、董事会会议召开情况 2024 年 4 月 22 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"）第四届董事会第十七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 4 月 17 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。 二、董事会会议审议情况 审议通过了《关于2024年第一季度报告的议案》 杭州海兴电力科技股份有限公司 第四届董事会第十七次会议决议公告 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 2024年4月23日 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 所网站（www.ss ...

二、监事会会议审议情况 审议通过了《关于2024年第一季度报告的议案》 经审核，监事会认为：《公司2024年第一季度报告》的编制和审议程序符合 法律、法规、《公司章程》和公司内部管理制度的各项规定；报告内容真实、准 确、完整地反映了公司的经营管理和财务状况，不存在任何虚假记载、误导性陈 述或者重大遗漏；未发现参与2024年第一季度报告编制和审议的人员有违反保密 规定的行为。监事会一致同意该报告，具体内容详见公司同日披露的《杭州海兴 电力科技股份有限公司2024年第一季度报告》。 表决结果：3 票赞成，0 票反对，0 票弃权. 特此公告。 证券代码：603556 证券简称：海兴电力 公告编号：2024-019 杭州海兴电力科技股份有限公司 第四届监事会第十二次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 2024 年 4 月 22 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"）第四届监事会第十二次会议在公司会议室以现场表决的方式召开。 本次会议通知于 2024 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥901,652,426.83, representing a year-on-year increase of 13.66%[6] - The net profit attributable to shareholders for the same period was ¥213,811,040.47, reflecting a growth of 21.52% compared to the previous year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 31.78%, amounting to ¥214,517,733.42[6] - Basic and diluted earnings per share both stood at ¥0.44, marking a 22.22% increase[6] - Net profit for the period was ¥213,642,836.45, compared to ¥175,840,179.79 in the previous period, representing an increase of approximately 21.5%[19] - The net profit attributable to the parent company for Q1 2024 was ¥196,991,610.89, compared to ¥170,242,734.85 in Q1 2023, indicating a growth of approximately 15.7%[41] Cash Flow - The net cash flow from operating activities surged by 1332.30% to ¥307,761,819.87, primarily due to a lower base from the previous year and reduced cash payments for goods and services[6] - Cash flow from operating activities generated ¥307,761,819.87, significantly higher than ¥21,487,239.62 in the previous period[21] - Cash received from sales of goods and services in Q1 2024 was ¥945,933,675.92, compared to ¥824,356,206.86 in Q1 2023, marking an increase of about 14.7%[41] - Net cash flow from investing activities was negative at approximately -$965.25 million, compared to -$337.15 million in the previous period, showing a significant increase in cash outflow[50] - Net cash flow from financing activities was negative at approximately -$133.18 million, compared to a positive inflow of $23.10 million previously, indicating a shift in financing strategy[50] Assets and Liabilities - The company's cash and cash equivalents as of March 31, 2024, were approximately ¥4.47 billion, slightly down from ¥4.55 billion at the end of 2023[13] - The company’s total current assets amounted to ¥6,937,650,264.68, compared to ¥7,144,070,778.40 in the previous year[15] - Total liabilities amounted to ¥2,310,068,586.04, a decrease from ¥2,443,312,090.91[17] - Total assets and equity combined reached ¥9,163,279,507.95, compared to ¥9,075,523,750.05 previously[17] - Total assets increased to approximately $9.16 billion, up from $9.08 billion, reflecting a growth of about 0.97% year-over-year[45] - The company’s total current liabilities decreased to approximately $2.02 billion from $2.14 billion, a decline of about 5.66%[45] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,679[11] - The largest shareholder, Zhejiang Haixing Holding Group Co., Ltd., held 239,713,292 shares, accounting for a significant portion of the company's equity[12] - Total equity attributable to shareholders reached ¥6,853,149,501.36, up from ¥6,632,016,366.23[17] - Equity attributable to shareholders of the listed company increased by 3.33% to ¥6,853,149,501.36 from ¥6,632,016,366.23[26] Expenses and Investments - Research and development expenses increased to ¥62,829,013.93 from ¥51,550,877.70, reflecting a growth of about 21.8%[19] - Operating profit rose to ¥245,964,888.66, up from ¥194,248,347.58, indicating a growth of approximately 26.5%[19] - The company reported a government subsidy of ¥3,761,880.78, which is closely related to its normal business operations[26] - The company’s total revenue from sales expenses increased to ¥70,385,570.33 from ¥56,967,310.91, marking a rise of approximately 23.4%[19] Market Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[32]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][10] Core Views - The company has shown significant growth in its overseas electricity business, with revenue and profit quality improving. In 2023, the company achieved revenue of 3.6 billion yuan from smart electricity system products, a year-on-year increase of 24%, with a gross margin of 43.9%, up by 5.1 percentage points [3][15] - The overseas market for smart electricity is expected to maintain high growth, driven by the demand for modernization in developed countries and increased penetration in emerging markets. The company is likely to enhance its revenue and profitability through an increased share of system software and solutions [3][6] - The company is focusing on expanding its overseas distribution and renewable energy businesses, which are anticipated to accelerate growth and enhance sustainability. The global investment demand for electricity networks is projected to rise significantly, indicating a positive outlook for the distribution market [6][15] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 4.2 billion yuan, a year-on-year increase of 27%, and a net profit attributable to shareholders of 982 million yuan, up by 48%. The gross margin was 41.9%, an increase of 3.7 percentage points [15] - The company forecasts revenues of 5.2 billion yuan, 6.3 billion yuan, and 7.7 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to be 1.3 billion yuan, 1.5 billion yuan, and 1.9 billion yuan for the same years [6][8] Market Data - The current stock price is 49.80 yuan, with a 52-week price range of 21.00 to 51.15 yuan. The total market capitalization is approximately 24.34 billion yuan [3][6] Growth Potential - The company is expected to benefit from the global shift towards renewable energy, with projections indicating that by 2024, global renewable energy installed capacity will reach 4,500 gigawatts, surpassing coal as a major energy source [6][15]

研究助理简介 金融学硕士，3 年产业投资经验，2022 年加盟东兴证券研究所，主要覆盖电新行业的研究。 美国密歇根大学金融工程硕士，3 年投资研究经验，2022 年加盟东兴证券研究所，主要覆盖电力设备新能 源等研究领域。 负责本研究报告全部或部分内容的每一位证券分析师，在此申明，本报告的观点、逻辑和论据均为分析师本 人研究成果，引用的相关信息和文字均已注明出处。本报告依据公开的信息来源，力求清晰、准确地反映分 析师本人的研究观点。本人薪酬的任何部分过去不曾与、现在不与，未来也将不会与本报告中的具体推荐或 观点直接或间接相关。 本证券研究报告所载的信息、观点、结论等内容仅供投资者决策参考。在任何情况下，本公司证券研究报告 均不构成对任何机构和个人的投资建议，市场有风险，投资者在决定投资前，务必要审慎。投资者应自主作 出投资决策，自行承担投资风险。 东兴证券公司报告 免责声明 本研究报告由东兴证券股份有限公司研究所撰写，东兴证券股份有限公司是具有合法证券投资咨询业务资格 的机构。本研究报告中所引用信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证， 也不保证所包含的信息和建议不会发生任何变更。我们 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [19][24][29] Core Views - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 4.20 billion yuan (up 26.91% year-on-year) and net profit attributable to shareholders at 0.98 billion yuan (up 47.90% year-on-year) [4][29] - The strong performance is attributed to the growth in the smart electricity business, particularly in overseas markets, and an increase in the proportion of software and solutions [4][29] - The company is positioned as a pioneer in exporting power equipment, benefiting from the acceleration of global power investment and the increasing demand for smart grid solutions [4][29] Financial Summary - For 2023, the company achieved a net profit of 0.98 billion yuan, with expectations for 2024-2026 net profits of 1.22 billion yuan, 1.51 billion yuan, and 1.83 billion yuan respectively, reflecting growth rates of 24.5%, 23.3%, and 21.5% [20][29] - The projected revenue for 2024 is 5.27 billion yuan, with a year-on-year growth rate of 25.5% [20][29] - The company maintains a strong cash flow position, with operating cash flow of 1.10 billion yuan in 2023, expected to decrease to 0.27 billion yuan in 2024 due to increased investments [10][20] Business Segments - The smart electricity segment generated 3.60 billion yuan in revenue, with a year-on-year growth of 23.93%, and overseas revenue reaching 2.56 billion yuan, up 41.72% [4][29] - The smart distribution segment reported revenue of 0.41 billion yuan, with significant growth in overseas markets [4][29] - The renewable energy segment saw a remarkable increase in revenue to 0.16 billion yuan, up 283.50% year-on-year, driven by strong performance in international markets [4][29] Market Outlook - The company is expected to continue benefiting from the dual growth in domestic and international markets, with a focus on expanding its software and solution offerings [4][29] - The overall market for power equipment is anticipated to enter a favorable cycle, driven by increasing investment in smart grid technologies and renewable energy [4][29]

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。 证券代码：603556 证券简称：海兴电力 公告编号：2024-017 杭州海兴电力科技股份有限公司 关于召开2023年度业绩说明会的公告 重要内容提示： 杭州海兴电力科技股份有限公司（以下简称"公司"）已于 2024 年 04 月 16 日发布公司 2023 年年度报告，为便于广大投资者更全面深入地了解公司 2023 年度经营成果、财务状况，公司计划于 2024 年 04 月 25 日下午 15:00- 16:00 举行 2023 年度业绩说明会，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 2023 年度的经营成果 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 （一） 会议召开时间：2024 年 04 月 25 日下午 15:00-16:00 会议召开时间：2024 年 04 月 25 日(星期四) 下午 15:00-16:00 会 ...