Core Viewpoint - Dongwu Securities report indicates that Haixing Electric's overseas revenue collection pace and increased investment have slightly pressured performance, with profitability improving on a quarter-on-quarter basis, but overall performance slightly below market expectations [1] Group 1: Business Performance - The company has accelerated marketing channel deployment in key countries, new markets, and new businesses by increasing market investments [1] - In the first half of 2025, the company's South African smart ultrasonic water meter factory commenced operations [1] - The launch of the Orca platform has enhanced the company's comprehensive capabilities in system solutions [1] Group 2: Market Expansion - The company has achieved large-scale bidding for distribution network products in Asia, Africa, and Latin America, and successfully secured transformer product orders in Central Asia and Africa [1] - The distribution business has entered phase 1-10 of its overseas expansion [1] Group 3: Future Outlook - Domestic electric meter bidding prices continue to decline, while overseas microgrid demand is expected to drive breakthroughs in the renewable energy business [1] - Short-term performance is affected by demand fluctuations and increased investments, but the company has significant growth potential in the long term by focusing on overseas markets and expanding downstream [1] - The rating is maintained at "Buy" [1]

国信证券8月20日发布研报称，给予海兴电力（603556.SH，最新价：27.86元）优大于市评级。评级理 由主要包括：1）公司海外布局持续突破；2）国内业务稳步发展；3）新能源业务蓄势待发。风险提 示：海外市场开拓不及预期；原材料价格大幅上涨；行业竞争加剧。 （文章来源：每日经济新闻） ...

Macro and Strategy - The report analyzes the current bull market in the ChiNext index, noting that it has risen by 21.69% year-to-date as of August 18, 2025, with comparisons to previous bull markets in 2015, 2013, and 2020, which had significantly higher gains [8][3] - The report highlights the differences between the bull markets of 2013-2015, characterized by broad-based gains, and the more structural gains seen from 2018-2021, where a lower percentage of stocks saw significant increases [8] Light Industry Manufacturing - The light industry manufacturing weekly report indicates that the price of boxboard and corrugated paper continues to rise, with July furniture retail sales in the U.S. increasing by 5.1% year-on-year [3][10] - Domestic prices for hardwood pulp have risen slightly, while cultural paper and white cardboard prices remain under pressure due to supply and demand dynamics [9][10] - The report notes that China's furniture exports increased by 3.0% year-on-year in July, with expectations for recovery in the export chain due to recent tariff extensions and upcoming U.S. interest rate cuts [10][11] Automotive Industry - The automotive industry report indicates that vehicle production and sales in July 2025 were 2.591 million and 2.593 million units, respectively, with year-on-year growth of 13.3% and 14.7% [13] - The report highlights a strong pre-sale for the new Tank 500 model, indicating robust consumer interest [13] - The report suggests a focus on the performance of the automotive sector's mid-year results, with a notable increase in wholesale vehicle sales in early August [14] Copper Industry - The report on Tongling Nonferrous Metals indicates a 34% year-on-year decline in net profit for the first half of 2025, despite a revenue increase of 6.4% to 76.1 billion yuan [21][22] - The company has become the largest copper smelting company globally, with a production capacity of 2.2 million tons following the commissioning of a new copper smelting project [22] - The report anticipates a significant increase in copper production capacity with the upcoming commissioning of the Mirador copper mine's second phase [23] Gold Industry - The report on Shanjin International shows a 42.14% year-on-year increase in revenue for the first half of 2025, with net profit rising by 48.43% [24] - The report notes that the company is on track to meet its annual gold production target of at least 8 tons, despite a slight decline in production in the first half [24][25] - The report highlights the potential for future growth through acquisitions and new projects, particularly in Namibia and other regions [25] Electronic and Battery Materials - The report on Shengquan Group indicates a 51.19% year-on-year increase in net profit for the first half of 2025, driven by strong performance in advanced electronic materials and battery materials [31][32] - The company has expanded its market share in synthetic resin and advanced materials, with significant growth in sales volume [32][33] - The report emphasizes the company's ongoing development of new products and applications in the biomass sector, with new projects expected to launch in the near future [34] Medical Aesthetics - The report on Aimeike shows a 21.59% year-on-year decline in revenue for the first half of 2025, with net profit down by 29.57% [35][36] - The company is facing increased competition in the medical aesthetics market, but it is expanding its product line through acquisitions and new product development [36][37] - The report suggests that while short-term challenges exist, the long-term growth potential remains strong due to increasing consumer demand for medical aesthetics [37] Beverage Industry - The report on Yanghe Distillery indicates a significant decline in revenue and net profit for the first half of 2025, with a focus on maintaining pricing power and controlling production volume [38]

Summary of Haixing Electric's Conference Call Company Overview - **Company**: Haixing Electric - **Date**: August 19, 2025 Key Points Financial Performance - Revenue decreased by 14.67% year-on-year to 1.923 billion yuan, while net profit fell by 25.74% to 395 million yuan [2][3][18] - Domestic market revenue declined by approximately 20%, primarily due to slow contract fulfillment [2][11] - Overseas market revenue decreased by about 10%, affected by project delays in Bangladesh and Africa, although Europe and Latin America saw growth [2][11][16] Business Development - **Smart Distribution**: - Focus on global layout and localized operations, with a central research institute established to accelerate product development [2][4] - Employee count increased from 2,600 to 3,100, with an additional 200 hires by June 2025 [4][21] - **New Energy**: - Significant growth in the first half of 2025, driven by increased demand for overseas commercial photovoltaic projects and microgrid solutions [2][8] - Collaboration with domestic EV manufacturers to expand charging station business [2][8][32] Market Trends - The bidding model reform in the distribution network sector is favorable for Haixing Electric, with successful bids totaling 149 million yuan for integrated products [2][12] - New business developments include establishing smart water meter production lines in Brazil and South Africa, with overseas contracts exceeding 100 million yuan [2][6] Strategic Initiatives - Establishment of an 800 million yuan industrial fund with CICC to invest in new energy, energy algorithms, IoT technologies, and smart manufacturing [4][17] - Transitioning from traditional manufacturing to a system solution provider, focusing on green electricity and clean water sectors [4][25][26] Future Outlook - Anticipated gradual revenue increase in the second half of 2025 from new energy business, despite current pressures from slow order fulfillment [9][15] - Continued focus on expanding overseas markets, particularly in regions like Indonesia, which has significant renewable energy plans [10][15] Challenges and Risks - The company faces intensified competition both domestically and internationally, necessitating proactive investments and structural optimization [3][11] - Delays in project deliveries in key markets like Bangladesh and Africa could impact revenue recovery [11][14][35] Operational Insights - The company’s inventory management is healthy, with a focus on production based on confirmed orders [19][20] - Increased operational costs due to hiring more sales and R&D personnel, which may take time to translate into revenue growth [21][22] Competitive Advantages - Haixing Electric's competitive edge lies in its differentiated strategy, extensive global presence, and strong system solution capabilities [24][26] - The company aims to leverage emerging technologies and market trends, such as Web 3.0, to enhance its service offerings and operational efficiency [27][28] Conclusion - Haixing Electric is navigating a challenging market environment with strategic investments and a focus on innovation, positioning itself for future growth in both domestic and international markets [15][25]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][7][8] Core Views - The company reported a revenue of 1.924 billion yuan for the first half of 2025, a year-on-year decrease of 15%, and a net profit attributable to shareholders of 396 million yuan, down 26% year-on-year. The gross margin was 41.6%, down 2.6 percentage points, and the net margin was 20.5%, down 3.1 percentage points [3][5] - The company has made significant progress in its overseas expansion, including the launch of a smart ultrasonic water meter factory in South Africa and successful bids for distribution products in Asia, Africa, and Latin America [5][6] - Domestic business remains stable with over 400 million yuan in orders secured in the first half of the year, including significant wins in power metering and distribution equipment [6] - The company is investing in new energy solutions, having developed key equipment and systems for microgrid solutions, with successful bids in Africa and Latin America [6] Financial Summary - The company expects net profits for 2025-2027 to be 1.016 billion, 1.165 billion, and 1.3 billion yuan respectively, with year-on-year growth rates of 1.4%, 14.7%, and 11.7% [3][7] - Earnings per share (EPS) are projected to be 2.09, 2.40, and 2.68 yuan for the same period, with corresponding valuations of 13.4, 11.6, and 10.4 times [3][7] - The company reported a second-quarter revenue of 1.14 billion yuan, a year-on-year decrease of 15% but a quarter-on-quarter increase of 45%, with a net profit of 255 million yuan, down 20% year-on-year but up 81% quarter-on-quarter [5]

Group 1: Institutional Research and Shareholder Activity - The top twenty companies with the most institutional research in the last 30 days include Dongpeng Beverage, Zhongchong Co., Hikvision, Defu Technology, and Xinyi Technology[5] - In the last five days, the most researched companies include Nanwei Medical, Anjisi, Jinchengzi, Xinqianglian, and Baiya Co.[5] - Among the top twenty companies with institutional research in the last 30 days, 12 companies had 10 or more rating agencies, including Dongpeng Beverage, Zhongchong Co., and Hikvision[5] Group 2: Shareholder Buybacks - From August 11 to August 15, 2025, 51 companies announced buyback progress, with 10 having 10 or more rating agencies, and only 2 companies (Baolong Technology and Fuanna) had buyback amounts exceeding 1% of their market value[25] - From January 1 to August 15, 2025, 1,662 companies announced buyback progress, with 364 having 10 or more rating agencies, and 99 companies had buyback amounts exceeding 1% of their market value[27] Group 3: Shareholder Increase Activity - From August 11 to August 15, 2025, only 5 companies with significant shareholder increases had amounts below 1% of their market value[19] - From January 1 to August 15, 2025, 251 companies announced significant shareholder increases, with 67 having 10 or more rating agencies, and 19 companies had amounts exceeding 1% of their market value[21]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Dongpeng Beverage, Zhongchong Co., Hikvision, Defu Technology, and Xinyi Technology [10][11] - In the last five days, the most popular companies for institutional research include Nanwei Medical, Anjisi, Jinchengzi, New Strong Union, and Baiya Co. [10][11] - Among the top twenty companies in the past 30 days, twelve companies had ten or more rating agencies, including Dongpeng Beverage, Zhongchong Co., Ninebot, Baiya Co., Hikvision, Jereh, Xinyi Technology, Hongfa Technology, Nanwei Medical, Baijia Shenzhou, Huaming Equipment, and Shijia Photon [10][11] - Companies such as Xinyi Technology, Dongpeng Beverage, Zhongchong Co., and Ninebot are expected to see significant growth in net profit attributable to shareholders in 2024 compared to 2023 [10][11] Group 2: Shareholder Increase and Buyback Situations - From August 11 to August 15, 2025, five companies announced significant shareholder increases, but the average proposed increase amount was less than 1% of the market value on the announcement date [14] - From January 1 to August 15, 2025, a total of 251 companies announced shareholder increases, with 67 having ten or more rating agencies. Among these, 19 companies had an average proposed increase amount exceeding 1% of the latest market value, including Xinjie Energy, Tunnel Co., Sailun Tire, and Wanrun Co. [15] - During the same period, 1,662 companies announced buyback progress, with 364 having ten or more rating agencies. Among these, 99 companies had a proposed buyback amount exceeding 1% of the market value [19] Group 3: Buyback Progress - From August 11 to August 15, 2025, 51 companies announced buyback progress, with 10 having ten or more rating agencies. Only two companies, Baolong Technology and Fuanna, had a proposed buyback amount exceeding 1% of the market value [18] - From January 1 to August 15, 2025, 99 companies were in the board proposal stage for buybacks, including Liu Gong, Sanor Biotech, Shantui, Haixing Electric, Jiayi Co., and Gaoneng Environment [19] Group 4: Institutional Fund Flow - During the week of August 11 to August 15, 2025, sectors such as power equipment, electronics, real estate, non-bank financials, public utilities, computers, home appliances, building materials, light industry manufacturing, and banking received net inflows from institutional funds [24]

Group 1 - The core viewpoint of the report is that Guojin Securities has given a "buy" rating to Haixing Electric (603556.SH) based on its strong performance in smart distribution and renewable energy sectors [2] Group 2 - In the smart distribution business, Haixing Electric is deepening its overseas strategic layout while maintaining a solid domestic foundation [2] - The renewable energy business is showing gradual results from incubation, with improvements in system integration and solution capabilities [2]

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]. Core Insights - The company reported a total revenue of 1.92 billion RMB for the first half of 2025, a year-on-year decrease of 14.7%, and a net profit attributable to shareholders of 400 million RMB, down 25.7% year-on-year [2]. - The decline in revenue and profit is attributed to delays in domestic project execution, fluctuations in demand in certain overseas markets, and increased counter-cyclical investments leading to higher expenses [2]. - The company is a leader in the global smart meter market, with significant growth potential in smart distribution and renewable energy sectors, benefiting from the global upgrade of power grids [5]. Summary by Sections Performance Review - In Q2 2025, the company achieved total revenue of 1.14 billion RMB, a decrease of 15.8% year-on-year, with a net profit of 250 million RMB, down 20.2% [2]. Operational Analysis - The company is deepening its overseas strategic layout while maintaining a solid domestic base. In overseas markets, it has launched a smart ultrasonic water meter factory in South Africa and secured transformer orders in Central Asia and Africa [3]. - Domestically, the company has won over 400 million RMB in new orders, including significant contracts for power metering products and distribution equipment [3]. New Energy Business - The company is transitioning from product sales to system integration and scenario-based solutions in the renewable energy sector, having developed key equipment and EMS systems for microgrid projects in Africa and Latin America [3]. Investment in Sales and R&D - The company has increased its sales and R&D expenses by 11.6% and 6.1% year-on-year, respectively, highlighting its commitment to market expansion and technological innovation [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of 1.04 billion RMB, 1.16 billion RMB, and 1.38 billion RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 3%, 12%, and 19% [5]. - The current stock price corresponds to a PE valuation of 13, 11, and 10 times for the years 2025, 2026, and 2027 [5].

杭州海兴电力科技股份有限公司2025 年半年度报告 公司代码：603556 公司简称：海兴电力 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2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人周良璋、主管会计工作负责人李小青及会计机构负责人（会计主管人员）王素 霞声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期不进行利润分配及公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大 ...