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Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's revenue for the first half of 2024 increased by 20% year-on-year, with net profit rising by 22%, slightly exceeding market expectations [2] - The overseas market remains robust, with a significant increase in solution project penetration, indicating a positive trend [2] - Domestic revenue growth is strong, particularly in the southern power grid market, with a notable increase in new meter orders [2] Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 2.255 billion yuan, with a net profit of 533 million yuan, and a non-recurring net profit of 524 million yuan, reflecting a year-on-year increase of 30% [2] - The gross margin and net profit margin for the first half of 2024 were 44.20% and 23.63%, respectively, showing improvements compared to the previous year [2] - The company has revised its profit forecasts for 2024-2026, expecting net profits of 1.25 billion yuan, 1.55 billion yuan, and 1.90 billion yuan, respectively, with corresponding P/E ratios of 17x, 14x, and 11x [3] Market and Operational Insights - The overseas revenue accounted for approximately 63% of total revenue in the first half of 2024, with significant growth in regions such as Africa and Asia [2] - The company has successfully initiated production in its European factory and is progressing with construction in Mexico, with plans for a new joint venture factory in Africa [2] - Domestic revenue for the first half of 2024 reached 826 million yuan, driven by meter deliveries to the State Grid [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown robust growth in both domestic and international markets, with a significant increase in profitability driven by the successful implementation of overseas solution projects [6][7] - The company is positioned as a leader in the overseas electric meter market, with projected revenues of 50 billion, 60 billion, and 71 billion for 2024, 2025, and 2026 respectively, reflecting a consistent growth rate of 19% [10] Financial Performance - In H1 2024, the company achieved a revenue of 22.5 billion, representing a year-on-year increase of 20%, and a net profit attributable to shareholders of 5.3 billion, up 22% year-on-year [6] - The sales gross margin improved to 44.2%, an increase of 5.7 percentage points compared to the previous year [6] - For Q2 2024, the company reported a revenue of 13.5 billion, a quarter-on-quarter increase of 50% and a year-on-year increase of 25% [6] Market Performance - The company's stock has outperformed the CSI 300 index over the past 12 months, with a relative performance of 82.1% [3] - The current stock price is 43.11 yuan, with a 52-week price range of 21.00 to 55.39 yuan [3] Business Growth - Domestic revenue reached 8 billion in H1 2024, up 24% year-on-year, while overseas revenue was 14 billion, an 18% increase year-on-year [7] - The company has made significant inroads in various international markets, including Africa, Asia, and Latin America, with notable revenue growth in these regions [7][10]

Investment Rating - The report maintains a "Recommend" rating for Haixing Electric (603556 SH) [2][4] Core Views - Haixing Electric's 24H1 performance met expectations with significant results from its globalization strategy [2] - The company achieved record-high revenue and net profit in 24H1, with revenue reaching 2 255 billion yuan (up 20 04% YoY) and net profit reaching 533 million yuan (up 22 0% YoY) [2] - The company's overseas revenue in 24H1 was 1 429 billion yuan (up 18% YoY), with notable growth in Africa (23% YoY) and Asia (75% YoY) [2] - Domestic revenue grew 24% YoY to 826 million yuan in 24H1, with strong performance in State Grid and Southern Grid tenders [2] Financial Performance - 24H1 gross margin and net margin were 44 20% and 23 64% respectively, up 5 75pcts and 0 39pcts YoY [2] - The company's 24-26E revenue is forecasted to be 5 253 billion, 6 484 billion, and 7 955 billion yuan, with YoY growth rates of 25 1%, 23 4%, and 22 7% respectively [2][3] - 24-26E net profit is expected to be 1 188 billion, 1 437 billion, and 1 760 billion yuan, with YoY growth rates of 20 9%, 21 0%, and 22 5% respectively [2][3] Business Development - The company successfully bid for multiple overseas projects, including a large user fee control device project in Africa and recloser products in Brazil [2] - Haixing Electric launched the new generation M2C solution "Orca Pro" overseas, accelerating product development cycles and enhancing market competitiveness [2] - The company has completed R&D for low-voltage and medium-voltage microgrids, with microgrid projects in Africa and Latin America entering the delivery phase [2] Valuation - The company's 24-26E PE ratios are 17X, 14X, and 12X based on the closing price on August 19, 2024 [2][3] - 24-26E PB ratios are forecasted at 2 8X, 2 5X, and 2 3X respectively [3]

证券代码：603556 证券简称：海兴电力 公告编号：2024-026 杭州海兴电力科技股份有限公司 第四届董事会第十八次会议决议公告 2024年8月20日 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 2024 年 8 月 19 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"）第四届董事会第十八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 8 月 9 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年半年度报告及其摘要的议案》 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.sse.com.cn）上的《杭州海兴电力科技股份有限公司 2024 年半年 度报告》及报告摘要。 ...

证券代码：603556 证券简称：海兴电力 公告编号：2024-029 杭州海兴电力科技股份有限公司 关于召开2024年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 08 月 27 日(星期二)下午 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadsh ow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、 参加人员 投资者可于 2024 年 08 月 20 日(星期二)至 08 月 26 日(星期一)16：00 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 office @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 08 月 20 日发布公司 2024 年半年度报告，为便于广大投资者 ...

证券代码：603556 证券简称：海兴电力 公告编号：2024-027 第四届监事会第十三次会议决议公告 杭州海兴电力科技股份有限公司 特此公告。 杭州海兴电力科技股份有限公司监事会 2024年8月20日 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 8 月 19 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"）第四届监事会第十三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 年 8 月 9 日以电子邮件的形式向各位监事发出，会议应参 加监事 3 名，实际参加监事 3 名，占全体监事人数的 100%，会议由监事会主席 丁建华先生主持。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、监事会会议审议情况 审议通过了《关于2024年半年度报告及其摘要的议案》 经审核，监事会认为：《公司2024年半年度报告》全文及其摘要的编制和审 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； ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥2,254,754,065.49, representing a year-on-year increase of 20.04% compared to ¥1,878,407,059.48 in the same period last year[14]. - The net profit attributable to shareholders, after deducting non-recurring gains and losses, increased by 30.26% to ¥523,532,118.22 from ¥401,910,684.35 in the previous year[14]. - Basic earnings per share rose by 22.22% to ¥1.10 from ¥0.90 in the same period last year[15]. - The weighted average return on net assets increased by 0.64 percentage points to 7.77% compared to 7.13% in the previous year[15]. - The company's total revenue for the reporting period reached 2.255 billion RMB, representing a year-on-year growth of 20.04%[28]. - The net profit attributable to shareholders was 533 million RMB, an increase of 22% compared to the previous year[28]. - The company reported a total profit of ¥613,707,161.74, which is a significant increase from ¥485,683,830.14 in the prior year, representing a growth of 26.36%[61]. - The total comprehensive income for the period was ¥544,247,054.69, compared to ¥465,833,857.97 in the same period last year, reflecting a growth of 16.77%[62]. Cash Flow and Assets - The company's net cash flow from operating activities was ¥339,375,381.38, showing a slight decrease of 0.93% from ¥342,562,495.50 in the previous year[14]. - The company's cash and cash equivalents decreased by 23.13% to ¥3,498,325,883.57, accounting for 38.43% of total assets[32]. - The company's total assets at the end of the reporting period were ¥9,103,686,846.37, reflecting a year-on-year increase of 0.28%[14]. - The company's current assets totaled CNY 6.39 billion, down from CNY 7.15 billion at the end of 2023, representing a decrease of about 10.6%[53]. - The company's total liabilities reached CNY 2.48 billion, compared to CNY 2.45 billion at the end of 2023, reflecting a growth of about 1.5%[55]. - The company's cash flow from investment activities showed a net inflow of approximately ¥1.19 billion, a significant improvement from a net outflow of -¥283.09 million in the previous year[69]. - The total cash and cash equivalents at the end of the period stood at approximately ¥720.97 million, down from ¥1.19 billion at the end of the previous year[69]. Investments and R&D - The company’s R&D expenses increased by 17.95% to 155 million RMB, reflecting ongoing investment in innovation[31]. - The company is focused on becoming a leading provider of digital and green energy products and solutions, leveraging its technology in smart IoT and new energy sectors[21]. - The company has established a complete R&D, procurement, production, sales, and after-sales service system to support its operations globally[23]. - The company is actively expanding its overseas renewable energy channels, with projects in Africa and Latin America entering the delivery phase[31]. Corporate Governance and Compliance - The board of directors and management confirmed the accuracy and completeness of the financial report[2]. - The financial report has not been audited[3]. - The company has not violated decision-making procedures for external guarantees[4]. - The company has not faced a situation where more than half of the directors cannot guarantee the report's authenticity[4]. - The company has not experienced any major litigation or arbitration matters during the reporting period[45]. - The company has not disclosed any significant changes in the integrity status of its controlling shareholders or actual controllers during the reporting period[45]. - The company has not made any changes to its board of directors, supervisors, or senior management during the reporting period[40]. Market and Industry Trends - The total installed capacity of new renewable energy projects in China reached 134 million kilowatts, a year-on-year increase of 24%, accounting for 88% of the newly installed capacity nationwide[26]. - The global photovoltaic (PV) market is expected to grow significantly, with installations projected to increase from 444 GW in 2023 to approximately 574 GW in 2024[25]. - The State Grid's investment in the power grid for 2024 is expected to exceed 600 billion RMB, an increase of 71.1 billion RMB from the previous year[24]. - The company won contracts worth 302 million RMB and 252 million RMB for electricity metering products from the State Grid and Southern Grid, reflecting year-on-year growth of approximately 21.56% and 224.91% respectively[30]. Social Responsibility and Sustainability - The company has established a special education fund to support impoverished students in rural areas, demonstrating its commitment to social responsibility[43]. - The company has achieved certifications for energy management systems and green factory standards, reflecting its commitment to environmental sustainability[41]. - The company has actively responded to the national "carbon neutrality" strategy by optimizing processes to reduce energy consumption[42]. - The company has implemented a distributed photovoltaic system to reduce reliance on purchased electricity, contributing to carbon reduction efforts[42]. Shareholder Information - As of the end of the reporting period, the total number of common shareholders is 15,935[49]. - Zhejiang Haixing Holding Group Co., Ltd. holds 49.05% of the shares, totaling 239,713,292 shares[50]. - Li Xiaoqing holds 8.79% of the shares, totaling 42,964,103 shares[50]. - Lishui Haiju Equity Investment Co., Ltd. holds 6.92% of the shares, totaling 33,821,701 shares[50]. - The company reported a profit distribution of CNY 534,890,587.00 during the current period[83]. Financial Instruments and Risk Management - The company utilizes foreign exchange derivatives to hedge against currency fluctuations, particularly for USD and EUR transactions[37]. - The company employs derivative financial instruments, such as foreign exchange forward contracts, to hedge against currency risk, with gains or losses from fair value changes recognized in profit or loss[106]. - The company assesses the expected credit loss of financial instruments based on a combination of individual and collective evaluations, considering the credit risk characteristics of different customers[106]. Accounting Policies and Practices - The company’s financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance and accuracy[89]. - The company recognizes revenue when control of the goods or services is transferred to the customer, with specific timing based on delivery and acceptance criteria[129]. - The company assesses deferred tax assets for recoverability and may reduce their carrying value if future taxable income is insufficient to utilize them[134].

Summary of Haixing Electric Conference Call Company Overview - Haixing Electric has over 30 years of experience in the overseas market, particularly in smart electricity solutions, with a strong presence in Africa, Latin America, and Asia [1][7] - The company is a leading exporter of smart meters in China and has established a comprehensive business structure including smart meters, smart distribution, and new energy [7][12] Key Points and Arguments Business Performance - The company has maintained a strong market share in smart meters domestically, with a stable cash flow and good profitability [2][12] - In the first half of the year, domestic electricity business showed good growth, with expectations for better revenue growth in Q2 compared to Q1 [3][5] - The company anticipates a growth rate of over 20% in the next 3 to 5 years, driven by strong demand in both domestic and overseas markets [5][32] Financial Metrics - The current valuation is low, with a PE ratio around 16-17 times for this year and expected to drop to about 14 times next year, indicating strong investment potential [6][33] - The company has a high dividend payout ratio, maintaining over 50%, which reflects solid financial health [6][35] Market Dynamics - Approximately 70% of the company's revenue comes from overseas markets, primarily in emerging countries like Africa, Latin America, and Asia [14][22] - The demand for smart metering systems in emerging markets is growing, with significant revenue increases noted in Asia due to improved system solutions [14][22] Competitive Advantages - Haixing Electric has established six overseas factories and is expanding into new regions such as Mexico and Egypt [8][24] - The company has a strong focus on localization, with over 50% of its workforce being foreign employees, which helps mitigate trade risk [24] Product and Service Expansion - The company is actively expanding its distribution and new energy businesses, leveraging existing channels and logistics [25][27] - The AMI (Advanced Metering Infrastructure) system is a key focus, providing comprehensive solutions for electricity, water, and gas metering [17][19] Risk Management - The company is attentive to cash flow and receivables, with improving collection rates, indicating effective risk management [16][34] Additional Important Insights - The company experienced fluctuations in performance due to the pandemic but has seen a recovery since 2022, aided by falling raw material prices and improved logistics [11][15] - The domestic smart meter market is entering a new replacement cycle, with expectations for significant growth in tenders in 2024 [28][29] - The competitive landscape in the domestic market is fragmented, with Haixing positioned as a top-tier supplier [29][30] Future Outlook - Revenue growth projections for 2024 to 2026 are estimated at 26%, 33%, and 28% respectively, with a focus on smart metering solutions [32][33] - The company is expected to continue benefiting from the demand for system solutions in developing countries, with a solid growth trajectory anticipated [35]

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