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 ...

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 ...

Investment Rating - The report gives a "Hold" rating for the company, HaiXing Electric (603556) [8][26]. Core Insights - The company achieved a revenue of 4.2 billion yuan in 2023, representing a year-on-year growth of 26.9%. The net profit attributable to shareholders was 982 million yuan, up 47.9% year-on-year, while the non-recurring net profit was 940 million yuan, increasing by 60.1% [1][2]. - In Q4 2023, the company reported a revenue of 1.33 billion yuan, a 43.8% increase year-on-year, and a net profit of 310 million yuan, up 61.2% year-on-year [1]. - The company's new energy business saw significant growth, with revenue reaching 160 million yuan, a staggering 283.5% increase year-on-year [8][72]. - The report highlights the company's strong performance in overseas markets, particularly in Africa and Latin America, where it has secured various EPC projects [8][72]. Summary by Sections Company Overview - HaiXing Electric is a leading enterprise in the smart meter industry, focusing on energy transition with a diversified business model that includes smart electricity, smart distribution, and new energy products. The company has established a global presence, exporting to over 90 countries [30][72]. Financial Performance - The company reported a gross margin of 41.9% and a net margin of 23.4% in 2023, both showing improvements from the previous year. The Q4 margins were 24.3% and 8.2%, respectively [48]. - The smart electricity segment generated 3.6 billion yuan in revenue, growing by 23.9%, while the smart distribution segment achieved 410 million yuan, up 24.2% [48][72]. Revenue Forecast - The company expects revenues for 2024, 2025, and 2026 to be 5.38 billion yuan, 6.45 billion yuan, and 7.46 billion yuan, respectively, with net profit growth rates of 22.5%, 18.6%, and 18.2% [8][26]. Market Position - HaiXing Electric is positioned as a leading player in the domestic smart meter market, with a strong focus on expanding its overseas business and enhancing its product offerings in smart distribution and new energy sectors [8][72].