Investment Rating - The report maintains a "Buy" rating for the company with a target price of 49.25 CNY per share [31] Core Views - The company's 2023 and Q1 2024 performance exceeded expectations, driven by an increase in the proportion of high-margin solutions [35] - Overseas revenue accounted for over 60% of total revenue in 2023, with strong growth potential in Europe, Africa, and Latin America [36] - The company's smart electricity business is expected to grow steadily, while its new energy business is entering a new phase of development [34] Financial Performance - In 2023, the company achieved revenue of 4.20 billion CNY, a YoY increase of 26.91%, and net profit attributable to shareholders of 982 million CNY, a YoY increase of 47.97% [29] - Gross margin in 2023 was 41.90%, an increase of 3.67 percentage points YoY, while net margin was 23.39%, up 3.33 percentage points YoY [29] - For 2024-2026, the company is expected to achieve net profit attributable to shareholders of 1.20 billion, 1.47 billion, and 1.73 billion CNY, with YoY growth rates of 22.5%, 22.1%, and 17.7%, respectively [30] Business Segments Smart Electricity Business - Revenue in 2023 was 3.59 billion CNY, a YoY increase of 23.93%, with a gross margin of 43.85%, up 5.14 percentage points YoY [36] - Overseas revenue from the smart electricity business was 2.56 billion CNY, a YoY increase of 41.72%, with solutions accounting for approximately 60% of overseas revenue [36] Smart Distribution Business - Revenue in 2023 was 406 million CNY, a YoY increase of 24.19%, with a gross margin of 36.64%, up 1.74 percentage points YoY [36] - The company has developed products such as photovoltaic step-up transformers and has delivered distribution network projects in Africa [36] New Energy Business - Revenue in 2023 was 163 million CNY, a YoY increase of 283.50%, with a gross margin of 11.00%, down 1.18 percentage points YoY [36] - The company is expected to achieve rapid growth in its new energy business, with revenue growth rates of 25.2%, 20.0%, and 15.0% for 2024-2026 [42] Valuation and Peer Comparison - The company's 2024E P/E ratio is 18.55x, with a target P/E of 20x, implying a fair value of 49.25 CNY per share [37] - Comparable companies include Samsung Medical and Wasion Information, with average 2024E P/E ratios of 23.15x [52] Future Outlook - The company is expected to benefit from the replacement cycle of domestic electricity meters and the increasing penetration of smart meters in overseas markets [49] - The company's overseas channel advantages and cost management capabilities are expected to drive future growth, particularly in the new energy sector [34]

海兴电力（603556.SH） 24Q1 单季：营收 9.02 亿元，同增 13.66%；归母净利 2.14 亿元，同增 21.52%。我们预计 24Q1 公司海外收入约 6.86 亿元，同增 38%，国内 收入约 2.16 亿元，同降 27%。公司单季收入低预期或主要系国内电表订 单交付节奏影响，致国内收入下滑。 ➢ 毛利端：2023 年公司毛利率同比+3.67pct 至 41.90%；23Q4 毛利 率 45.73% ， 同 比 +6.39pct ，环比 +2.42pct ； 24Q1 毛利率 44.25%，同比+5.61pct，环比-1.48pct。费率端：2023 年销售/管 理 / 研 发 / 财务费率为 7.41%/3.77%/6.53%/-4.07% ，同比 - 1.37pct/-0.52pct/-0.68pct/-0.41pct。公司全年汇兑收益 3329 万 元。净利率：2023 年净利率同比+3.33pct 至 23.39%；23Q4 净利 率 23.64%，同比+2.5pct；24Q1 净利率 23.69%，同比+1.53pct。 风险提示：国内外电表招标不及预期、新能源产品需求疲软、预 ...

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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% | | ...

公 司 研 究 买入/维持 海兴电力 2024 年一季报点评：业绩符合预期，毛利率持续保持 高水平 ◼ 股票数据 相关研究报告 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 研究助理：万伟 电话： E-MAIL： 一般证券业务登记编号：S1190122090006 智能用电业务国内海外有望实现共振。 | --- | --- | --- | --- | --- | |--------------------|--------|--------|--------|--------| | | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 4,200 | 5,268 | 6,391 | 7,409 | | 营业收入增长率 (%) | 26.91% | 25.41% | 21.31% | 15.93% | | 归母净利（百万元） | 982 | 1,190 | 1,406 | 1,601 | | 净利润增长率 (%) | 47.90% | 21.11% | 18.15% | 13.85% | | ...

-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 ...

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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% ...