海兴电力（603556.SH）2023 年年报点评 ➢ 事件：2024 年 4 月 15 日，公司发布 2023 年年度报告，业绩再创新高，23 年实现营业收入 42 亿元，同比增长 26.91%，归母净利 9.82 亿元，同比增长 47.9％，扣非归母净利 9.41 亿元，同比增长 60.08%。分季度来看，23 年 Q4 公 司营收为 13.28 亿元，同比增长 43.84%，环比增长 33.53%，归母净利与扣非 归母净利分别为 3.14 亿元/3.15 亿元，分别同比增长 61.17%/78.87%。 ➢ 盈利能力改善明显，费用管控良好。盈利能力情况，23 年公司毛利率和净 利率分别为 41.90%/23.39%，同比增长 3.33pcts/3.67pcts，毛利率改善明显， 公司盈利能力向上提升。费用情况，公司重视费用管控，23 年期间费用率为 13.64%，同比下降 2.98pcts，财务、管理、研发、销售费用率分别为4.07%/3.77%/6.53%/7.41%，同比减少 0.41pct/0.52pct/0.68pct/1.37pcts。 23 年公司在智能用电、智能配电、新能源三个领域业绩表现 ...

Financial Performance - The company achieved total revenue of 4.20 billion yuan, a year-on-year increase of 26.91%[15]. - Net profit attributable to shareholders reached 982 million yuan, up 47.90% year-on-year, marking a new high since the company went public[3]. - Operating cash flow net amount was 1.10 billion yuan, reflecting a growth of 63.03% compared to the previous year[15]. - The company's operating revenue for 2023 reached ¥4,200,350,318.37, representing a 26.91% increase compared to ¥3,309,723,562.79 in 2022[156]. - Net profit attributable to shareholders for 2023 was ¥982,468,040.05, a 47.90% increase from ¥664,276,290.83 in the previous year[156]. - The net profit after deducting non-recurring gains and losses was ¥941,420,244.61, up 60.08% from ¥588,096,877.71 in 2022[156]. - The company's total assets increased by 12.80% to ¥9,075,523,750.05 at the end of 2023, compared to ¥8,045,699,626.82 at the end of 2022[156]. - The basic earnings per share for 2023 was ¥2.02, reflecting a 48.53% increase from ¥1.36 in 2022[157]. - The weighted average return on equity for 2023 was 15.69%, an increase of 3.97 percentage points from 11.72% in 2022[160]. - The company reported a net cash flow from operating activities of ¥1,100,961,039.04, a significant increase of 63.03% compared to the previous year[156]. - The net assets attributable to shareholders at the end of 2023 were ¥6,632,016,366.23, an 11.06% increase from ¥5,971,460,129.03 at the end of 2022[156]. Business Operations - The renewable energy business generated main operating income of 163 million yuan, a significant increase of 283.50% year-on-year[5]. - The company accelerated overseas renewable energy channel business, achieving revenue in Africa, Europe, and Latin America markets[5]. - The company is transitioning to a "source-network-load-storage" integrated power network, enhancing the functionality of distributed energy sources and new load absorption[59]. - The global renewable energy business is evolving towards smarter and more integrated solutions, utilizing modern AI algorithms and intelligent control technologies[60]. - The company is focused on enhancing its product and service capabilities in loss management solutions for developing countries[86]. - The company is advancing new business models in overseas non-network operations and renewable energy, although it faces risks related to customer credit management[90]. Research and Development - Research and development expenses amounted to 274 million yuan, an increase of 14.87% year-on-year[15]. - The company aims to develop a research team for SMART GRID 2.0 to ensure a continuous increase in revenue from external business[39]. - The company is focusing on technological innovation to strengthen its core competitive advantages in solutions[12]. Corporate Governance - The total pre-tax remuneration for the board members during the reporting period amounted to 849.44 million yuan[73]. - The company held five board meetings during the year, all conducted through a combination of on-site and communication methods[83]. - The audit committee consists of independent directors, ensuring compliance and oversight of financial practices[83]. - The company emphasizes the importance of corporate governance and compliance with relevant laws and regulations[66]. - There were no changes in shareholding for the board members during the reporting period, maintaining stability in leadership[73]. - The company has not faced any penalties from securities regulatory authorities in the past three years[126]. - The company has not identified any significant internal control deficiencies during the reporting period[122]. Risk Management - The company has established a comprehensive risk management strategy in place to address potential operational risks in overseas markets[87]. - The company has a cash advantage that will support the development of new businesses[43]. - The company is facing intensified competition in overseas markets due to the influx of domestic peers[40]. Digital Transformation - The company plans to enhance digital marketing and operations, focusing on AI technology to drive digital transformation[37]. - The company has established a digital intelligent manufacturing operation management system to enhance production efficiency and quality control[14]. - The company has implemented a digital management system in the cloud to ensure real-time data communication and control for overseas subsidiaries[64]. - The company is focused on enhancing its digital transformation and the application of AI across various business areas[63]. Employee Management - The total number of employees in the parent company and major subsidiaries is 2,641, with 1,303 in production, 323 in sales, and 777 in technical roles[132]. - The company has established a compensation policy based on fairness, competitiveness, performance orientation, and effective incentives, ensuring that average annual income exceeds regional and industry averages during prosperous economic periods[132]. - The company has conducted two meetings of the Compensation and Assessment Committee during the reporting period[130]. - The compensation for directors, supervisors, and senior management is determined based on industry and regional salary levels, company performance, and individual performance assessments[200]. Shareholder Information - The proposed cash dividend is RMB 7.00 per 10 shares (including tax), totaling RMB 340,384,919.00, which accounts for 51.24% of the net profit attributable to ordinary shareholders[119]. - The company plans to distribute a cash dividend of RMB 11.00 per 10 shares (including tax) for the 2023 fiscal year, pending approval at the annual shareholders' meeting[137]. - The company has not proposed a cash profit distribution plan despite having positive distributable profits for shareholders[139]. - The annual report confirms that all resolutions presented at the shareholders' meeting were approved[198]. Environmental Responsibility - The company invested ¥450,000 in environmental protection measures during the reporting period[166]. - The company has implemented low-carbon clean energy measures, including the use of photovoltaic energy[167].

海外电表龙头享受行业红利，拓展新能源构建产 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 5 1.2.2 公司营收稳步增长，海外收入占比较高 有 建产品新生态 相关研究 证券研究报告 | --- | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------|-------|--------------------------------------------------------------|-------|-------|-------| | | 重要财务指标 营业总收入 ( 百万 元 ) | | 2021A 2022A 2023E 2024E 2025E 2,691 3,310 4,191 5,347 6,599 | | | | | | 增长率 | | YoY % -4.1% 23.0% 26.6% 27.6% 23.4% | | | | | | 归属母公司净利润 ( 百万元 ) | | 314 664 728 1,018 1,298 | | | | | ...

50.51% 54.27% 46.51% 40.66% 45.96% 32.27% 36.96% 35.78% 35.57% 28.88% 37.93% 32.81% 32.21% 41.10% 0% 10% 20% 30% 40% 50% 60% 2016 2017 2018 2019 2020 2021 2022 境外 境内 ndustry] 电力设备 shzqdatemark 2024年03月04日 1 领先的智能电表出海企业,向综合解决方案服务商进军………… 1.1 公司概况 . 2.2 用电业务:公司起家业务,较强整体解决方案能力 .......10 4 公司价值: 轻资产、高现金、高分红 [Table_Stock] 海兴电力（603556） [Table_QuotePic] 最近一年股票与沪深 300 比较 -23% -12% -2% 9% 19% 30% 40% 51% 61% 03-23 05-23 07-23 10-23 12-23 03-24 海兴电力 沪深300 公司深度 1.3 全球化布局领先 2 配用电业务快速增长，新能源业务有望成为新增长极..................... ...

证券研究报告 | 公司深度报告 2024 年 02 月 29 日 海兴电力（603556.SH） | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|------------------| | 财务指标 | 2021A | 2022A | 2023E | 2024E | 2025E | 买入（首次评级） | | | 营业收入（百万元） | 2,691 | 3,310 | 4,141 | 5,238 | 6,337 | | | | 增长率 yoy （ % ） | -4.1 | 23.0 | 25.1 | 26.5 | 21.0 | 股票信息 | | | 归母净利润（百万元） | 314 | 664 | 852 | 1,028 | 1,271 | 行业 | 电力设备及新能源 | | 增长率 yoy （ % ） | ...

证券代码：603556 证券简称：海兴电力 公告编号：2023-032 杭州海兴电力科技股份有限公司 关于经营合同预中标的提示性公告 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。 国家电网有限公司（以下简称"国家电网"）于2023年12月7日在其电子商 务平台https://ecp.sgcc.com.cn/ecp2.0/portal/#/公告了"国家电网有限公司2023年第 八十九批采购（营销项目第二次电能表（含用电信息采集）招标采购）推荐的中 标候选人公示"。杭州海兴电力科技股份有限公司（以下简称"公司"）为此项目 推荐的中标候选人，共中12个包，根据预中标数量以及报价测算，预计中标总金 额约为38,703.62万元。现将相关预中标情况公告如下： 一、项目概况 国家电网有限公司2023年第八十九批采购（营销项目第二次电能表（含用电 信息采集）招标采购）（招标编号：0711-230TL12222021）由国家电网公司委托 国网物资有限公司等招标代理机构采用公开招标方式进行。 本次智能电能表及用电信息产品招标共分六个分标 ...

2023 年第三季度报告 7 / 13 | --- | --- | --- | |-------------------------------|------------------|------------------| | 非流动资产： | | | | 发放贷款和垫款 | | | | 债权投资 | - | 158,601,369.86 | | 其他债权投资 | | | | 长期应收款 | 9,688,170.65 | 12,224,533.94 | | 长期股权投资 | 32,277,379.29 | 17,548,136.41 | | 其他权益工具投资 | 3,093,517.98 | 3,093,517.98 | | 其他非流动金融资产 | 118,903,052.16 | 112,208,476.00 | | 投资性房地产 | 13,988,362.89 | 15,246,294.03 | | 固定资产 | 506,798,184.75 | 452,087,111.89 | | 在建工程 | 150,769,662.47 | 107,624,380.62 | | 生产性生物资产 | | | | 油气 ...

2023 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 2023 年半年度报告 1 / 166 2023 年半年度报告 重要提示 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。 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、 重大风险提示 公司已在本报告中详细描述公司面临的风险，敬请投资者予以关注，详见报告"第三节管理 层讨论与分析"中"五、其他披露事项"中"（一）可能面对的风险"。 十一、 其他 □适用 √不适用 2 / 166 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 ...

2023 年第一季度报告 证券代码：603556 证券简称：海兴电力 2023 年第一季度报告 单位：元 币种：人民币 杭州海兴电力科技股份有限公司 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法律责任。 第一季度财务报表是否经审计 □是 √否 | --- | --- | --- | |-----------------------------------------------|---------------|-------------------------------------| | 项目 | 本报告期 | 本报告期比上年同期增减 变动幅度 (%) | | 营业收入 | | 793,322,190.36 18.84% | | 归属于上市公司股东的净利润 | | 175,952,752.95 25.38% | | 归属于上市公司股东的扣除非经常 性损益的净利润 | | 162,787,152.67 32.27% | | 经营活动产生的现金流量净额 | 21,487,239.62 | 不适用 | | 基本每股收益（元/股） | | ...

□适用 √不适用 (4).研发人员构成发生重大变化的原因及对公司未来发展的影响 □适用 √不适用 5. 现金流 √适用 □不适用 | --- | --- | --- | --- | --- | |------------------------------|-----------------|-----------------|---------|--------------------------------------| | 项目 | 2022 年 | 2021 年 | 同比 | 情况说明 | | 经营活动产生 的现金流量净 额 | 675,296,635.80 | 145,466,631.77 | 364.23% | 主要营收增加、 毛利增加所致 | | 投资活动产生 的现金流量净 额 | -245,991,918.31 | -528,739,533.88 | -53.48% | 主要系投资支 付的现金减少 | | 筹资活动产生 的现金流量净 额 | -186,437,485.21 | -271,079,995.80 | -31.22% | 主要系报告期 内分配股利同 比减少所致 | (二) 非主营业务 ...