证券代码：603556 证券简称：海兴电力 公告编号：2025-038 杭州海兴电力科技股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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： 回购股份的用途：本次回购股份拟用于员工持股计划或股权激励。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"）如未能在股份 回购实施完成之后 36 个月内使用完毕已回购股份，尚未使用的已回购股份应全 部予以注销； 回购资金总额：不低于人民币 1 亿元（含）不高于人民币 2 亿元（含）。 最终回购数量以公司实际回购情况为准； 回购期限：自董事会审议通过回购股份方案之日起 12 个月内（即 2025 年 5 月 26 日至 2026 年 5 月 25 日）； 回购价格：不超过人民币35元/股（含），该回购价格上限不高于董事会 通过回购决议前30个交易日公司股票交易均价的150%； 回购资金来源：公司自有资金； 回购股份方式：通过上海证券交易所交易系统以集中竞价交易方式回购 公司股份； 相关股东是否存在减持计 ...

Group 1 - The core event was the "CICC-Haixing New Quality Productivity Innovation Forum" held on May 23, where Haixing Electric and CICC signed a cooperation agreement focusing on new energy, IoT, and AI [1][2] - Haixing Electric aims to become a global expert in green energy and clean water solutions, emphasizing the integration of AI with the energy industry to reshape the global energy system [1][2] - The partnership will leverage "capital + industry" dual-driven strategies to promote collaborative innovation across the industry chain [1][2] Group 2 - CICC Capital's chairman highlighted that private equity is a crucial driver for cultivating new quality productivity, with the establishment of the CICC-Haixing (Suzhou Xiangcheng) Fund aimed at leading the development of new quality productivity in the Yangtze River Delta [2] - Haixing Electric announced a total subscription of 800 million yuan for the new fund, with Haixing contributing 392 million yuan, representing 49% of the total [2] - The forum signifies a new phase in the strategic cooperation between Haixing Electric and CICC, providing new insights for the digital transformation of the energy sector [2]

Core Viewpoint - The collaboration between CICC Private Equity, Haixing Electric, and Caohu Capital focuses on investing in cutting-edge fields such as renewable energy, IoT, and artificial intelligence, aiming to drive innovation through a "capital + industry" dual approach [1][3]. Group 1: Partnership and Investment Strategy - A cooperation agreement was signed to strategically invest in renewable energy, IoT, and AI, enhancing collaboration across the industry chain [1][3]. - The CICC Haixing Fund will leverage partnerships with quality equity projects along the industry chain, focusing on advanced technology sectors [5][7]. - The total committed capital for the fund is RMB 800 million, with Haixing Electric contributing RMB 392 million as a limited partner [7]. Group 2: Industry Insights and Future Outlook - Haixing Electric's chairman emphasized the significant impact of energy transition on globalization and the potential of decentralized technologies in distributed energy trading [3]. - The integration of artificial intelligence with the energy sector is reshaping the global energy landscape, marking a new phase of innovation in energy production [5]. - The partnership aims to build a global supply chain platform, enhancing the company's competitive edge by combining local insights with a global perspective [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][22][23] Core Views - The company's performance is under short-term pressure, but its overseas distribution business is poised for growth. The company expects a revenue increase of 12.3% year-on-year to 4.72 billion yuan in 2024, with a net profit of 1 billion yuan, reflecting a 2% increase year-on-year [1][8] - The company is expanding its overseas distribution business, with projected revenue of 4.535 billion yuan in 2024, a 13% increase year-on-year, and a gross margin of 45.3% [2][13] - Domestic distribution business is also growing steadily, with expected revenue of 1.595 billion yuan in 2024, a 20.6% increase year-on-year [14] Financial Performance Summary - In 2024, the company is projected to achieve a total revenue of 4.72 billion yuan, with a net profit of 1 billion yuan, and a gross margin of 43.9% [1][8] - The company’s expenses are expected to rise due to foreign exchange losses and an increase in personnel, leading to a total expense of 880 million yuan in 2024, a 54% increase year-on-year [3][16] - The company has adjusted its profit forecasts for 2025-2027 to 1.122 billion yuan, 1.241 billion yuan, and 1.36 billion yuan respectively, reflecting year-on-year growth of 12%, 10.6%, and 9.6% [22][25] Market Position and Valuation - The current stock price is 26.98 yuan, with a market capitalization of 13.119 billion yuan. The price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 11.7, 10.5, and 9.6 respectively [5][22][23] - The company has a strong position in the domestic market, having won contracts worth 1.123 billion yuan in the national grid and southern grid sectors, which is a 28% increase year-on-year [14]

Core Viewpoint - Haixing Electric Power aims to enhance digital transformation and energy structure upgrades for global electricity customers, achieving a revenue of 4.717 billion yuan with a year-on-year growth of 12.3% and a net profit of 1.002 billion yuan, marking four consecutive years of growth [1] Group 1: Business Performance - The smart distribution and utilization business, as the core segment, generated a revenue of 4.535 billion yuan, up 13.35% year-on-year, with overseas revenue at 2.940 billion yuan (up 9.77%) and domestic revenue at 1.595 billion yuan (up 20.61%) [1] - The company has established nine overseas production bases and over 30 branches, covering more than 110 countries and regions, making it the domestic leader in overseas market coverage [2] - In the domestic market, Haixing Electric Power won bids totaling 1.123 billion yuan for energy metering and collection equipment, reflecting a year-on-year increase of 27.98% [2] Group 2: New Energy Business - The new energy segment generated a revenue of 143 million yuan, down 12.32% year-on-year, but the company continues to enhance its product system, offering comprehensive solutions including charging piles, inverters, and energy management systems [2] - The company is strengthening its capabilities in system design and local implementation for commercial microgrids, accelerating project deployment across Asia, Africa, Latin America, and Europe [3] - The integration of new energy and distribution business is part of the company's strategy to improve global delivery efficiency and systematic service capabilities [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a total revenue of 784 million yuan in Q1 2025, a year-on-year decrease of 12.99% and a quarter-on-quarter decrease of 40.00%. The net profit attributable to the parent company was 141 million yuan, down 34.07% year-on-year and 33.06% quarter-on-quarter, indicating continued pressure on performance [5][13] - The accounts receivable for Q1 2025 stood at 1.229 billion yuan, an increase of 19.41% year-on-year. The company is focusing on deepening its overseas market presence, which is expected to accelerate cash collection and contribute to revenue growth [5][14] Summary by Sections Financial Performance - In Q1 2025, the company achieved total revenue of 784 million yuan, down 12.99% year-on-year and 40.00% quarter-on-quarter. The net profit attributable to the parent company was 141 million yuan, reflecting a year-on-year decline of 34.07% and a quarter-on-quarter decline of 33.06% [5][13] Business Strategy - The company is accelerating the establishment of localized operations overseas, with new production bases in Europe, Latin America, and Africa. It has established 9 overseas production bases and 25 branches, covering over 110 countries and regions, which helps mitigate risks from local policies and market competition [14] - The company is increasing its R&D investment, with R&D expenses in Q1 2025 amounting to 74 million yuan, a year-on-year increase of 18.30%. It is enhancing its AMI technology and has launched various system solutions in smart grids and renewable energy sectors [15] Revenue and Profit Forecast - The company expects revenues for 2025, 2026, and 2027 to be 5.861 billion yuan, 7.005 billion yuan, and 7.696 billion yuan, respectively, with year-on-year growth rates of 24.24%, 19.52%, and 9.87%. The net profit attributable to the parent company is projected to be 1.103 billion yuan, 1.472 billion yuan, and 1.655 billion yuan for the same years, with growth rates of 10.04%, 33.52%, and 12.43% [16][17]

以下文章来源于睿兽Pro ，作者Bestla 睿兽Pro . 创业邦旗下横跨一二级市场的科创数据平台。实时投资数据、追踪产业创新。找数据、做分析、链资 源，就上睿兽分析。 上周基金重点事件回顾丨 05.12-05.18 睿兽分析每周整理最值得关注的 基金重点事件 ，帮助大家及时了解全球私募股权基金市场动向。 政府引导基金 湖州发布300亿产业母基金 近日，2025湖州未来大会开幕。会上，发布了总规模300亿元的湖州市产业母基金和全市首批15个 应用场景、25个场景项目；各区县作了投资环境视频推介；106个项目集中签约，总投资691.2亿 元，涵盖新能源汽车及关键零部件、半导体及光电、生物医药、高端装备等制造业，以及人才、科 技、现代服务业及农业等领域。据介绍，湖州市产业母基金总规模300亿元，采用"子基金+直投"模 式。直投模式强化链主引领，重点支持总投资10亿元以上重大引领性项目落地，重点投向新能源汽车 及关键零部件、半导体及光电、人工智能、高端装备、低空经济、生物医药等领域。子基金模式支持 投早、投小、投硬科技、投重大科创平台，子基金设立数量达30只。 （ 湖州发布） 安徽120亿元新能源环保基金选定第五 ...

证券代码：603556 证券简称：海兴电力 公告编号：2025-036 杭州海兴电力科技股份有限公司 关于召开 2025 年第一季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法律责任。 重要内容提示： ? 会议召开时间：2025 年 05 月 27 日（星期二）13:00-14:00 ? 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 ? 投资者可于 2025 年 05 月 20 日（星期二）至 05 月 26 日（星期一）16: ce@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 2025 年 04 月 司 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 05 月 27 日 （星 期二）13:00-14:00 举行 2025 年第一季度业绩说明会，就投资者关心的问题进 行交流。 本次投资者说明会以网络 ...

证券代码：603556 证券简称：海兴电力 公告编号：2025-036 杭州海兴电力科技股份有限公司 关于召开 2025 年第一季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法律责任。 重要内容提示： 会议召开时间：2025 年 05 月 27 日（星期二）13:00-14:00 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 投资者可于 2025 年 05 月 20 日（星期二）至 05 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 offi ce@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 2025 年 04 月 30 日发布公司 2025 年第一季度报告，为便于广大投资者更全面深入地了解公 司 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 05 ...

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - Domestic and international cloud service providers have significantly increased capital expenditures in Q1, indicating a rising investment sentiment in the domestic power grid [4] - The power equipment capacity can reach 3-5 times that of computing chips, with the supply and distribution market expected to reach 73 billion yuan by 2026 [4] - The AIDC power equipment sector has seen a general increase in stock prices, with lead-acid batteries, HVDC, and UPS showing the highest gains [4] - The industry is characterized by a long power transmission chain, with global giants like Eaton and Schneider having established strong product lines and solution capabilities, while domestic companies are gaining competitive advantages [4] - The year 2025 is anticipated to be a pivotal year for AIDC construction, with significant capital expenditures expected from major cloud providers [4] Summary by Sections AIDC Power Equipment - Major cloud companies like Tencent and Alibaba have ramped up their AI computing infrastructure investments, with Tencent's capital expenditure reaching 27.48 billion yuan, up 91% year-on-year, and Alibaba's at 24.612 billion yuan, up 121% [4][16] - The global data center's IT load is projected to grow significantly, with a compound annual growth rate (CAGR) of 48% from 2024 to 2026 [4] - The AIDC power equipment sector is expected to benefit from the increasing demand for power supply equipment, including transformers and UPS systems [4] Grid Industry - In March 2025, the national power engineering investment reached 56.9 billion yuan, a decrease of 5.7% year-on-year, while the grid engineering investment was 52 billion yuan, an increase of 18.4% year-on-year [30] - The National Grid's investment in ultra-high voltage equipment is expected to see significant growth in 2025, with a projected annual investment exceeding 650 billion yuan [4] - The bidding results for the National Grid's transmission and transformation equipment show a total bid amount of 17.636 billion yuan, an increase of 12.7% year-on-year [60]