证券代码：603855 证券简称：华荣股份 公告编号：2025-014 华荣科技股份有限公司2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利1元 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本337,529,000股为基数，每股派发现 金红利1元（含税），共计派发现金红利337,529,000元。 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/15 | － | 2025/5/16 | 2025/5/16 | 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- ...

Core Viewpoint - The company reported strong Q1 2025 performance with revenue of 798 million yuan, a year-on-year increase of 24.0%, and a net profit of 116 million yuan, up 36.6%, driven by significant growth in overseas business [1] Group 1: Financial Performance - Q1 2025 revenue reached 798 million yuan, reflecting a 24.0% year-on-year growth [1] - Net profit for Q1 2025 was 116 million yuan, representing a 36.6% increase compared to the previous year [1] - The company's gross margin decreased by 3.9 percentage points to 49.4% due to changes in business structure, particularly the increase in renewable energy revenue [1] - The net profit margin improved by 1.3 percentage points to 14.5% in Q1 2025 [1] - Cash flow showed improvement with a net cash outflow from operating activities of 30 million yuan, which was 42 million yuan less than the previous year [1] Group 2: Market Trends - Domestic demand is expected to marginally improve, with rapid growth in safety engineering projects anticipated [2] - The company is likely to see a narrowing decline in domestic explosion-proof business in 2025 due to increased demand in Xinjiang's coal chemical sector and a decrease in the domestic base [2] - The company has made progress in obtaining certifications with major overseas clients like Saudi Aramco and is establishing subsidiaries in the Middle East, indicating significant long-term growth potential in international markets [2] Group 3: Profit Forecast and Valuation - The company's EPS forecast for 2025 has been revised down by 11% to 1.54 yuan, with a new forecast for 2026 at 1.74 yuan [3] - The current stock price corresponds to a P/E ratio of 13.5x for 2025 and 12.0x for 2026 [3] - The target price is maintained at 25.50 yuan, reflecting a potential upside of 24.09% based on 16.5x and 14.7x P/E ratios for 2025 and 2026, respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a significant year-on-year improvement in Q1 2025 performance, with revenue of 798 million RMB, up 23.99% year-on-year, and a net profit attributable to shareholders of 116 million RMB, up 36.58% year-on-year [1] - The company is actively expanding into emerging fields and overseas markets, which is expected to sustain profit growth in 2025 [1] - The company has established itself as a leader in the domestic explosion-proof electrical equipment sector, leveraging technological advantages and certifications to create high barriers to entry [3] - The company is strategically positioning itself in the explosion-proof robotics sector, collaborating with Tianchuang Robotics to develop advanced products [4] - The company’s profit forecast for 2025-2027 shows a net profit of 525.25 million RMB in 2025, with a year-on-year growth rate of 14% [5] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was 49.36%, showing a year-on-year decrease of 3.86 percentage points but an improvement of 8.19 percentage points quarter-on-quarter [2] - The total expense ratio for the quarter was 34.91%, down 4.19 percentage points year-on-year, indicating effective cost control [2] Market Position and Strategy - The company has diversified its revenue sources, with emerging fields such as food, medicine, and military industries accounting for 20% of its revenue, and overseas business contributing nearly 24% of total revenue [3] - The company is expected to benefit from the increasing demand for intelligent solutions in industrial safety as it continues to expand its international presence [5] Growth Prospects - The company is projected to achieve a net profit of 613.39 million RMB in 2026 and 775.87 million RMB in 2027, reflecting a compound annual growth rate of 26.49% from 2025 to 2027 [19] - The target price for the company's stock is set at 29.64 RMB, based on a price-to-earnings ratio of 19 times for 2025 [5]

Core Viewpoint - The company reported significant year-on-year improvement in Q1 2025 performance, with revenue of 798 million yuan, a year-on-year increase of 23.99% and a quarter-on-quarter decrease of 47.31%, while net profit attributable to shareholders was 116 million yuan, up 36.58% year-on-year but down 17.61% quarter-on-quarter, indicating a positive growth trend for 2025 [1] Financial Performance - The company's gross margin for Q1 2025 was 49.36%, showing a year-on-year decrease of 3.86 percentage points but an improvement of 8.19 percentage points quarter-on-quarter [2] - The total period expense ratio was 34.91%, down 4.19 percentage points year-on-year, indicating effective cost control [2] Market Position and Strategy - The company is a leading player in the domestic explosion-proof electrical equipment sector, leveraging technological advantages and certification to establish high barriers to entry [3] - The revenue structure of the explosion-proof business has been optimized, with emerging fields such as food, medicine, and military nuclear power accounting for 20% of total revenue, and revenue from intelligent safety systems surged by 72% year-on-year [3] - The company is actively expanding into overseas markets, with nearly 24% of revenue coming from international operations, amounting to 944 million yuan, a year-on-year increase of 35% [3] Innovation and Growth Potential - The company is strategically investing in the explosion-proof robotics sector, collaborating with Tianchuang Robotics to develop advanced products and explore international markets [4] - The launch of the world's first explosion-proof humanoid robot "Tian Kui No. 1" positions the company to benefit from the growing demand for intelligent solutions in hazardous environments [4] Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027, projecting net profits of 525 million yuan, 613 million yuan, and 776 million yuan, with year-on-year growth rates of 14%, 17%, and 27% respectively [5] - The company is valued at a price-to-earnings ratio of 19 times for 2025, with a target price of 29.64 yuan, maintaining a "buy" rating [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.64 RMB [8][9]. Core Views - The company reported a significant year-on-year improvement in Q1 2025, with revenue of 798 million RMB, up 23.99%, and a net profit attributable to shareholders of 116 million RMB, up 36.58% [1]. - The company is actively expanding into emerging fields and overseas markets, which is expected to sustain profit growth in 2025 [1]. - The company is a leader in the domestic explosion-proof electrical equipment sector, leveraging technical advantages and certifications to create high barriers to entry [3]. - The company is strategically positioning itself in the explosion-proof robot sector, collaborating with Tianchuang Robotics to develop advanced products [4]. - Profitability is gradually improving, with a gross margin of 49.36% in Q1 2025, despite a slight year-on-year decline [2]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 798 million RMB, with a year-on-year increase of 23.99% and a quarter-on-quarter decrease of 47.31%. The net profit attributable to shareholders was 116 million RMB, reflecting a year-on-year increase of 36.58% [1]. - The gross margin for Q1 2025 was 49.36%, showing a year-on-year decrease of 3.86 percentage points but an improvement of 8.19 percentage points quarter-on-quarter [2]. Business Strategy - The company is diversifying its revenue streams by increasing its presence in emerging sectors such as food, medicine, military, nuclear power, and marine engineering, which now account for 20% of its revenue [3]. - The company is also expanding its international footprint, with overseas revenue contributing nearly 24% of total revenue in 2024, amounting to 944 million RMB, a year-on-year increase of 35% [3]. Future Outlook - The company forecasts net profits of 525.25 million RMB, 613.39 million RMB, and 775.87 million RMB for 2025, 2026, and 2027 respectively, with growth rates of 14%, 17%, and 27% [5]. - The report emphasizes the company's strong position to benefit from the accelerating trend of industrial safety automation and its significant technological barriers [5].

Financial Performance - The company's revenue for Q1 2025 reached ¥797,977,883.48, representing a year-on-year increase of 23.99% compared to ¥643,591,241.22 in the same period last year[5] - Net profit attributable to shareholders was ¥116,073,461.65, up 36.58% from ¥84,985,229.24 in the previous year[5] - Basic earnings per share increased to ¥0.35, a rise of 34.62% from ¥0.26 in the same period last year[5] - Total operating revenue for Q1 2025 reached ¥797,977,883.48, a 24.0% increase from ¥643,591,241.22 in Q1 2024[18] - Net profit for Q1 2025 was ¥118,838,034.45, representing a 40.5% increase compared to ¥84,509,503.36 in Q1 2024[19] - Basic earnings per share for Q1 2025 were ¥0.35, up from ¥0.26 in Q1 2024, reflecting a 34.6% increase[19] - The total comprehensive income for Q1 2025 was ¥118,495,096.52, compared to ¥84,720,833.15 in Q1 2024, marking a 39.8% increase[19] Cash Flow - The net cash flow from operating activities improved significantly, with a net cash flow of -¥29,685,513.15, a 58.53% improvement from -¥71,577,702.10[5] - Cash flow from operating activities for Q1 2025 was negative at -¥29,685,513.15, an improvement from -¥71,577,702.10 in Q1 2024[22] - Cash flow from investing activities for Q1 2025 was negative at -¥20,240,508.44, compared to -¥29,124,834.20 in Q1 2024[23] - Cash flow from financing activities for Q1 2025 was positive at ¥146,931,232.17, significantly higher than ¥74,791,474.44 in Q1 2024[23] - Cash inflow from financing activities totaled $150,000,000.00, up from $90,000,000.00 in the prior period[32] - The net cash flow from financing activities was $148,389,026.67, compared to $77,893,322.23 previously, indicating a strong increase[32] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,300,350,796.16, a slight increase of 1.04% from ¥5,245,806,588.15 at the end of the previous year[6] - The total assets as of March 31, 2025, amounted to ¥5,022,766,236.47, compared to ¥4,975,236,554.59 at the end of 2024[27] - Total liabilities decreased to CNY 3,011,654,334.50 from CNY 3,078,574,017.16, showing a reduction of about 2.17%[16] - The total liabilities decreased to ¥2,857,042,649.84 from ¥2,922,681,927.44 in the previous period[27] - The company's total equity increased to CNY 2,288,696,461.66 from CNY 2,167,232,570.99, reflecting a growth of approximately 5.59%[16] Shareholder Information - The company had a total of 16,291 common shareholders at the end of the reporting period[9] - The top shareholder, Hu Zhirong, holds 34.21% of the shares, amounting to 115,470,000 shares, with 22,000,000 shares pledged[10] Inventory and Receivables - Accounts receivable decreased to CNY 1,950,602,758.88 from CNY 2,094,357,967.88, representing a decline of approximately 6.86%[14] - Accounts receivable decreased to ¥1,836,901,820.19 from ¥1,961,253,192.51, indicating improved collection efficiency[26] - The company's inventory remained stable at CNY 889,078,852.66, slightly up from CNY 884,667,244.25, indicating a marginal increase of about 0.47%[14] - The company's inventory remained stable at ¥760,842,225.67, slightly down from ¥764,365,452.54[26] Investment and Expenses - The company's investment income for Q1 2025 was ¥3,937,803.20, a recovery from a loss of -¥507,726.73 in Q1 2024[18] - Research and development expenses for Q1 2025 were ¥26,503,514.42, nearly unchanged from ¥26,626,733.02 in Q1 2024[28]

德恒上海律师事务所 关于 华荣科技股份有限公司 2024 年年度股东会之 见证意见 上海市东大名路 501 号上海白玉兰广场办公楼 23 层 电话：021-55989888/55989666 传真：021-5598 9898 邮编：200080 见证意见 德恒 02G20240145-00003 号 德恒上海律师事务所 关于华荣科技股份有限公司 2024 年年度股东会之见证意见 德恒上海律师事务所 关于华荣科技股份有限公司 2024 年年度股东会之 致：华荣科技股份有限公司 德恒上海律师事务所接受华荣科技股份有限公司（以下或称"公司"）的委托， 指派本所见证律师对公司于 2024 年 4 月 17 日 13:30 召开的 2024 年年度股东会 （以下简称"本次股东会"）进行见证并出具本见证意见。 本所见证律师依据本见证意见出具日前已经发生或存在的事实和《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"） 等现行有效的法律、法规和规范性文件以及《华荣科技股份有限公司章程》（以 下简称"《公司章程》"）、 ...

证券代码：603855 证券简称：华荣股份 公告编号：2025-013 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 259 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 194,923,531 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 57.7501 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事长胡志荣先生主持，会议的召集、召开及表决方式符合《中 华人民共和国公司法》、《上海证券交易所股票上市规则》、《华荣科技股份有限公 司章程》（以下简称"《公司章程》"）及《华荣科技股份有限公司股东大会议事规 华荣科技股份有限公司 2024 年年度股东大会决议公告 (一) 股东大会召开的时间：2025 年 4 月 17 日 (二) 股东大会召开的地点：上海市嘉定区宝钱公路 555 号 A 栋 4 楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本公司董事会及全体董事保证本公告内容不 ...

证券代码：603855 证券简称：华荣股份 公告编号：2025-012 华荣科技股份有限公司 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 04 月 11 日 （星期五） 至 04 月 17 日（星期四） 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 hrzhd@warom.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。 华荣科技股份有限公司（以下简称"公司"）已于 2025 年 3 月 28 日发布公 司 2024 年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经营成 果、财务状况，公司计划于 2025 年 04 月 18 日 （星期五） 15:00-16:30 举行 2024 年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 04 月 18 日 （星期五） 15:00-16:30 关 ...

Core Viewpoint - The company reported a revenue increase of 24.01% year-on-year for 2024, reaching 3.964 billion yuan, while net profit saw a modest rise of 0.26% to 462 million yuan, indicating a mixed performance amid a challenging domestic oil and gas market [1] Group 1: Financial Performance - The company achieved a revenue of 3.964 billion yuan in 2024, up 24.01% year-on-year [1] - The net profit attributable to shareholders was 462 million yuan, reflecting a 0.26% increase year-on-year [1] - The non-recurring net profit was 448 million yuan, showing a decline of 0.98% year-on-year [1] - A cash dividend of 10 yuan per 10 shares (tax included) is proposed [1] Group 2: Business Segment Performance - The core business segment of explosion-proof electrical equipment generated revenue of 2.506 billion yuan, down 3.5% year-on-year due to reduced capital expenditure in the domestic oil and gas sector [1] - The revenue from the safety intelligent system within the explosion-proof electrical segment reached 362 million yuan, growing over 72% year-on-year [1] - The military and nuclear power segment achieved revenue of 135 million yuan, up over 21% year-on-year [1] - The marine engineering segment reported revenue of 168 million yuan, a 19% increase year-on-year [1] - The foreign trade segment of explosion-proof electrical equipment reached 944 million yuan, a 35% increase year-on-year, marking a historical high [2] Group 3: Market Expansion and Strategy - The company is actively expanding its overseas market presence, with significant demand for explosion-proof electrical products internationally [3] - The Saudi subsidiary commenced operations in September 2024, focusing on localizing services for major clients like Saudi Aramco [3] - The company is also targeting the Xinjiang coal chemical sector domestically, with planned investments in coal-to-oil and coal-to-gas projects amounting to nearly 1 trillion yuan from 2025 to 2028 [3] - The anticipated investment in explosion-proof equipment in Xinjiang is approximately 700 billion yuan, which is expected to stimulate market demand [3] Group 4: Future Outlook - The company has adjusted its net profit forecasts for 2025-2026 to 524 million yuan and 606 million yuan, respectively, with a new forecast for 2027 at 686 million yuan [4] - The earnings per share (EPS) estimates for 2025-2027 are projected at 1.55, 1.80, and 2.03 yuan, respectively [4] - The company maintains a "buy" rating due to its leadership in the global explosion-proof electrical market and strong dividend yield potential [4]