证券研究报告 | 2024年04月10日 华荣股份（603855.SH） 买入 2023 年报点评：防爆产品稳健增长，内贸外销双轮驱动 华荣股份：公司为国内防爆电器龙头，主营业务为防爆电器及相关智能化/ 信息化等产品的生产、销售、服务；专业照明设备生产、销售；新能源 EPC 总承包。目前光伏、安工、火工、军工、核电、外贸等多个领域订单饱满， 业绩增长可见。2021 年-2023 年，集团收入分别为 30.27/30.43/31.97 亿元， 同比增速分别为 32.62%/0.52%/5.06%，归母净利润分别为 3.81/3.58/4.61 亿元，同比增速分别为 46.19%/-6.01%/28.73%。 2023 年归母净利润同比增长 28.73%。2023 年公司各项业务稳步发展，全年 实现营业收入 31.97 亿元，同比增长 5.06%，实现归母净利润 4.61 亿元，同 比增长 28.73%，扣非后归母净利润 4.53 亿元，较上年同期增加 26.47%。公 司期间费用率为 36.10%，同比提升 1.96 个 pct，其中销售/管理/研发/财务 费 用 率 分 别 为 26.87%/5.27%/4. ...

证券代码：603855 证券简称：华荣股 份 华荣科技股份有限公司 投资者关系活动记录表 编号：2024-001 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系 □新闻发布会 □路演活动 活动类别 ■电话会议 □其他 贺根 光大证券研究所 参与单位名 邹靖 中金公司 陈加栋 益理资产 称及人员姓 李文 国元证券股份有限公司 Baiding Rong Baring Asset Management (Asia) Limited 霸菱资 名 产管理(亚洲)有限公司 唐奕波 珠海浑瑾私募基金管理合伙企业（有限合伙） 孟灿 兴证全球基金管理有限公司 杨云逍 华泰证券 黄晓峰 兴证证券资产管理有限公司 ...

隐证券 数据来源：聚源 2023 年公司实现收入 32.0 亿元，同比+5.1%，归母净利 4.6 亿元，同比+28.7%， 其中 Q4 单季收入 11.5 亿元，同比+76.6%，归母净利 1.6 亿元，同比+110.2%。 Q4 业绩高增，主要系 Q3 部分业务延期至 Q4 确认，以及费用计提政策调整。2023 年公司毛利率为 54.2%，同比+3.8pct，主要系收入结构优化，毛利率较低的新能 源 EPC 业务收入占比降低。考虑国内外下游需求较好，我们略微上调 2024-2025 年的盈利预测，新增 2026 年盈利预测，预计 2024-2026 年公司归母净利 5.4/6.5/7.6 亿元（2024-2025 年前值为 5.2/6.5 亿元），EPS 为 1.60/1.93/2.24 元（2024-2025 年前值为 1.53/1.93 元），当前股价对应 PE 13.6/11.3/9.7 倍。维持"买入"评级。 2023 年公司防爆板块营收为 26.0 亿元，其中安工智能 2.1 亿元；毛利率约为 57.0%，同比持平（2023 年统计口径中将厂用防爆和矿用防爆结合）。专业照明 产品及其他产品营收为 ...

毛利率同比改善，各细分板块各有看点！ 2023 年全年，公司实现营收 31.97 亿元，同比+5.06%；实现归母净利润 4.61 亿元，同比+28.73%；实现扣非归母净利润 4.53 亿元，同比+26.47%；全年 毛利率 54.19%，同比+3.81pct；归母净利润率 14.42%，同比+2.65pct；扣 非归母净利润率 14.16%，同比+2.4pct；期间费用率为 36.3%，同比+1.96pct， 销售/管理/研发/财务费用率分别为 26.87%、5.27%、4.43%、-0.27%，同比 分别变动-0.82、1.75、0.82、0.21pct。 分业务来看，防爆产品实现收入 26.02 亿元，专业照明及其他产品收入 3.21 亿元，工程收入 2.74 亿元。按内外贸划分：内贸实现销售收入 25 亿 元，其中安工智能产品实现营收 2.1 亿元；外贸部门营收 7 亿元。同时， 海外营收中国际油气行业供需双增，公司快速布局，相继设立欧洲、中亚、 东南亚三大海外运营中心并投入运营；公司在沙特的合资公司进入注册审 核阶段。 其他各项关键指标：毛利率显著改善：境内毛利率为 54.04%，同比+3.97p ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months with expected returns exceeding 15% compared to market benchmarks [12][7]. Core Insights - The company reported a revenue of 3.197 billion yuan in 2023, a year-on-year increase of 5.06%, and a net profit of 461 million yuan, up 28.73% year-on-year, indicating strong financial performance [1][10]. - The company continues to experience robust cash flow, with net cash inflow from operating activities reaching 627 million yuan, a significant increase of 245.7% year-on-year [1]. - The company has a high dividend payout ratio of 73.21%, proposing a cash dividend of 10 yuan for every 10 shares [1]. Revenue Performance - The revenue breakdown for 2023 includes 2.602 billion yuan from explosion-proof products, 321 million yuan from professional lighting, and 274 million yuan from engineering services [1]. - Domestic sales accounted for 2.5 billion yuan, while foreign trade revenue reached 700 million yuan, reflecting a growth of 11% year-on-year [1]. Profitability Metrics - The company's gross margin and net margin improved to 54.19% and 14.63%, respectively, with increases of 3.82 percentage points and 2.82 percentage points year-on-year [1]. - Earnings per share (EPS) for 2023 was reported at 1.37 yuan, with projections of 1.60 yuan, 2.08 yuan, and 2.32 yuan for 2024, 2025, and 2026, respectively [2][10]. Market Expansion - The company is expanding its international presence, establishing overseas operational centers in Europe, Central Asia, and Southeast Asia, with plans for further expansion into regions like the Far East and Africa [1]. - The report highlights a growing market demand in the safety intelligence sector, particularly in chemical parks, with the company benefiting from this trend [1]. Future Projections - The company is projected to achieve net profits of 540 million yuan in 2024, 703 million yuan in 2025, and 783 million yuan in 2026, indicating a positive growth trajectory [2][10]. - The report emphasizes the company's strong position as a leading manufacturer in the explosion-proof electrical equipment sector, with significant growth potential in emerging markets and overseas operations [1][10].

Financial Performance - The company's operating revenue for 2023 was CNY 3,196,944,264.33, representing a year-on-year increase of 5.06% compared to CNY 3,042,926,181.75 in 2022[23] - The net profit attributable to shareholders of the listed company reached CNY 461,082,030.17, an increase of 28.73% from CNY 358,181,075.27 in the previous year[23] - The basic earnings per share increased by 31.13% to CNY 1.39, up from CNY 1.06 in 2022[24] - The net cash flow from operating activities surged by 245.70% to CNY 626,978,249.21, compared to CNY 181,362,334.40 in the previous year[23] - The total assets of the company at the end of 2023 were CNY 4,589,931,348.45, reflecting a year-on-year growth of 7.98%[23] - The company's net assets attributable to shareholders increased by 7.96% to CNY 1,939,644,437.58 from CNY 1,796,551,177.46 in 2022[23] - The weighted average return on equity rose to 24.65%, an increase of 4.80 percentage points from 19.85% in the previous year[24] Revenue Breakdown - Domestic trade sales amounted to 2.5 billion RMB, with the intelligent safety products generating 210 million RMB in revenue[34] - Sales revenue from the "SCS AnGong Intelligent Control System" reached 210 million RMB during the reporting period[41] - The foreign trade department generated revenue of 700 million RMB, marking the company's position as the only domestic enterprise capable of bulk exports in the explosion-proof electrical equipment sector[42] - The company's revenue from specialized equipment reached 278,420.94 million, with a gross margin of 57.53%, reflecting a year-on-year increase of 0.19 percentage points[50] - Revenue from explosion-proof products was 248,526.19 million, with a gross margin of 57.64%, showing a year-on-year increase of 0.63 percentage points[50] - Domestic revenue amounted to 278,657.54 million, with a gross margin of 54.04%, while overseas revenue was 27,227.54 million, with a gross margin of 60.66%[50] Research and Development - Research and development expenses increased by 28.96% to 141.71 million RMB, driven by higher personnel costs and material investments[47] - The total R&D expenditure was 14,170.67 million, accounting for 4.43% of total revenue, with no capitalized R&D expenses[55] - The number of R&D personnel was 561, representing 22.80% of the total workforce, indicating a trend towards a younger and more educated R&D team[56] - The company completed the military qualification A certificate upgrade during the reporting period, enhancing its quality assurance capabilities[43] Market Expansion and Strategy - The company established three overseas operation centers in Europe, Central Asia, and Southeast Asia, enhancing its international presence[35] - The company is actively expanding into overseas markets, including the establishment of operational centers in Europe, Central Asia, and Southeast Asia[64] - The company plans to accelerate its overseas market layout, establishing operational centers in Europe, Central Asia, and Southeast Asia, with additional centers planned for the Far East, Africa, and South America[75] - The company is focusing on upgrading its technology and talent reserves to support its transformation into a comprehensive safety service provider[76] - The company plans to transition from a "single equipment manufacturer" to a "production-oriented safety service provider," focusing on the development of the "SCS Safety Intelligent Control System"[58] Corporate Governance and Management - The company has not reported any significant changes in its governance structure compared to regulatory requirements[89] - The company has not faced any major issues regarding competition from its controlling shareholders[89] - The company’s management team remains committed to maintaining operational independence and integrity[89] - The company has established specialized committees, including an audit committee, nomination committee, compensation and assessment committee, and strategic committee[106] - The company has a salary management system that includes base salary, allowances, and bonuses, aimed at motivating employees[115] Environmental and Social Responsibility - The company invested 1.38 million RMB in environmental protection during the reporting period[132] - The company implemented carbon reduction measures, successfully reducing carbon dioxide equivalent emissions by 96.76 tons[134] - The company has established an environmental and safety management system and obtained ISO 14001 certification[132] - The company is not classified as a key pollutant discharge unit and has minimal emissions of waste gas, solid waste, and wastewater[132] Shareholder and Stock Incentive Plans - The company approved a cash dividend of 337,559,000.00 RMB, which represents 73.21% of the net profit attributable to ordinary shareholders in the consolidated financial statements[121] - The company established a three-year shareholder dividend return plan (2023-2025) that was approved by the board and the annual general meeting[117] - The company has implemented a new stock incentive plan, with a lock-up period for restricted stocks set at 12, 24, and 36 months, starting from September 2023[148] - The stock incentive plan allows for the release of shares in three phases: 40%, 30%, and 30%, contingent on performance evaluations[175] Audit and Compliance - An independent audit of the company's internal control effectiveness for 2023 was conducted, resulting in a standard unqualified opinion[130] - The company has established a complete and reasonable corporate governance structure and internal control system, with no identified issues requiring rectification[130] - The audit opinion confirmed that the financial statements fairly reflect the company's financial position as of December 31, 2023[183] - The company has ensured that all financial disclosures are accurate and complete[146] Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[96] - New product launches are expected to contribute an additional 200 million CNY in revenue over the next year[96] - The company plans to expand its market presence and invest in new technologies to drive future growth[198]

Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% in the next 6 to 12 months compared to the benchmark index [10][14]. Core Insights - The company's performance in 2023 exceeded expectations, with a revenue of 3.197 billion yuan, a year-on-year increase of 5.06%, and a net profit of 461 million yuan, up 28.73% year-on-year. The fourth quarter saw a significant revenue increase of 76.60% year-on-year [11][20]. - The company is expected to maintain rapid growth in 2024, with projected revenue reaching 4.079 billion yuan, a 27.6% increase, and a net profit of 545 million yuan, an 18.16% increase [20]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 3,043 million yuan - 2023A: 3,197 million yuan - 2024E: 4,079 million yuan - 2025E: 4,615 million yuan - 2026E: 5,290 million yuan - Year-on-year growth rates: 2023A (5%), 2024E (28%), 2025E (13%), 2026E (15%) [3]. - **Net Profit Forecasts**: - 2022A: 358 million yuan - 2023A: 461 million yuan - 2024E: 545 million yuan - 2025E: 628 million yuan - 2026E: 739 million yuan - Year-on-year growth rates: 2023A (29%), 2024E (18%), 2025E (15%), 2026E (18%) [3]. - **Earnings Per Share (EPS)**: - 2022A: 1.06 yuan - 2023A: 1.37 yuan - 2024E: 1.62 yuan - 2025E: 1.86 yuan - 2026E: 2.19 yuan [3]. - **Profitability Ratios**: - Gross margin in 2023 was 54.19%, and net margin was 14.63%, both showing significant year-on-year improvements [20]. - **Cash Flow**: - The net cash flow from operating activities in 2023 was 627 million yuan, a 245.70% increase year-on-year, indicating strong operational stability [20]. Growth Drivers - The company is expected to benefit from changes in the domestic oil and gas industry's demand structure, with increased investments in downstream sectors like refining and fine chemicals [20]. - The innovative safety control system, driven by new safety regulations, is anticipated to generate significant revenue growth, with a market size exceeding 10 billion yuan [20]. - The company has established overseas operations in Europe, Central Asia, and Southeast Asia, positioning itself for future growth in international markets [20].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 3.197 billion yuan in 2023, representing a year-on-year growth of 5.06%. The net profit attributable to shareholders was 461 million yuan, up by 28.73% year-on-year [4]. - The demand for explosion-proof electrical equipment is expected to surge due to stricter safety production requirements and the growing industrialization in emerging markets. The global explosion-proof electrical market is projected to reach 8 billion USD by 2025, with a CAGR of 8% [4]. - The company has diversified its business operations, enhancing its product transformation and service capabilities, and has established overseas operational centers in Europe, Central Asia, and Southeast Asia [4]. - In Q4 2023, the company reported a significant revenue increase of 76.6% year-on-year, with a net profit growth of 110.23% year-on-year, driven by the recognition of revenue in the new energy EPC business and operational efficiency improvements [4]. Summary by Sections Financial Performance - The company’s revenue for 2023 was 3.197 billion yuan, with a growth rate of 5.1% projected for 2024 at 4.586 billion yuan, and further growth to 5.339 billion yuan in 2025 [5]. - The net profit for 2023 was 461 million yuan, with expected growth rates of 14.5% in 2024 and 23.5% in 2025 [5]. - The diluted earnings per share (EPS) for 2023 was 1.37 yuan, projected to increase to 1.56 yuan in 2024 and 1.93 yuan in 2025 [5]. Market Outlook - The report highlights that the explosion-proof electrical industry is closely linked to the level of industrialization, with emerging markets driving future growth due to increasing energy demands [4]. - The domestic demand structure for explosion-proof electrical equipment is evolving, expanding beyond traditional sectors to include food, pharmaceuticals, military, and nuclear power industries [4]. Operational Strategy - The company has implemented significant reforms in its domestic and international marketing organizations, aiming to enhance its core competitiveness [4]. - The merger with its wholly-owned subsidiary is expected to lower operational costs and improve overall efficiency [4].

VAROM 华荣科技股份有限公司 2023 年年度股东大会 会议资料 二零二四年三月 华荣科技股份有限公司 2023 年年度股东大会会议资料目录 一、大会会议议程 5. 审议《关于续聘立信会计师事务所为公司审计机构的议案》 6. 审议《关于 2023年度利润分配方案的议案》 7. 审议《关于华荣科技股份有限公司非经营性资金占用及其他关联资金往来情 况的专项报告》 8. 审议《2023年度独立董事述职报告》 9. 审议《2023年度内部控制评价报告》 10. 审议《2023年度内部控制审计报告》 11. 审议《关于 2024年度非独立董事及高级管理人员薪酬的议案》 12. 审议《关于向银行申请综合授信额度的议案》 13. 审议《关于修改〈公司章程〉的议案》 1. 审议《2023年年度报告》及《2023年年度报告摘要》 4. 审议《关于 2023年度财务决算报告及 2024 年度财务预算方案的议案》 二、大会会议须知 三、股东大会审议议案 2. 审议《2023年度公司董事会工作报告》 3. 审议《2023年度公司监事会工作报告》 华荣科技股份有限公司 2023 年年度股东大会会议议程 会议时间:2024年4月18 ...

证券代码：603855 证券简称：华荣股份 公告编号：2024-013 华荣科技股份有限公司 关于修改《公司章程》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个别及连带责任。 华荣科技股份有限公司（以下简称"公司"）第五届董事会第十三次会议以 同意8票，反对0票，弃权0票的表决结果审议通过了《关于修改<公司章程>的议 案》，根据《中华人民共和国公司法》、《上市公司章程指引（2023年修订）》 及公司经营需要，公司对《章程》部分条款进行修改，主要修改内容如下： | 修改前 | 修改后 | | --- | --- | | | 第八条 | | 第八条 | 董事长为公司的法定代表人。董事长辞任 | | 董事长为公司的法定代表人。 | 的，视为同时辞去法定代表人。法定代表人辞 | | | 任的，公司应当在法定代表人辞任之日起三十 | | | 日内确定新的法定代表人。 | | 第三十四条 | 第三十四条 | | | 公司股东大会、董事会决议内容违反法律、 | | 公司股东大会、董事会决议内容违反法 | 行政法规的，股东有权请求人民法院认定 ...