Investment Rating - The investment rating for the company is "Outperform the Market" [2][6][10] Core Views - The company reported a 10.85% year-on-year decline in revenue for the first half of 2024, amounting to 1.891 billion yuan, and a 43.39% drop in net profit to 269 million yuan [5][7] - The decline in performance is attributed to intensified competition in the domestic lithium battery industry and extended equipment acceptance cycles, leading to decreased sales revenue [5][9] - The company has received significant overseas orders, including a contract from Volkswagen worth over 45% of its 2023 revenue, indicating strong growth potential in international markets [5][9] Financial Summary - For the first half of 2024, the company's gross margin and net margin were 29.9% and 14.2%, respectively, reflecting a year-on-year decrease of 9.8 and 8.2 percentage points [5][12] - The operating cash flow for the first half of 2024 was 112 million yuan, a decrease of 24.9% year-on-year, primarily due to slower domestic sales collections [5][12] - The company forecasts net profits of 650 million yuan, 773 million yuan, and 912 million yuan for 2024, 2025, and 2026, respectively, with a projected EPS of 1.08 yuan for 2024 [6][12] Business Segment Analysis - The company is a leading supplier of charging and discharging equipment for various lithium battery types, with a focus on increasing its share in overseas markets due to reduced domestic orders [9][10] - Revenue from charging and discharging equipment is expected to decline by 15% in 2024, followed by a recovery of 10% in the subsequent years [10][12] - The company maintains a strong client base, including major players like Samsung, LG, and BYD, which positions it well for future growth in the expanding overseas lithium battery market [5][9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance has declined due to extended acceptance cycles, with a revenue of 1.891 billion yuan in the first half of 2024, down 10.8% year-on-year, and a net profit attributable to shareholders of 269 million yuan, down 43.4% year-on-year [2][9] - The company has secured orders from Volkswagen for battery production equipment in Spain and Canada, which is expected to accelerate overseas order fulfillment [3][18] - The report projects a decrease in net profit for 2024, with estimates of 630 million yuan, 710 million yuan, and 800 million yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 15, 13, and 12 [19] Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 1.891 billion yuan, a decrease of 10.8% year-on-year, and a net profit of 269 million yuan, down 43.4% year-on-year [2][9] - The second quarter saw revenue of 1.007 billion yuan, a decline of 14% year-on-year, while net profit was 96 million yuan, down 64% year-on-year [2][9] Industry Competition - The company's gross margin for the first half of 2024 was 30%, a decrease of 9.78 percentage points year-on-year, while the net profit margin was 14.2%, down 8.18 percentage points year-on-year [11][13] Cash Flow and Inventory - As of the end of Q2 2024, the company's contract liabilities stood at 2.097 billion yuan, an increase of 2% year-on-year, and inventory was stable at 2.663 billion yuan [14][16] - The net cash flow from operating activities for the first half of 2024 was 112 million yuan, a decrease of 24.9% year-on-year [14][18] Orders and Future Outlook - The company has received significant orders from Volkswagen, amounting to over 45% of its total revenue in 2023, indicating strong potential for future growth in overseas markets [3][18] - The report anticipates a gradual recovery in profitability, with projected net profits for 2024-2026 reflecting a cautious optimism about market conditions [19]

公司代码：688006 公司简称：杭可科技 2024 年半年度报告 浙江杭可科技股份有限公司 2024 年半年度报告 1 / 203 2024 年半年度报告 重要提示 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、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本 报告"第三节 管理层讨论与分析" 之"五、风险因素"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人俞平广、主管会计工作负责人傅风华及会计机构负责人（会计主管人员）杨招娣 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 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 经董事会审议，公司2024年半年度拟以实施权益分派股权登记日登记的总股本为基数分配利 润。本次利润分配方案如下: 公司拟向全体股东每10股派发现金红利1.1元(含税)。截至审议本次利润分配及资本公积金转 增股本方案的董事会召开日，公司总股本603,672,152 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][7] Core Views - The company has secured significant contracts with PowerCo Battery Spain SA and PowerCo Canada Inc., amounting to over 45% of the previous year's audited revenue, indicating strong demand for its lithium battery equipment [3][4] - The company is expanding its overseas business, particularly in Europe and North America, and has established strong relationships with major clients such as SK, LG, and Samsung [4][6] - The company is expected to maintain robust financial performance, with projected net profits of 964 million, 1.145 billion, and 1.321 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 19.1%, 18.8%, and 15.4% [6][9] Summary by Sections Financial Performance - The company's revenue for 2023 is projected at 3.932 billion yuan, with a growth rate of 13.8% compared to the previous year [6][9] - The gross profit margin is expected to remain stable at around 37.4% for the next few years [6][9] - The earnings per share (EPS) for 2024 is estimated to be 1.60 yuan, with a reasonable valuation range of 19.16 to 22.35 yuan per share based on a PE ratio of 12-14 times [4][7] Business Expansion - The company has seen a significant increase in overseas orders, particularly in the lithium battery equipment sector, as domestic competition intensifies [4][6] - The company is actively pursuing new markets in Europe and India, which are expected to contribute to its growth [4][6] Technology and Innovation - The company has made advancements in core technologies related to lithium-ion battery production, enhancing its competitive edge in the market [4][6] - New product developments, including the 4680 charging and discharging system and high-voltage DC bus power modules, are expected to support future growth [4][6]

证券研究报告·公司点评报告·电池 杭可科技（688006） 获大众西班牙&加拿大订单，看好海外订单 加速落地 2024 年 08 月 13 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|----------|----------|----------| | | | | | | | | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3454 | 3932 | 4923 | 5584 | 6100 | | 同比（ % ） | 39.09 | 13.83 | 25.22 | 13.42 | 9.25 | | 归母净利润（百万元） | 490.59 | 809.09 | 1,027.34 | 1,346.39 | 1,525.90 | | 同比（ % ） | 108.66 | 64.92 | 26.97 | 31.06 | 13.33 | | EPS- 最新摊薄（元 ...

浙江杭可科技股份有限公司 关于自愿披露公司签订日常经营合同的公告 1 金额超过公司上一年度经审计营业收入的 45%（基于与客户保密协议的约定及公 司出于商业秘密考虑豁免披露）。 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、准确性和完整性依法承担法律责任。 重要内容提示: 证券代码：688006 证券简称：杭可科技 公告编号：2024-019 浙江杭可科技股份有限公司（以下简称"公司"或"杭可科技"）于近 日收到 PowerCo Battery Spain SA（以下简称"大众西班牙"）及 PowerCo Canada Inc.（以下简称"大众加拿大"）通过竞标系统生成的合同。上述合同标的为大 众集团在西班牙和加拿大生产电池所采购的锂电池后道设备，合同总金额超过公 司上一年度经审计营业收入的 45%。在合同履行的过程中如果遇到市场、经济等 不可预计或不可抗力等因素的影响，有可能存在合同无法全部履行的风险，请投 资者注意投资风险。 本次合同签订有利于提高公司收入规模及盈利能力，预计将对公司本年 及未来年度的经营业绩产生积极影响，具体影响金额及影响时间将视交 ...

证券代码：688006 证券简称：杭可科技 公告编号：2024-018 浙江杭可科技股份有限公司 关于收到控股股东提议中期分红暨落实公司 2024 年 年度"提质增效重回报"行动方案的公告 特此公告。 浙江杭可科技股份有限公司 2024 年 7 月 19 日 公司收到上述提议后，将结合公司经营发展规划和盈利能力进行 认真研究，同时结合 2024 年半年度财务状况制定合理可行的利润分 配方案。上述利润分配方案事项尚需报董事会确定，经公司股东大会 审议通过后方可实施，尚存在不确定性，公司将及时履行相应的审议 程序和信息披露义务，敬请广大投资者注意投资风险。 未来公司将继续聚焦主业，强化核心竞争力，努力通过良好的业 绩表现、规范的公司治理、强化投资者回报，践行"提质增效重回报"， 切实履行上市公司的责任和义务。 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。 浙江杭可科技股份有限公司（以下简称"公司"）近日收到控股 股东、实际控制人曹骥先生出具的《关于提议中期分红暨落实公司 2024 年年度"提质增效重回报"行动方案的提议函》，主要 ...

[Table_Summary] 投资要点： 订单相对充足，有望持续受益于海外锂电扩产。1）根据 wind，2022/2023/2024Q1 各 期末，公司存货分别约为 23.81/29.01/28.81 亿元，合同负债分别为 15.02/22.39/22.13 亿 元，侧面印证公司在手订单充足。2）中日韩为主导的锂电池企业会不断加大在美国、 欧洲和东南亚的产能扩建，而海外本土的电池生产企业也不断涌现，以大众、丰田、 特斯拉等整车厂为主导，加入本土锂电池扩产的大军中。公司客户包括 SK、LG、三星 SDI、松下、丰田、AESC、亿纬锂能、比亚迪、国轩高科等国内外优质企业，有望持续 受益于海外锂电扩产。 资料来源：公司 2022-2023 年年报，HTI 2）配件：公司配件的主要内容包括探针、传感器等，预计随着设备销售规模的扩大而稳定增 长，毛利率预计保持较高水平。我们预计 2024/2025/2026 年营收增速为 20.00%/20.00%/20.00%，毛 利率为 55.00%/55.00%/55.00%。 公司研究·杭可科技（688006）3 请务必阅读正文之后的信息披露和法律声明 请务必阅读正文之后的信 ...

[Table_InvestInfo] 投资评级 优于大市 维持 分析师:赵玥炜 Tel:(021)23219814 事件。公司披露 2023 年年报及 2024 年一季报：1）根据 2023 年年报，2023 年公司 营业收入 39.32 亿元，同比+13.83%；归母净利润 8.09 亿元，同比+64.92%；扣非归 母净利润 7.91 亿元，同比+67.14%。其中，23Q4 公司营业收入 6.23 亿元，同比-9.14%； 归母净利润 0.95 亿元，同比-14.00%；扣非归母净利润 0.94 亿元，同比-16.95%。2） 根据 2024 年一季报，24Q1 公司营业收入 8.84 亿元，同比-7.01%，归母净利润 1.73 亿元，同比-17.74%，扣非归母净利润 1.70 亿元，同比-18.74%。 盈利预测与估值。我们预计公司 2024/2025/2026 年归母净利润为 9.64/11.45/13.21 亿元，同比增长 19.1%/18.8%/15.4%；EPS 为 1.60/1.90/2.19 元。考虑到公司在积 极布局海外市场优势巨大，我们给予公司 2024 年 15-17 倍 PE ...

一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年5 月 17 日的2023 年年度股东大会审议通过。 二、 分配方案 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： 证券代码：688006 证券简称：杭可科技 公告编号：2024-017 浙江杭可科技股份有限公司 2023 年年度权益分派实施公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/5/31 | 2024/6/3 | 2024/6/3 | 本次利润分配以方案实施前的公司总股本 603,672,152 股为基数，每股派发现 金红利 0.34 元（含税），共计派发现金红利 205,248,531.68 元。 是否涉及差异化分红送转：否 每股分配比例 每股现金红利 0.34 元 相关日期 1. 发放年度： ...