股东大会须知 为保障浙江杭可科技股份有限公司全体股东的合法权益，维护股东大会的正 常秩序，保证股东大会的议事效率，确保本次股东大会如期、顺利召开，根据《公 司法》《公司章程》《股东大会议事规则》及中国证券监督管理委员会、上海证券 交易所的有关规定，特制定本须知。 一、股东大会设会务组，由公司董事会秘书负责会议的程序安排和会务工作。 二、为保证股东大会的严肃性和正常秩序，切实维护与会股东及股东代表的 合法权益，除出席会议的股东及股东代表、公司董事、监事、高级管理人员、见 证律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。 三、出席会议的股东及股东代表须在会议召开前 20 分钟到会议现场办理签 到手续，并请按规定出示证券账户卡、身份证或法人单位证明、授权委托书等， 经验证后领取会议资料，方可出席会议。 浙江杭可科技股份有限公司 2024 年第一次临时股东大会 会议资料 2024 年 9 月 四、股东及股东代表依法享有发言权、咨询权和表决权等各项权益。如股东 及股东代表欲在本次股东大会上发言，可在签到时先向大会会务组登记。会上主 持人将统筹安排股东及股东代表发言。股东及股东代表的发言主题应与本次会议 议 ...

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]

Financial Performance - The company's operating revenue for the first half of 2024 was approximately CNY 1.89 billion, a decrease of 10.85% compared to the same period last year [17]. - The net profit attributable to shareholders for the first half of 2024 was CNY 269 million, down 43.39% year-on-year [20]. - The basic and diluted earnings per share for the first half of 2024 were CNY 0.45, a decline of 43.75% compared to the previous year [18]. - The net cash flow from operating activities for the first half of 2024 was CNY 112 million, a decrease of 24.93% year-on-year [17]. - The company's total assets at the end of the reporting period were approximately CNY 9.71 billion, down 5.01% from the end of the previous year [17]. - The company's total liabilities as of June 30, 2024, were CNY 3,960,540,803.46, compared to CNY 4,584,372,676.38 at the end of 2023, showing a reduction of about 13.6% [123]. - The total comprehensive income for the first half of 2024 was CNY 263.36 million, down from CNY 474.26 million in the same period of 2023, a decline of about 44.4% [126]. Research and Development - The total R&D investment for the period was approximately ¥112.83 million, a decrease of 9.25% compared to the previous year, with R&D investment accounting for 5.97% of operating revenue [55]. - The company has made substantial investments in R&D, achieving breakthroughs in automation, intelligent data analysis, and high-precision control technologies, enhancing production efficiency and testing accuracy [31]. - The company is focusing on the development of solid-state battery technology, which is expected to be a mainstream direction in the future [65]. - The company’s R&D personnel reached 1,076, accounting for 26.92% of the total workforce, with R&D expenses amounting to CNY 112,826,137.60, a decrease of 9.25% compared to the same period last year [73]. Market Position and Competition - Hangke Technology holds a significant market share in the lithium battery formation and capacity testing equipment market, particularly in China, serving major battery manufacturers such as BYD and LG Chem [30]. - The company is in a rapidly developing stage in the lithium battery production sector, particularly in the battery post-processing testing systems market [22]. - The industry is experiencing heightened competition, with new entrants and international giants posing challenges, prompting Hangke Technology to continuously upgrade technology and innovate products [34]. - The company has significant international clients, including Samsung and LG, and is exposed to risks from international political and trade changes, particularly between China and the US [78]. Corporate Governance and Compliance - The board of directors has ensured the authenticity, accuracy, and completeness of the financial report [4]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties [6]. - The company has not disclosed any special arrangements for corporate governance [7]. - The company has not reported any changes in the number of shares or capital structure during the reporting period [112]. Investment and Capital Management - The company plans to distribute a cash dividend of 1.1 CNY per 10 shares, totaling approximately 66.4 million CNY, which represents 24.66% of the net profit attributable to shareholders for the first half of 2024 [5]. - The total amount of raised funds is CNY 2,313,100,380.73, with a net amount after deducting issuance costs of CNY 2,192,745,837.00 [108]. - The company plans to use CNY 140,000,000.00 of the excess raised funds for permanent working capital, which will not affect the funding needs of investment projects [110]. - The company has confirmed that the use of excess raised funds will not involve high-risk investments within twelve months after the funds are supplemented [110]. Operational Risks and Challenges - The company has outlined various operational risks and corresponding mitigation measures in the report [3]. - The company faces risks from declining gross margins on its main products due to increased competition and cost pressures from lithium-ion battery manufacturers [75]. - The acceptance cycle for equipment revenue recognition is generally estimated to be 9 months to over 1 year, which may be extended due to customer installation and operational issues [79]. - The company reported a significant decrease in short-term borrowings, which rose to ¥29.4 million from ¥14.5 million, marking an increase of approximately 102% [119]. Technological Advancements - The company has developed energy recovery technology and environmental treatment systems, reducing energy consumption and complying with strict environmental regulations [40]. - The company launched a high-efficiency energy recovery system that reduces energy consumption during the lithium battery formation process, aligning with global energy-saving trends and helping customers lower production costs [52]. - The company has implemented a digital platform operation model, integrating SAP systems and cloud platforms to enhance production management efficiency [43]. - The company is committed to ongoing research and development in lithium battery technology and automation solutions to enhance its market position [146]. Future Outlook - The company provided a positive outlook for the second half of 2024, projecting a revenue growth of 25% based on new product launches and market expansion strategies [105]. - The company aims to explore new application fields for lithium battery equipment, including energy storage and smart home markets, to increase market share [45]. - The company is actively pursuing new product development and market expansion strategies, including international orders and collaborations with top-tier clients [59]. - The company plans to increase R&D investment in smart, automated, and new energy equipment, aiming to meet stringent industry standards [44].

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 ...