中信证券股份有限公司关于杭州禾迈电力电子股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）为杭州禾迈 电力电子股份有限公司（以下简称"公司"、"禾迈股份"）首次公开发行股票并 上市的保荐机构。根据《证券发行上市保荐业务管理办法》《上海证券交易所科 创板股票上市规则》《科创板上市公司持续监管办法（试行）》《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所科创 板上市公司自律监管指引第 1 号——规范运作》等有关规定，对禾迈股份使用最 高不超过人民币 35 亿元（含）的暂时闲置募集资金进行现金管理事项进行了核 查，核查情况及核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2021 年 11 月 9 日出具的《关于同意杭州禾 迈电力电子股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕3569 号），公司获准向社会公开发行股票 1,000.00 万股，每股发行价格为人民币 557.80 元，共计募集资金人民币 557,800.00 万元，扣除发行费用后，实际募集资金净额 为人民 ...

证券代码：688032 证券简称：禾迈股份 公告编号：2024-070 杭州禾迈电力电子股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性依法承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/7/30 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 万元~20,000 万元 10,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 3 | | 累计已回购股数占总股本比例 | 0.0242% | | 累计已回购金额 | 元 3,813,846.54 | | 实际回购价格区间 | 元/股~134.92 元/股 122 | 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7号——回购股份》等相关规定，在回购股份期间，上市公司应当在每个月的前3 个交易日内公告截至上月末 ...

证券代码：688032 证券简称：禾迈股份 公告编号：2024-069 杭州禾迈电力电子股份有限公司 2024 年第四次临时股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 11 月 15 日 （二） 股东大会召开的地点：杭州市拱墅区康桥街道候圣街 99 号财智顺丰创新 中心 5 幢 6 层 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 125 | | --- | --- | | 普通股股东人数 | 125 | | 2、出席会议的股东所持有的表决权数量 | 70,914,222 | | 普通股股东所持有表决权数量 | 70,914,222 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 | 57.6644 | | 比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 | 5 ...

浙江天册律师事务所 关于 杭州禾迈电力电子股份有限公司 法律意见书 编号：TCYJS2024H1830 号 致：杭州禾迈电力电子股份有限公司 2024 年第四次临时股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于杭州禾迈电力电子股份有限公司 2024 年第四次临时股东大会的 浙江天册律师事务所（以下简称"本所"）接受杭州禾迈电力电子股份 有限公司（以下简称"禾迈股份"或"公司"）的委托，指派本所律师参加 公司 2024 年第四次临时股东大会，并根据《中华人民共和国证券法》（以下 简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"） 和《上市公司股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"） 等法律、法规和其他有关规范性文件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席 人员的资格、召集人的资格、表决程序及表决结果的合法有效性发表意见， 不对会议所审议的议案内容和该等议案中所表述的 ...

杭州禾迈电力电子股份有限公司 2024年第四次临时股东大会会议资料 证券代码：688032 证券简称：禾迈股份 杭州禾迈电力电子股份有限公司 2024年第四次临时股东大会 会议资料 二零二四年十一月 1 杭州禾迈电力电子股份有限公司 2024年第四次临时股东大会会议资料 杭州禾迈电力电子股份有限公司 2024年第四次临时股东大会会议资料目录 | 2024年第四次临时股东大会会议须知 3 | | --- | | 2024年第四次临时股东大会会议议程 5 | | 2024年第四次临时股东大会会议议案 6 | | 议案一：《关于使用部分超募资金永久补充流动资金的议案》 6 | 2 2024年第四次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保 证大会的顺利进行，根据《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》"）以及《杭 州禾迈电力电子股份有限公司章程》（以下简称"《公司章程》"）、《杭州 禾迈电力电子股份有限公司股东大会议事规则》等相关规定，特制定杭州禾迈 电力电子股份有限公司（以下简称"公司"或"禾迈股份"）2024 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.266 billion yuan for the first three quarters of 2024, a year-on-year decrease of 10.12%. The net profit attributable to the parent company was 246 million yuan, down 40.88% year-on-year. In Q3 2024, revenue was 358 million yuan, a year-on-year increase of 4.36%, but a quarter-on-quarter decrease of 37.86%. The net profit for Q3 was 58 million yuan, down 13.4% year-on-year and 51.81% quarter-on-quarter [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.266 billion yuan, which is a 10.12% decline compared to the previous year. The net profit attributable to the parent company was 246 million yuan, reflecting a significant decrease of 40.88% year-on-year. In Q3 alone, the revenue was 358 million yuan, showing a 4.36% increase year-on-year but a 37.86% decrease from the previous quarter. The net profit for Q3 was 58 million yuan, down 13.4% year-on-year and 51.81% quarter-on-quarter [4][5]. Business Outlook - The company anticipates that short-term demand may recover due to inventory depletion in Europe, alongside the introduction of new products such as balcony micro-storage and large micro-inverters. The micro-inverter business is expected to continue showing strong performance, with annual shipments likely to maintain year-on-year growth. The long-term growth potential is attributed to the sustained high growth rate of the micro-inverter market and stable profitability, with the energy storage business expected to create a second growth curve [5]. Financial Projections - The company is projected to achieve profits of 400 million yuan and 700 million yuan for 2024 and 2025, respectively, corresponding to price-to-earnings ratios of 44 and 23 times [5].

Investment Rating - The report maintains a "Recommend" rating for Hemi (688032) with a target price of 172 yuan [1][2] Core Views - Hemi's Q3 2024 performance was impacted by the European summer holiday season, leading to a decline in revenue and shipments [1] - Microinverter shipments in Q3 were approximately 230,000 units, lower than expected due to reduced demand during the holiday period [1] - The company expects full-year microinverter shipments to exceed 1 million units [1] - Large-scale storage business revenue declined in Q3 due to delayed revenue recognition, but is expected to grow in Q4 [1] - New products in commercial storage, residential storage, and micro-solar storage are expected to contribute to profit growth [1] - The European market is expected to recover in 2025, with growth driven by new product launches [1] - The Brazilian market has shown signs of recovery in Q3 and is expected to maintain growth in 2025 [1] Financial Performance - Hemi's revenue for Q1-Q3 2024 was 1.266 billion yuan, a year-on-year decrease of 10.12% [1] - Net profit attributable to the parent company was 246 million yuan, a year-on-year decrease of 40.88% [1] - Gross margin was 19.41%, a year-on-year decrease of 10.10 percentage points [1] - Q3 revenue was 358 million yuan, a year-on-year decrease of 13.4% [1] - Q3 net profit attributable to the parent company was 58 million yuan, a year-on-year increase of 0.43 percentage points [1] Product Development - The company continues to develop new products, including micro-solar storage products launched in Q3, which have received positive market feedback [1] - Commercial storage business is expected to show initial results in 2025 [1] - The company is expanding its market presence and product portfolio, with expectations of revenue growth in 2025 [1] Market Outlook - The European market is expected to recover as inventory reduction nears completion and interest rates decline [1] - The US market is expected to remain stable, with growth driven by new product launches [1] - The company's large-scale storage business is expected to grow rapidly in 2025 [1] Financial Forecast - Revenue for 2024-2026 is forecasted to be 1.821 billion yuan, 2.795 billion yuan, and 4.229 billion yuan, respectively [2] - Net profit attributable to the parent company for 2024-2026 is forecasted to be 367 million yuan, 709 million yuan, and 935 million yuan, respectively [2] - EPS for 2024-2026 is forecasted to be 2.96 yuan, 5.73 yuan, and 7.56 yuan, respectively [2]

Investment Rating - The report assigns a rating of "Accumulate" for the next six months, indicating a potential upside in stock price [4]. Core Views - The company reported a revenue of 1.266 billion yuan for the first three quarters of 2024, a decrease of 10.12% year-on-year, with a net profit attributable to the parent company of 246 million yuan, down 40.88% year-on-year [1]. - The gross margin improved to 48.09%, an increase of 3.77 percentage points year-on-year, while the net margin decreased to 19.37%, down 9.96 percentage points year-on-year [1]. - The company is expected to benefit from high growth in the European and North American markets due to favorable policy changes and anticipated demand recovery post interest rate cuts in the U.S. [2]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 358 million yuan, up 4.36% year-on-year but down 37.86% quarter-on-quarter [1]. - The net profit for Q3 2024 was 58 million yuan, a decrease of 13.4% year-on-year and 51.81% quarter-on-quarter [1]. - The company’s operating cash flow improved to approximately 73 million yuan for the first three quarters of 2024, an increase of 95 million yuan year-on-year, attributed to reduced cash expenditures related to procurement [2]. Revenue and Profit Forecast - Revenue forecasts for 2024 and 2025 have been adjusted to 2.14767 billion yuan and 2.68534 billion yuan, respectively, with net profit forecasts adjusted to 390.11 million yuan and 460.36 million yuan [2]. - A new forecast for 2026 indicates expected revenue of 3.22241 billion yuan and net profit of 535.95 million yuan [2]. Valuation Metrics - The current market capitalization corresponds to a price-to-earnings (P/E) ratio of 42, 36, and 31 times for 2024, 2025, and 2026, respectively [2]. - The company’s earnings per share (EPS) is projected to be 3.15 yuan for 2024, increasing to 4.33 yuan by 2026 [3][8].

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q3 revenue and net profit were impacted by reduced shipments due to the European holiday season, but recovery is expected in Q4 [2] - The company launched balcony micro-storage products in late August, which is expected to contribute to future revenue growth [2] - Management and R&D expenses increased in Q3, leading to higher expense ratios due to declining revenue [3] - The company's 2024-2026 net profit forecasts have been revised downward due to the impact of reduced shipments in Q3 [3] Financial Performance Summary Revenue and Profit - 24Q1-3 revenue: 1.27 billion yuan, down 10.1% YoY [2] - 24Q1-3 net profit: 250 million yuan, down 40.9% YoY [2] - 24Q3 revenue: 360 million yuan, up 4.4% YoY but down 37.9% QoQ [2] - 24Q3 net profit: 57.99 million yuan, down 13.4% YoY and 51.8% QoQ [2] - 24Q1-3 gross margin: 48.1%, up 3.8 percentage points YoY [2] - 24Q3 gross margin: 49.5%, up 0.4 percentage points YoY and 2.9 percentage points QoQ [2] Expenses and Cash Flow - 24Q1-3 operating expenses: 400 million yuan, up 61.9% YoY, with an expense ratio of 31.3% [3] - 24Q3 operating expenses: 150 million yuan, up 24.3% YoY and 14.4% QoQ, with an expense ratio of 43% [3] - 24Q1-3 operating cash flow: 70 million yuan, down 424.7% YoY [3] - 24Q3 operating cash flow: -90 million yuan, down 1023.3% YoY and 206.8% QoQ [3] - 24Q1-3 capital expenditure: 660 million yuan, up 253.5% YoY [3] - 24Q3 capital expenditure: 290 million yuan, up 257.4% YoY and 45.8% QoQ [3] Inventory and Financial Position - Inventory at the end of 24Q3: 990 million yuan, up 35.3% from the beginning of the year [3] - Total assets: 7.228 billion yuan (2023A), expected to grow to 11.652 billion yuan by 2026E [10] - Total liabilities: 849 million yuan (2023A), expected to grow to 1.992 billion yuan by 2026E [10] - Equity attributable to parent company: 6.377 billion yuan (2023A), expected to grow to 9.658 billion yuan by 2026E [10] Valuation and Forecast - 2024-2026 net profit forecast: 450 million yuan, 700 million yuan, and 920 million yuan, respectively [3] - 2024-2026 EPS forecast: 3.61 yuan, 5.68 yuan, and 7.40 yuan, respectively [1] - 2024-2026 P/E ratio: 37x, 23x, and 18x, respectively [1] - 2024-2026 revenue forecast: 1.865 billion yuan, 2.984 billion yuan, and 3.939 billion yuan, respectively [1] Market Data - Closing price: 132.99 yuan [6] - 52-week low/high: 99.53 yuan / 301.53 yuan [6] - P/B ratio: 2.64x [6] - Market cap: 16.459 billion yuan [6] - ROE (2023A): 8.03%, expected to grow to 9.48% by 2026E [11]

Summary of Conference Call Notes Company and Industry - The discussion revolves around a company in the renewable energy sector, specifically focusing on solar energy products and storage solutions. Key Points and Arguments Q3 Performance and Sales - The company experienced a significant decline in Q3 sales volume, with approximately 230,000 units sold, which is a decrease compared to Q2 and similar to Q1 levels [1][2] - The primary reason for the decline is attributed to weak demand in Europe, which did not meet the company's expectations [1][2] - The company anticipates that total sales for the year will be slightly above 1 million units, but it remains uncertain if it will reach last year's levels [2][3] European Market Outlook - The European market has not fully recovered, and the company remains cautiously optimistic about potential recovery in 2024, depending on inventory digestion and changes in interest rate policies [2][3][4] - The company is focusing on expanding its presence in the commercial and industrial solar sectors, which are showing faster growth compared to residential solar [4][5] Revenue Recognition and Future Projections - The company has significant revenue recognition expected in Q4 due to large projects that were delayed from Q3 [2][3] - The company is optimistic about the performance of its commercial storage solutions, expecting substantial growth in 2024 [5][6] Market Dynamics and Challenges - The company faces challenges in the U.S. market, where demand remains weak, and local manufacturing requirements due to the IRA (Inflation Reduction Act) are complicating sales efforts [7][9] - In contrast, the Brazilian market is showing gradual recovery, with sales maintaining a positive trend [7][8] Product Development and Strategy - The company is focusing on developing new products tailored to different markets, including DIY solar solutions, which are gaining traction in Europe and Asia [14][22] - The company plans to enhance its product offerings in the energy storage sector, including all-in-one solutions that integrate various components [26][35] Financial Metrics and Profitability - The overall gross margin for the company's solar products remains stable, hovering around 50%, with slight fluctuations [24] - The gross margin for energy storage products is estimated to be between 30% to 40% [24][26] Emerging Markets and Future Growth - The company is actively exploring opportunities in emerging markets, particularly in Southeast Asia and Latin America, where it has established a strong market presence [14][15] - The company aims to solidify its base in Europe while expanding into new markets to mitigate risks associated with regional downturns [14][15] Conclusion - The company is navigating a challenging market environment, particularly in Europe and the U.S., but remains focused on strategic growth areas, product innovation, and expanding its market reach in emerging regions. The outlook for 2024 appears cautiously optimistic, with expectations for improved performance driven by commercial and industrial sectors.