杭州禾迈电力电子股份有限公司： 中信证券股份有限公司（以下简称"本保荐人"）作为对贵公司进行持续督 导的保荐人，按照《上海证券交易所上市公司自律监管指引第 11 号——持续督 导》的有关要求，对贵公司认真履行了持续督导职责。 基于 2024 年度现场检查，本保荐人提请贵公司关注以下事项： 建议公司继续严格按照《公司法》、《证券法》、《上海证券交易所股票上市规 则》等法律法规的要求，不断完善公司治理结构，及时履行信息披露义务，合规 合理使用募集资金，有序推进募投项目的建设及实施，确保募投项目完成并实现 预期收益。 附件：《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 2024 年持续督导工作现场检查报告》 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 2024年持续督导工作现场检查结果及提请公司注意事项 (本页无正文,为《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 2024 年持续督导工作现场检查结果及提请公司注意事项》之盖章页) 保荐人: 2 1 ...

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 2024 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为杭州禾 迈电力电子股份有限公司（以下简称"禾迈股份"或"公司"或"上市公司"） 首次公开发行股票并在科创板上市的保荐人，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》等相关规定，中信证券履行持 续督导职责，并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 3 月 28 日、2025 年 4 月 21 日、2025 年 4 月 22 日、 2025 年 4 月 25 日、2025 年 4 月 27 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则 ...

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首次公开发行股票 并在科创板上市持续督导 保荐总结报告书 号《验资报告》。公司于 2021 年 12 月 20 日在上海证券交易所科创板上市。 三、保荐工作概述 在尽职推荐期间，保荐机构及保荐代表人积极组织协调各中介机构参与证券 发行上市的相关工作，按照法律、行政法规和中国证监会及上海证券交易所的有 关规定，恪守业务规范和行业规范，诚实守信、勤勉尽责，对发行人及其主要股 东进行尽职调查，组织编制申请文件并出具推荐文件；提交推荐文件后，主动配 合上海证券交易所、中国证监会的审核，组织发行人及各中介机构对上海证券交 易所、中国证监会的意见进行反馈答复，并与上海证券交易所、中国证监会进行 专业沟通。取得发行核准文件后，按照交易所上市规则的要求向上交所提交股票 发行上市的相关文件，并报中国证监会备案，最终顺利完成对公司的保荐工作。 一、发行人基本情况 二、本次发行情况概述 经上海证券交易所科创板股票上市委员会审核同意，并根据中国证券监督管 理委员会出具证监许可〔2021〕3569 号同意注册文件，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"）由中 ...

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 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对杭州禾迈电力电子股份有限公司（以下简称"禾迈股份""公司" "上市公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本持续督 导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 向晓娟、董超 向晓娟、徐旭、郑烨、刘盈君、陈诺 （四）现场检查时间 本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展持续 督导工作，并于 2025 年 3 月 28 日、2025 年 4 月 21 日、2025 年 4 月 22 日、2025 年 4 月 25 日、2025 年 4 月 27 日对公司进行了现场检查。 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他 ...

证券代码：688032 证券简称：禾迈股份 公告编号：2025-032 杭州禾迈电力电子股份有限公司 关于控股股东权益变动触及1%的提示性公告 本公司控股股东杭开控股集团有限公司、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： 1、本次权益变动属于杭州禾迈电力电子股份有限公司（以下简称"公司"） 的控股股东杭开控股集团有限公司（以下简称"杭开集团"）履行此前已披露 的增持公司股份计划，不触及要约收购。 2、本次权益变动后，杭开集团与杭州德石驱动投资合伙企业（有限合伙） （以下简称"德石投资"）合计持有的股份数量由39,703,534股增加至 40,944,233股，占公司总股本的比例由32.00%增加至33.00%，股东权益变动触 及1%刻度线的整数倍。 3、本次权益变动不会使公司控股股东及实际控制人发生变化。 公司于2025年5月7日收到杭开集团出具的《关于杭开控股集团有限公司增 持禾迈股份触及1%的通知》，其于2025年4月10日至2025年4月14日及2025年4 月30日至2025年5月7日期间，通 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for long-term growth despite short-term challenges [5]. Core Views - The company has experienced a slight decline in revenue and profit in 2024, with total revenue of 1.993 billion yuan, down 1.63% year-on-year, and a net profit attributable to shareholders of 344 million yuan, down 32.75% year-on-year [1]. - The company is actively expanding its product matrix, particularly in the micro-inverter and energy storage sectors, aiming to establish a second growth curve [2][3]. - Despite a challenging market environment, the company continues to innovate, launching new products such as the 5000W micro-inverter and the AC coupled micro-storage system, which enhance its competitive edge [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.993 billion yuan, with a year-on-year decrease of 1.63%. The net profit attributable to shareholders was 344 million yuan, down 32.75% year-on-year [1]. - For Q1 2025, the company recorded a revenue of 336 million yuan, a decrease of 1.46% year-on-year, with a net loss of 10 million yuan [1]. Product Development - The micro-inverter and monitoring equipment segment generated sales of 1.227 billion yuan in 2024, a decline of 13.24% year-on-year, with a gross margin of 53.54%, an increase of 5.31 percentage points [2]. - The energy storage system segment achieved revenue of 312 million yuan in 2024, with a gross margin of 18.92%, up 2.32 percentage points [3]. Profitability and Valuation - The report projects a decline in net profit for 2025-2026, with estimates of 456 million yuan and 617 million yuan respectively, reflecting a downward adjustment of 41% and 38% [4]. - The current stock price corresponds to a price-to-earnings ratio (P/E) of 26 for 2025, 20 for 2026, and 16 for 2027, indicating a potential for future growth [4].

证券代码：688032 证券简称：禾迈股份 公告编号：2025-031 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 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 | 10,000万元~20,000万元 | | 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 | 47.1588万股 | | 累计已回购股数占总股本比例 | 0.3801% | | 累计已回购金额 | 48,231,771.25元 | | 实际回购价格区间 | 89.50元/股~134.92元/股 | 一、回购股份的基本情况 公司于2024年7月29日召开第二届董事会第十三次会议，审议通过了 ...

Core Viewpoint - The company's 2024 and Q1 2025 performance fell short of expectations, primarily due to a decline in micro-inverter sales and slow growth in the energy storage business, alongside rising operating expenses [1][2]. Group 1: 2024 Performance Summary - The company reported a revenue of 1.993 billion yuan in 2024, a year-on-year decrease of 2%, and a net profit attributable to shareholders of 344 million yuan, down 33% year-on-year [1]. - In Q4 2024, the company achieved a revenue of 727 million yuan, an increase of 98% year-on-year and 103% quarter-on-quarter, with a net profit of 99 million yuan, up 44% year-on-year and 70% quarter-on-quarter [1]. - For Q1 2025, the company recorded a revenue of 336 million yuan, a year-on-year increase of 1.5% but a quarter-on-quarter decline of 54%, with a net loss of 10.36 million yuan, down 115% year-on-year and 111% quarter-on-quarter [1]. Group 2: Business Trends - Micro-inverter sales faced pressure in 2024, with revenue of 1.227 billion yuan, a year-on-year decrease of 13%, and sales volume of approximately 986,200 units, down 25% year-on-year, largely due to a weak European market [2]. - Despite the decline in sales volume, the micro-inverter's gross margin remained stable at 53.54%, an increase of 5.31 percentage points year-on-year [2]. - The energy storage business generated revenue of 312 million yuan in 2024, remaining flat year-on-year, with a gross margin of 18.92%, up 2.32 percentage points year-on-year [2]. - The company is investing in talent, marketing, and R&D to build a second growth curve in energy storage, leading to a significant increase in operating expenses, which reached 28.14% in 2024, up 9 percentage points year-on-year, and 40.24% in Q1 2025 [2]. Group 3: Future Outlook - The company is extending into high-power scenarios, with expectations for a 30% year-on-year increase in micro-inverter shipments in 2025, supported by the launch of new products [3]. - The company introduced the world's first 5000W micro-inverter and plans to release a second-generation balcony micro-storage product in the second half of 2025 [3]. - The company anticipates significant revenue growth from its energy storage product lines, with a potential doubling of revenue, while also expecting a slight decrease in operating expense ratio in 2025 [3]. Group 4: Profit Forecast and Valuation - Due to high expenses in Q1 2025 and the lack of volume in large storage orders, the company has lowered its 2025 net profit forecast by 38% to 475 million yuan and introduced a 2026 profit forecast of 632 million yuan [4]. - The company maintains an outperform rating while reducing the target price by 32.3% to 134 yuan, corresponding to 35 and 26 times the price-to-earnings ratio for 2025 and 2026, respectively, indicating a potential upside of 38.1% from the current stock price [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to recover steady growth in 2025, with a significant increase in energy storage sales. The micro-inverter shipments showed a quarter-on-quarter increase in Q1 2025, and the overall shipments for the year are projected to grow by 30% [9] - The company's revenue for 2024 was 1.993 billion yuan, a slight decrease of 1.63% year-on-year, while the net profit attributable to shareholders was 344.22 million yuan, down 32.75% year-on-year. However, Q4 2024 showed a strong recovery with a revenue of 727 million yuan, up 18% quarter-on-quarter and 103% year-on-year [9] - The energy storage business is anticipated to double in growth in 2025, with revenue for 2024 at 310 million yuan, remaining stable year-on-year, and a projected revenue of approximately 500 million yuan in Q1 2025, representing a 25% increase [9] Financial Summary - Total revenue is forecasted to reach 3.062 billion yuan in 2025, representing a year-on-year increase of 53.62%. The net profit attributable to shareholders is expected to be 505.79 million yuan, a growth of 46.94% [1][10] - The company's earnings per share (EPS) is projected to be 4.08 yuan in 2025, with a price-to-earnings (P/E) ratio of 24.55 [1][10] - The gross margin is expected to decline to 40.57% in 2025, down from 42.36% in 2024, primarily due to the lower margins associated with the photovoltaic and energy storage products [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to recover steady growth in 2025, with a significant increase in energy storage sales [1] - The company's revenue for 2024 is projected at 1.993 billion, a slight decrease of 1.63% year-on-year, while the net profit attributable to shareholders is expected to be 344.22 million, down 32.75% year-on-year [1] - The company anticipates a 30% increase in shipments for the year, with energy storage business expected to double in growth [1] Financial Summary - Total revenue forecast for 2025 is 3.062 billion, representing a year-on-year increase of 53.62% [1] - The net profit attributable to shareholders for 2025 is projected at 505.79 million, an increase of 46.94% year-on-year [1] - The earnings per share (EPS) for 2025 is estimated to be 4.08 yuan, with a price-to-earnings (P/E) ratio of 24.55 [1] - The company’s gross margin is expected to be 40.57% in 2025, down from 42.36% in 2024 [10]