证 券 2024 年 09 月 09 日 研 究 报 公 司 研 | --- | --- | --- | |----------------------------------------------------------|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, reflecting a positive long-term growth outlook despite short-term challenges [3]. Core Insights - The company reported a revenue of 908 million yuan for the first half of 2024, a year-on-year decrease of 14.78%, but showed significant improvement in Q2 with a revenue of 576 million yuan, up 18.9% year-on-year and 73.91% quarter-on-quarter [2][3]. - The company's micro-inverter and monitoring equipment business generated 749 million yuan in revenue, down 15.21% year-on-year, with a gross margin of 53.22%, an increase of 2.9 percentage points from the previous year [3]. - The energy storage business saw a revenue increase of 59.73% year-on-year, contributing significantly to overall performance [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit of 188 million yuan, down 46.16% year-on-year, with a non-recurring net profit of 185 million yuan, down 44.37% [2]. - Q2 2024 net profit was 120 million yuan, a decrease of 30.11% year-on-year but an increase of 78.78% quarter-on-quarter [2]. Product Development - The company launched the world's first 5000W micro-inverter, which offers a 25-year warranty, significantly longer than traditional inverters [3]. - The product matrix for micro-inverters is continuously improving, with ongoing brand development efforts in key markets such as the Netherlands, Australia, and the USA [3]. Market Position - The company is addressing inventory pressures in the European market, with expectations for improved micro-inverter shipments as inventory levels decrease [3]. - The energy storage product line has received grid connection certifications in nearly 30 countries, enhancing its global recognition [3]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted downwards to 585 million yuan, 776 million yuan, and 996 million yuan respectively, reflecting a decrease of 7%, 8%, and 9% [3]. - The current stock price corresponds to a PE ratio of 27, 21, and 16 for 2024-2026 [3].

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 1 | | 累计已回购股数占总股本比例 | 0.0081% | | 累计已回购金额 | 元 1,336,420.11 | | 实际回购价格区间 | 元/股~134.92 元/股 132.28 | 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《关于以 集中竞价交易方式回购公司股份方案的议案》，同意公司使用超募资金以集中竞价 交易方式回购公司股份，用于员工持股计划或股权激励。本次拟 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 167 yuan [2][3]. Core Views - The company reported a revenue of 908 million yuan for H1 2024, a year-on-year decrease of 14.78%, and a net profit of 188 million yuan, down 46.16% year-on-year. The gross margin was 47.52%, up 4.74 percentage points year-on-year [2]. - In Q2 2024, the company achieved a revenue of 576 million yuan, an 18.90% increase year-on-year and a 73.91% increase quarter-on-quarter. The net profit for Q2 was 120 million yuan, down 30.11% year-on-year but up 78.78% quarter-on-quarter [2][3]. - The company’s micro-inverter and monitoring equipment generated a revenue of 749 million yuan in H1 2024, with a gross margin of 53.22%. The sales volume for micro-inverters was approximately 614,200 units, and for monitoring equipment, it was about 144,400 units [3]. - The company launched new products, including the world's first 5000W micro-inverter and the MS-A2 series of AC-coupled micro-storage products, enhancing its product matrix [3]. - The period expense ratio significantly decreased to 23.36% in Q2 2024, down 9.17 percentage points, attributed to increased shipment volumes and scale effects [3]. Financial Summary - For 2024E, the company is projected to achieve total revenue of 2,824 million yuan, with a year-on-year growth rate of 39.4%. The net profit is expected to be 668 million yuan, reflecting a growth rate of 30.5% [4]. - The earnings per share (EPS) for 2024E is estimated at 5.40 yuan, with a price-to-earnings (P/E) ratio of 25 [4]. - The company’s total assets are projected to reach 8,005 million yuan by 2024E, with a debt-to-asset ratio of 19.4% [11].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its future performance [4]. Core Views - The company's performance in the first half of 2024 met expectations, with significant quarter-on-quarter improvements, particularly in Q2, where revenue increased by 18.90% year-on-year and 73.91% quarter-on-quarter [2][3]. - The introduction of innovative products, such as the world's first 5000W micro-inverter and the AC-coupled micro-storage product, is expected to enhance market penetration and expand application scenarios, particularly in the commercial sector [4]. - The company is projected to achieve revenues of 25.44 billion, 37.43 billion, and 48.51 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 6.01 billion, 8.43 billion, and 10.72 billion yuan [4]. Financial Performance Summary - In H1 2024, the company reported revenues of 908 million yuan, a decrease of 14.78% year-on-year, and a net profit of 188 million yuan, down 46.16% year-on-year. However, Q2 showed a recovery with revenues of 576 million yuan, a year-on-year increase of 18.90% [2]. - The company's gross margin for micro-inverters and monitoring equipment was 53.22%, an increase of 2.9 percentage points compared to the previous year [4]. - The financial metrics forecast indicates a net profit growth rate of 17.4% for 2024, with a projected PE ratio of 27x [10].

证券代码：688032 证券简称：禾迈股份 | --- | --- | --- | |----------------------------|--------------------------------|------------------------------------------------------| | | R | 特定对象调研 □分析师会议 | | | □ 媒体采访 □业绩说明会 | | | 投资者关系活 动类别 | □ 新闻发布会 £路演活动 | | | | □ 现场参观 | | | | □其他（电话会议） | | | 参与单位名称 | 东吴证券、天风证券、中信证券等 | 200 余人。 | | 及人员姓名 | | | | 时间 | 2024 年 8 月 29 日 | | | 地点 | 现场会议、电话会议 | | | | 总经理、董事：杨波 | | | 上 市 公 司 接 待 人员姓名 | 财务总监：李鑫媛 | | | | 董事会秘书：梁君临 | | | 投资者关系活 | 一、 介绍环节 | 公司董事会秘书梁君临女士对公司 2024 年半年度经营 | | 动主要内容介 | 情 况 做 ...

| 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 12 个月 | | 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 1 | | 累计已回购股数占总股本比 | 0.0081% | | 例 | | | 累计已回购金额 | 1,336,420.11 元 | | 实际回购价格区间 | 132.28 元/股~134.92 元/股 | 一、 回购股份的基本情况 关于以集中竞价交易方式首次回购公司股份的公告 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法律责任。 重要内容提示： 证券代码：688032 证券简称：禾迈股份 公告编号：2024-046 杭州禾迈电力电子股份有限公司 2024年8月30日，公司通过上海证券交易所交易系统以集中竞价交易方式进行 首次回购公司股份合计10,000股，占公司总股本 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in micro-inverter shipments in Q2 2024, with expectations for steady growth throughout the year. The company aims to achieve a total of 150,000 to 170,000 micro-inverter shipments for the year, representing a year-on-year increase of over 20% [3] - The domestic large-scale energy storage market is expected to double in 2024, with household storage and micro-storage anticipated to see explosive growth starting in 2025. The company is focusing on expanding its household and micro-storage efforts, with expected revenues from these segments reaching 300 to 400 million yuan in 2024 and potentially tenfold growth in 2025 [3] - The company’s financial performance in H1 2024 showed a revenue of 908 million yuan, a year-on-year increase of 15%, while net profit attributable to shareholders was 188 million yuan, a decrease of 46% year-on-year. The gross margin was approximately 47.5%, an increase of 4.7 percentage points [3][4] Financial Summary - Total revenue for 2024 is projected to be 2,882 million yuan, with a year-on-year growth of 42.24%. Net profit attributable to shareholders is expected to reach 677 million yuan, reflecting a growth of 32.27% [2][4] - The company’s earnings per share (EPS) for 2024 is estimated at 5.47 yuan, with a price-to-earnings (P/E) ratio of 22.03 [2][4] - The company’s operating cash flow for Q2 2024 was 83 million yuan, a year-on-year increase of 7%, while total cash flow for H1 2024 was 1.6 billion yuan, a significant increase of 1218% [4][10] Market Data - The closing price of the company's stock is 120.52 yuan, with a market capitalization of approximately 14.92 billion yuan [6] - The company has a price-to-book (P/B) ratio of 2.42 and a total asset-liability ratio of 19.08% [6][7]

证券代码：688032 证券简称：禾迈股份 公告编号：2024-045 杭州禾迈电力电子股份有限公司 关于召开2024年半年度业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 公司于2024年8月29日在上海证券交易所网站（www.sse.com.cn）披露了公 司2024年半年度报告。为加强与投资者的深入交流，便于广大投资者更全面了 解公司2024年半年度经营成果、财务状况，公司拟于2024年9月12日（星期四） 下午14:00-15:00举行2024年半年度业绩说明会，就投资者关心的问题进行交流， 欢迎广大投资者积极参与。 1、会议召开时间：2024年9月12日下午14:00-15:00 2 、 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网址： http://roadshow.sseinfo.com/） 3、会议召开方式：上证路演中心网络互动 三、公司参加人员 公司参加本次说明会的人员包括：董事、总经理杨波先生，董事会秘书梁 君临女士、财务总监李 ...

禾迈股份深度 20240819_原文 2024 年 08 月 19 日 23:49 发言人 00:00 东吴证券研究所提醒您，本次电话会议仅面向机构投资者或受邀客户、第三方专家发言内容仅代表其个 人观点，所有信息或所表述的意见均不构成对具体证券在具体价位、具体时点、具体市场表现的判断或 投资建议。未经合法授权严禁录音转发及相关解读，涉嫌违反上述情形的，我们将保留追究法律责任的 权利。感谢您给予的理解和配合，谢谢。 发言人 00:43 各位投资者大家晚上好啊，我是东吴证券的电信首席曾朵红。非常欢迎大家猜我们今天晚上关于禾迈股 份的一个深度报告的分享首先是由我讲一下禾迈的核心的观点然后由我们团队亚楠来做详细的分享。我 觉得本身首先就公司而言我们觉得还是一个非常成我觉得成长性还是非常强的一个公司。本身公司从产 品的角度，就是微做到了国产国内的龙头，也是全球第二的位置。基本上成长的速度你还是非常直快的。 发言人 01:47 同时我们也看到公司的产品端的这种储备上，威力是他最先做成功的一个产品。但同时因为公司的这种 技术积累本身是比较深厚的，除了这个威力本身的这个技术以外，其实在就低压偏低压，那在高压测其 实这个技术的 ...