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]

Core Viewpoint - The A-share market has shown resilience and improvement in performance for 2024, driven by a series of growth policies and the impact of AI on technological innovation, with over half of listed companies achieving revenue growth and a significant number of new listings reporting both revenue and net profit increases [2][5][6]. Group 1: Market Performance - In 2024, among 5,403 listed companies, 3,035 achieved positive revenue growth, accounting for 56.17% [5] - Over half of the 100 newly listed companies in 2024 reported both revenue and net profit growth, with notable performances from companies like Kema Technology and Pioneer Precision [6][7] - The financial sector has accelerated recovery, with consumer spending and logistics showing significant improvement, contributing to the overall resilience of listed companies [2][3]. Group 2: Regulatory Impact - The introduction of new regulations, including the "National Nine Articles," has led to a significant reduction in the number of terminated IPO reviews, with only 2 terminations in April 2024 compared to 31 in the same month of the previous year [3][8] - The strict IPO review process has resulted in a tripling of terminated projects in 2024, indicating a focus on improving the quality of listed companies [7][8]. - The implementation of the "strictest delisting rules" has led to 22 companies being delisted in 2024, with a focus on financial and trading indicators [9][10]. Group 3: Corporate Quality Improvement - The combination of delisting and rescue measures has led to an overall improvement in the quality of listed companies, with 32 companies expected to withdraw delisting risk warnings by the end of May 2024 [11][12] - Companies like *ST Hengyu have successfully removed delisting risk warnings by improving their financial performance, demonstrating the effectiveness of regulatory measures [12][13]. Group 4: Investor Returns - In 2024, nearly 70% of listed companies announced cash dividend plans, totaling 1.66 trillion yuan, with the overall dividend amount reaching 2.39 trillion yuan, a 7.2% increase year-on-year [15][16] - The number of companies announcing mid-term dividends has significantly increased, with 985 companies declaring plans, marking a 4.3-fold increase in both number and amount compared to 2023 [15][16]. - State-owned enterprises continue to be the main contributors to dividends, with nearly 1,000 state-owned companies distributing a total of 1.5 trillion yuan in dividends in 2024 [16].

Group 1 - The company HeMai Co., Ltd. announced the investment in the construction of a new headquarters building to meet future development needs and optimize resource allocation [1] - HeMai Shenghe, a wholly-owned subsidiary of HeMai Co., Ltd., purchased the land use rights and ownership of buildings from Sina Jifu Technology Development (Hangzhou) Co., Ltd. for a total amount of RMB 548,014,183.71 [1] - The total investment for the construction project is expected to be no more than RMB 1.07 billion, funded by self-owned and self-raised funds [1] Group 2 - HeMai Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 20, 2021, with an issue price of RMB 557.80 per share and a total of 10 million shares issued [2] - The total amount raised from the initial public offering (IPO) was RMB 5.578 billion, with a net amount of RMB 5.406 billion after deducting issuance costs [2] - The company plans to use the raised funds for projects including the HeMai Intelligent Manufacturing Base, energy storage inverter industrialization, and upgrading of smart electrical equipment [2] Group 3 - The total issuance costs for the IPO were RMB 172 million, including underwriting and sponsorship fees of RMB 142 million [3] - The company announced dividend plans in 2022, 2023, and 2024, with varying amounts per 10 shares and stock bonuses [3]

杭州禾迈电力电子股份有限公司 董事会审计委员会 2024 年度履职情况报告 根据《上市公司治理准则》《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》《上海证券交易所科创板股票上市规则》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 子股份有限公司董事会审计委员会实施细则》（以下简称"《实施细则》"）的 规定，报告期内，杭州禾迈电力电子股份有限公司（以下简称"公司"）董事会 审计委员会勤勉尽责，在审核公司及下属子公司财务报告，审查公司内控制度、 风险管理，监督、评价外部审计机构工作等方面积极履行职责。现就 2024 年度 的履职情况汇报如下： 一、董事会审计委员会基本情况 公司第二届董事会审计委员会由独立董事祝红霞女士、独立董事叶伟巍先生 及董事毛晨先生三名成员组成，其中独立董事委员占审计委员会成员总数的三分 之二，主任委员由具备会计专业资格的祝红霞女士担任。 二、董事会审计委员会会议召开情况 报告期内，董事会审计委员会共召开了 4 次会议，会议均由全体委员亲自出 席，会议审议并通过了如下议案： | 序号 | 召开日期 | 召开届次 | 会议内容 审议 ...

证券代码：688032 证券简称：禾迈股份 公告编号：2025-024 杭州禾迈电力电子股份有限公司 一、计提资产减值准备情况概述 根据《企业会计准则》《上海证券交易所科创板股票上市规则》的相关规 定，为了更加真实、公允反映杭州禾迈电力电子股份有限公司（以下简称为"公 司"）截至2024年12月31日的资产及经营状况，基于谨慎性原则，公司对存在 减值迹象的相关资产计提相应的减值准备。经测算，2024年度公司计提减值损 失60,825,531.87元，具体情况如下： | 项目 | 计提减值金额（元） | 备注 | | --- | --- | --- | | 信用减值损失 | 28,223,056.73 | 含应收账款、其他应收款的坏账损 | | | | 失 | | 资产减值损失 | 32,602,475.14 | 含存货跌价损失、合同资产和其他 | | | | 非流动资产的减值损失 | | 合计 | 60,825,531.87 | | 二、计提资产减值准备的具体说明 （一）信用减值损失 公司以预期信用损失为基础，对应收账款、应收票据及其他应收款进行减 值 测 试 并 确 认 减 值 损 失 。 经 测 算 ， ...