Investment Rating - Maintain "Buy" rating with target PE ratios of 31x, 22x, and 15x for 2024-2026 [1] Core Views - Short-term profitability under pressure due to price wars, but long-term growth expected from hydrogen energy and small-power product channels [1] - Revenue forecast for 2024-2026: RMB 580M, 770M, and 1.05B, with net profit of RMB 80M, 110M, and 160M respectively [1] - Company repurchased 329K shares (0.39% of total shares) for RMB 85M, signaling confidence in long-term development [4] Financial Performance - Q1-Q3 2024 revenue: RMB 380M (+6.26% YoY), net profit: RMB 50M (-31.45% YoY) [1] - Q3 2024 revenue: RMB 120M (-8.82% YoY), net profit: RMB 10M (-61.10% YoY) [1] - Gross margin for Q1-Q3: 48.98% (-5.62pct YoY), net margin: 13.46% (-7.49pct YoY) [2] - Q3 gross margin: 46.09% (-7.36pct YoY, -3.64pct QoQ) [2] Downstream Drivers - Testing power: Q1-Q3 revenue RMB 283M (75% of total), driven by EV and energy storage sectors [3] - Hydrogen energy: Q1-Q3 revenue RMB 75M (20% of total), with strong customer loyalty and new product launches [3] - Power semiconductors: Q1-Q3 revenue RMB 11M (3% of total), expected to recover with inventory normalization [3] Financial Ratios and Forecasts - 2024-2026 revenue growth: 8.9%, 33.5%, 35.9% [16] - 2024-2026 net profit growth: -34.2%, 44.0%, 44.7% [16] - 2024-2026 gross margin: 48.8%, 49.0%, 49.2% [16] - 2024-2026 ROE: 5.8%, 7.9%, 10.6% [16] Valuation Metrics - 2024-2026 PE ratios: 31x, 22x, 15x [1] - 2024-2026 PB ratios: 1.8x, 1.7x, 1.6x [6]

证券代码：688551 证券简称：科威尔 公告编号：2024-049 科威尔技术股份有限公司 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、准确性和完整性承担法律责任。 重要内容提示： 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 1 号——回购股份》等相关规定，在回购股份期间，公司应当在每个月前三个交易 日内公告截至上月末的回购进展情况。现将公司本次回购方案实施进展情况公告 如下： 2024 年 10 月，公司通过集中竞价交易方式已累计回购股份 60,000 股，占公 司总股本的比例为 0.0714%，回购成交的最高价为 34.10 元/股，最低价为 29.40 元 /股，支付的总金额为 1,904,190.95 元（不含印花税、交易佣金等交易费用）。 截至 2024 年 10 月 31 日，公司已累计回购股份 388,942 股，占公司总股本的 比例为 0.4629%，回购成交的最高价为 34.10 元/股，最低价为 24.75 元/股，支付的 总金额为 10,380,686.4 ...

Group 1: Financial Performance Overview - In the first three quarters of 2024, the company achieved operating revenue of 377.2392 million yuan, a year-on-year increase of 6.26% [1] - The net profit attributable to shareholders was 51.6441 million yuan, a year-on-year decrease of 31.45% [1] - The net profit after deducting non-recurring gains and losses was 45.1586 million yuan, a year-on-year decrease of 32.61% [1] - In Q3 2024, operating revenue was 123.2505 million yuan, a year-on-year decrease of 8.82% [2] - The net profit attributable to shareholders in Q3 was 9.7902 million yuan, a year-on-year decrease of 61.10% [1] - The net profit after deducting non-recurring gains and losses in Q3 was 7.0963 million yuan, a year-on-year decrease of 68.08% [1] Group 2: Business Segment Performance - The testing power segment accounted for approximately 75% of total revenue, while the hydrogen energy testing segment accounted for around 20% [2] - The power semiconductor testing segment contributed about 3% to total revenue [2] - New orders signed in 2024 showed a growth of 20% to 30% compared to the same period last year, although the order amount growth was limited due to price reductions [2] Group 3: Strategic Outlook and Challenges - The company plans to focus on its main business areas, enhance product updates, and improve core competitiveness to adapt to market changes [3] - The company remains optimistic about future market demand recovery despite current industry challenges [3] - The hydrogen energy segment's electrolyzer testing systems accounted for around 60%, while fuel cell business saw a decline compared to previous years [2] - The company is facing challenges in expanding its small power product distribution due to overall market conditions [2]

Investment Rating - The report maintains an "Accumulate" rating for the company, reflecting a downward adjustment in expectations [2][4]. Core Insights - The company reported a revenue of 380 million yuan for the first three quarters of 2024, representing a year-on-year increase of 6.3%, while the net profit attributable to shareholders decreased by 31.4% to 50 million yuan [3][4]. - The decline in performance is attributed to a downturn in the downstream renewable energy sector, leading to intensified competition in the testing power supply business and a decrease in gross margins [3]. - The report highlights the potential for an increase in hydrogen energy demand, supported by recent government initiatives aimed at promoting renewable energy hydrogen production [3]. Financial Performance Summary - For the first three quarters of 2024, the company's gross margin and net margin were 49.0% and 13.5%, respectively, both showing a decline compared to the previous year [3]. - The sales expense ratio increased to 14.9%, primarily due to higher costs related to prototype investments and marketing [3]. - The company forecasts revenues of 610 million, 750 million, and 950 million yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 110 million, 140 million, and 180 million yuan [4][6]. Financial Metrics - The company’s earnings per share (EPS) for 2024 is projected at 1.27 yuan, with a price-to-earnings (P/E) ratio of 23.42 [6][8]. - The asset-liability ratio is expected to rise from 24.4% in 2023 to 26.9% in 2024, indicating a potential increase in leverage [8]. - The report provides a detailed financial forecast, including a projected EBITDA of 120.44 million yuan for 2024, with a growth rate of -9.03% [6][8].

开源证券 电力设备/其他电源设备Ⅱ 公 司 研 究 科威尔（688551.SH） 2024 年 10 月 29 日 销售费用持续加大，Q3 业绩略不及预期 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/28 | | 当前股价 ( 元 ) | 32.50 | | 一年最高最低 ( 元 ) | 62.50/23.10 | | 总市值 ( 亿元 ) | 27.31 | | 流通市值 ( 亿元 ) | 27.31 | | 总股本 ( 亿股 ) | 0.84 | | 流通股本 ( 亿股 ) | 0.84 | | 近 3 个月换手率 (%) | 61.96 | 股价走势图 -60% -40% -20% 0% 20% 40% 2023-10 2024-02 2024-06 科威尔 沪深300 数据来源：聚源 相关研究报告 《营收稳定增长，回购彰显长期发展 信心—公司信息更新报告》-2024.8.27 《测试电源龙头，多场景全维度拓宽 产品应用领域—公司首次覆盖报告》 -2024.5. ...

Financial Performance - Revenue for Q3 2024 was ¥123,250,549.56, a decrease of 8.82% compared to the same period last year[3] - Net profit attributable to shareholders for Q3 2024 was ¥9,790,209.54, down 61.10% year-over-year[3] - Net profit excluding non-recurring gains and losses for Q3 2024 was ¥7,096,286.72, a decline of 68.08% compared to the previous year[3] - Basic earnings per share for Q3 2024 were ¥0.12, a decrease of 62.50% year-over-year[3] - The weighted average return on equity for Q3 2024 was 0.75%, a decrease of 1.62 percentage points from the previous year[3] - Total operating revenue for the first three quarters of 2024 reached ¥377,239,212.77, an increase of 6.9% compared to ¥355,001,790.37 in the same period of 2023[20] - Net profit for the first three quarters of 2024 was ¥50,773,763.92, a decrease of 31.7% from ¥74,383,368.92 in the previous year[20] - Earnings per share (EPS) for the first three quarters was ¥0.62, down from ¥0.94 in the same period last year[21] Cash Flow and Investments - Operating cash flow for Q3 2024 was ¥20,489,922.89, an increase of 24.11% from the previous quarter[3] - Cash flow from operating activities amounted to ¥372,607,731.96, compared to ¥337,333,257.07 in the first three quarters of 2023, indicating a growth of 10.5%[22] - Net cash flow from operating activities decreased to -$14,921,905.92 from $11,077,975.98 year-over-year[24] - Total cash inflow from investment activities was $253,584,290.28, down from $293,036,406.06 in the previous period[24] - Cash outflow from investment activities increased significantly to $417,056,902.03 from $179,087,805.65[24] - Net cash flow from financing activities was -$59,846,444.38, compared to -$29,329,010.17 in the prior year[25] - The ending balance of cash and cash equivalents decreased to $431,573,635.30 from $614,794,461.78[25] - Cash inflow from financing activities totaled $35,157,776.41, slightly up from $34,091,407.50[25] - Cash outflow for dividend distribution and interest payments rose to $50,901,207.59 from $30,251,979.38[25] - The company received tax refunds amounting to $15,269,252.64, an increase from $13,389,170.46[24] - Cash paid to employees increased to $103,858,575.09 from $88,381,437.81[24] - The company reported a significant increase in cash paid for other operating activities, totaling $85,379,123.44 compared to $59,954,468.36 previously[24] Assets and Liabilities - Total assets at the end of Q3 2024 were ¥1,708,889,768.90, a decrease of 1.41% from the end of the previous year[4] - Shareholders' equity attributable to the parent company was ¥1,308,920,533.92, down 0.11% compared to the end of the previous year[4] - The company reported an increase in total liabilities to ¥400,589,095.80 from ¥422,747,527.05 year-over-year[19] - Total assets decreased to RMB 1,708,889,768.90 from RMB 1,733,310,189.21, a decline of approximately 1.4%[16] - Current liabilities decreased to RMB 376,609,686.90 from RMB 400,014,793.15, a reduction of about 5.8%[16] - Non-current assets increased to RMB 335,162,705.44 from RMB 261,434,691.33, an increase of approximately 28.1%[16] - The total equity attributable to shareholders was ¥1,308,920,533.92, a slight decrease from ¥1,310,312,164.89 in the previous year[19] Research and Development - R&D expenditure for Q3 2024 totaled ¥19,998,286.99, a decrease of 13.65% year-over-year[4] - Research and development expenses were ¥60,467,465.35, slightly down from ¥62,351,371.98 in the previous year[20] Market and Competition - The company experienced increased competition and rising costs, impacting profit margins and overall profitability[7] Shareholder Information - Total number of common shareholders at the end of the reporting period is 4,422[9] - The largest shareholder, Fu Shitao, holds 22,437,272 shares, representing 26.70% of total shares[11]

证券代码：688551 证券简称：科威尔 公告编号：2024-047 科威尔技术股份有限公司 关于召开 2024 年第三季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、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 10 月 29 日（星期二）至 11 月 4 日（星期一）16:00 前登录上证路演中心网站首页点击 "提问预征集"栏目或通过公司邮箱 ir@kewell.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 科威尔技术股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日发布 公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第 三季度经营成果、财务状况，公司计划于 2024 年 11 月 5 日下午 16:00-17:00 举 行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交 ...

证券代码：688551 证券简称：科威尔 公告编号：2024-048 科威尔技术股份有限公司 关于首次公开发行股票部分募投项目结项并将节余 募集资金永久补充流动资金的公告 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。 科威尔技术股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开第 二届董事会第二十二次会议、第二届监事会第二十二次会议，审议通过了《关于 部分募投项目结项并将节余募集资金永久补充流动资金的议案》，同意公司将募 投项目"测试技术中心建设项目"予以结项，并将该结项项目的节余募集资金永 久补充流动资金。保荐机构国泰君安证券股份有限公司（以下简称"保荐机构"） 出具了同意的核查意见。 一、募集资金情况 （一）募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2020 年 8 月 11 日出具的《关于同意合肥科威尔电源系统股份有限公司首次公开发行股票注册的 批复》（证监许可〔2020〕1748 号），同意公司首次公开发行股票的注册申请。 公司公开发行人民币普通股 2,000 万 ...

一、监事会会议召开情况 科威尔技术股份有限公司（以下简称"公司"）第二届监事会第二十二次会议 于 2024 年 10 月 28 日在公司会议室以现场会议的方式召开，会议通知于 2024 年 10 月 22 日以电子邮件的方式送达公司全体监事。本次会议由监事会主席夏亚 平先生召集和主持，会议应到监事 5 人，实到监事 5 人。 本次会议的召集、召开和表决程序符合《公司法》等有关法律法规、规范性 文件及《公司章程》《监事会议事规则》等的有关规定，会议决议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于公司<2024 年第三季度报告>的议案》 监事会认为，公司 2024 年第三季度报告的编制和审议程序符合法律法规和 《公司章程》的相关规定；其内容与格式符合中国证监会和上海证券交易所的相 关规定，所包含的信息真实反映出公司报告期内的经营情况和财务状况等事项； 在本次定期报告编制过程中，监事会未发现参与公司 2024 年第三季度报告编制 和审议的人员有违反保密规定的行为。监事会全体成员保证公司 2024 年第三季 度报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、 准确性和完整性依法承担 ...

国泰君安证券股份有限公司（以下简称"保荐机构"）作为科威尔技术股份 有限公司（以下简称"科威尔"或"公司"）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）》等有关规定，对科威尔首次公开发行股票部分募投项目结 项并将节余募集资金永久补充流动资金事项进行了核查，具体情况如下： 一、募集资金情况 国泰君安证券股份有限公司 关于科威尔技术股份有限公司首次公开发行股票 部分募投项目结项并将节余募集资金 永久补充流动资金的核查意见 （一）募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2020 年 8 月 11 日出具的《关于同意合肥科威尔电源系统股份有限公司首次公开发行股票注 册的批复》（证监许可〔2020〕1748 号），同意公司首次公开发行股票的注册申 请。公司公开发行人民币普通股 2,000 万股，每股发行价格为人民币 37.94 元， 募集资金总额为人民币 758,800,000.00 元，扣除不含税的发行费用人民币 69,248,075.48 元，实际募集资金净额为人民币 689,551,924.52 元， ...