证券代码：688551 证券简称：科威尔 公告编号：2024-051 科威尔技术股份有限公司 关于持股 5%以上股东部分股份解除质押及再质押的 公告 1 注：1.上述数据比例为截至本公告披露日股东持股数计算所得； 2.上述"剩余被质押股份数量""剩余被质押股份占其所持股份比例""剩余被质押股 份占公司总股本比例"不包含本次再质押股份的数量。 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： 科威尔技术股份有限公司（以下简称"公司"）股东唐德平先生直接持有 公司股份 4,197,273 股，通过合肥京坤股权投资合伙企业（有限合伙）间接持有 公司股份 105,191 股，合计持有公司股份 4,302,464 股，占公司总股本的 5.12%。 本次解除质押及再质押后，上述股东累计质押公司股份 800,000 股，占 其持股总数的 18.59%，占公司总股本的 0.95%。 公司于近日接到股东唐德平先生的通知，获悉其所持有公司的部分股份已经 办理解除质押并再质押的登记手续，具体情况如下： | 股东名称 | | | 唐德平 ...

证券代码：688551 证券简称：科威尔 公告编号：2024-050 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。 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 11 月，公司通过集中竞价交易方式已累计回购股份 20,936 股，占公 司总股本的比例为 0.0249%，回购成交的最高价为 29.92 元/股，最低价为 29.70 元 /股，支付的总金额为 625,565.92 元（不含印花税、交易佣金等交易费用）。 截至 2024 年 11 月 30 日，公司已累计回购股份 409,878 股，占公司总股本的 比例为 0.4878%，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 11,006,252.38 元（不含印花税、交易佣金等交易费用）。 上述回购股份符合相关法律法规及公司回购股份方案的规定 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 6.26% year-on-year increase in revenue for the first three quarters of 2024, totaling 377 million yuan, while net profit attributable to shareholders decreased by 31.74% to 52 million yuan [2] - New order quantity has increased, with the proportion of electrolyzer testing systems rising to approximately 60% of the hydrogen energy business, despite a slight increase in order amounts due to intensified market competition [2] - The company is focusing on high-quality sectors such as energy storage and new energy vehicles, aiming to enhance product competitiveness and cost efficiency, which is expected to gradually restore performance in the medium to long term [2] - The forecasted net profits for 2024-2026 are 73 million, 112 million, and 177 million yuan respectively, corresponding to P/E ratios of 35, 23, and 15 [2] Financial Summary - For 2023, the company achieved a revenue of 529 million yuan, with a projected revenue of 643 million yuan for 2024, reflecting a year-on-year growth of 21.6% [3] - The gross profit margin is expected to decline from 53.9% in 2023 to 49.5% in 2024 [3] - The company's operating cash flow is projected to increase significantly from 85 million yuan in 2023 to 262 million yuan in 2024 [4] - The total assets are expected to grow from 1,733 million yuan in 2023 to 2,722 million yuan in 2026 [5]

Group 1: Overseas Business Development - The company signed overseas orders exceeding 20 million yuan in 2023, indicating a commitment to expanding its international market presence [1] - Despite good growth in overseas business compared to last year, the overall revenue contribution from overseas remains low [1] - The company aims to become a leading global comprehensive testing equipment provider and will continue to focus on overseas market expansion [1] Group 2: Order Volume and Financial Performance - New orders signed this year have increased by approximately 20% to 30% compared to the same period last year [2] - Some product prices have decreased, resulting in a modest growth in order amounts compared to last year [2] - The gross margin for hydrogen energy and power semiconductor sectors has slightly improved year-on-year, while the power supply business has seen a decline in gross margin due to intensified market competition [2] Group 3: Dividend Policy - Since its listing in 2020, the company has implemented cash dividends annually, with a total dividend payout of 113.9947 million yuan over four years [2] - The company plans to continue adhering to legal requirements and aims to enhance corporate value and shareholder returns [2]

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. ...

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 ...