Financial Performance - In 2023, the company achieved a revenue of 527.25 million yuan, representing a year-on-year growth of 40.55% [1] - The net profit attributable to the parent company was 117.49 million yuan, with a year-on-year increase of 88.81% [1] - The net profit after deducting non-recurring gains and losses was 106.63 million yuan, reflecting a significant growth of 138.45% year-on-year [1] Business Segment Performance - The revenue breakdown for 2023 shows that the Power Supply Division accounted for approximately 68% of total revenue, the Hydrogen Energy Division for about 21%, and the Power Semiconductor Division for around 10% [1] - The overall gross margin improved compared to the previous year, with the Power Supply Division recovering to normal levels after a dip in 2022 [3] Market Insights - The Power Supply Division's revenue is primarily driven by the new energy generation and electric vehicle sectors, benefiting from the rapid growth in the photovoltaic and energy storage industries [3] - The current domestic market for small power testing power supplies is still dominated by foreign brands, with a low localization rate [3] Cost Management and Efficiency - The company is actively pursuing cost reduction and efficiency improvement, leading to a steady increase in profitability [3] - The overall expense ratio decreased in 2023, with the sales expense ratio at 11.59%, management expense ratio at 10.44%, and R&D expense ratio at 20.45%, resulting in a total expense ratio of 42.50% [4] Future Outlook - The company plans to enhance its distribution channel construction to boost the growth of small power testing power supplies [3] - The 2023 refinancing projects are progressing smoothly, with some facilities expected to be operational by the end of this year or early next year [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][20]. Core Viewpoints - The company achieved a revenue of 527 million yuan in 2023, representing a year-on-year growth of 40.55%, and a net profit of 117 million yuan, which is an 88.81% increase year-on-year [18]. - The demand for testing power products is expected to grow rapidly due to the strong market for photovoltaic installations, with the company’s power division accounting for approximately 70% of its revenue [3]. - The hydrogen energy testing equipment segment is positioned as a leading player in the industry, with significant contracts for large-scale electrolysis testing systems [4]. Summary by Sections Performance Overview - In 2023, the company’s revenue reached 5.27 billion yuan, with a net profit of 1.17 billion yuan, exceeding forecasts [18]. - The company is expected to maintain high growth rates in the coming years, with projected net profits of 1.58 billion yuan in 2024 and 2.40 billion yuan in 2025, reflecting growth rates of 35.7% and 51.6% respectively [20]. Business Segments - **Testing Power**: Revenue is projected to grow from 373 million yuan in 2023 to 756 million yuan in 2025, with a gross margin of around 55% [7]. - **Hydrogen Energy Testing and Intelligent Manufacturing Equipment**: Expected revenue growth of 45% annually from 2023 to 2025, with a gross margin of 45% [7]. - **Power Semiconductor Testing and Intelligent Manufacturing Equipment**: Anticipated revenue growth of 35% annually, with a gross margin of 17% [7]. - **Other Businesses**: Expected revenue growth of 4.5% in 2023, increasing to 40% in 2024 and 2025, with a gross margin of 45% [7]. Financial Projections - The company’s total revenue is projected to reach 1.08 billion yuan by 2025, with a net profit margin of approximately 22.2% [25]. - The gross margin is expected to stabilize around 50% over the next few years, indicating strong operational efficiency [25]. Market Position - The small power testing power market is estimated to be worth 5-10 billion yuan, with the company having established a solid distribution channel and pricing system [19]. - The company is recognized as a top supplier in the hydrogen electrolysis testing equipment sector, with significant technological capabilities [4].

公 司 更 新 报 告 请务必阅读正文之后的免责条款部分 -10% 3% 17% 30% 44% 57% -29% -17% -6% 6% 17% 28% 2023-02 2023-06 2023-10 股票绝对涨幅和相对涨幅 科威尔价格涨幅 科威尔相对指数涨幅 11% 19% 27% 36% 44% 52% 21A 22A 23E 24E 25E 利润率趋势 收入增长率(%) EBIT/销售收入(%) 3% 5% 7% 9% 11% 13% 21A 22A 23E 24E 25E 回报率趋势 净资产收益率(%) 投入资本回报率(%) 请务必阅读正文之后的免责条款部分 2 of 4 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------|-------|-------|------------------------------------|--------|--------------------|-------------------------- ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook based on growth potential and market positioning [60][61]. Core Insights - The company is a leading domestic testing power supply enterprise, expanding into semiconductor and hydrogen energy sectors to achieve a second growth curve [60]. - The company has seen robust performance with a compound annual growth rate (CAGR) of 30.6% in revenue and 9.2% in net profit from 2017 to 2022, with further growth expected in 2023 [9][11]. - The company ranks fourth globally in testing power supply sales in 2022, with a projected market space of 4.76 billion in the photovoltaic and electric vehicle testing power supply sectors by 2025 [25][60]. Summary by Sections 1. Expansion into Semiconductor and Hydrogen Energy - The company has strategically expanded from its core testing power supply products into the semiconductor and hydrogen energy sectors, leveraging partnerships with key industry players [3][60]. - The company aims to standardize and diversify its product offerings, particularly in small power testing supplies, to enhance market reach [25][60]. 2. Performance and Profitability - The company reported a revenue of 360 million and a net profit of 80 million in the first three quarters of 2023, reflecting year-on-year growth of 40.1% and 66.5% respectively [9][11]. - The gross margin and net margin for the first three quarters of 2023 were 54.6% and 21.0%, showing improvements due to high-margin product sales and operational efficiencies [11][19]. 3. IGBT Market and Domestic Replacement - The IGBT market in China has a self-sufficiency rate of less than 30%, presenting opportunities for domestic manufacturers to capture market share through local production [28][42]. - The company has made strategic acquisitions to enhance its capabilities in the IGBT packaging and testing segments, furthering its competitive position in the market [28][60]. 4. Hydrogen Energy Sector Growth - The hydrogen energy sector is expected to grow significantly, with the company positioned to benefit from increasing demand for hydrogen production and fuel cell applications [39][56]. - The company is the market leader in hydrogen fuel cell testing equipment, with a projected market size of 2 billion for hydrogen fuel cell testing devices by 2025 [60][70]. 5. Financial Projections - The company forecasts revenues of 532 million, 773 million, and 1.08 billion for 2023, 2024, and 2025 respectively, with a net profit forecast of 108.62 million, 158.24 million, and 228.61 million for the same years [61][50]. - The projected earnings per share (EPS) for 2023, 2024, and 2025 are 1.30, 1.89, and 2.73 respectively, indicating strong growth potential [61][50].

科威尔技术股份有限公司 投资者关系活动记录表 股票名称：科威尔 股票代码：688551 投资者关系活动记录表 编号：2024-001 特定对象调研 分析师会议 媒体采访 投资者关系活动 业绩说明会 新闻发布会 路演活动 类别 现场参观 其他 参会单位 详见附件 时间 2024年1月25日 会议地点及形式 易董云会议/线上会议 董事会秘书、财务总监 葛彭胜先生 公司接待人员 战略投资总监 郑家琳女士 名单 证券事务代表 张燕女士 一、公司2023年度业绩亮点回顾 公司分为电源、氢能及功率半导体三大事业部，主要围 ...

同日，公司召开第一届监事会第十次会议，审议通过了《关于公司<2021 年 限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2021 年限制性股票 激励计划实施考核管理办法>的议案》以及《关于核实公司<2021 年限制性股票 激励计划首次授予部分激励对象名单>的议案》，公司监事会对本激励计划的相关 事项进行核实并出具了相关核查意见。 证券代码：688551 证券简称：科威尔 公告编号：2024-003 上述相关事项公司已于 2021 年 5 月 28 日在上海证券交易所网站 （www.sse.com.cn）进行了披露。 科威尔技术股份有限公司 2、2021 年 5 月 28 日，公司于上海证券交易所网站（www.sse.com.cn）披露 了《关于独立董事公开征集委托投票权的公告》（公告编号：2021-030），根据公 司其他独立董事的委托，独立董事马志保先生作为征集人就 2021 年第二次临时 股东大会审议的本次激励计划相关议案向公司全体股东征集投票权。 关于作废处理部分限制性股票的公告 科威尔技术股份有限公司（以下简称"公司"）于 2024 年 1 月 26 日召开的第 二届董事会第十七次会议和第二 ...

证券代码：688551 证券简称：科威尔 公告编号：2024-005 科威尔技术股份有限公司 第二届董事会第十七次会议决议公告 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。 一、董事会会议召开情况 科威尔技术股份有限公司（以下简称"公司"）第二届董事会第十七次会议于 2024 年 1 月 26 日在公司会议室以现场会议与通讯会议相结合的方式召开，会议 通知于 2024 年 1 月 20 日以电子邮件方式送达公司全体董事。本次会议由董事长 傅仕涛先生召集和主持，会议应到董事 9 人，实到董事 9 人。 本次会议的召集、召开和表决程序符合《公司法》等法律法规、规范性文件 及《公司章程》《董事会议事规则》的有关规定，会议决议合法、有效。 二、董事会会议审议情况 经与会董事审议表决，形成的会议决议如下： 根据《上市公司股权激励管理办法》、公司《2021 年限制性股票激励计划 （草案）》及《2021 年限制性股票激励计划实施考核管理办法》等相关规定， 公司2021年限制性股票激励计划预留授予部分6名激励对象因个人原因已离职， 不具备股 ...

证券代码：688551 证券简称：科威尔 公告编号：2024-004 （1）股权激励方式：第二类限制性股票。 （2）授予数量：授予的限制性股票数量 112.90 万股，约占本激励计划草案 公告时公司股本总额 8,000.00 万股的 1.411%，其中首次授予 90.32 万股，约占本 激励计划草案公告时公司总股本 8,000.00 万股的 1.129%，占本次授予权益总额 的 80.00%；预留 22.58 万股，约占本激励计划草案公告时公司总股本 8,000.00 万股的 0.282%，预留部分占本次授予权益总额的 20.00%。 （3）授予价格：17.205 元/股（调整后），即满足授予条件和归属条件后， 激励对象可以每股 17.205 元的价格购买公司向激励对象增发的公司 A 股普通股 股票。 科威尔技术股份有限公司 关于 2021 年限制性股票激励计划预留授予 部分第二个归属期符合归属条件的公告 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： 一、本次股权激励计划批准及实施情况 （一）本次股权激励计划 ...

证券代码：688551 证券简称：科威尔 公告编号：2024-006 科威尔技术股份有限公司 （一）审议通过《关于作废处理部分限制性股票的议案》 根据《上市公司股权激励管理办法》、公司《2021 年限制性股票激励计划 （草案）》及《2021 年限制性股票激励计划实施考核管理办法》等相关规定， 公司2021年限制性股票激励计划预留授予部分6名激励对象因个人原因已离职， 不具备股权激励归属资格，现作废处理其已获授予但尚未归属的限制性股票合计 24,500 股。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《科 威尔技术股份有限公司关于作废处理部分限制性股票的公告》（公告编号： 2024-003）。 第二届监事会第十七次会议决议公告 本公司监事会及全体监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。 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"）第二届监事会第十七次会议于 2024 年 1 月 26 日以现场会议与通讯会议相结合的方式召开，会议通 ...

科威尔技术股份有限公司监事会 关于公司 2021 年限制性股票激励计划预留授予部分 第二个归属期归属名单的核查意见 科威尔技术股份有限公司（以下简称"公司"）监事会根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、中国证监会《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、《科创板 上市公司自律监管指南第 4 号——股权激励信息披露》（以下简称"《监管指南》"） 等相关法律法规及规范性文件和《公司章程》的有关规定，对公司 2021 年限制 性股票激励计划（以下简称"本次激励计划"）预留授予部分第二个归属期归属名 单进行审核，现发表核查意见如下： 2024 年 1 月 26 日 综上所述，我们一致同意本次符合条件的 19 名激励对象办理归属，对应限 制性股票的归属数量为 68,800 股。上述事项符合相关法律法规及规范性文件所 规定的条件，不存在损害公司及股东利益的情形。 （以下无正文） 科威尔技术股份有限公司监事会 公司2021年限制性股票激励计划预留授予部分第二个归属期1 ...