2024 年 3 月 5 日 资料来源：聚源，中邮证券研究所 分析师:王磊 SAC 登记编号:S1340523010001 Email:wanglei03@cnpsec.com 研究助理:杨帅波 SAC 登记编号:S1340123060006 Email:yangshuaibo@cnpsec.com | --- | --- | --- | --- | --- | |-------------------------------------|-------|-------------------------------|-------|-------| | 项目 table_ \年度FinchinaSimple ] | | 2022A 2023E 2024E 2025E | | | | 营业收入（百万元） | | 375.14 527.34 824.52 1,144.99 | | | | 增长率 (%) | | 51.56 40.57 56.36 38.87 | | | | EBITDA （百万元） | | 56.89 144.96 231.47 337.22 | | | | 归属母公司净利润（百万元） | | ...

证券代码：688551 证券简称：科威尔 公告编号：2024-008 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 第二个归属期归属结果暨股份上市公告 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： 一、 本次限制性股票归属的决策程序及相关信息披露 1、2021 年 5 月 27 日，公司召开的第一届董事会第十四次会议通过了《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《关于提请股东大会授权董 事会办理股权激励相关事宜的议案》等议案。公司独立董事就本次激励计划相关 事项发表了明确同意的独立意见。 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 ...

本次上市流通的限售股为公司首次公开发行限售股，本次解除限售的股份数 量合计为 27,152,727 股，占公司股本总数的 32.40%，共涉及 3 名股东。上述股 份原始锁定期为自公司首次发行股票在上海证券交易所科创板上市之日起 36 个 月，因上述股东触发延长锁定期的承诺，所持股份锁定期自动延长 6 个月，至 2024 年 3 月 11 日。现锁定期即将届满，将于 2024 年 3 月 11 日起上市流通（因 2024 年 3 月 10 日为非交易日，故顺延至下一个交易日）。 二、本次上市流通的限售股形成后至今公司股本数量变化情况 公司于 2022 年 7 月 11 日收到中国证券登记结算有限责任公司上海分公司出 具的《证券变更登记证明》，公司已完成 2021 年限制性股票激励计划首次授予 部分第一个归属期的股份登记工作。本次限制性股票归属完成后，公司股本总数 由 80,000,000 股增加至 80,241,110 股。 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 首次公开发行部分限售股上市流通的核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐机构"）作为 科威尔技术股份有限公司 ...

证券代码：688551 证券简称：科威尔 公告编号：2024-009 科威尔技术股份有限公司 首次公开发行部分限售股上市流通公告 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： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 27,152,727 股。 本次股票上市流通总数为 27,152,727 股。 本次股票上市流通日期为 2024 年 3 月 11 日（因 2024 年 3 月 10 日为非交 易日，故顺延至下一个交易日）。 本次上市流通的限售股股份数量及股份占比以公司最新的股本总数 83,804,207 股计算。 一、本次上市流通的限售股类型 中国证券监督管理委员会于 2020 年 8 月 11 日出具了《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），同意合肥科威尔电源系统股份有限公司（以下简称"公司"或"科威尔"）首次 公开发行股票的注册申请。公司获准向社会公开发行人民币普通股 20,000,000 股， 并于 2020 年 ...

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 ...