Investment Rating - The report maintains a "Buy" rating for Huaming Equipment (002270.SZ) [1] Core Views - The company achieved a revenue of 1.961 billion yuan in 2023, representing a year-on-year growth of 14.57%, with a net profit of 542 million yuan, up 50.90% [1] - In Q1 2024, the company reported a revenue of 451 million yuan, a year-on-year increase of 9.40%, and a net profit of 127 million yuan, up 7.59% [1] - The power equipment business saw significant growth, with revenue reaching 1.625 billion yuan, accounting for 83% of total revenue, a 20.4% increase year-on-year [1] - The company is expanding its overseas market presence, with direct export revenue reaching 274 million yuan in 2023, a 79.16% increase year-on-year [1] Summary by Sections Financial Performance - In 2023, Huaming Equipment's revenue was 1.961 billion yuan, with a net profit of 542 million yuan and a gross margin of 52.23%, up 2.93 percentage points year-on-year [1] - For Q1 2024, the company reported revenue of 451 million yuan and a net profit of 127 million yuan, with the power equipment business contributing 392 million yuan, a 14.63% increase year-on-year [1] Market Expansion - The company has made significant strides in overseas markets, with the U.S. being the largest market, followed by Southeast Asia, the Middle East, Central Asia, and Africa [1] - In 2023, the company expanded its product applications, focusing on vacuum switches, which now account for over 40% of its product shipments [7] Future Projections - Revenue projections for 2024, 2025, and 2026 are 2.335 billion yuan, 2.775 billion yuan, and 3.212 billion yuan, respectively, with EPS expected to be 0.73 yuan, 0.90 yuan, and 1.07 yuan [3][7] - The report indicates a corresponding PE ratio of 27.8, 22.4, and 18.9 for the years 2024 to 2026 [7]

证券代码：002270 证券简称：华明装备 公告编号：〔2024〕019 号 二、监事会会议审议情况 （一）以 3 票赞成、0 票反对、0 票弃权审议通过了《公司 2024 年第一季度 报告》。 经认真审核，公司监事会成员一致认为：董事会编制和审核《2024 年第一季 度报告》的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、 完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司指定信息披露媒体《证券时报》《证券日报》《上海证券报》 《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn）的《2024 年第一季 度报告》。 三、备查文件 华明电力装备股份有限公司 关于第六届监事会第八次会议决议的公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 华明电力装备股份有限公司（以下简称"公司"）第六届监事会第八次会议 通知于 2024 年 4 月 13 日以邮件、短信或专人送达的方式通知各位监事，本次会 议于 2024 年 4 月 18 日在上海市普陀区同普路 977 ...

Financial Performance - The company reported cash received from sales and services of CNY 546.26 million, an increase of 90.96% compared to CNY 286.07 million in the same period last year[4]. - The total cash inflow from operating activities was CNY 559.36 million, up from CNY 334.30 million year-on-year[12]. - The company achieved a net profit attributable to shareholders of 126.92 million yuan, representing a year-on-year increase of 7.59%[44]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 126.37 million yuan, up 24.09% year-on-year[44]. - Operating income for the reporting period was 451.22 million yuan, an increase of 9.40% compared to the same period last year[44]. - The company's total equity reached ¥3,492,038.80 million, up from ¥3,362,710.57 million year-over-year, showing growth in shareholder equity[51]. - Total comprehensive income amounted to CNY 128,123,749.50, an increase from CNY 115,808,234.89 in the previous period, reflecting a growth of approximately 10.7%[54]. Cash Flow - Cash flow from operating activities reached 153.42 million yuan, a significant increase of 762.82% compared to a net outflow of 23.15 million yuan in the previous year[44]. - Net cash flow from operating activities reached CNY 153,423,716.59, a significant recovery from a negative cash flow of CNY -23,147,232.72 in the prior period[56]. - Cash and cash equivalents at the end of the period totaled CNY 1,111,439,878.25, compared to CNY 879,023,113.33 at the end of the previous period, marking an increase of approximately 26.4%[56]. - The company recorded a net increase in cash and cash equivalents of CNY 119,755,445.05, contrasting with a net decrease of CNY -107,899,788.64 in the previous period[56]. Assets and Liabilities - The total assets of the company increased to CNY 4.66 billion, compared to CNY 4.52 billion in the previous year[9]. - The company’s non-current assets totaled CNY 1.52 billion, a slight decrease from CNY 1.53 billion year-on-year[9]. - The company’s total liabilities decreased, with short-term borrowings remaining stable at CNY 60.05 million[9]. - The total liabilities of the company amounted to ¥1,163,092.32 million, compared to ¥1,155,437.61 million in the previous year, indicating a slight increase[51]. Revenue and Income - The company reported a revenue of 392 million yuan from its power equipment business, marking a year-on-year growth of 14.63%[44]. - The company's operating revenue for the current period reached ¥45,122.47 million, an increase of ¥3,877.31 million or 9.40% compared to the same period last year[45]. - Financial expenses decreased significantly to -¥333.81 million, a change of -¥728.47 million or -184.58% year-over-year, primarily due to increased interest from USD time deposits[45]. - Investment income surged to ¥409.83 million, up by ¥359.31 million or 711.22% from the previous year, mainly from recognized investment income from joint ventures[45]. - Other income increased to ¥124.03 million, reflecting a rise of ¥77.18 million or 164.74% year-over-year, attributed to VAT incentives for advanced manufacturing[45]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 27,876, with the largest shareholder holding 28.25% of the shares[47]. - The basic earnings per share were 0.1416 yuan, an increase of 7.60% compared to the previous year[44]. - The company reported a basic and diluted earnings per share of CNY 0.1416, up from CNY 0.1316 in the previous period, indicating an increase of about 2.3%[54]. Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and product offerings[46]. - The company has identified strategic opportunities for mergers and acquisitions to bolster its competitive position in the market[46]. Other Financial Metrics - The company reported a significant decrease in credit impairment losses to -¥317.25 million, a change of -¥692.76 million or -184.49% year-over-year, mainly due to an increase in accounts receivable[45]. - Accounts receivable increased by 57.34% to 67.03 million yuan, primarily due to outstanding receivables during the reporting period[23]. - Contract liabilities rose by 86.44% to 15.53 million yuan, mainly due to new advance payments for power station engineering projects[23]. - The cash paid for purchasing goods and services was CNY 205.86 million, an increase of 33.57% from CNY 154.12 million in the previous year[4]. - The company received government subsidies amounting to CNY 391,626.79, contributing to its financial performance[1]. - The company reported a decrease in cash received from tax refunds, totaling CNY 2.50 million, down 46.81% from CNY 4.70 million[12]. - The net cash outflow from investing activities was CNY -6,371,271.03, a decline from a positive cash flow of CNY 52,334,870.39 in the previous period[56]. - Cash outflow from financing activities totaled CNY 26,887,219.32, a decrease from CNY 131,803,979.84 in the prior period, indicating a reduction of approximately 79.6%[56]. - The company paid CNY 51,032,248.37 in taxes, a decrease from CNY 55,596,589.61 in the previous period, reflecting a reduction of about 8.5%[56].

华明电力装备股份有限公司 关于举行 2023 年度与 2024 年第一季度 网上业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 华明电力装备股份有限公司（以下简称"公司"）已于2024年4月11日在巨 潮资讯网（http://www.cninfo.com.cn）披露了《2023年年度报告》及其摘要， 已于2024年4月19日在巨潮资讯网（http://www.cninfo.com.cn）披露了《2024 年第一季度报告》。 为便于广大投资者进一步了解公司2023年度、2024年第一季度经营情况，公 司定于2024年5月8日（星期三）下午15:00-17:00在全景网提供的网上平台举行 2023年度与2024年第一季度网上业绩说明会，本次业绩说明会将采用网络远程的 方式举行，投资者可登陆全景网"投资者关系互动平台"（https://ir.p5w.net） 参与本次业绩说明会。 证券代码：002270 证券简称：华明装备 公告编号：〔2024〕020 号 出席本次业绩说明会的人员有：公司董事长肖毅先生、总经理陆维力先生、 财务负责人雷纯立先生、董 ...

证券代码:002270 证券简称:华明装备 公告编号：〔2024〕018 号 华明电力装备股份有限公司 关于第六届董事会第十一次会议决议的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 华明电力装备股份有限公司（以下简称"公司"）第六届董事会第十一次会 议通知于 2024 年 4 月 13 日以邮件、短信或专人送达的方式送达各位董事及其他 会议参加人，本次会议于 2024 年 4 月 18 日在上海市普陀区同普路 977 号以现 场加通讯表决方式召开。 本次会议应出席的董事 9 人，实际出席会议的董事 9 人。本次会议由董事长 肖毅先生召集、主持,公司监事、部分高级管理人员列席了本次会议。本次会议 的召开符合《中华人民共和国公司法》及《华明电力装备股份有限公司章程》等 有关规定。 具体内容详见公司指定信息披露媒体《证券时报》《证券日报》《上海证券 报》《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn）的《2024 年第 一季度报告》。 本议案已经公司董事会审计委员会事前审议通过。 三、备查文件 1、公司 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6] Core Views - The company achieved record high revenue of 1.96 billion and net profit of 540 million in 2023, with year-on-year growth of 14.6% and 50.9% respectively [4] - The company has set a new target to double its net profit over the next four years from the 2023 baseline [4] - The company plans to distribute a total cash dividend of 740 million in 2023, with a payout ratio of 136% [5] - The company is actively expanding into Southeast Asia, the US, and Europe, which are expected to become significant growth drivers [12] Financial Performance - Revenue and net profit for 2023 reached 1.96 billion and 540 million respectively, with significant contributions from domestic and overseas markets [4] - The company’s gross margin improved to 52.23%, up 2.93 percentage points year-on-year, driven by product mix enhancement and increased overseas revenue [21] - The company’s financial expenses decreased significantly due to higher interest income covering interest expenses [21] Earnings Forecast - The company is projected to achieve net profits of 664 million, 803 million, and 977 million for 2024, 2025, and 2026 respectively, with corresponding growth rates of 22.46%, 20.89%, and 21.68% [22] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are forecasted to be 25, 20, and 17 respectively [6] Market Data - As of April 12, 2024, the company's stock price is 20.41, with a market capitalization of approximately 18.29 billion [11]

2024 年 04 月 12 日 公司点评 买入/维持 ◼ 走势比较 (30%) (2%) 26% 54% 82% 110% 23/4/1223/6/2223/9/1 23/11/1124/1/2124/4/1 华明装备 沪深300 华明装备(002270) 目标价: 昨收盘:18.06 产品结构改善&海外收入高增，盈利能力持续增强 ◼ 股票数据 总股本/流通(亿股) 8.96/8.96 总市值/流通(亿元) 161.86/161.86 12 个月内最高/最低价 (元) 19.35/9.36 相关研究报告 <<华明装备 2023 年业绩预告点评： 利润实现较快增长，海外有望厚积薄 发_20240125>>--2024-01-28 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 研究助理：万伟 电话： E-MAIL： 一般证券业务登记编号：S1190122090006 事件：公司发布 2023 年年报，全年利润实现快速增长，持续保持高 分红比例。 1）2023 年实现收入 19.61 亿元，同比+14.57%；实现归母净利润 5.42 ...

证券研究报告 | 2024年04月13日 证券分析师：王蔚祺 证券分析师：王晓声 010-88005313 010-88005231 wangweiqi2@guosen.com.cnwangxiaosheng@guosen.com.cn S0980520080003 S0980523050002 基础数据 投资评级 增持(维持) 合理估值 收盘价 19.62 元 总市值/流通市值 17584/14896 百万元 52 周最高价/最低价 19.95/9.33 元 近 3 个月日均成交额 200.42 百万元 市场走势 盈利预测和财务指标 2022 2023 2024E 2025E 2026E 营业收入(百万元) 1,712 1,961 2,402 2,776 3,268 (+/-%) 11.7% 14.6% 22.5% 15.6% 17.7% 净利润(百万元) 359 542 665 806 974 (+/-%) -13.8% 50.9% 22.6% 21.2% 20.9% 每股收益（元） 0.40 0.61 0.74 0.90 1.09 EBIT Margin 24.4% 28.9% 31.7% 33.8% ...

Investment Rating - The report maintains a "Recommended" rating for the company [9][14]. Core Views - The company achieved a revenue of 1.961 billion yuan in 2023, representing a year-on-year growth of 14.57%. The net profit attributable to shareholders was 542 million yuan, with a significant increase of 50.90% [9]. - The company is a leader in the transformer tap switch market and is accelerating its overseas expansion, particularly in Southeast Asia and the United States [9]. - The report forecasts revenue growth for 2024-2026 to be 2.426 billion yuan, 2.915 billion yuan, and 3.520 billion yuan, with corresponding growth rates of 23.7%, 20.2%, and 20.8% respectively [9]. Financial Forecasts - Revenue (in million yuan) for 2023A, 2024E, 2025E, and 2026E is projected at 1,961, 2,426, 2,915, and 3,520 respectively [11]. - Net profit attributable to shareholders (in million yuan) is expected to be 542, 659, 806, and 991 for the same years, with growth rates of 50.9%, 21.4%, 22.3%, and 23.0% respectively [11]. - Earnings per share (in yuan) are forecasted to be 0.61, 0.74, 0.90, and 1.11 for 2023A, 2024E, 2025E, and 2026E [11]. Business Performance - The company's power equipment business generated revenue of 1.625 billion yuan in 2023, up 20.4% year-on-year, driven by domestic grid investment and overseas market demand [9]. - The gross margin for 2023 was 52.23%, an increase of 6.82 percentage points year-on-year, while the net margin was 28.08%, up 2.93 percentage points [9]. - The company holds over 300 technology patents and is recognized for its advanced manufacturing technology in high-voltage transformer tap switches [9]. Market Expansion - The company has established a subsidiary in Singapore and is building a localized team to serve the Southeast Asian market, aiming for significant breakthroughs in the next 2-3 years [9]. - In the U.S., the company is actively integrating and has received multiple orders while seeking opportunities for capacity expansion [9]. Valuation Metrics - The report indicates that the company's PE ratios for 2024E, 2025E, and 2026E are projected to be 28X, 23X, and 18X respectively [9]. - The PB ratios for the same years are expected to be 5.6, 5.2, and 4.7 [11].

Investment Rating - The investment rating for the company is "Buy" [30][26]. Core Views - The company aims to double its net profit over the next four years based on 2023 figures, with significant breakthroughs in high-end product markets, particularly in nuclear power and industrial rectifiers [12][22]. - The company has seen a 15% year-on-year increase in operating revenue for 2023, reaching 1.961 billion yuan, and a 51% increase in net profit attributable to shareholders, totaling 542 million yuan [22][31]. - The company is actively expanding into overseas markets, including Southeast Asia, the United States, and Europe, to enhance its growth potential [12][22]. Financial Summary - The company's operating income for 2023 was 1.961 billion yuan, with a year-on-year growth of 14.6% [23]. - The net profit attributable to shareholders for 2023 was 542 million yuan, reflecting a 50.9% increase compared to the previous year [23]. - The gross margin for 2023 was 52.2%, an increase of 2.9 percentage points year-on-year, while the net margin was 27.7%, up by 6.8 percentage points [22][23]. - The company plans to achieve net profits of 706 million yuan, 871 million yuan, and 1.113 billion yuan for 2024, 2025, and 2026, respectively [22][23]. - The earnings per share (EPS) for 2023 was 0.61 yuan, with projections of 0.79 yuan, 0.97 yuan, and 1.24 yuan for the following three years [23][22]. Market Position - The company is recognized as the domestic leader and the second globally in the transformer tap switch industry, benefiting from the global transition in power systems [32]. - The company reported a 20.4% increase in revenue from transformer tap switches, reaching 1.625 billion yuan, with significant growth in both direct and indirect exports [32].