Investment Rating - The report maintains a "Strong Buy" investment rating for the company [4][7]. Core Insights - The company's Q1 performance exceeded expectations, driven by national subsidies and global expansion efforts [7]. - Domestic revenue is projected to grow by 10% in 2024, with e-commerce sales increasing by 20% and offline sales by 4.6% [7]. - The company has accelerated its global expansion, with exports increasing by 41% in 2024, and is actively addressing potential tariff impacts by enhancing international manufacturing capabilities [7]. Financial Data and Valuation - Total revenue is forecasted to reach 6,104 million yuan in 2023, with a projected growth of 20% in 2024 [3][15]. - Operating profit is expected to grow from 651 million yuan in 2023 to 769 million yuan in 2024, reflecting an 18% increase [3][15]. - Net profit attributable to shareholders is anticipated to rise from 568 million yuan in 2023 to 658 million yuan in 2024, a 16% increase [3][15]. - The company’s PE ratio is projected to decrease from 13.3 in 2023 to 11.5 in 2024, indicating improved valuation metrics [3][15]. Key Financial Ratios - The company's gross margin is expected to be 31.6% in 2023, decreasing to 28.1% in 2024, while the net margin is projected to be 9.3% in 2023 and 9.0% in 2024 [15]. - Return on equity (ROE) is forecasted to improve from 12.8% in 2023 to 14.2% in 2024 [15]. - The debt-to-asset ratio is expected to decrease from 45.9% in 2023 to 43.4% in 2025, indicating a strengthening balance sheet [15].

Core Viewpoint - Wanhe Electric reported significant revenue and profit growth for 2024 and Q1 2025, driven by a dual strategy of high-end and green product development [2][3] Financial Performance - In 2024, Wanhe Electric achieved total revenue of 7.342 billion yuan, a year-on-year increase of 20.29% - The net profit attributable to shareholders was 658 million yuan, up 15.73% - The net profit after deducting non-recurring items was 656 million yuan, reflecting an 8.45% increase - For Q1 2025, revenue reached 2.295 billion yuan, a 15.94% year-on-year growth - The net profit attributable to shareholders for Q1 was 179 million yuan, an 8.01% increase, while the net profit after deducting non-recurring items was 215 million yuan, up 14.40% [2] Product Strategy - Wanhe Electric launched 273 new products in 2024, with 1.63 million units sold in the mid-to-high-end category - The company is focusing on high-end products to increase average transaction value and gross margin, contributing to revenue growth - Green technology products align with policy directions and consumer upgrades, opening new market opportunities [3] Innovation and Standards - In 2024, Wanhe Electric led the formulation of two national hydrogen energy standards and was recognized as a pilot unit for hydrogen energy standardization in Foshan, Guangdong - The company is actively involved in the "Hydrogen-Ammonia Integration" technology project in Guangdong, exploring more hydrogen energy application scenarios [3] Efficiency and International Expansion - The increase in net profit is attributed to both revenue growth and the implementation of an "efficiency growth" strategy through digital transformation and lean management - Export sales grew by 41.43%, indicating the success of the "manufacturing going abroad" strategy - Wanhe Electric is building an international system capability, leveraging infrastructure upgrades and consumer upgrades along the Belt and Road countries [3] Future Outlook - The company plans to continue and deepen its existing strategic focus, particularly in emerging fields such as hydrogen energy and heat pumps - Wanhe Electric aims to cultivate product categories like heat pumps and dishwashers, expanding through brand licensing and cross-border e-commerce to create greater growth opportunities [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7]. Core Insights - The company's Q1 2025 revenue slightly exceeded expectations, achieving 2.295 billion yuan, a year-on-year increase of 15.94%. The net profit attributable to the parent company for Q1 2025 was 179 million yuan, up 8.01% year-on-year [7]. - The company is upgrading its strategic focus to build an international operational system, responding to domestic economic challenges and increasing competition. The new strategic pillars include product-driven growth, efficiency enhancement, digital intelligence upgrades, and global operations [7]. - The company has launched 273 new products and won 29 domestic design awards, enhancing its product image and driving sales of mid-to-high-end products [7]. - The company reported a gross profit margin of 28.06% for 2024 and a net profit margin of 8.96%. For Q1 2025, the gross profit margin was 29.88% and the net profit margin was 7.81%, indicating stable profitability [7]. - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 759 million yuan, 848 million yuan, and 955 million yuan respectively, with corresponding P/E ratios of 10, 9, and 8 times [7]. Financial Data and Earnings Forecast - Total revenue for 2024 is projected at 7.342 billion yuan, with a year-on-year growth rate of 20.3%. For Q1 2025, the revenue was 2.295 billion yuan, with a growth rate of 15.9% [6][9]. - The net profit attributable to the parent company for 2024 is expected to be 658 million yuan, with a growth rate of 15.7%. The forecast for 2025 is 759 million yuan, reflecting a growth rate of 15.4% [6][9]. - The company aims to maintain a stable gross profit margin, with projections of 29.1% for 2025 and 30.1% for 2027 [6].

Core Viewpoint - Guangdong Vanward New Electric Co., Ltd. reported a strong financial performance for 2024, with total revenue of 7.342 billion yuan, a year-on-year increase of 20.29%, and a net profit attributable to shareholders of 658 million yuan, up 15.73% [1] Financial Performance - In 2024, the company achieved total revenue of 7.342 billion yuan, representing a 20.29% increase year-on-year [1] - The net profit attributable to shareholders for 2024 was 658 million yuan, reflecting a 15.73% year-on-year growth [1] - For Q1 2025, the company continued its growth trajectory with revenue of 2.295 billion yuan, a 15.94% increase year-on-year, and a net profit of 179 million yuan, up 8.01% [1] Strategic Initiatives - The revenue growth is attributed to the company's dual strategy of "high-end + green" product development, which includes launching high-end products to increase average transaction value and gross margin, as well as green technology products that align with policy directions and consumer upgrades [1] - The company invested 289 million yuan in R&D for the year, marking a 25.23% increase, emphasizing product innovation as a key driver for growth [2] Manufacturing and Market Expansion - Vanward established a Lean Manufacturing Center to optimize production lines for heating and kitchen appliances, achieving a 20% increase in production efficiency and a 30% improvement in inventory turnover rate [2] - The company saw a significant increase in customer acquisition through digital channels, with a 439.72% year-on-year growth in customer numbers via the Douyin OMO platform [2] - In the international market, the company reported a 41.43% year-on-year increase in export sales, indicating the success of its "manufacturing going global" strategy [2] Future Outlook - The company plans to deepen its existing strategic focus on emerging fields such as hydrogen energy and heat pumps, while expanding product categories like dishwashers through brand licensing and cross-border e-commerce [3] - There is a commitment to enhance global capacity coordination and brand value, leveraging technological innovation and supply chain optimization to strengthen its core competitiveness [3] - The company aims to progress towards its vision of becoming a "global leader in gas appliances" [3]

证券代码：002543 证券简称：万和电气 公告编号：2025-016 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广东万和新电气股份有限公司（以下简称"公司"或"万和电气"）董事会 五届二十次会议于2025年4月24日审议通过了《关于提请召开公司2024年年度股东 大会的议案》，现就召开公司2024年年度股东大会（以下简称"本次股东大会"） 有关事宜通知如下： 一、召开会议的基本情况 1、股东大会届次：广东万和新电气股份有限公司2024年年度股东大会 2、股东大会的召集人：公司第五届董事会 公司董事会五届二十次会议审议通过了《关于提请召开公司2024年年度股东 大会的议案》，决定召开本次股东大会。 3、本次股东大会会议的召集、召开符合《公司法》《证券法》《深圳证券 交易所股票上市规则》《公司章程》等有关法律法规、部门规章、规范性文件的 规定。 4、会议召开的日期、时间 广东万和新电气股份有限公司 关于召开2024年年度股东大会的通知 ②通过深圳证券交易所互联网投票系统进行投票的具体时间为：2025年5月 21日09:15-15:00。 5、会议的召开方式 ...

广东万和新电气股份有限公司（以下简称"公司"或"万和电气"）五届十 一次监事会会议于2025年4月24日上午在公司会议室以现场表决和通讯表决相结 合的方式召开，会议于2025年4月8日以书面和电子邮件方式向全体监事进行了通 知。会议应出席监事人数3人，实出席监事人数3人，会议由监事会主席黄平先生 主持，董事会秘书卢宇凡先生列席了本次会议。本次会议的召集、召开符合《公 司法》等有关法律、行政法规、部门规章和《公司章程》《监事会议事规则》等 规范性文件的规定，会议决议合法有效。 二、会议审议情况 经与会监事认真审议，以现场表决和通讯表决相结合的方式表决了本次会议 的全部议案，通过了如下决议： 1、会议以赞成3票、反对0票、弃权0票通过了《<2024年年度报告>及<2024 年年度报告摘要>》，此项议案尚需提交公司2024年年度股东大会审议； 监事会发表意见如下：经审核，董事会编制和审议的《2024年年度报告》及 《2024年年度报告摘要》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、完整地反映了上市公司的实际情况，不存在任何虚假记载、误 导性陈述或者重大遗漏。 证券代码：002543 证券简称 ...

证券代码：002543 证券简称：万和电气 公告编号：2025-005 广东万和新电气股份有限公司 董事会五届二十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、会议召开情况 广东万和新电气股份有限公司（以下简称"公司"或"万和电气"）董事会 五届二十次会议于2025年4月24日上午在公司会议室以现场表决和通讯表决相结 合的方式召开，会议于2025年4月8日以书面和电子邮件方式向全体董事进行了通 知。会议应出席董事人数7人，实际出席董事人数7人，会议由公司董事长YU CONG LOUIE LU先生主持，公司全体监事和高级管理人员列席了会议。本次会议的召集、 召开符合《公司法》等有关法律、行政法规、部门规章和《公司章程》《董事会 议事规则》等规范性文件的规定，会议决议合法有效。 《2024年年度报告》详见信息披露媒体：信息披露网站巨潮资讯网 http://www.cninfo.com.cn；《2024年年度报告摘要》（公告编号：2025-007）详见信 息披露媒体：《中国证券报》《证券时报》《上海证券报》《证券日报》和信息 披露网站巨潮资讯网 ...

证券代码：002543 证券简称：万和电气 公告编号：2025-009 广东万和新电气股份有限公司 关于2024年度利润分配预案 暨2025年度中期现金分红规划的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广东万和新电气股份有限公司（以下简称"公司"或"万和电气"）于2025 年4月24日召开董事会五届二十次会议和五届十一次监事会会议，审议通过了《关 于公司2024年度利润分配预案暨2025年度中期现金分红规划的议案》，此项议案 尚需提交公司2024年年度股东大会审议。现将相关事宜公告如下： 一、审议程序 1、董事会/监事会审议情况 董事会五届二十次会议以7票同意、0票反对、0票弃权和五届十一次监事会 会议以3票同意、0票反对、0票弃权的结果，审议通过了《关于公司2024年度利 润分配预案暨2025年度中期现金分红规划的议案》，并将该议案提交公司2024年 年度股东大会审议。 2、董事会意见 公司董事会认为：经核查，公司2024年度利润分配预案符合《上市公司监管 指引第3号——上市公司现金分红》《公司章程》及《2024-2026年分红回报规划》 中对 ...

广东万和新电气股份有限公司 二〇二四年度 审计报告 致同会计师事务所（特殊普通合伙） 目 录 | 审计报告 | 1-6 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-101 | 三、关键审计事项 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 审计报告 致同审字（2025）第 440A016743 号 广东万和新电气股份有限公司全体股东： 一、审计意见 我们审计了广东万和新电气股份有限公司（以下简称万和电气），包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利润表、 合并及公司现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了万和电气 ...

目 录 关于广东万和新电气股份有限公司非经营性资金占用及其他关联 资金往来的专项说明 1-2 广东万和新电气股份有限公司 2024年度非经营性资金占用及其他 关联资金往来情况汇总表 1 关于广东万和新电气股份有限公司 非经营性资金占用及其他关联 资金往来的专项说明 致同会计师事务所（特殊普通合伙） 我们接受广东万和新电气股份有限公司（以下简称"万和电气"）委托， 根据中国注册会计师执业准则审计了万和电气 2024年 12月 31日的合并及公司 资产负债表，2024 年度合并及公司利润表、合并及公司现金流量表、合并及 公司股东权益变动表和财务报表附注，并出具了 致同审字（2025）第 440A016743 号无保留意见审计报告。 致同会计师事务所（特殊普通合伙） 中国北京 朝阳区建国门外大街 22 号 赛特广场 5 层 邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 关于广东万和新电气股份有限公司 非经营性资金占用及其他关联资金往来的专项说明 致同专字（2025）第 440A010029 号 广东万和新电气股份有限公司 ...