证券研究报告 | 季报点评 gszqdatemark 2024 10 28 年 月 日 哈尔斯（002615.SZ） 收入增长靓丽，客户多元化 公司发布三季报：24Q3 实现收入 9.75 亿元（同比+26.7%），归母净利润 0.96 亿 元（同比-10.4%），扣非归母净利润 0.94 亿元（同比-12.8%）。整体业绩符合预 期，收入端预计受益于老客户新品放量以及新客户扩张、延续靓丽增长，利润端由 于前期高基数叠加汇率波动、表现略承压。 公司同时发布股票增值权激励计划：拟向董秘及某核心管理人员合计授予 120 万 份股票增值权（占总股本 0.26%，行权价为 4.07 元），业绩考核目标值为： 2025/2026 年收入达到 31.29/34.90 亿元（26 年同比+11.5%），激发高管团队动 力、分享公司增长红利。 新老客户持续放量，自主品牌延续靓丽增长。海外保温杯市场市场加速扩容，头 部品牌格局持续集中，公司作为 Yeti、Stanley 等龙头品牌核心供应商，顺应行业 趋势，持续迭代新品。我们预计，Yeti 受益于去年同期集中补库、累高基数，同比 略承压，Stanley 爆款 Quencher ...

Financial Performance - The company achieved revenue of 2.367 billion yuan in the first three quarters, a year-on-year increase of 38.77%, and net profit of 225 million yuan, a year-on-year increase of 47.03%, both reaching historical highs for the same period [1] - The net cash flow from operating activities at the end of Q3 was 246 million yuan, a year-on-year increase of 674.09% [1] - Accounts receivable at the end of Q3 increased by 70.03% compared to the beginning of the year, mainly due to the continuous growth in order volume [1] Business Overview - The company is a leading domestic cup and kettle manufacturer and brand operator, focusing on the production and sales of stainless steel thermal containers [1] - The company's main business models include OEM and brand operations, with OEM business focusing on overseas market expansion [1] - The company's OEM business has achieved significant results under the guidance of "new orders, new customers," with stable major clients and increasing orders from existing clients [1] - The brand business has implemented a "premium domestic products" strategy, enhancing R&D and design capabilities, and achieving significant sales growth on e-commerce platforms, especially on emerging platforms like Douyin [1] R&D and Innovation - The company's R&D expenses in the first three quarters were 97.19 million yuan, a year-on-year increase of 42.58%, mainly due to increased investment in new product development [1] - Strong R&D capabilities have enabled the company to quickly produce samples, giving it an advantage in securing orders [1] Market Outlook - The export data shows a compound annual growth rate of around 10% for thermal cups over the past five years, surpassing the growth rates of some popular home goods [1] - According to an industry report by iResearch, the domestic cup and kettle market is expected to grow at an average annual rate of 11.6% from 2022 to 2026, with the high-end segment growing at a compound annual rate of over 21.5% [1] - The company plans to focus on its core business over the next 3-5 years, maintaining growth in overseas operations while strengthening its brand to achieve dual growth drivers [1] Institutional Holdings - At the end of Q3, QFII institution HSBC Bank (Hong Kong) Limited appeared in the company's top ten circulating shareholders, newly holding 2.0345 million shares, ranking as the tenth largest circulating shareholder [2] Order Status - The company indicated during an institutional survey in early August that it has a full order book and expects a positive trend in the second half of the year [2]

Revenue and Profitability - Revenue for Q3 2024 reached ¥974,628,313.08, an increase of 26.69% compared to the same period last year[3] - Net profit attributable to shareholders was ¥96,270,693.42, a decrease of 10.38% year-on-year[3] - The company reported a significant increase in prepaid expenses to CNY 28,558,419.71 from CNY 10,569,243.34[12] - Total operating revenue for Q3 2024 reached CNY 2,367,389,237.90, a 39.0% increase from CNY 1,706,032,065.81 in the same period last year[14] - Net profit for Q3 2024 was CNY 225,503,385.34, representing a 48.7% increase compared to CNY 151,677,024.06 in Q3 2023[15] - The net profit attributable to the parent company for Q3 2024 was ¥224,932,503.39, an increase from ¥152,978,979.97 in the same period last year, representing a growth of approximately 47%[16] - The total comprehensive income for the parent company owners reached ¥238,398,599.39, compared to ¥142,171,560.43 in the previous year, indicating a significant increase of about 68%[16] - The basic and diluted earnings per share for Q3 2024 were both ¥0.49, up from ¥0.34 in the same period last year, reflecting a growth of approximately 44%[16] Cash Flow and Investments - Operating cash flow increased by 674.09% year-on-year, driven by higher cash receipts from sales[8] - Cash inflows from operating activities totaled ¥2,506,911,019.14, compared to ¥1,551,586,477.20 in the previous year, marking an increase of about 61%[18] - The net cash flow from operating activities was ¥245,883,858.38, a turnaround from a net outflow of -¥42,830,122.17 in the same period last year[18] - The company reported cash outflows from investing activities of ¥344,320,376.06, compared to ¥97,314,618.26 in the previous year, indicating a significant increase in investment activities[18] - The net cash flow from financing activities was ¥10,713,795.08, down from ¥47,560,786.41 in the previous year, showing a decrease of approximately 77%[19] - The cash and cash equivalents at the end of the period were ¥836,964,784.28, compared to ¥703,086,390.80 at the end of the previous year, representing an increase of about 19%[19] - The company received tax refunds amounting to ¥128,236,359.54, compared to ¥63,190,145.76 in the previous year, reflecting an increase of approximately 103%[18] - The company reported a foreign exchange impact on cash and cash equivalents of ¥16,705,402.92, compared to -¥29,228,279.50 in the previous year, indicating a positive shift in foreign exchange effects[19] Assets and Liabilities - Total assets increased by 16.46% compared to the end of the previous year, reaching ¥3,247,505,877.68[3] - The company's total assets as of September 30, 2024, amount to CNY 3,247,505,877.68, an increase from CNY 2,788,517,302.70 at the beginning of the period[12] - Current assets total CNY 1,987,565,666.27, up from CNY 1,787,081,568.65[12] - The company's total liabilities rose to CNY 1,587,661,014.55, compared to CNY 1,326,569,648.90 in the previous year, reflecting a 19.6% increase[13] - Short-term borrowings increased by 171.73% year-to-date, indicating a restructuring of debt[7] - Short-term borrowings increased significantly to CNY 153,398,297.38 from CNY 56,451,866.11[12] - The company reported a decrease in long-term borrowings to CNY 270,329,000.00 from CNY 288,968,016.60, a reduction of 6.0%[13] - Contract liabilities rose significantly to CNY 55,963,698.02, up 92.2% from CNY 29,154,447.35 in the previous year, indicating strong future revenue recognition[13] Shareholder Information - The total number of common shareholders at the end of the reporting period is 24,440[9] - The largest shareholder, Lü Qiang, holds 37.81% of the shares, totaling 176,327,685 shares[9] - The company has a total of 5,570,000 shares held under the employee stock ownership plan, representing 1.19% of the total shares[10] Research and Development - R&D expenses rose by 42.58% year-on-year, reflecting increased investment in new product development[7] - Research and development expenses increased to CNY 97,190,463.85, up 42.6% from CNY 68,166,277.21 in the previous year[15] Performance Metrics - The weighted average return on equity decreased to 5.96%, down from 7.49% in the previous year[3] - The company’s total equity attributable to shareholders increased by 13.50% year-to-date, amounting to ¥1,665,964,556.70[3] - The total equity attributable to shareholders increased to CNY 1,665,964,556.70, up 13.4% from CNY 1,467,825,342.64 year-on-year[13] - The company reported a 38.77% increase in operating income year-on-year, attributed to sustained growth in order volume[7] - Total operating costs amounted to CNY 2,103,055,835.76, up 39.9% from CNY 1,501,611,349.20 year-on-year[15] - Accounts receivable increased to CNY 384,415,084.70 from CNY 226,090,262.12[12] - Inventory has risen to CNY 626,949,887.80, compared to CNY 495,384,134.44 previously[12] - The company's non-current assets total CNY 1,259,940,211.41, up from CNY 1,001,435,734.05[12]

证券代码：002615 证券简称：哈尔斯 公告编号：2024-057 3、截至本公告日，征集人未持有公司股份。 根据中国证券监督管理委员会（以下简称"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》"）的有关规定，浙江哈尔斯真空器皿股份有限 公司（以下简称"公司"或"本公司"）独立董事文宗瑜受其他独立董事委托作为征 集人，就公司拟于 2024 年 11 月 12 日召开的 2024 年第五次临时股东大会所审议的 股票增值权激励计划相关议案向公司全体股东征集投票权。 中国证监会、深圳证券交易所以及其他政府部门未对本报告书所述内容真实性、 准确性和完整性发表任何意见，对本报告书的内容不负有任何责任，任何与之相反 的声明均属虚假不实陈述。 一、征集人声明 本人文宗瑜作为征集人，仅对本公司拟召开的 2024 年第五次临时股东大会审议 的股权激励计划相关议案向全体股东征集投票权而制作并签署本报告书（以下简称 "本报告书"）。征集人保证本报告书不存在虚假记载、误导性陈述或重大遗漏，并 浙江哈尔斯真空器皿股份有限公司 独立董事公开征集委托投票权报告书 本公司及董事会全体成员保证信息披露的内容真实、准确、 ...

证券简称：哈尔斯 证券代码：002615 浙江哈尔斯真空器皿股份有限公司 2024 年股票增值权激励计划 （草案）摘要 二零二四年十月 声 明 本公司及全体董事、监事保证本激励计划及其摘要不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈述 或者重大遗漏，导致不符合授予权益或行使权益安排的，激励对象应当自相关信 息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计划 所获得的全部利益返还公司。 2 特别提示 一、本激励计划系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股权激励管理办法》等其他有关法律、法规、规范性文件，以及《浙 江哈尔斯真空器皿股份有限公司章程》制订。 二、本激励计划采用股票增值权工具，股票增值权不涉及到实际股份，以浙 江哈尔斯真空器皿股份有限公司（以下简称"公司"或"本公司"）A股普通股股票 为虚拟标的股票，在满足业绩考核标准的前提下，由公司以现金方式支付行权价 格与兑付价格之间的差额，该差额即为激励额度。 三、本激励计划拟向激励对象授予120万份 ...

北京德恒（杭州）律师事务所 关于浙江哈尔斯真空器皿股份有限公司 调整 2024 年员工持股计划受让价格相关事项的 法律意见 杭州市上城区新业路 200 号华峰国际商务大厦 10 楼 邮编：310016 电话：（+86）0571-86508080 传真：（+86）0571-8735775 北京德恒（杭州）律师事务所 关于浙江哈尔斯真空器皿股份有限公司 调整2024年员工持股计划受让价格相关事项的 本所根据《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》）、中国证券监督管理委员会（以下简称中国证 监会）发布的《关于上市公司实施员工持股计划试点的指导意见》（以下简称《指 导意见》）、深圳证券交易所《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作（2023 年 12 月修订）》（以下简称《监管指引》）的相关 规定，就本员工持股计划调整受让价格相关事项，出具本法律意见。 为出具本法律意见，本所律师审查了本员工持股计划及调整受让价格相关文 件和材料，并得到公司如下保证：公司向本所提供的所有文件资料及所作出的所 有陈述和说明均是完整、真实和有效的，且一切 ...

浙江哈尔斯真空器皿股份有限公司 2024 年股票增值权激励计划授予激励对象名单 | 序 | 姓名 | 国籍 | 职务 | 获授股票 增值权数 | 占授予股 票增值权 | 占激励计划 公告日股本 | | --- | --- | --- | --- | --- | --- | --- | | 号 | | | | 量(万份) | 总数比例 | 总额比例 | | 1 | 邵巧蓉 | 中国 | 董事会秘书 | 60 | 50% | 0.13% | | | 核心管理人员及骨干（1 | | 人） | 60 | 50% | 0.13% | | | | 总计 | | 120 | 100% | 0.26% | 注：1、本激励计划激励对象不包括独立董事、监事、单独或合计持有上市公司 5%以 上股份的股东、上市公司实际控制人及其配偶、父母、子女； 2、上表中部分合计数与各明细数直接相加之和在尾数上如有差异，是由于四舍五入所 造成。 浙江哈尔斯真空器皿股份有限公司董事会 2024 年 10 月 28 日 ...

证券代码：002615 证券简称：哈尔斯 公告编号：2024-055 浙江哈尔斯真空器皿股份有限公司 关于调整 2024 年员工持股计划预留授予部分受让价格的公告 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。 浙江哈尔斯真空器皿股份有限公司（以下简称"公司"）于2024年10月25日召开 第六届董事会第十一次会议、第六届监事会第十次会议，审议通过了《关于调整2024 年员工持股计划预留授予部分受让价格的议案》，现将有关情况公告如下： 一、2024 年员工持股计划的决策程序和批准情况 1、公司于 2024 年 3 月 15 日召开了第六届董事会第七次会议和第六届监事会 第六次会议，审议通过了《关于＜公司 2024 年员工持股计划（草案）＞及其摘要 的议案》《关于＜公司 2024 年员工持股计划管理办法＞的议案》等相关议案，同 意公司实施 2024 年员工持股计划，公司监事会发表了核查意见。 已实施完毕 2023 年度利润分配方案，董事会根据《公司 2024 年度员工持股计划》 的相关规定，将 2024 年度员工持股计划预留授予部分的股份受让价格由 3.27 元 ...

浙江哈尔斯真空器皿股份有限公司 2024 年股票增值权激励计划实施考核管理办法 浙江哈尔斯真空器皿股份有限公司（以下简称"公司"或"本公司"）为进 一步完善公司法人治理结构，建立、健全公司长效激励约束机制，吸引和留住公 司核心人员，充分调动其积极性和创造性，有效提升核心团队凝聚力和企业核心 竞争力，有效地将股东、公司和核心团队三方利益结合在一起，使各方共同关注 公司的长远发展，确保公司发展战略和经营目标的实现，公司在充分保障股东利 益的前提下，按照收益与贡献匹配的原则，制定了《浙江哈尔斯真空器皿股份有 限公司 2024 年股票增值权激励计划（草案）》（以下简称"股权激励计划"或"本 激励计划"）。 为保证公司本激励计划的顺利实施，形成良好均衡的价值分配体系，现根据 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股权激励管理办 法》《深圳证券交易所股票上市规则》等有关法律、法规和规范性文件以及《浙 江哈尔斯真空器皿股份有限公司章程》（以下简称"《公司章程》"）和本激励计划 的相关规定，并结合公司的实际情况，特制定本办法。 一、考核目的 制定本办法的目的是加强公司股权激励计划执行的计划性，量化公司股权 ...

北京德恒（杭州）律师事务所 关于浙江哈尔斯真空器皿股份有限公司 2024 年股票增值权激励计划（草案）的 法律意见 杭州市上城区新业路 200 号华峰国际商务大厦 10-11 楼 邮编：310016 电话：(+86)0571-86508080 传真：(+86)0571-8735775 北京德恒（杭州）律师事务所 关于浙江哈尔斯真空器皿股份有限公司 2024 年股票增值权激励计划（草案）的法律意见 北京德恒（杭州）律师事务所 关于浙江哈尔斯真空器皿股份有限公司 2024年股票增值权激励计划（草案）的 法律意见 德恒【杭】书（2024）第 10035 号 致：浙江哈尔斯真空器皿股份有限公司 北京德恒（杭州）律师事务所（以下简称本所）根据与浙江哈尔斯真空器皿 股份有限公司（以下简称哈尔斯或公司）签订的《常年法律咨询服务合同》，接 受哈尔斯委托担任其 2024 年股票增值权激励计划（以下简称本激励计划）的法 律顾问。 本所根据《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》）、中国证券监督管理委员会（以下简称中国证 监会）发布的《上市公司股权激励管理办法（2018 修正） ...