证券代码：002851 证券简称：麦格米特 编号：2024-004 债券代码：127074 债券简称：麦米转 2 深圳麦格米特电气股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |-------|--------------------------------------------------------------------|--------------------------------------------------------------------------------|--------------------------------------------------------------------| | | | | | | 投资 | | | | | 者 | √ 特定对象调研 □ | 分析师会议 | | | 关系 | □ 媒体采访 □ | 业绩说明会 | | | 活动 | □ 新闻发布会 □ | 路演活动 | | | 类别 | □ 现场参观 □ | 其他（请文字说明其他活动内容） | | | | 共计 77 家机构投资者（排名不分先后）： | ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 5.903 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 21.06%. The net profit attributable to the parent company was 411 million yuan, a decrease of 14.82% year-on-year, while the net profit after deducting non-recurring gains and losses was 363 million yuan, an increase of 18.10% year-on-year [1][2] - In Q3 2024, the company achieved a revenue of 1.892 billion yuan, a year-on-year increase of 19.02%, with a net profit attributable to the parent company of 97 million yuan, up 3.86% year-on-year, and a net profit after deducting non-recurring gains and losses of 81 million yuan, an increase of 16.30% year-on-year [1][2] - The company's gross margin in Q3 2024 was 25.28%, a decrease of 0.51 percentage points from Q2 2024 but an increase of 0.07 percentage points year-on-year. The R&D expense ratio was 13.2%, an increase of 2.4 percentage points from the previous quarter, indicating strong investment in R&D to enhance product competitiveness and drive growth across multiple business areas [2] - The company has entered the NVIDIA supply chain, launching a new power system suitable for the NVIDIA MGX platform, which is expected to drive rapid growth in its network power business [2] - Profit forecasts for the company indicate net profits attributable to the parent company of 574 million yuan, 811 million yuan, and 1.066 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year changes of -8.7%, +41.3%, and +31.3%. The market capitalization corresponds to a PE ratio of 40 and 28 times for 2024 and 2025 respectively, maintaining a "Buy" rating [2] Financial Summary - For 2022A, the total revenue was 5.478 billion yuan, with a year-on-year growth of 31.8%. The net profit attributable to the parent company was 473 million yuan, with a year-on-year growth of 21.6% [4] - The projected total revenue for 2024E is 8.624 billion yuan, with a year-on-year growth of 27.7%. The net profit attributable to the parent company is expected to be 574 million yuan, reflecting a year-on-year decrease of 8.7% [4] - The gross margin is projected to be 25.8% for 2024E, with a return on equity (ROE) of 11.4% [4]

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。 深圳麦格米特电气股份有限公司（以下简称"公司"）第五届董事会第十三 次会议于 2024 年 10 月 30 日在深圳市南山区学府路 63 号高新区联合总部大厦 34 层公司会议室以现场表决和通讯表决相结合的方式召开，会议通知于 2024 年 10 月 23 日以电子邮件或传真方式送达全体董事。本次会议应出席董事 5 名，实际出 席董事 5 名（董事王雪芬、楚攀、柳建华以通讯表决方式参加，其余董事以现场 表决方式参加），公司监事及高级管理人员列席了本次会议。本次会议的召开符 合《公司法》及《公司章程》的有关规定。本次会议由公司董事长童永胜先生主 持，出席会议董事通过以下决议： 一、审议通过《关于<深圳麦格米特电气股份有限公司 2024 年第三季度报告> 的议案》 | 证券代码：002851 | 证券简称：麦格米特 | 公告编号：2024-090 | | --- | --- | --- | | 债券代码：127074 | 债券简称：麦米转 2 | | 深圳麦格米特电气股份有限公司 第五届董事会第十三次会议决议公告 公 ...

| 证券代码：002851 | 证券简称：麦格米特 | 公告编号：2024-091 | | --- | --- | --- | | 债券代码：127074 | 债券简称：麦米转 2 | | 深圳麦格米特电气股份有限公司 第五届监事会第十二次会议决议公告 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。 1 深圳麦格米特电气股份有限公司 监 事 会 深圳麦格米特电气股份有限公司（以下简称"公司"）第五届监事会第十二 次会议于 2024 年 10 月 30 日在深圳市南山区学府路 63 号高新区联合总部大厦 34 楼公司会议室以现场表决方式召开，会议通知于 2024 年 10 月 23 日以电子邮 件或传真方式送达全体监事。本次会议应出席监事 3 名，实际出席监事 3 名（所 有监事均以现场表决方式参加），会议的召开符合《中华人民共和国公司法》（以 下简称"《公司法》"）及《公司章程》的有关规定。会议由公司监事会主席梁 敏女士主持，出席会议监事通过如下决议： 一、审议通过《关于<深圳麦格米特电气股份有限公司 2024 年第三季度报 告>的议案》 经审核，监事会认为公 ...

Financial Performance - Revenue for Q3 2024 reached 1.89 billion yuan, a year-on-year increase of 19.02%[3] - Net profit attributable to shareholders in Q3 2024 was 96.56 million yuan, up 3.86% year-on-year[3] - Non-GAAP net profit in Q3 2024 was 81.13 million yuan, a 16.30% increase year-on-year[3] - Total revenue for the first three quarters of 2024 was 5.90 billion yuan, up 21.06% year-on-year[3] - Net profit attributable to shareholders for the first three quarters of 2024 was 411.15 million yuan, down 14.82% year-on-year[3] - Revenue for the period reached 5.90 billion yuan, up 21.1% from 4.88 billion yuan in the previous year[21] - Net profit attributable to the parent company rose to 2.73 billion yuan from 2.43 billion yuan, an increase of 12.4%[20] - Net profit attributable to parent company shareholders reached RMB 411.15 million, a decrease of 14.8% compared to the same period last year[22] - Basic earnings per share were RMB 0.8241, a decrease of 14.8% compared to the same period last year[22] - Total comprehensive income was RMB 419.04 million, a decrease of 12.8% compared to the same period last year[22] R&D and Innovation - R&D expenses increased by 33.22% due to expanded company scale and continuous investment in R&D[7] - R&D expenses increased to 695.73 million yuan, up 33.2% from 522.23 million yuan, indicating continued investment in innovation[21] Financial Expenses and Investments - Financial expenses surged by 304.53% primarily due to exchange rate fluctuations[7] - Investment income rose by 143.99% due to increased returns from large-denomination deposit products[7] - Short-term borrowings surged to 920.25 million yuan from 324.39 million yuan, a significant increase of 183.7%[19] - Long-term investments in fixed assets grew to 1.39 billion yuan from 1.27 billion yuan, up 9.8%[18] - Investment cash outflow was RMB 3.19 billion, a decrease of 29.9% compared to the same period last year[24] - Financing cash inflow was RMB 1.23 billion, an increase of 98.2% compared to the same period last year[24] Assets and Liabilities - Total assets as of the end of Q3 2024 were 11.55 billion yuan, a 14.23% increase from the previous year-end[3] - Shareholders' equity reached 4.76 billion yuan, up 7.68% from the previous year-end[3] - Total assets increased to 11.55 billion yuan from 10.11 billion yuan, reflecting a growth of 14.2%[18][20] - Accounts receivable grew to 2.30 billion yuan from 2.23 billion yuan, reflecting a 3.0% increase[18] - Inventory levels rose to 2.24 billion yuan from 1.92 billion yuan, up 16.6%[18] - Total liabilities increased to 6.67 billion yuan from 5.57 billion yuan, a growth of 19.6%[19][20] - Cash and cash equivalents more than doubled to 1.30 billion yuan from 595.51 million yuan, a 117.5% increase[18] - Cash and cash equivalents increased by RMB 643.71 million, compared to a decrease of RMB 64.73 million in the same period last year[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 23,139[10] - Tong Yongsheng holds 19.12% of the shares, totaling 96,359,275 shares[10] - Wang Ping holds 7.19% of the shares, totaling 36,240,117 shares[10] - Hong Kong Securities Clearing Company holds 5.58% of the shares, totaling 28,135,118 shares[10] - Zhang Zhi holds 3.16% of the shares, totaling 15,949,050 shares, with 3,000,000 shares pledged[10] - Li Shengfu holds 3.01% of the shares, totaling 15,181,908 shares[10] - The company repurchased 852,300 shares, accounting for 0.17% of the total shares, with a total expenditure of RMB 20,008,007[17] - The company plans to repurchase shares with a total amount between RMB 20 million and RMB 40 million, at a price not exceeding RMB 32 per share[16] Convertible Bonds - The "Maimi Convertible Bond 2" had a total issuance of RMB 1.22 billion, with 40 bonds converted into 129 shares during Q3 2024[13][14] - The remaining "Maimi Convertible Bond 2" is 12,199,156 bonds, with a total face value of RMB 1.219 billion[14] Cash Flow and Expenses - Operating cash flow for the period was RMB 285.58 million, a decrease of 10% compared to the same period last year[24] - Sales revenue from goods and services reached RMB 4.64 billion, an increase of 7.3% compared to the same period last year[23] - Tax refunds received were RMB 92.53 million, an increase of 73.6% compared to the same period last year[24] - Cash paid for employee compensation was RMB 1.07 billion, an increase of 30.7% compared to the same period last year[24]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][11]. Core Views - The company has launched a new modular power system suitable for NVIDIA's MGX™ platform, which is expected to significantly impact its future operations positively [2][10]. - Despite a 94% year-on-year decrease in fair value changes, the company has adjusted its profit forecasts for 2024 and 2025 downwards, while increasing the forecast for 2026 due to anticipated growth in AI server power supply [2][10][11]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 4.01 billion yuan, a year-on-year increase of 22.0%, while net profit attributable to shareholders was 320 million yuan, a decrease of 19.3% [3][10]. - The company's gross margin for the first half of 2024 was 25.8%, an increase of 0.8 percentage points year-on-year, while the net profit margin was 8.0%, a decrease of 3.9 percentage points [3][10]. - Revenue breakdown by business segment for the first half of 2024 includes smart home appliances (2.01 billion yuan, +44%), power products (1.10 billion yuan, +13%), and others [3][10]. Profit Forecasts - The company forecasts revenues of 83.0 billion yuan, 106.1 billion yuan, and 133.4 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22.8%, 27.9%, and 25.8% [11]. - Net profit attributable to shareholders is projected to be 570 million yuan, 890 million yuan, and 1.16 billion yuan for the same years, with year-on-year changes of -9.4%, +56.2%, and +29.9% [10][11].

| 证券代码：002851 | 证券简称：麦格米特 公告编号：2024-089 | | --- | --- | | 债券代码：127074 | 债券简称：麦米转 2 | 深圳麦格米特电气股份有限公司 关于公司股票交易异常波动的公告 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。 重要内容提示： 1、深圳麦格米特电气股份有限公司股票于 2024 年 10 月 22 日、10 月 23 日 连续两个交易日收盘价格涨幅偏离值累计超过 20%。 2、公司股价短期波动幅度较大。公司郑重提醒广大投资者，《证券时报》、 《证券日报》和巨潮资讯网为公司选定的信息披露媒体，公司所有信息均以在上 述指定媒体刊登的信息为准，如有对公司经营产生重大影响的事件发生，公司将 会按照相关信息披露规则以公告形式披露。请各位投资者充分了解股票市场风险 及公司已披露文件中披露的风险因素，公司提醒投资者秉持价值投资理念，切勿 追随投机思维，审慎决策，理性投资，注意风险，以免股价剧烈波动造成个人投 资重大损失。 一、股价交易异常波动情况说明 深圳麦格米特电气股份有限公司（以下简称"公司"）于 202 ...

重要内容提示： 1、深圳麦格米特电气股份有限公司股票于 2024 年 10 月 17 日、10 月 18 日、 10 月 21 日连续三个交易日收盘价格涨幅偏离值累计超过 20%。 | 证券代码：002851 | 证券简称：麦格米特 | 公告编号：2024-088 | | --- | --- | --- | | 债券代码：127074 | 债券简称：麦米转 2 | | 深圳麦格米特电气股份有限公司 关于公司股票交易异常波动的公告 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。 2、公司股价短期波动幅度较大。公司郑重提醒广大投资者，《证券时报》、 《证券日报》和巨潮资讯网为公司选定的信息披露媒体，公司所有信息均以在上 述指定媒体刊登的信息为准，如有对公司经营产生重大影响的事件发生，公司将 会按照相关信息披露规则以公告形式披露。请各位投资者充分了解股票市场风险 及公司在定期报告等已披露文件中披露的风险因素，注意二级市场交易风险，理 性决策，审慎投资。 一、股价交易异常波动情况说明 深圳麦格米特电气股份有限公司（以下简称"公司"）于 2024 年 10 月 17 日 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to 45.00 CNY from the previous 30.50 CNY [4][10]. Core Insights - The company is expected to achieve both revenue and profit growth due to successful progress in AI high-power power supply samples and localized delivery in its global production layout [2][10]. - The company has become the only mainland supplier for NVIDIA's GB200 product, which is anticipated to lead to bulk orders by 2025 [10]. - The company's revenue from power supply products reached 1.097 billion CNY in H1 2024, marking a year-on-year increase of 13.05% [10]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 8.11 billion CNY, 12.12 billion CNY, and 15.23 billion CNY respectively, reflecting growth rates of 20.1%, 49.4%, and 25.7% [11]. - Net profit attributable to shareholders is forecasted to be 733 million CNY in 2024, 1.16 billion CNY in 2025, and 1.47 billion CNY in 2026, with growth rates of 16.5%, 57.7%, and 26.9% respectively [11]. - The company’s earnings per share (EPS) are projected to be 1.45 CNY for 2024, 2.29 CNY for 2025, and 2.91 CNY for 2026 [11]. Market Data - The company's current stock price is 33.86 CNY, with a 52-week price range of 18.92 to 33.86 CNY [5]. - The total market capitalization is 17.068 billion CNY, with a total share capital of 504 million shares [5]. Balance Sheet Highlights - Shareholder equity stands at 4.668 billion CNY, with a net asset value per share of 9.26 CNY [6]. - The current net debt ratio is 10.78% [6].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 36.52 [1][3]. Core Views - The partnership with NVIDIA for server power products is expected to accelerate the company's business growth, with the NVL72 product anticipated to launch next year [2][3]. - The AI technology boom is projected to create significant market space and growth potential for the server power market, benefiting the company's server power business [3][4]. - The company is positioned as the only mainland power supplier in NVIDIA's supply chain, enhancing its brand strength and potential for future orders [4][5]. - The company has made substantial investments in high-power power supply technology, establishing itself as a comprehensive power supplier with both domestic and international project experience [5]. Financial Summary - The company's revenue is projected to grow from RMB 6,754 million in 2023 to RMB 12,662 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 23.76% [6][10]. - The net profit attributable to the parent company is expected to increase from RMB 629.32 million in 2023 to RMB 1,081 million in 2026, with a notable growth rate of 33.13% in 2023 [6][10]. - The earnings per share (EPS) is forecasted to rise from RMB 1.25 in 2023 to RMB 2.14 in 2026 [10]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 24.65 in 2023 to 14.36 in 2026, indicating an attractive valuation over time [10].