Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance was impacted by exchange rate fluctuations, with a revenue of 14.36 billion yuan, representing a year-on-year increase of 18.9% and a quarter-on-quarter increase of 11.0%. The net profit attributable to the parent company was 390 million yuan, up 6.4% year-on-year but down 23.1% quarter-on-quarter [1][2] - The consumer electronics business continues to perform well, supported by a gradual recovery in global smartphone sales, with IDC reporting an increase in global smartphone shipments [2] - The company has adjusted its accounting policy regarding warranty costs, which has affected the gross margin calculation, indicating better underlying performance than reported [2] Financial Summary - Revenue projections for 2024-2026 are 54.92 billion yuan, 64.19 billion yuan, and 74.07 billion yuan, respectively, with growth rates of 15%, 17%, and 15% [1] - The net profit attributable to the parent company is forecasted to be 1.67 billion yuan in 2024, 2.06 billion yuan in 2025, and 2.44 billion yuan in 2026, with growth rates of 55%, 24%, and 18% respectively [1] - The company's P/E ratio is projected to decrease from 25.2 in 2024 to 17.3 in 2026, indicating an improving valuation [1] Market and Business Outlook - The report highlights that the global smartphone market is expected to reach 1.23 billion units in 2024, a year-on-year increase of 5.8%, driven by the rollout of AI features and increasing replacement demand [2] - The company's self-supply ratio for 3C battery cells is expected to continue increasing, and it aims to expand its client base in the laptop battery segment, which is anticipated to lead to rapid growth in the consumer electronics business [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported Q3 results that met expectations, with strong performance in its consumer business. For the first three quarters of 2024, revenue reached 38.279 billion yuan, a year-on-year increase of 11.54%, and net profit attributable to shareholders was 1.212 billion yuan, up 50.84% year-on-year [2][6] - The third quarter revenue was 14.360 billion yuan, reflecting an 18.85% year-on-year increase and a 10.95% quarter-on-quarter increase. The net profit attributable to shareholders for Q3 was 388 million yuan, a year-on-year increase of 6.35% but a quarter-on-quarter decrease of 23.13% [2][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 38.279 billion yuan, with a year-on-year growth of 11.54%. The net profit attributable to shareholders was 1.212 billion yuan, up 50.84% year-on-year, and the non-recurring net profit was 1.163 billion yuan, increasing by 90.78% year-on-year [2][6] - In Q3 2024, the company reported a revenue of 14.360 billion yuan, a year-on-year increase of 18.85% and a quarter-on-quarter increase of 10.95%. The net profit attributable to shareholders was 388 million yuan, a year-on-year increase of 6.35% but a quarter-on-quarter decrease of 23.13% [2][6] Business Segment Performance - The consumer business showed significant improvement, with the self-supply rate of consumer battery cells exceeding 35% in the first three quarters of 2024. The company is actively promoting integrated "pack + cell" business, which is expected to enhance gross margins [8] - The company has strengthened collaborations with major domestic automotive manufacturers and is expanding partnerships with well-known international car manufacturers. The LFP battery technology has achieved industry-leading specifications, including a charging rate of 6C and an energy density of 450Wh/L [8] Earnings Forecast and Investment Recommendations - The company is expected to achieve revenues of 55.453 billion yuan, 62.339 billion yuan, and 71.840 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.86%, 12.42%, and 15.24%. The net profit attributable to shareholders is projected to be 1.671 billion yuan, 2.011 billion yuan, and 2.547 billion yuan for the same years, with corresponding growth rates of 55.25%, 20.35%, and 26.65% [9][10]

证券代码：300207 证券简称：欣旺达 公告编号：<欣>2024-128 欣旺达电子股份有限公司 关于再次回购公司股份的进展公告 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、再次回购公司股份的基本情况 欣旺达电子股份有限公司（以下简称"公司"）于 2024 年 2 月 7 日召开第 六届董事会第四次会议和第六届监事会第四次会议，于 2024 年 2 月 29 日召开 2024 年第二次临时股东大会，审议通过了《关于再次回购公司股份方案的议案》， 同意公司使用自有资金以集中竞价交易方式回购公司已发行的部分人民币普通 股（A 股）股票，予以注销并相应减少公司注册资本。本次回购股份的资金总额 不低于人民币 3 亿元（含），不超过人民币 5 亿元（含），回购价格不超过人民 币 19.9 元/股（含），具体回购股份的数量以回购期满时实际回购的股份数量为 准。因 2023 年权益分派实施事宜，公司对回购价格上限进行调整，调整后的回 购价格上限为 19.78 元/股，调整后的回购价格上限自 2024 年 5 月 23 日（除权 除息日）起生效。基于目前资本市场变化 ...

Investment Rating - The report assigns a "Buy" rating to Shenzhen Sunwoda Electronics Co Ltd (300207) for the first time [7][10] Core Views - Shenzhen Sunwoda is a global leader in the consumer electronics battery pack industry, with leading market shares in mobile phones, tablets, and laptops [3] - The company has a clear competitive advantage in the CELL+PACK integration trend, which is expected to drive rapid growth in revenue and profitability for its consumer battery business [5] - The company's power battery business has adopted a "focus + differentiation" strategy and is expected to benefit from the stabilization of the industry landscape [6] - The company is expected to achieve revenue of 56.73 billion yuan, 66.2 billion yuan, and 77.14 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 18.5%, 16.7%, and 16.5% [10] Industry Analysis Consumer Electronics Battery Market - The mobile phone market has entered a stock competition era, with battery capacity becoming a key differentiator for new models [4] - Foldable phones are experiencing rapid growth, with domestic shipments in China expected to increase from 1.2 million units in 2020 to 17.6 million units in 2025, with a compound annual growth rate of 71% [38] - The trend of dual-cell batteries in foldable phones is becoming more prominent, with major brands such as Huawei, Samsung, OPPO, Vivo, Xiaomi, and Honor adopting this solution [44] Lithium Battery Manufacturing - Lithium battery manufacturing is complex, with high barriers to entry, particularly in the cell production process [74] - Domestic cell manufacturers are gradually replacing foreign suppliers, with companies like Sunwoda and Zhuhai CosMX gaining market share [70][71] - New battery technologies, such as silicon-carbon anodes and solid-state batteries, are emerging, with major brands like Huawei, Honor, and Vivo adopting these technologies [58][61] Company Analysis Business Overview - Shenzhen Sunwoda has built three major business segments: 3C consumer batteries, power technology, and energy storage systems [3][84] - The company has a global presence, with production bases in India, Vietnam, Hungary, and Morocco, and overseas marketing institutions in the US, France, Germany, Israel, South Korea, and Japan [87] Competitive Advantages - The company has a leading position in the consumer battery pack industry and is rapidly increasing its market share in the cell segment [84] - The company's CELL+PACK integration strategy provides a clear competitive advantage, enabling cost efficiency and technological innovation [5] - The company has established strong relationships with key customers, including Apple, Huawei, Xiaomi, and OPPO [22] Financial Performance - The company's revenue is expected to grow steadily, with consumer battery business remaining the main revenue driver, accounting for 55% of total revenue in H1 2024 [32] - The company's gross margin for consumer batteries has been increasing, reaching 18% in H1 2024, driven by higher self-supply rates of cells [32] - The company's R&D investment has remained stable at around 6% of revenue from 2019 to H1 2024, supporting its technological innovation [33]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - Q3 performance met expectations with total revenue of 38.3 billion yuan, a year-on-year increase of 12%, and net profit attributable to shareholders of 1.2 billion yuan, a year-on-year increase of 51% [2] - The consumer lithium battery segment continues to perform well, with Q3 revenue of 7.6 billion yuan, a quarter-on-quarter increase of 10%, and a gross margin of 18-19% [3] - The power storage customer base is expanding, with Q3 revenue of 4 billion yuan and a shipment of 6.8 GWh, although the segment is expected to incur losses [4] - Operating expenses increased during Q3, with a total of 5.2 billion yuan, a year-on-year increase of 17% [5] - The profit forecast for 2024-2026 has been adjusted to 1.709 billion, 2.139 billion, and 2.694 billion yuan respectively, reflecting a year-on-year growth of 59%, 25%, and 26% [5] Summary by Sections Financial Performance - Total revenue for 2024 is projected at 54.3 billion yuan, with a year-on-year growth of 13.45% [1] - Net profit for 2024 is estimated at 1.709 billion yuan, representing a year-on-year increase of 58.84% [1] - The latest diluted EPS is expected to be 0.92 yuan per share for 2024 [1] Consumer Lithium Battery Segment - Revenue from the consumer business in Q3 was 7.6 billion yuan, contributing approximately 600 million yuan in profit [3] - For 2024, consumer revenue is expected to reach 31 billion yuan, a year-on-year increase of 10% [3] Power Storage Segment - Q3 revenue from the power storage segment was 500 million yuan, with a significant quarter-on-quarter increase of 40% [4] - The company anticipates total power shipments of 20-25 GWh for the year, which is expected to double compared to the previous year [4] Operating Expenses and Cash Flow - Operating expenses for the first three quarters of 2024 totaled 5.2 billion yuan, with a fee ratio of 13.6% [5] - Operating cash flow for Q3 was 900 million yuan, a quarter-on-quarter decrease of 51% [5]

整个三级报的这个情况跟大家汇报一下然后这一次呢这个电话会是由我和我们财务总监牛总一起跟大家这个交流非常感谢大家时间那么现在我就开始第三季第三季度我们这个营业收入是有这个一百四十三个亿那么 比上年同期应该增长了18.85%年初到报告期末是382亿比去年同期增长了11.54%归属于上市公司股东的净利润是3.88亿这个就比上年同期增长了6%年初到报告期是12.12 那么年初就是比去年同期大概增长了50%那个扣分可能就更多扣分之后呢单季是比去年同期增长46.87那么这个一到三季度应该是比去年同期增长了90.78%所以说应该说是本体应该是不错的一个状态 当然这个大家可能还是觉得有一些这个就环比来说可能比二季度还有一些这个降低那么这里面呢我就直接先说哈就是这块主要是这个会队当然就是之前我们预估的会队还是比较少的那么在 最开始觉得这个几千万可能都差不多了那么最后核算下来应该在单季度应该在1.5亿这个汇兑损失那么把这1.5亿加回来大概这个规模利润单季应该是5.38亿那么这个 这个环比这个二季度还是增长有大概6%到7%的一个增长这个应该说是也还是不错的一个状态主要原因是汇税其他的我们就不提了然后那个经营活动的这个现金流这个应该 ...

1 证券代码：300207 证券简称：欣旺达 欣旺达电子股份有限公司投资者关系活动记录表 编号：2024-013 | --- | --- | --- | --- | --- | |-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证券代码：300207 证券简称：欣旺达 公告编号：<欣>2024-119 1、本次首次及预留股票期权拟行权数量：399.37 万份（其中首次授予第二 个行权期拟行权数量 374.37 万份，预留部分第一个行权期拟行权数量 25.00 万 份）。 2、本次首次及预留股票期权行权价格：38.92 元/份（调整后）。 3、股票来源：公司向激励对象定向发行本公司 A 股普通股股票。 欣旺达电子股份有限公司 关于2022年限制性股票与股票期权激励计划股票期权首次授予部分 第二个行权期及预留授予部分第一个行权期行权 条件成就的公告 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： 4、本次行权选取自主行权的方式，公司在深圳证券交易所、中国证券登记 结算有限责任公司深圳分公司办理完成相关手续后方可实际行权，届时公司将 发布提示性公告，敬请投资者注意。 1、本激励计划包括第二类限制性股票激励计划和股票期权激励计划两部分。 2、标的股票来源：公司向激励对象定向发行公司 A 股普通股。 3、授予权益数量：本激励计划拟向激励对象授予的股票权益（第二类限制 性股票和股 ...

欣旺达电子股份有限公司 监事会关于 2022 年限制性股票与股票期权激励计划 监事会同意本次符合条件的1357名激励对象办理归属/行权，对应第二类限 制性股票的归属数量为98.10万股，股票期权的行权数量为399.37万份。上述事 项符合相关法律、法规及规范性文件所规定的条件，不存在损害公司及股东利益 的情形。 欣旺达电子股份有限公司 首次授予部分第二个归属和行权期及预留授予部分第一个归属和行 监事会 权期的归属和行权名单的核查意见 2024 年 10 月 30 日 欣旺达电子股份有限公司（以下简称"公司"）监事会依据《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》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《深圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"）、《深 圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》（以下简称 "《自律监管指南》"）等相关法律、法规、规范性文件和《欣旺达电子股份有 限公司章程》（以下简称"《公司章程》"）的有关规定，对公司 2022 年限制 性股票与股票期权激励计划（以下简称" ...

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。 特别提示： 1、拟聘任会计师事务所名称：天健会计师事务所（特殊普通合伙）（以下简 称"天健"）。 2、原聘任会计师事务所名称：信永中和会计师事务所（特殊普通合伙）（以 下简称"信永中和"）。 3、变更会计师事务所的原因：鉴于信永中和已连续多年为欣旺达电子股份 有限公司（以下简称"欣旺达"或"公司"）提供审计服务，根据财政部、国务 院国资委及中国证监会联合印发的《国有企业、上市公司选聘会计师事务所管理 办法》及公司《欣旺达电子股份有限公司会计师事务所选聘制度》等有关规定， 为确保上市公司审计工作的独立性和客观性，同时综合考虑公司经营发展及审计 工作需要，公司拟聘任天健担任公司 2024 年度审计机构，聘期一年。公司已就 本次拟变更会计师事务所事项与信永中和进行了充分沟通，信永中和已明确知悉 本次变更事项并确认无异议。 证券代码：300207 证券简称：欣旺达 公告编号：<欣>2024-122 欣旺达电子股份有限公司 关于变更会计师事务所的公告 4、公司审计委员会、董事会对本次拟变更会计师事务所事项无异议。 5、本次 ...