证券代码：300360 证券简称：炬华科技 公告编号：2025-026 杭州炬华科技股份有限公司 关于重大经营合同中标的公告 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。 一、中标项目风险提示 1、合同在履行过程中如果遇到不可预计的或不可抗力等因素的影响，有可 能会导致合同无法全部履行或终止的风险。 3、敬请广大投资者谨慎决策，注意防范投资风险。 二、交易对方情况介绍 基本情况： 招标人：国家电网有限公司 注册资本：130,452,014.4291 万元 法定代表人：张智刚 注册地址：北京市西城区西长安街 86 号 经营范围：输电（有效期至 2026 年 1 月 25 日）；供电（经批准的供电区域）； 对外派遣与其实力、规模、业绩相适应的境外工程所需的劳务人员；实业投资及 经营管理；与电力供应有关的科学研究、技术开发、电力生产调度信息通信、咨 询服务；进出口业务；承包境外工程和境内国际招标工程；上述境外工程所需的 设备、材料出口；在国（境）外举办各类生产性企业。（市场主体依法自主选择 经营项目，开展经营活动；依法须经批准的项目，经相关部门批准后依批准的内 容 ...

Investment Rating - The report maintains an "Increase" rating for the electric power equipment industry [1] Core Insights - The humanoid robot sector is expected to see significant growth, with a projected market size exceeding 15 trillion yuan and a production milestone of over 1 million units anticipated in 2025, driven by Tesla's leadership [9][10] - The electric vehicle market is experiencing a price war among manufacturers, with a projected annual sales growth of 30% [11] - The energy storage sector is poised for robust growth, particularly in emerging markets, with a compound annual growth rate (CAGR) of 20-40% expected from 2025 to 2028 [11] Industry Trends - The electric power equipment sector has shown varied performance, with nuclear power increasing by 3.8% and electric equipment declining by 2.44% in the recent week [5] - The humanoid robot industry is witnessing rapid advancements, including significant funding and product launches from various companies [5] - The energy storage market in the U.S. is projected to double its installation capacity in 2025, with significant contributions from large-scale projects [11][15] Company Highlights - Companies like CATL, BYD, and LONGi Green Energy are highlighted as key players with strong growth potential in their respective sectors [8] - Tesla's humanoid robot production is expected to ramp up significantly, with thousands of units planned for release by the end of the year [9] - The report emphasizes the importance of supply chain leaders in the humanoid robot sector, recommending companies involved in core components such as actuators and sensors [10] Investment Strategy - The report suggests a bullish outlook on the humanoid robot sector, recommending investments in leading suppliers and technology companies [9] - For the electric vehicle market, it highlights the importance of maintaining competitive pricing and anticipates continued sales growth [11] - In the energy storage sector, the report recommends focusing on companies that are well-positioned to benefit from emerging market demands and technological advancements [11]

Core Viewpoint - Juhua Technology (300360) has announced a pre-winning bid for the State Grid Corporation of China's 2025 procurement, with an estimated total bid amount of approximately 197 million yuan [1] Group 1: Bid Details - The pre-winning bid includes A-level single-phase smart electric meters, A-level single-phase IoT electric meters, B-level three-phase smart electric meters, C-level three-phase smart electric meters, D-level three-phase smart electric meters, specialized collection terminals, and modular specialized terminals [1] - The total expected bid amount of approximately 197 million yuan indicates a significant opportunity for revenue generation for the company in 2025 [1] Group 2: Impact on Company Performance - The awarded projects are expected to have a positive impact on the company's operating performance in 2025 [1] - The announcement clarifies that the bidding does not affect the company's operational independence [1]

公司本次预中标项目为国家电网有限公司 2025 年第三十一批采购（营销项 目第一次计量设备招标采购）（招标编号：0711-250TL04222007），该项目由国 家电网有限公司委托国网物资有限公司为招标代理机构，采用公开招标方式进行。 根据推荐的中标候选人公示的内容：公司本次预中标共 11 个包，合计总数 量为 748,250 只，总金额约 19,743.343672 万元。其中：A 级单相智能电能表中 标数量为 500,000 只，金额为 7,681.175000 万元；A 级单相物联电能表中标数 量为 3,050 只，金额为 70.808343 万元；B 级三相智能电能表中标数量为 165,000 只，金额为 6,450.011750 万元；B 级三相物联电能表中标数量为 12,800 只，金 额为 481.839232 万元；C 级三相智能电能表中标数量为 33,400 只，金额为 1,088.743474 万元；D 级三相智能电能表中标数量为 7,300 只，金额为 265.056868 万元；专变采集终端中标数量为 22,000 只，金额为 2,544.644740 万元；专变终端（模组化）中标数 ...

杭州炬华科技股份有限公司（以下简称"公司"），2024 年年度权益分派方案 已获 2025 年 5 月 12 日召开的 2024 年度股东大会审议通过，具体内容详见 2025 年 5 月 13 日巨潮资讯网（www.cninfo.com.cn）。现将权益分派事宜公告如下： 一、股东大会审议通过的权益分派方案情况 1、公司于 2025 年 5 月 12 日召开的 2024 年度股东大会审议通过了《关于公司 2024 年度利润分配预案及 2025 年内现金分红规划的议案》。 2、本次利润分配方案披露至实施期间，公司总股本未发生变化。 证券代码：300360 证券简称：炬华科技 公告编号：2025-024 杭州炬华科技股份有限公司 2024 年年度权益分派实施公告 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。 五、权益分派方法 3、公司 2024 年年度权益分派方案为：以截至 2024 年 12 月 31 日公司总股本 514,187,126 股为基数，每 10 股派发现金红利 4.00 元人民币（含税），每 10 股送 红股 0 股，每 10 股转增 0 股，共 ...

2024 年度股东大会决议公告 证券代码：300360 证券简称：炬华科技 公告编号：2025-023 杭州炬华科技股份有限公司 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。 特别提示： 1、本次股东大会无否决议案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议的召开和出席情况 1、杭州炬华科技股份有限公司（以下简称"公司"）2024 年度股东大会于 2025 年 5 月 12 日下午 15:00 在公司会议室召开。采用现场投票、网络投票相结 合的方式，通过深圳证券交易所系统和互联网投票系统提供网络投票平台。本次 会议由公司董事会召集，董事长杨光主持，会议的召集、召开符合《公司法》、 《公司章程》和《股东大会议事规则》等相关法律、法规的规定。 2、参加本次会议的股东（含股东代理人）代表共 196 人，代表的股份总数 35,047,117 股，占公司总股本 6.8160%。其中出席现场会议的股东及股东代理人 共 5 名，代表股份 18,219,651 股，占公司总股本的 3.5434%；根据深圳证券信 息有限公司提供的数据，参与本次会议 ...

上海市锦天城律师事务所 关于杭州炬华科技股份有限公司 2024 年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于杭州炬华科技股份有限公司 2024 年度股东大会的 法律意见书 致：杭州炬华科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受杭州炬华科技股份有限 公司（以下简称"公司"）委托，就公司召开 2024 年度股东大会（以下简称"本 次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称《公司 法》）、《上市公司股东会规则》等法律、法规、规章和其他规范性文件以及《杭 州炬华科技股份有限公司章程》（以下简称《公司章程》）的有关规定，出具本 法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事 项进行了必要的核查和验证，核 ...

Investment Rating - The industry investment rating is "Overweight" [5] Core Viewpoints - The construction of the electricity spot market is accelerating, with a goal to achieve nationwide coverage by the end of 2025, which will enhance price discovery and supply-demand adjustment [2][3] - The environment of loosening electricity supply and demand creates opportunities for marketization, particularly benefiting investments in wind power, power forecasting, and virtual power plants [2][3] Summary by Sections Electricity Spot Market Development - The National Development and Reform Commission and the Energy Administration have set a clear timeline for the establishment of the electricity spot market, aiming for full coverage by the end of 2025 [3][9] - Provinces such as Hubei and Zhejiang are expected to transition to formal operations by mid-2025 and the end of 2025, respectively [9] Investment Opportunities - Wind power is expected to outperform photovoltaic power in the electricity market, leading to a structural growth opportunity in wind power installations [9] - The importance of power forecasting will increase as renewable energy enters the spot market, optimizing trading strategies and enhancing revenue per kilowatt-hour [9] - The push for distributed photovoltaic "four capabilities" (observable, measurable, adjustable, controllable) will accelerate due to marketization [9] - The virtual power plant business model is expected to close the loop with the acceleration of marketization, facilitating participation in the spot market [9] Recommended Companies - Key recommended companies include: - Samsung Medical (601567 CH) with a target price of 38.02 and a "Buy" rating [8][12] - Juhua Technology (300360 CH) with a target price of 18.48 and an "Overweight" rating [8][12] - Pinggao Electric (600312 CH) with a target price of 21.28 and a "Buy" rating [8][12]

Core Viewpoint - The company reported a revenue of 433 million yuan in Q1 2025, a year-over-year decrease of 7.40% and a quarter-over-quarter decrease of 10.29%, while net profit attributable to shareholders was 175 million yuan, showing a year-over-year increase of 56.05% and a quarter-over-quarter increase of 42.18% [1] Group 1: Financial Performance - The company achieved a gross profit margin of 42.52% and a net profit margin of 40.67% in Q1 2025, reflecting an increase of 1.13% and 17.36% year-over-year, indicating a significant improvement in profitability [2] - The company’s operating expenses ratio was 5.00%, with sales, management, financial, and R&D expense ratios at 2.67%, 3.01%, -5.76%, and 5.09% respectively, showing year-over-year changes of -0.23, -0.04, -2.98, and +1.47 percentage points [2] - Other income for the company was 40 million yuan, primarily due to an increase in government subsidies, and fair value changes resulted in a gain of 9.26 million yuan, a significant improvement from a loss of 40.62 million yuan in the same period last year [2] Group 2: Market Expansion - The company’s overseas market expansion has been successful, with exports of electric meters reaching 2.44 billion yuan in Q1 2025, a year-over-year increase of 8.4% [3] - The company has been actively developing markets in Africa, Southeast Asia, and Central Asia, which are expected to further drive revenue growth [3] - The domestic market is currently experiencing a peak in the replacement cycle for smart electric meters, with expectations that this cycle will continue until 2026 [3] Group 3: Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027, estimating net profits of 794 million, 899 million, and 989 million yuan, with corresponding EPS of 1.54, 1.75, and 1.92 yuan, reflecting year-over-year growth rates of 19.49%, 13.21%, and 9.95% [4] - The company is assigned a target price of 18.48 yuan based on a 12x PE ratio for 2025, considering the accelerated breakthrough in overseas markets [4]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 18.48 RMB [7][8]. Core Views - The company achieved a significant increase in net profit in Q1 2025, with a year-on-year growth of 56.05% and a quarter-on-quarter growth of 42.18%, despite a revenue decline of 7.40% year-on-year [1][2]. - The domestic market is currently experiencing a peak in the smart meter replacement cycle, which is expected to drive demand for electric meters [1][4]. - The company is successfully expanding its overseas market, with a 56.04% year-on-year increase in overseas revenue in 2024 [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenues of 433 million RMB, a decrease of 7.40% year-on-year and a decrease of 10.29% quarter-on-quarter. The net profit attributable to the parent company was 175 million RMB, reflecting a year-on-year increase of 56.05% and a quarter-on-quarter increase of 42.18% [1]. - The gross and net profit margins for Q1 2025 were 42.52% and 40.67%, respectively, showing improvements of 1.13% and 17.36% year-on-year [2]. - The company’s expense ratio for Q1 2025 was 5.00%, with significant reductions in financial expenses due to increased bank deposit interest [2]. Market Outlook - The smart metering and collection system is the main source of revenue and profit for the company, with a revenue of 1.641 billion RMB in 2024, up 14.31% year-on-year [4]. - The company is well-positioned to benefit from the ongoing smart meter replacement cycle, which is expected to last until 2026 [4]. Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are 794 million RMB, 899 million RMB, and 989 million RMB, respectively, with corresponding EPS of 1.54, 1.75, and 1.92 RMB [5][6]. - The report assigns a PE ratio of 12 times for 2025, reflecting the company's strong overseas market growth potential [5].