证券简称：炬华科技 证券代码：300360 预留授予部分第二个归属期归属条件成就 之 独立财务顾问报告 2024 年 10 月 上海荣正企业咨询服务（集团）股份有限公司 关于 杭州炬华科技股份有限公司 2022 年限制性股票激励计划 | 一、释义 3 | | --- | | 二、声明 5 | | 三、基本假设 6 | | 四、本次限制性股票激励计划的审批程序 7 | | 五、独立财务顾问意见 10 | | （一）本激励计划预留授予部分第二个归属期归属条件成就的说明 10 | | （二）本激励计划预留授予部分第二个归属期归属情况 11 | | （三）结论性意见 12 | | 六、备查文件及咨询方式 13 | | （一）备查文件 13 | | （二）咨询方式 13 | 一、释义 3 / 13 1. 炬华科技、本公司、公司：指杭州炬华科技股份有限公司。 2. 激励计划、本激励计划、本计划：指杭州炬华科技股份有限公司 2022 年限 制性股票激励计划（草案）。 3. 股东大会：指本公司股东大会。 4. 董事会：指本公司董事会。 5. 监事会：指本公司监事会。 6. 限制性股票、第二类限制性股票：指符合本激励计划授予条 ...

Investment Rating - The investment rating for the company is "Add" [2][3] Core Views - The company's revenue for Q2 2024 reached 547 million yuan, representing a year-on-year increase of 14.74% and a quarter-on-quarter increase of 17.03%. The net profit attributable to the parent company was 229 million yuan, up 22.33% year-on-year and 104.41% quarter-on-quarter [3] - The company's profitability has significantly improved, with a gross margin of 53.17% in Q2 2024, an increase of 11.78 percentage points quarter-on-quarter, and a net profit margin of 42.17%, up 18.86 percentage points quarter-on-quarter. This improvement is attributed to the company's technological innovation and smart manufacturing advantages [3] - The company is expected to benefit from an upward cycle in its electric meter business, with charging pile and energy IoT businesses anticipated to become new growth points. Projected net profits for 2024-2026 are 629 million, 728 million, and 870 million yuan, respectively, corresponding to valuations of 12.0, 10.3, and 8.7 based on the closing price on September 13 [3][4] Financial Summary - The company's operating revenue is projected to grow from 1,771 million yuan in 2023 to 2,907 million yuan in 2026, with year-on-year growth rates of 17.6%, 23.1%, 13.2%, and 17.8% for the respective years [2] - The net profit attributable to the parent company is expected to increase from 607 million yuan in 2023 to 870 million yuan in 2026, with growth rates of 28.6%, 3.6%, 15.8%, and 19.5% [2] - The gross margin is projected to decline slightly from 44.8% in 2023 to 43.1% in 2026, while the return on equity (ROE) is expected to remain stable around 15.9% to 16.3% during the same period [2][3]

公 司 研 究 2024 年 买入/维持 09月03日 公司点评 炬华科技(300360) 目标价: 昨收盘:13.98 炬华科技 2024 年半年报点评：电表收入稳健增长，毛利率大幅 提升 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 炬华科技 沪深300 ◼ 股票数据 总股本/流通(亿股) 5.14/5.14 总市值/流通(亿元) 71.82/71.82 12 个月内最高/最低价 (元) 18.84/12.27 相关研究报告 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 研究助理：万伟 电话： E-MAIL： 一般证券业务登记编号：S1190122090006 事件：公司发布 2024 年半年报，业绩实现快速增长。 1）2024H1 实现收入 10.15 亿元，同比+18.78%；归母净利润 3.41 亿 元，同比+10.94%；扣非净利润 3.67 亿元，同比+42.56%； 2）对应 Q2 收入 5.47 亿元，同比 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved steady growth in H1 2024, with revenue of 1.015 billion yuan, a year-on-year increase of 18.78%, and a net profit of 341 million yuan, up 10.94% year-on-year [1]. - The company's smart metering and collection systems revenue grew by 20.20% to 816 million yuan, maintaining a high gross margin of 51.72% [1]. - The domestic demand for electric meters is expected to increase significantly in 2024, benefiting the company as a leading player in the smart meter market [1]. - The company's overseas revenue reached 130 million yuan, a year-on-year increase of 34.97%, with a gross margin of 49.44% [2]. - The company is actively expanding into Southeast Asia, Central Asia, and Africa, which is expected to contribute to future growth [2]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 1.015 billion yuan, a growth of 18.78% year-on-year, and a net profit of 341 million yuan, up 10.94% year-on-year [1]. - The second quarter of 2024 saw revenue of 547 million yuan, a year-on-year increase of 14.74%, and a net profit of 229 million yuan, up 22.33% year-on-year, with a quarter-on-quarter growth of 104.41% [1]. Business Segments - Smart metering and collection systems revenue increased by 20.20% to 816 million yuan, with a gross margin of 51.72% [1]. - Intelligent distribution and utilization products and systems revenue surged by 128.51% to 78 million yuan, with a gross margin of 19.39% [1]. - IoT sensors and accessories revenue rose by 111.39% to 63 million yuan, with a gross margin of 35.60% [1]. - Smart electric terminals and systems revenue decreased by 53.91% to 28 million yuan, with a gross margin of 45.38% [1]. - Smart flow meters and systems revenue fell by 44.35% to 23 million yuan, with a gross margin of 35.07% [1]. Market Outlook - The total number of electric meters tendered by the State Grid in 2023 was 76.24 million units, with a total bid amount of 23.3 billion yuan [1]. - The first batch of tenders for 2024 has already reached 46.53 million units and 12.4 billion yuan, indicating a significant increase in domestic demand for electric meters [1]. - The company is expected to benefit from the increased domestic demand for electric meters in 2024, despite a slight decrease in bid amounts due to competitive pricing [1]. Profitability and Valuation - The report maintains the profit forecast for the company, expecting net profits of 626 million yuan, 762 million yuan, and 886 million yuan for 2024, 2025, and 2026, respectively [2]. - The corresponding EPS for 2024, 2025, and 2026 is projected to be 1.22 yuan, 1.48 yuan, and 1.72 yuan [2]. - The current stock price corresponds to a PE ratio of 11, 9, and 8 for 2024, 2025, and 2026, respectively [2].

关于重大经营合同预中标的提示性公告 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。 证券代码：300360 证券简称：炬华科技 公告编号：2024-055 杭州炬华科技股份有限公司 一、预中标项目的主要内容 杭州炬华科技股份有限公司（以下简称"公司"）于 2024 年 8 月 28 日在"国 家电网有限公司 2024 年第六十四批采购（营销项目第二次计量设备招标采购） 推荐的中标候选人公示（招标编号：0711-240TL08422014）"中被推荐为中标候 选人，预计中标总金额约 12,049.347318 万元，现将相关预中标情况提示如下： 根据预中标数量以及报价测算，预计公司此次国家电网中标总金额约 12,049.347318 万元。上述中标交货时间需根据各地网省公司实际合同要求确定。 上述中标对公司 2024 年及 2025 年经营业绩有积极影响，且不影响公司经营的独 立性。 三、预中标项目风险提示 目前，公司尚未收到国家电网有限公司及其相关代理机构发给本公司的中标 通知书，是否收到公示中相关中标项目的中标通知书存在不确定性，具体中标的 有关事项待公司收 ...

证券代码：300360 证券简称：炬华科技 公告编号：2024-050 二、监事会会议审议情况 经全体监事一致同意，形成决议如下： 1、审议通过《公司 2024 年半年度报告全文及摘要》 经审核，监事会认为：董事会编制和审议杭州炬华科技股份有限公司 2024 年半年度报告的程序符合法律、行政法规及中国证监会的规定，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。 杭州炬华科技股份有限公司 第五届监事会第十次会议决议公告 本公司及监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、监事会会议召开情况 杭州炬华科技股份有限公司（以下简称"公司"）第五届监事会第十次会议 于 2024 年 8 月 22 日以书面及通讯方式发出通知，并于 2024 年 8 月 27 日以现场 表决的方式在公司会议室召开。会议由丁国茂先生主持，应出席监事 3 人，实际 出席监事 3 人，符合国家有关法律、法规及公司章程的规定。 经审核，监事会认为：公司本次新增 2024 年度日常关联交易预计是基于公 司正常经营需要所进行的，符合有关法律法规及《 ...

证券代码：300360 证券简称：炬华科技 公告编号：2024-053 杭州炬华科技股份有限公司 关于控股子公司变更为全资子公司暨关联交易的公告 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、控股子公司变更为全资子公司暨关联交易概述 1、杭州炬华科技股份有限公司（以下简称"公司"）控股子公司浙江炬能 售电有限公司（以下简称"炬能售电"）系公司与杭州炬华集团有限公司（以下 简称"炬华集团"）于 2015 年共同投资设立，具体内容详见公司于 2015 年 9 月 11 日披露的《关于拟合资设立售电公司暨关联交易的公告》（公告编号： 2015-065）。 2、截至本公告披露日，炬能售电注册资本为 1,000 万元，公司持有炬能售 电 90%股权（认缴 900 万元，实缴 196.20 万元），炬华集团持有炬能售电 10% 股权（认缴 100 万元，实缴 21.80 万元）。基于公司长期发展战略规划，调整资 产结构，优化资源配置及稳健经营需要，经协商一致，公司拟以自有资金受让炬 华集团持有的炬能售电 10%股权（认缴 100 万元，实缴 21.80 万元），受让 ...

杭州炬华科技股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：杭州炬华科技股份有限公司 单位：万元 | 非经营性资金占 | | 占用方与上 | 上市公司核 | 2024 | 年期 | 2024 年半 年度占用 | 2024 年 半年度 占用资 | 2024 年半 | 2024 年 6 | 占用形成原 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 用 | 资金占用方名称 | 市公司的关 | 算的会计科 | 初占用资 | | 累计发生 | | 年度偿还累 | 月末占用 | 因 | | 占用性质 | | | | 联关系 | 目 | 金余额 | | 金额（不含 利息） | 金的利 息(如 | 计发生金额 | 资金余额 | | | | | 控股股东、实际控 | | | | | | | 有) | | | | | | | 制人及其附属企 | | | | | | | | | | | | | | 业 | | | | | | | | | | | | | | 小计 ...

证券代码：300360 证券简称：炬华科技 公告编号：2024-049 杭州炬华科技股份有限公司 第五届董事会第十二次会议决议公告 2、审议通过《关于新增 2024 年度日常关联交易预计的议案》 公司拟增加与关联方深圳市普颂电子有限公司的关联交易，2024 年度累计 发生关联交易不超过 3,000 万元，此项议案无需提交股东大会审议。《关于新增 2024 年度日常关联交易预计的公告》详见 2024 年 8 月 28 日巨潮资讯网 （www.cninfo.com.cn）。 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、董事会会议召开情况 杭州炬华科技股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日以现 场表决与通讯表决相结合的方式在公司会议室召开了第五届董事会第十二次会 议。会议通知已于 8 月 22 日以通讯方式发出。 会议应到董事 9 人，参加现场表决的董事 6 人，参加通讯表决的董事 3 人。 本次会议由董事长杨光先生召集和主持，公司监事会成员及高级管理人员列席了 会议，符合《中华人民共和国公司法》及《杭州炬华科技股份有限公司章程》 ...

Financial Performance - Revenue for the first half of 2024 reached RMB 500 million, representing a 20% increase compared to the same period last year[9]. - The company's operating revenue for the reporting period reached ¥1,014,807,164.13, representing an increase of 18.78% compared to ¥854,378,946.94 in the same period last year[15]. - Net profit attributable to shareholders was ¥341,080,022.83, up 10.94% from ¥307,439,397.79 year-on-year[15]. - The basic and diluted earnings per share were both ¥0.66, reflecting an increase of 8.20% from ¥0.61 in the previous year[15]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion CNY for the first half of 2024, representing a 20% year-over-year growth[60]. - The company provided a positive outlook for the second half of 2024, projecting a revenue growth of 25% based on new product launches and market expansion strategies[62]. - The company expects a revenue growth forecast of 20% for the second half of 2024, driven by new product launches and market expansion[130]. User Growth and Market Expansion - The company reported a steady increase in user base, with a growth rate of 15% year-over-year in the energy IoT sector[9]. - User data showed a growth in active users, reaching 10 million, which is a 15% increase compared to the previous year[61]. - The company plans to expand its market presence by entering three new provinces, aiming for a 10% market share increase in the next fiscal year[9]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[64]. - The company is planning to expand its market presence in Southeast Asia, targeting a 30% market share by the end of 2025[132]. Research and Development - Investment in R&D has increased by 25%, focusing on smart energy metering technologies and IoT solutions[9]. - The company has committed to maintaining a strong focus on R&D, allocating 15% of its revenue to innovation and technology advancements[66]. - Investment in R&D for new technologies reached 10 million RMB, focusing on enhancing product features and user experience[131]. - Research and development investment decreased by 11.67% to ¥36,736,265.94, compared to ¥41,590,076.63 in the previous year[28]. Financial Position and Assets - The company's total assets at the end of the reporting period were ¥4,512,237,736.70, a 2.42% increase from ¥4,405,690,274.30 at the end of the previous year[15]. - The company reported a net cash flow from operating activities of ¥366,523,967.56, which is a significant increase of 42.56% compared to ¥257,108,720.35 in the same period last year[15]. - The company's cash and cash equivalents decreased by 2.14% to ¥2,144,540,404.16, down from ¥2,188,380,640.90 at the end of the previous year[30]. - The total number of shares increased from 509,314,626 to 513,699,626 due to the issuance of 4,385,000 shares related to the stock incentive plan[77]. - The company’s total equity at the end of the reporting period was ¥513,699,626.00, reflecting an increase from ¥509,314,626.00 at the end of the previous year[107]. Operational Efficiency and Challenges - The company has identified a risk of talent loss due to intense competition in the tech industry, which could impact operational efficiency[5]. - The competitive landscape is intensifying, with major clients moving towards centralized procurement models, increasing pressure on pricing and quality[4]. - The company faces risks related to industry dependence, market competition, talent retention, business development uncertainty, and investment return uncertainty[41]. - The company has established a comprehensive quality management system, achieving multiple international certifications including ISO9001 and ISO14001[27]. Environmental and Social Responsibility - The company has been recognized as a green low-carbon factory in Hangzhou, Zhejiang Province[51]. - The company emphasizes compliance with environmental standards, ensuring zero major environmental pollution incidents during the reporting period[50]. - The company actively engages in social responsibility, maintaining transparent communication with investors and stakeholders[52]. - The company has implemented a talent strategy focusing on employee training and development to enhance overall employee quality[52]. Governance and Compliance - The company guarantees that it will not engage in any related transactions that could harm its interests or those of its shareholders[57]. - The company has pledged to comply with all legal and regulatory requirements regarding related transactions, ensuring fair pricing and terms[58]. - The company emphasizes its dedication to maintaining the integrity of its financial disclosures, ensuring no false statements or omissions[56]. - The half-year financial report has not been audited, but the company assures compliance with all regulatory requirements[66]. Investment and Acquisitions - A strategic acquisition of a smaller tech firm was announced, which is expected to enhance the company's technological capabilities and add 200 million CNY in annual revenue[65]. - A strategic acquisition of a smaller tech firm was completed, valued at 50 million RMB, aimed at enhancing technological capabilities[133]. Financial Instruments and Accounting Policies - The company classifies financial assets into three categories: amortized cost, fair value through other comprehensive income, and fair value through profit or loss[135]. - Financial assets measured at amortized cost are recognized using the effective interest method, with gains or losses recognized in profit or loss upon derecognition or impairment[136]. - The company assesses the cash flow characteristics of financial assets to determine if they meet the criteria for classification, focusing on principal and interest payments[138]. - The company recognizes expected credit losses for receivables, with specific methods detailed in the report[148][149][150][151].