电力设备 | 证券研究报告 — 调整盈利预测 2024 年 11 月 14 日 300751.SZ 买入 原评级：买入 市场价格:人民币 132.68 板块评级:强于大市 股价表现 (%) 今年 1 个月 3 个月 12 个月 (44%) (32%) (20%) (7%) 5% 17% Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jul-24Aug-24Sep-24Oct-24Nov-24 迈为股份 深圳成指 至今 绝对 4.2 36.8 27.6 5.1 相对深圳成指 (16.1) 24.3 (7.5) (8.3) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 279.41 | | 流通股 ( 百万 ) | | 193.35 | | 总市值 ( 人民币 百万 ) | | 37,071.46 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 475.42 | | 主要股东 | | | | 周剑 | | ...

证券代码：300751 证券简称：迈为股份 公告编号：2024-064 苏州迈为科技股份有限公司 2024年第二次临时股东大会决议的公告 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。 现场会议召开时间：2024 年 11 月 13 日（星期三）下午 14:00 开始。 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 11 月 13 日 9:15-9:25、9:30-11:30 和 13:00-15:00。通过深圳证券交易 所互联网投票系统投票的具体时间为 2024 年 11 月 13 日上午 9:15 至下午 15:00 期间的任意时间。 2、现场会议召开地点：苏州市吴江区芦荡路 228 号 3 号楼会议室。 3、会议召开方式：本次股东大会采取现场与网络投票相结合的方式。 4、会议召集人：苏州迈为科技股份有限公司董事会。 重要提示： 1、本次股东大会没有否决提案的情况； 2、本次股东大会没有新提案提交表决的情况，没有变更前次股东大会决议 的情况； 3、本次股东大会以现场投票和网络投票相结合的方式召开。 一、会议的召开情况 1、 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于苏州迈为科技股份有限公司 国枫律股字[2024]A0541 号 致：苏州迈为科技股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受苏州迈为科技股份有限公司 （以下简称"贵公司"）的委托，指派律师出席并见证了贵公司 2024 年第二次 临时股东大会（以下简称"本次会议"）。 对本法律意见书的出具，本所律师特作如下声明： 2024 年第二次临时股东大会的 法律意见书 本所律师根据《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》"）、《上市公司股东大会规则》 （以下简称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》 （以下简称"《证券法律业务管理办法》"）、《律师事务所证券法律业务执业 规则（试行）》（以下简称"《证券法律业务执业规则》"）等相关法律、行政 法规、规章、规范性文件及《苏州迈为科技股份有限公司章程》（以下简称"《公 司章程》"）的规定， ...

证券代码：300751 证券简称：迈为股份 公告编号：2024-063 苏州迈为科技股份有限公司（以下简称"公司"）于 2024 年 11 月 9 日收到 控股股东、实际控制人周剑先生及王正根先生的通知，鉴于双方在公司首次公开 发行股票上市前签署的《一致行动协议》（以下简称"原协议"）、《一致行动 协议之补充协议》（以下简称"补充协议（一）"）、2021 年 8 月 9 日签署的 《一致行动协议之补充协议（二）》（以下简称"《补充协议（二）》"）、2022 年 11 月 9 日签署的《一致行动协议之补充协议（三）》（以下简称"《补充协 议（三）》"）以及于 2023 年 11 月 9 日签署的《一致行动协议之补充协议（四）》 （以下简称"《补充协议（四）》"）即将到期，双方签署了《一致行动协议之 补充协议（五）》(以下简称"补充协议（五）"、"本补充协议"），具体情 况如下： 一、本次签署一致行动协议补充协议的背景情况 截至本公告披露日，周剑先生直接持有公司股份 61,811,671 股，占公司总 股本的 22.12%；王正根先生直接持有公司股份 47,726,156 股，占公司总股本的 17.08%；苏州迈 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The expansion of domestic advanced production capacity and the acceleration of photovoltaic capacity layout in the U.S. are expected to create new investment opportunities, with HJT technology being the optimal solution for the U.S. market [2][3] - The company is positioned to benefit from the accelerated production of HJT cells, with long-term growth potential in the semiconductor sector [4] Financial Forecasts and Valuation - Total revenue is projected to grow from 8,089 million in 2023 to 21,835 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 46.40% [1] - Net profit attributable to the parent company is expected to increase from 1,210.34 million in 2024 to 2,518.42 million in 2026, with a growth rate of 32.44% in 2024 and 49.26% in 2025 [1] - The earnings per share (EPS) is forecasted to rise from 4.33 in 2024 to 9.01 in 2026, indicating strong profitability growth [1] - The price-to-earnings (P/E) ratio is projected to decrease from 27.79 in 2024 to 13.36 in 2026, suggesting an attractive valuation as earnings grow [1] Market Dynamics - The U.S. photovoltaic market is expected to see an addition of 43 GW of new installations in 2024, a year-on-year increase of 34%, with a significant portion being centralized photovoltaic installations [2] - HJT technology is highlighted for its advantages over TOPCon, including a 20% reduction in carbon emissions, 30-40% savings in electricity consumption, and a 60% reduction in labor requirements [2][3] - The report notes potential patent issues for TOPCon technology in the U.S., which may hinder its adoption compared to HJT [3] Industry Positioning - The company is recognized as a leading provider of HJT equipment, poised to capitalize on the growing demand for HJT technology in both domestic and international markets [4] - The report emphasizes the importance of advanced equipment in benefiting from the expansion of integrated production capacity in the domestic market [4]

Investment Rating - The report assigns an "Accumulate" rating to the company [1][7]. Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 7.767 billion yuan, a year-on-year growth of 52.09%, and net profit of 819 million yuan, a year-on-year increase of 22.58% [3]. - The company has shown improved cost control capabilities, with a decrease in inventory and a sufficient backlog of orders, indicating strong operational efficiency [4]. - The company is among the first to utilize the newly established stock repurchase loan program, which is expected to enhance shareholder confidence and maintain company value [5][6]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 2.898 billion yuan, a year-on-year increase of 29.47% and a quarter-on-quarter increase of 9.32%. The net profit for the same quarter was 297 million yuan, reflecting a year-on-year growth of 2.87% and a quarter-on-quarter increase of 47.94% [3]. - The gross margin for the first three quarters of 2024 was 30.67%, with a net margin of 10.55%. In Q3 alone, the gross margin was 30.19% and the net margin was 13.07%, showing a significant recovery in net margin compared to the previous quarter [3]. Cost Management - The company’s expense ratio for the first three quarters of 2024 was 17.73%, down 1.80 percentage points year-on-year. In Q3, the expense ratio was 16.22%, a decrease of 0.96 percentage points from the previous quarter [4]. - The company’s inventory as of Q3 2024 was 9.708 billion yuan, a decrease of 12.93% year-on-year, while contract liabilities increased by 7.38% year-on-year, indicating a healthy order book despite competitive pressures in the photovoltaic industry [4]. Future Projections - The company is expected to achieve a net profit of 1.181 billion yuan in 2024, with projected earnings per share (EPS) of 4.23 yuan. The net profit is forecasted to grow to 1.468 billion yuan in 2025 and 1.702 billion yuan in 2026, with corresponding EPS of 5.25 yuan and 6.09 yuan respectively [7][8].

证券代码：300751 证券简称：迈为股份 公告编号：2024-062 苏州迈为科技股份有限公司 关于回购公司股份进展的公告 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。 苏州迈为科技股份有限公司（以下简称"公司"）于 2024 年 10 月 18 日召 开的第三届董事会第十次会议三分之二以上董事审议通过并经第三届监事会第 十次会议审议通过《关于回购公司股份方案的议案》，拟使用自有资金或回购专 项贷款以集中竞价交易的方式回购公司已发行的人民币普通股（A 股）股票（以 下简称"本次回购"），本次回购股份为了维护公司价值及股东权益，将在披露 回购结果暨股份变动公告 12 个月后采用集中竞价交易方式出售。 本次回购的资金总额不低于人民币 5,000 万元（含）且不超过人民币 10,000 万元（含），回购股份的价格不超过人民币 120 元/股。按回购资金总额上限人 民币 10,000 万元、回购价格上限 120 元/股进行测算，预计回购股份为 833,333 股，约占公司目前已发行总股本的 0.30%；按回购总金额下限人民币 5,000 万元、 回购价格上限 12 ...

当前价格（元） 116.13 2024 年 11 月 03 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn 证券分析师： 邱迪 S0350522010002 qiud@ghzq.com.cn [Table_Title] 业绩符合预期，HJT 产业化进程有望加速 ——迈为股份（300751）2024 年三季报点评 事件: 最近一年走势 10 月 28 日，迈为股份发布三季报：2024 年前三季度公司实现营收 78 亿元，同比+52%；归母净利润 7.6 亿元，同比+6%；其中 24Q3 营收 29.0 亿元，同比+29%，环比+9%；归母净利润 3.0 亿元，同比+3%，环比+48%； 扣非归母净利润 2.8 亿元，同比+1%，环比+52%；毛利率 30.2%，同比 -2.1pct，环比-0.8pct；净利率 13.1%，同比+0.7pct，环比+5.5pct。 投资要点: 相对沪深 300 表现 2024/11/01 收入环比保持增长，HJT 确收进度放缓 2024Q3 公司毛利率 30.2%，我们预计毛利率环比下滑主要系 ...

证券代码：300751 证券简称：迈为股份 公告编号：2024-061 本次回购股份方案已经公司于 2024 年 10 月 18 日召开的第三届董事会第十 次会议三分之二以上董事审议通过并经第三届监事会第十次会议审议通过。董事 会召开时点符合《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》 的要求。根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指 苏州迈为科技股份有限公司 回购报告书 本公司及董事会全体成员保证信息披露的内容真实、准确、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、回购股份方案主要内容 （1）苏州迈为科技股份有限公司（以下简称"公司"）公司将使用自有资 金或回购专项贷款以集中竞价交易的方式回购公司已发行的人民币普通股（A 股） 股票（以下简称"本次回购"），本次回购股份为了维护公司价值及股东权益， 将在披露回购结果暨股份变动公告 12 个月后采用集中竞价交易方式出售。本次 回购的资金总额不低于人民币5,000万元（含）且不超过人民币10,000万元（含）， 回购股份的价格不超过人民币 120 元/股。按回购资金总额上限人民币 10,000 万元、回 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company's Q3 performance met expectations, with a significant increase in revenue and profit levels. For the first three quarters of 2024, the company achieved a revenue of 7.767 billion RMB, a year-on-year increase of 52.09%, and a net profit attributable to shareholders of 759 million RMB, up 6.30% year-on-year. In Q3 alone, revenue reached 2.898 billion RMB, reflecting a year-on-year growth of 29.47% and a quarter-on-quarter increase of 9.32% [3][4] - The company is experiencing a clear recovery in profitability, with the gross margin for Q3 at 30.19%, a slight decrease of 2.11 percentage points year-on-year, while the net margin improved to 13.07%, an increase of 0.73 percentage points year-on-year. This improvement is attributed to the HJT (Heterojunction Technology) equipment entering mass acceptance, enhancing profitability [4] - The company has been recognized for its quality as it was among the first to receive special loan funds for stock repurchase, indicating strong growth potential and commitment to shareholder value [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 7.767 billion RMB, a 52.09% increase year-on-year, and a net profit of 759 million RMB, up 6.30% year-on-year. Q3 revenue was 2.898 billion RMB, a 29.47% increase year-on-year and a 9.32% increase quarter-on-quarter [3] - The gross margin for Q3 was 30.19%, down 2.11 percentage points year-on-year, while the net margin improved to 13.07%, up 0.73 percentage points year-on-year [4] Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted upwards to 1.122 billion RMB (+9%), 1.367 billion RMB (+14%), and 1.570 billion RMB (+5%), with corresponding EPS of 4.02, 4.90, and 5.62 RMB. The current stock price corresponds to PE ratios of 28.6, 23.5, and 20.4 times respectively [5]