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]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown a significant recovery in Q3 performance, with a notable reduction in impairment losses. The revenue for the first three quarters of 2024 reached 7.767 billion yuan, a year-on-year increase of 52.09%, while the net profit attributable to shareholders was 759 million yuan, up 6.30% year-on-year. The Q3 single-quarter revenue was 2.898 billion yuan, reflecting a year-on-year growth of 29.47% and a quarter-on-quarter increase of 9.32% [2] - The gross margin slightly declined, but the net profit margin improved significantly quarter-on-quarter. The gross margin for the first three quarters of 2024 was 30.67%, down 1.86 percentage points year-on-year, while the net profit margin was 10.55%, down 2.54 percentage points year-on-year. The company has enhanced its cost control capabilities, with R&D expenses increasing by 32% year-on-year [2] - The company is accelerating its layout in semiconductor packaging and display equipment, achieving breakthroughs in advanced packaging and display technologies. In 2024, the company successfully developed several new products in the semiconductor field and secured contracts for OLED laser cutting and repair equipment for BOE's production lines [3] - The company is expected to benefit from the accelerated expansion of HJT (Heterojunction Technology) production, with long-term growth potential in the semiconductor sector. The net profit forecasts for 2024-2026 are 1.2 billion yuan, 1.8 billion yuan, and 2.5 billion yuan, respectively, corresponding to a current P/E ratio of 27, 18, and 13 times [3] Financial Summary - For 2024, the company is projected to achieve total revenue of 11.842 billion yuan, with a year-on-year growth rate of 46.40%. The net profit attributable to shareholders is expected to be 1.210 billion yuan, reflecting a growth rate of 32.44% [1][9] - The company's cash flow from operating activities for 2024 is estimated at 4.202 billion yuan, indicating a strong operational cash generation capability [10] - The company's total assets are projected to reach 30.670 billion yuan by 2024, with total liabilities of 22.455 billion yuan, resulting in a debt-to-asset ratio of 73.21% [9][10]

东吴证券股份有限公司 关于苏州迈为科技股份有限公司 2025年度日常关联交易预计的核查意见 东吴证券股份有限公司（以下简称"东吴证券"、"保荐机构"）作为苏州迈 为科技股份有限公司（以下简称"公司"、"迈为股份"） 2021 年向特定对象发行 股票并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》、《深 圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监管指引第 2 号— —创业板上市公司规范运作》等有关规定，对迈为股份 2025 年度日常关联交易 预计情况进行了审慎核查，核查的具体情况如下： 二、关联方基本情况 1、基本信息 一、日常关联交易基本情况 （一）2025 年度日常关联交易预计情况 公司根据实际经营情况对 2025 年度日常关联交易进行合理预计，预计 2025 年度与江苏启威星装备科技有限公司（以下简称"江苏启威星"）发生关联交易 金额不超过 60,000 万元，有效期为 2025 年 1 月 1 日至 2025 年 12 月 31 日。预 计 2025 年度关联交易如下： | 关联交易类别 | 关联方 | 关联交易内容 | 关联交易定价 | 预计金额（万 | | --- | ...

证券代码：300751 证券简称：迈为股份 公告编号：2024-050 苏州迈为科技股份有限公司 第三届监事会第十一次会议决议公告 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 苏州迈为科技股份有限公司第三届监事会第十一次会议通知于 2024 年 10 月 19 日以专人送达、邮件和电话的方式发出。会议于 2024 年 10 月 24 日下午 15：00 在苏州市吴江区芦荡路 228 号 3 号楼会议室以现场会议表决的方式召开。 本次会议应出席会议监事 3 人，实际参加监事 3 人，会议由监事会主席夏智凤主 持，公司董事会秘书列席了会议。本次会议的召集、召开和表决程序符合有关法 律、法规和《公司章程》的规定，会议形成的决议合法有效。经与会监事审议， 一致通过如下决议： 二、监事会会议审议情况 本次会议以记名方式投票表决，审议通过以下事项： 1、审议通过《关于公司 2024 年第三季度报告的议案》 经审核，监事会认为公司严格按照《证券法》及《深圳证券交易所创业板股 票上市规则》等规定，并根据自身实际情况，完成了 2024 年第三季度报告 ...

证券代码：300751 证券名称：迈为股份 公告编号：2024-057 苏州迈为科技股份有限公司 关于召开公司2024年第二次临时股东大会的通知 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"）第三届董事会第十一次会 议决定于 2024 年 11 月 13 日（星期三）召开公司 2024 年第二次临时股东大会， 现将会议有关事项通知如下： 1、会议届次：苏州迈为科技股份有限公司 2024 年第二次临时股东大会 2、会议召集人：苏州迈为科技股份有限公司董事会 3、会议召开的合法性、合规性：本次股东大会会议召开符合有关法律、行 政法规、部门规章、规范性文件和公司章程的规定。 4、会议召开时间： （2）公司董事、监事、高级管理人员； （3）公司聘请的见证律师及相关人员。 8、现场会议召开地点：江苏省苏州市吴江区芦荡路 228 号 3 号楼会议室 9、投票规则： 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 ...

证券代码：300751 证券名称：迈为股份 公告编号：2024-056 苏州迈为科技股份有限公司 关于变更公司注册资本及修订《公司章程》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。 本事项尚需提交股东大会审议。 三、备查文件 1、第三届董事会第十一次会议决议。 特此公告。 苏州迈为科技股份有限公司董事会 苏州迈为科技股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日召 开了第三届董事会第十一次会议，审议通过《关于变更公司注册资本及修订<公 司章程>的议案》，现将相关情况公告如下： 一、变更公司注册资本情况 鉴于苏州迈为科技股份有限公司第二期股权激励计划期权自主行权，2024 年 4 月 1 日至 2024 年 9 月 30 日公司总股本因期权行权原因增加 245,495 股， 上述原因使公司总股本由 27915.9511 万股增加至 27940.5006 万股，故公司需履 行注册资本变更相关程序，公司注册资本由人民币 27915.9511 万元变更为人民 币 27940.5006 万元。 二、修订《公司章程》情况 鉴于上述注册资本的 ...