Core Viewpoint - Zhongrong Electric (301031) reported record highs in revenue, net profit, and cash flow for 2024, indicating strong growth and market position in the circuit protection industry, particularly in the electric fuse sector [2][6][9]. Financial Performance - The company achieved total revenue of 1.421 billion yuan, a year-on-year increase of 34.11%, marking eight consecutive years of growth since 2014 [2]. - The net profit attributable to shareholders reached 187 million yuan, up 59.8%, also a record high [2]. - The net cash flow from operating activities was 122 million yuan, reflecting a 44.29% increase [2]. - For Q1 2025, revenue was 390 million yuan, a 44.98% increase, and net profit was 60.75 million yuan, up 125.81%, the highest growth rate for the same period post-listing [5]. Business Segments - The main business includes the research, production, and sales of fuses and related components, with significant contributions from electric fuses, incentive fuses, and smart fuses [6][9]. - Revenue from the new energy vehicle sector was 897 million yuan, growing 56.27%, while revenue from wind and solar power and energy storage reached 349 million yuan, up 32.59% [7][9]. - The company has a leading market share in the domestic low-voltage electric fuse sector and is well-positioned in high-end markets such as new energy vehicles and energy storage [7][9]. Research and Development - The company invested 136 million yuan in R&D, a 12.25% increase, with an R&D intensity of 9.55% [8]. - It holds 279 valid patents, including 266 domestic patents and 13 overseas patents, showcasing strong innovation capabilities [8]. - The company has received multiple awards from industry leaders, indicating recognition for its quality and innovation [8]. Market Outlook - The demand for circuit protection components is rapidly increasing, driven by the growth in new energy generation and consumption sectors [7][9]. - The company is actively engaging with leading clients in the artificial intelligence data center and eVOLT markets to develop products that meet new industry requirements [10].

中熔电气 2025042120250416 摘要 • 2025 年一季度公司营收 3.9 亿元，净利润 6,000 万元，毛利率 38.56%。新能源汽车业务占比超 60%，风光储业务占比超 20%。受益 于市场政策如 530 抢装政策和出口关税预期，公司一季度业绩超预期。 • 激励熔断器销售额显著增长，2024 年达 1.37 亿元，同比增长 189%。随 着电池新国标的实施，高压快充平台、纯电和插混车型对激励熔断器的需 求将持续增加，预计 2025 年出货目标为 2 亿元以上。 • 公司通过设备自动化改造和精益化管理，持续优化生产流程并降低成本。 尽管去年通过电商平台降低大宗金属采购成本效果不佳，今年计划继续进 行医疗投资，并优化设计和零件统一化以降低零部件成本。 • 泰国工厂去年亏损几百万，对整体利润影响较小。公司将根据国际关税政 策动态调整泰国工厂的生产策略，若关税政策有利，将加大投入，服务北 美及欧洲客户。 • 数据中心业务规模尚小，但英伟达下一代 1,200 伏 HVDC 架构将催化熔断 器需求。公司正积极储备相关产品，并关注高压化趋势对熔断器需求的积 极影响，加大资源投入拓展相关业务。 Q&A ...

Group 1 - The company reported a revenue of 1.421 billion in 2024, representing a year-on-year growth of 34.11% and a net profit attributable to shareholders of 187 million, up 59.80% year-on-year [1] - In Q1 2025, the company achieved a revenue of 390 million, a year-on-year increase of 44.98%, and a net profit of 61 million, reflecting a significant growth of 125.81% year-on-year [1] - For Q4 2024, the company recorded a revenue of 455 million, which is a 50.80% increase year-on-year, and a net profit of 67 million, up 112.38% year-on-year [1] Group 2 - The company has established stable partnerships with major manufacturers in the electric vehicle market, including CATL, BYD, and Tesla, ensuring a strong customer base [2] - In the renewable energy sector, key clients include Sunshine Power, Huawei, and Goldwind Technology, indicating a diversified market presence [2] - The company has a strong foothold in the high-voltage fuse market, with a production volume of 1.5701 million units in 2024, marking a year-on-year increase of 168.48% [3] Group 3 - The revenue from high-voltage fuses reached 137 million in 2024, showing a remarkable growth of 189.12% and accounting for 9.65% of total revenue [3] - The company is expected to see significant revenue growth in the coming years, with projected revenues of 1.960 billion, 2.649 billion, and 3.402 billion for 2025, 2026, and 2027, respectively [3] - The projected net profits for 2025, 2026, and 2027 are 332 million, 460 million, and 606 million, with corresponding growth rates of 77.5%, 38.6%, and 31.9% [3]

Group 1: Company Performance - In Q1 2025, the company achieved operating revenue of 390 million yuan, a year-on-year increase of 44.98%, and a net profit attributable to shareholders of 61 million yuan, a year-on-year increase of 125.81% [1] - For the full year 2024, the company reported operating revenue of 1.421 billion yuan, a year-on-year increase of 34.11%, and a net profit attributable to shareholders of 187 million yuan, a year-on-year increase of 59.8% [1] - The company's net profit growth turned positive in Q2 2024, with consecutive high growth in the following quarters, showing a quarterly increase of 112.38% in Q4 2024 [1] Group 2: Industry and Market Trends - The company's main business involves the research, production, and sales of fuses and related components, primarily serving the renewable energy generation and consumption sectors [2] - The demand for circuit protection components is rapidly increasing, driven by the growth in industries such as new energy vehicles, renewable energy generation, and data centers [2] - In 2024, the company generated 897 million yuan in revenue from the new energy vehicle sector, accounting for 63.13% of total revenue, with a year-on-year growth of 50.47% [2] Group 3: Financial Health - The company's cash flow from operating activities was 122 million yuan in 2024, a year-on-year increase of 44.29%, but showed a negative cash flow of -33 million yuan in Q1 2025 [2] - The company's gross margin has been under pressure, declining to 39.74% in 2023 and further to 38.56% in Q1 2025 [3] - The company's asset-liability ratio increased to 49.42% at the end of Q1 2025, up from 38.97% in the same period last year [3]

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant growth in revenue and net profit, particularly in the new energy vehicle sector, indicating robust demand and operational efficiency [1][2][4]. Financial Performance - In 2024, the company achieved revenue of 1.42 billion yuan, a year-on-year increase of 34.1%, and a net profit attributable to shareholders of 187 million yuan, up 59.8% [1]. - For Q1 2025, revenue was 390 million yuan, reflecting a 45.0% year-on-year increase but a 14.3% quarter-on-quarter decline; net profit was 61 million yuan, up 125.8% year-on-year but down 9.3% quarter-on-quarter [1]. Business Segments - The new energy vehicle business saw a revenue increase of 50.5% in 2024, reaching 897 million yuan, with an estimated market share rise to 60-65% [2]. - The gross margin for the new energy vehicle segment improved to 39.8% in 2024, up 0.46 percentage points year-on-year, despite challenges from raw material price fluctuations [2]. - The wind and solar storage business experienced slower growth, with revenue increasing by only 1.0% to 349 million yuan in 2024, and a decline in gross margin by 3.7 percentage points to 41.1% [2]. Operational Efficiency - The company improved its expense ratio to 22.5% in 2024, a decrease of 4.1 percentage points year-on-year, contributing to a 44.0% increase in operating cash flow to 122 million yuan [3]. - The global manufacturing layout, including a new factory in Thailand, is expected to support overseas business growth and meet demand from electric vehicle customers in the US and Europe [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged at 293 million yuan and 404 million yuan, respectively; the target price has been raised by 12% to 140 yuan, indicating a potential upside of 17.65% [4].

Core Insights - The company's performance in 2024 met expectations, with a revenue of 1.42 billion and a net profit of 190 million, reflecting a year-on-year growth of 34% and 60% respectively [1] - In Q4 2024, revenue reached 460 million, showing a quarter-on-quarter increase of 51% and a year-on-year increase of 22%, while net profit was 70 million, with a quarter-on-quarter increase of 112% [1] - For Q1 2025, revenue is projected at 390 million, with a quarter-on-quarter increase of 45% but a year-on-year decrease of 14% [1] Revenue Breakdown - The automotive segment saw a significant revenue increase of 50% in 2024, totaling 900 million, with Q4 revenue expected to be 300 million, a quarter-on-quarter increase of 20% [1][2] - The sales volume of incentive fuses reached 1.36 million units in 2024, a year-on-year increase of 201%, generating revenue of 140 million [1] - The company anticipates that the automotive segment will maintain a growth rate of over 50% in 2025 due to the increasing penetration of high-voltage fast-charging vehicles [2] New Energy Sector - The new energy segment generated revenue of 350 million in 2024, a slight year-on-year increase of 1%, with Q4 revenue expected to be 110 million, a quarter-on-quarter increase of 20% [2] - The gross margin for the new energy segment was 41% in 2024, down 4 percentage points year-on-year due to intensified industry competition [2] - The company is focusing on high-margin products and expects stable revenue and gross margins in 2025, with strong demand for photovoltaic energy storage in Q1 [2] Other Segments - The industrial power supply sector reported revenue of 100 million in 2024, a year-on-year increase of 78%, while the communication sector generated 50 million, up 22% [2] - Revenue from rail transportation reached 20 million, reflecting a year-on-year increase of 12% [2] Profit Forecast and Investment Rating - The company forecasts net profits of 320 million and 450 million for 2025 and 2026 respectively, an increase from previous estimates [2] - The projected net profit for 2027 is 600 million, representing year-on-year growth rates of 72%, 40%, and 33% for the respective years [2] - The company maintains a "buy" rating with a target price of 171, based on a 25x PE ratio for 2026, reflecting its leading position in the power fuse market [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, while Q1 2025 results slightly exceed expectations. The revenue for 2024 is projected at 1.42 billion yuan, a year-on-year increase of 34%, with a net profit of 186.94 million yuan, up 60% year-on-year [8] - The company is expected to maintain strong growth in the automotive sector, particularly in incentive fuses, with a projected revenue increase of 50% in 2025 [8] - The company is focusing on high-margin products in the new energy sector, with stable revenue and profit margins anticipated [8] - The company is expected to achieve a net profit of 3.2 billion yuan in 2025 and 4.5 billion yuan in 2026, with a target price of 171 yuan based on a 25x PE ratio for 2026 [8] Financial Projections - Total revenue projections are as follows: 2023A: 1.06 billion yuan, 2024A: 1.42 billion yuan, 2025E: 2.00 billion yuan, 2026E: 2.67 billion yuan, 2027E: 3.44 billion yuan [1] - Net profit projections are: 2023A: 116.98 million yuan, 2024A: 186.94 million yuan, 2025E: 322.14 million yuan, 2026E: 452.57 million yuan, 2027E: 602.15 million yuan [1] - The projected EPS for 2024 is 2.82 yuan, increasing to 4.86 yuan in 2025 and 6.83 yuan in 2026 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, while Q1 2025 results slightly exceed expectations. Revenue for 2024 is projected at 1.42 billion yuan, a year-on-year increase of 34%, with net profit attributable to shareholders at 186.94 million yuan, a year-on-year increase of 59.8% [8] - The growth in revenue is driven by the increase in sales of incentive fuses, with a significant rise in automotive sector revenue expected to continue in 2025 [8] - The company is focusing on high-margin products in the new energy sector, maintaining stable revenue and profit margins despite increased competition [8] - The company is expected to maintain a strong growth trajectory in the automotive sector, with a projected revenue increase of 50% in 2025 [8] Summary by Sections Financial Forecasts and Valuation - Total revenue is forecasted to reach 2.00 billion yuan in 2025, with a year-on-year growth of 40.87%. Net profit is expected to be 322.14 million yuan, reflecting a growth of 72.32% [1][9] - The earnings per share (EPS) is projected to be 4.86 yuan in 2025, with a price-to-earnings (P/E) ratio of 24.48 [1][9] - The target price for the stock is set at 171 yuan, based on a 25 times P/E ratio for 2026 [8] Revenue Breakdown - Automotive revenue is expected to reach 9 billion yuan in 2024, a 50% increase year-on-year, with Q4 2024 automotive revenue projected at 3 billion yuan [8] - New energy revenue is forecasted at 3.5 billion yuan in 2024, with a focus on high-margin products to stabilize revenue and profit margins [8] - The industrial control power supply sector is also showing strong growth, with a revenue increase of 78% year-on-year [8]

Investment Rating - The investment rating for the company is maintained as "Buy" [7] Core Views - The company reported a revenue of 1.421 billion RMB for 2024, representing a year-on-year increase of 34.11%, and a net profit of 186.94 million RMB, up 59.80% year-on-year. For Q1 2025, revenue reached 390 million RMB, a 44.98% increase year-on-year, with a net profit of 60.75 million RMB, up 125.81% year-on-year. The performance is within the forecast range, and the outlook remains positive due to the expansion into new products and emerging markets [1][5] - The gross margin and net margin for Q4 2024 and Q1 2025 showed significant year-on-year improvements, primarily due to enhanced cost control and a reduction in equity incentive expenses. The company expects further improvement in gross margins as the proportion of high-value new products increases [2][5] - The company is focusing on the mid-to-high-end market, particularly in the development of new products such as incentive fuses and smart fuses, which have seen a substantial increase in demand from industries like new energy vehicles and energy storage [3][4] - The company is actively expanding into new markets such as AI data centers and eVOLT, and is making steady progress in internationalization, particularly in Europe, North America, and Japan [4] Financial Projections - The company is projected to achieve a net profit of 316.24 million RMB in 2025, with a compound annual growth rate (CAGR) of 30.34% from 2025 to 2027. The estimated earnings per share (EPS) for 2025 is 4.77 RMB, with a target price set at 131.91 RMB based on a price-to-earnings (PE) ratio of 27.65 [5][6][7]

证券代码：301031 证券简称：中熔电气 公告编号：2025-014 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 公证天业会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由变更为公证天业会计师事务所（特殊普通 合伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以2024年12月31日总股本66,277,427股剔除公司回购专 用账户持有的261,600股后的66,015,827股为基数，向全体股东每10股派发现金红利6.5元（含税），送红 股0股（含税），以资本公积金向全体股东每10股转增4.8股。 董事会决议通过的本报告期优先股利润分配预案 □适用 □不适用 二、公司基本情况 ■ 2、报告期主要业务或产品简介 熔断 ...