一、三季报业绩数据总览 销售额情况: 前三季度销售额为 9.66 亿，同比增长 27.4%，三季度单季度销售额达 3.7 亿，同比增长 41%。 净利润数据: 前三季度净利润约 1.2 亿，同比增长 40%，三季度为 5400 多万，同 比增长 90%。 毛利率状况: 前三季度毛利率总体为 38.6%，三季度为 39%。 各项费用占比: 研发费用前三季度约 9600 多万，占销售收入约 10%；销售费用 5800 多万，占销售收入 6%；管理费用 6500 多万，约占销售收入 6.7%。 二、各业务板块业绩驱动分析 业务板块占比情况: 电动汽车在销售占比上半年约为 61%左右，预计前三季度占比 基本不变，公共轨道交通占比与半年报差不多为 10%多，风光储业务占比约 20% 多。 风光储业务分析: 风光储业务三季度同比可能有 20%左右的增长，出货情况较上半 年有所好转，其中储能情况较好，光伏情况一般，这与国内光伏装机数据虽整体还 行但熔断器使用情况有关，公司在光伏市场份额相对稳定，主要关注大客户项目。 三、费用相关情况分析 毛利率改善原因: 毛利率环比提升，在销售结构波动不大的情况下，主要是年初开 始的降本增 ...

Investment Rating - The report maintains a "Buy" rating with a target price of RMB 113.27 [4][5] Core Views - The company reported strong Q3 performance with revenue of RMB 372 million, up 41.57% year-on-year and 14.50% quarter-on-quarter, and a net profit of RMB 54.58 million, up 90.92% year-on-year and 41.79% quarter-on-quarter [1] - The company is focusing on new product development and expanding into overseas markets, particularly in the high-end product segment such as incentive fuses [1][2] - The report highlights the company's effective cost control measures, leading to improved net profit margins [1] Summary by Sections Q3 Performance - In Q3 2024, the company achieved revenue of RMB 372 million, representing a year-on-year increase of 41.57% and a quarter-on-quarter increase of 14.50% [1] - The net profit for the same period was RMB 54.58 million, showing a year-on-year growth of 90.92% and a quarter-on-quarter growth of 41.79% [1] - The company’s gross and net profit margins were 39.06% and 14.67%, respectively, with net profit margin improving due to reduced expense ratios [1] Market Focus - The company primarily serves the new energy vehicle, wind power, and energy storage sectors, with 89.35% of revenue coming from these areas in H1 2024 [2] - The report notes significant growth in the domestic new energy vehicle market, with retail sales increasing by 37.4% year-on-year [2] - The company is also expanding its overseas market presence, with plans for mass production at its Thailand facility [2] Financial Forecast - The report forecasts the company's net profit for 2024-2026 to be RMB 184.4 million, RMB 341.43 million, and RMB 441.54 million, respectively, with year-on-year growth rates of 57.63%, 85.16%, and 29.32% [2][3] - The expected EPS for the same period is RMB 2.78, RMB 5.15, and RMB 6.66 [2][3] - The report assigns a PE ratio of 22x for 2025, aligning with the average for comparable companies [2][3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 performance exceeded expectations, with revenue of 970 million yuan for the first three quarters of 2024, representing a 27% year-on-year increase, and a net profit of 120 million yuan, up 40% year-on-year. The gross margin was 38.6%, down 2.1 percentage points, while the net profit margin was 12.4%, up 1.1 percentage points [2][3] - The automotive segment revenue is expected to grow by 15-20% quarter-on-quarter, with Q3 revenue estimated at 250 million yuan. The company benefits from domestic sales exceeding expectations and anticipates a recovery in gross margin to around 40% due to cost reduction and efficiency improvements [2][3] - The company is transitioning from fuses to energy protection systems, with expectations for significant growth in the fuse segment and continued focus on overseas markets [2] - The renewable energy storage product segment faces increased competition, but the company is expected to maintain a gross margin of around 40% despite anticipated price reductions [2][3] - The reduction in equity compensation by over 60% and the release of scale effects have significantly lowered the expense ratio, contributing to the strong performance in Q3 [3] Financial Forecasts - The company forecasts net profits of 191 million yuan, 297 million yuan, and 416 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 64%, 55%, and 40% [3] - The report adjusts the earnings per share (EPS) estimates to 2.89 yuan for 2024, 4.48 yuan for 2025, and 6.28 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 35.52, 22.92, and 16.34 [1][3]

Financial Performance - Revenue for Q3 2024 reached ¥371,928,213.22, an increase of 41.57% compared to the same period last year[2] - Net profit attributable to shareholders was ¥54,580,204.40, up 90.92% year-on-year[2] - Net profit after deducting non-recurring gains and losses was ¥54,444,274.16, reflecting a 94.09% increase from the previous year[2] - Basic earnings per share for Q3 2024 was ¥0.8235, a 90.94% increase compared to the same period last year[2] - Total operating revenue for Q3 2024 reached CNY 965,772,451.61, an increase of 27.5% compared to CNY 757,728,544.16 in Q3 2023[14] - Net profit for the period was CNY 119,980,060.05, representing a significant increase of 40.4% from CNY 85,456,098.79 in the same quarter last year[15] - The total comprehensive income for the third quarter of 2024 was CNY 115,785,456.83, an increase from CNY 84,596,922.33 in the same period last year, representing a growth of approximately 37%[16] - Basic and diluted earnings per share for the third quarter were both CNY 1.8103, compared to CNY 1.2894 in the previous year, reflecting a year-over-year increase of about 40.5%[16] Cash Flow - Operating cash flow for the year-to-date period increased significantly by 2,880.07% to ¥82,163,558.75[2] - Operating cash inflow for the current period reached ¥910.26 million, an increase of 30.76% compared to the same period last year, primarily due to increased sales collections[7] - Operating cash outflow totaled ¥828.10 million, reflecting an 18.45% increase year-over-year, mainly driven by rapid business growth and increased payments for goods, taxes, and salaries[7] - Cash inflow from operating activities reached CNY 910,260,744.00, up from CNY 696,139,436.39 in the prior year, indicating a growth of approximately 30.7%[17] - Cash outflow from operating activities totaled CNY 828,097,185.25, compared to CNY 699,094,883.83 in the same period last year, resulting in a net cash flow from operating activities of CNY 82,163,558.75, a significant improvement from a net outflow of CNY 2,955,447.44 in the previous year[18] - The company reported cash inflow from financing activities of CNY 249,738,713.47, an increase from CNY 179,321,910.39 in the previous year, while cash outflow for financing activities was CNY 225,121,943.37, compared to CNY 41,658,021.37 last year[18] - The net increase in cash and cash equivalents for the period was CNY 6,756,288.75, down from CNY 57,695,630.73 in the same period last year[18] Assets and Liabilities - Total assets as of the end of Q3 2024 were ¥1,930,891,547.10, representing a 14.71% increase from the end of the previous year[2] - Total assets increased to CNY 1,930,891,547.10, up from CNY 1,683,226,155.36, marking a growth of 14.7%[14] - Current assets totaled CNY 1,298,926,703.83, compared to CNY 1,133,805,115.64, indicating a rise of 14.6%[14] - Non-current assets rose to CNY 631,964,843.27, an increase of 15% from CNY 549,421,039.72[14] - Total liabilities increased to CNY 844,719,848.05, compared to CNY 697,703,935.20, reflecting a growth of 21.1%[14] - The company's equity attributable to shareholders reached CNY 1,086,171,699.05, up from CNY 985,522,220.16, a rise of 10.2%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 6,509, with the largest shareholder holding 13.50% of the shares[8] - The top ten shareholders collectively hold significant stakes, with the largest shareholder, Fang Guangwen, owning 8,949,000 shares[9] - The company reported a total of 29,746,979 restricted shares at the beginning of the period, with 6,989,001 shares released from restrictions during the period[11] Investment Activities - Research and development expenses for Q3 2024 were ¥9,656.26 million, a 14.25% increase year-on-year, indicating a focus on enhancing R&D capabilities[6] - The company reported a significant increase in long-term equity investments, which remained at CNY 0.00, indicating a strategic focus on other investment avenues[14] Cash Management - Investment cash inflow significantly decreased by 99.97% to ¥0.12 million, attributed to a reduction in cash management product redemptions compared to the previous year[7] - Investment cash outflow decreased by 76.38% to ¥100.28 million, primarily due to a reduction in cash management product purchases compared to the previous year[7] Financing Activities - The company reported a significant increase in short-term loans by 53.00% to ¥28,203.19 million, driven by business expansion needs[5] - Financing cash inflow increased by 39.27% to ¥249.74 million, mainly due to an increase in borrowings during the period[7] - Financing cash outflow surged by 440.40% to ¥225.12 million, primarily due to an increase in repayments of maturing loans[7] Other Information - As of September 30, 2024, the company's cash and cash equivalents stood at ¥205.51 million, down from ¥216.11 million at the beginning of the period[12] - The company did not report any cash received from the recovery of investments during the current period, contrasting with CNY 345,000,000.00 received in the previous year[18] - The company has not undergone an audit for the third quarter report[19] - The company is set to implement new accounting standards starting in 2024, which may impact future financial reporting[19]

证券代码：301031 证券简称：中熔电气 公告编号：2024-078 监事会认为：董事会编制和审核公司2024年第三季度报告的程序符合法律、行政 法规和中国证监会的规定，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。 详细情况见公司同日在中国证监会创业板指定信息披露网站巨潮资讯网披露的 《2024年第三季度报告》相关公告。 表决结果：3票同意、0票反对、0票弃权、0票回避表决。 西安中熔电气股份有限公司 第三届监事会第十八次会议决议公告 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 西安中熔电气股份有限公司(下称"公司")第三届监事会第十八次会议，于2024 年10月23日以现场结合通讯表决方式在公司会议室召开。会议通知及会议资料于2024 年10月12日以书面、电子邮件等方式向公司全体监事发出。本次会议应出席监事3名， 实际出席监事3名，会议由监事会主席贾钧凯先生召集并主持。本次会议的召开符合有 关法律、行政法规、部门规章、规范性文件和公司章程的规定。 二、监事会会议审议情况 本 ...

证券代码：301031 证券简称：中熔电气 公告编号：2024-077 西安中熔电气股份有限公司 二、董事会会议审议情况 经与会董事认真审议，会议以记名投票表决方式通过了以下议案并形成如下决 议： （一）审议并通过《关于西安中熔电气股份有限公司2024年第三季度报告 的议案》。 公司《2024年第三季度报告》内容真实、准确、完整地反映了公司的实际 情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 详细情况见公司同日在中国证监会创业板指定信息披露网站巨潮资讯网披 露的《2024年第三季度报告》相关公告。 表决情况：同意9票，反对0票，弃权0票，0票回避表决。 第三届董事会第十九次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 西安中熔电气股份有限公司（以下简称"公司"）第三届董事会第十九次会 议（以下简称"会议"）于2024年10月12日以书面、电子邮件等方式送达全体董 事，会议于2024年10月23日以现场、通讯相结合的方式在公司会议室召开。本次 会议应出席董事9名，实际出席董事9名，会议由董事长方广文先生主持，公司监 ...

证券代码：301031 证券简称：中熔电气 公告编号：2024-076 成交总金额为20,135,165.00元（不含交易费用）。前述回购符合公司回购股份 方案及相关法律法规的要求。 二、其他说明 （一）公司回购股份的时间、回购股份的价格及集中竞价交易的委托时段 等符合公司回购股份的方案及《深圳证券交易所上市公司自律监管指引第9号— —回购股份》第十七条、第十八条、第十九条的相关规定，具体如下： 西安中熔电气股份有限公司 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。 西安中熔电气股份有限公司（以下简称"公司"）于2024年7月9日召开了第 三届董事会第十六次会议，审议通过了《关于回购公司股份方案的议案》，同 意公司使用自有资金以集中竞价交易方式回购公司部分人民币普通股（A股） 股份（以下简称"本次回购"），用于实施股权激励计划或员工持股计划。本 次回购的资金总额不低于人民币2,000万元（含），不超过人民币4,000万元（ 含），回购价格上限不超过人民币100元/股（含）。回购股份的实施期限自公 司董事会审议通过回购方案之日起12 ...

证券代码：301031 证券简称：中熔电气 公告编号：2024-075 西安中熔电气股份有限公司 关于2024年半年度权益分派实施后 调整回购股份价格上限的公告 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。 特别提示： 1.调整前回购股份价格上限：人民币99.42元/股（含本数） 2.调整后回购股份价格上限：人民币99.32元/股（含本数） 3.回购股份价格上限调整生效日期：2024年9月27日（2024年半年度权益分 派除权除息日） 一、回购股份方案概述 西安中熔电气股份有限公司（以下简称"公司"）于2024年7月9日召开了第 三届董事会第十六次会议，审议通过了《关于回购公司股份方案的议案》，同意 公司使用自有资金以集中竞价交易方式回购公司部分人民币普通股（A股）股份 （以下简称"本次回购"），用于实施股权激励计划或员工持股计划。本次回购 的资金总额不低于人民币2,000万元（含），不超过人民币4,000万元（含），回 购价格上限不超过人民币100元/股（含）。回购股份的实施期限自公司董事会审 议通过回购方案之日起12个月内。具体内容详见公司2024年7月 ...

证券代码：301031 证券简称：中熔电气 公告编号：2024-074 3、自利润分配预案披露至分配实施期间，公司股本总数未发生变化。若在分配方案实 施前公司总股本发生变化的，分配比例将按分派总额不变的原则相应调整。 4、本次实施的权益分配方案符合公司2023年年度股东大会审议通过的《关于2023年度 利润分配预案及2024年中期现金分红建议方案的议案》相关要求，无需再次提交股东大会审 议。 5、本次利润分配实施时间距离董事会审议通过的时间未超过两个月。 西安中熔电气股份有限公司 2024年半年度利润分配实施公告 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。 一、股东大会审议通过2024年半年度利润分配方案等情况 1、西安中熔电气股份有限公司（以下简称"公司"、"本公司"）于2024年5月22日召 开的2023年年度股东大会审议通过了《关于2023年度利润分配预案及2024年中期现金分红建议 方案的议案》。公司2024年中期权益分派方案已获2024年8月27日召开的第三届董事会第十 八次会议和第三届监事会第十七次会议审议通过，在公司2023年年度股东大会决议 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% relative to the CSI 300 index within the next six months [11]. Core Views - The company has shown robust performance in the rapidly growing electric vehicle sector, with significant revenue growth in its core business of fuses and related components [1][2]. - The company's revenue for the first half of 2024 reached 594 million yuan, representing a year-on-year increase of 19.97%, while net profit attributable to shareholders was 65 million yuan, up 15% year-on-year [1]. - The electric fuse business has a wide range of applications, particularly in the electric vehicle, renewable energy, and communication markets, with strong market competitiveness and leading market share [1][2]. Financial Performance Summary - For the first half of 2024, the company's electric fuses and components generated revenue of 542 million yuan, a year-on-year increase of 14.10%, accounting for 91.27% of total sales [1]. - The electric vehicle segment alone achieved revenue of 365 million yuan, a year-on-year growth of 45.38%, with a sales share of 61.45% [1]. - The company expects continued growth in the energy storage sector, driven by collaborations with major players like CATL and BYD [1][2]. Earnings Forecast - The projected net profits for the company are 140 million yuan, 177 million yuan, and 218 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding fully diluted EPS of 2.11 yuan, 2.67 yuan, and 3.29 yuan [2][3]. - The expected P/E ratios for the years 2024, 2025, and 2026 are 33.91, 26.83, and 21.80, respectively, indicating a favorable growth outlook [2][3]. Market Position and Competitive Advantage - The company has established early market presence in the electric vehicle and renewable energy sectors, enhancing its competitive edge through technological advancements and product iterations [1][2]. - The incentive fuses, which are gaining traction, offer higher unit value and margins compared to traditional fuses, presenting a new growth opportunity as production scales up [2].