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].

＃assAuthor＃ 证券研究报告 ＃industryId＃ 电气设备 ＃investSuggestion＃ ＃分析师： emailAuthor＃ | --- | --- | |----------------------------|------------| | ＃市场数据 marketData ＃ | | | 日期 | 2024-09-12 | | 收盘价（元） | 74.60 | | 总股本（百万股） | 66.28 | | 流通股本（百万股） | 43.41 | | 净资产（百万元） | 1047.51 | | 总资产（百万元） | 1829.29 | | 每股净资产（元） | 15.80 | | --- | --- | --- | --- | |---------------------------------------|--------|------------------------|-------| | 会计年度 ＄ zycwzb\| 主要财务指标＄ | | 2023 2024E 2025E 2026E | | | 营业收入 ( 百万元 ) | | 1060 1488 2032 2672 ...

Investment Rating - The report maintains a "Buy" rating for the company, which is a leading player in the domestic fuse business, benefiting from the rapid development of the electric vehicle industry and the increasing penetration of the 800V high-voltage platform in this sector [1][2][7]. Core Views - The company's revenue for the first half of 2024 (24H1) slightly exceeded market expectations, achieving 594 million yuan, a year-on-year increase of 19.97%, with a net profit attributable to shareholders of 65 million yuan, up 15% year-on-year [1][2]. - The electric vehicle business is growing rapidly, with 24H1 revenue reaching 365 million yuan, a year-on-year increase of 45.38%. The company has established a customer base that includes major domestic brands and international companies such as Tesla and Daimler [1][2]. - Revenue from incentive fuses accelerated in 24H1, reaching 49 million yuan, surpassing the total revenue of 47 million yuan for the entire year of 2023. The market potential for incentive fuses is expected to grow significantly as the 800V platform becomes more prevalent in the electric vehicle sector [1][2]. Financial Summary - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are adjusted to 2.86 yuan, 4.17 yuan, and 5.74 yuan respectively, down from previous estimates of 3.03 yuan, 4.73 yuan, and 7.39 yuan [1][5]. - The target price for 2025 is maintained at 90.11 yuan, reflecting a price-to-earnings (PE) ratio of 21.59x, which is above the industry average [1][7]. - The company’s financial performance shows a significant increase in revenue and net profit projections over the next few years, with total revenue expected to grow from 1.06 billion yuan in 2023 to 2.38 billion yuan in 2026, representing a compound annual growth rate (CAGR) of approximately 28% [5][11].

关于西安中熔电气股份有限公司 2024 年半年度持续督导跟踪报告 | 保荐机构名称：中原证券股份有限公司 | 被保荐公司简称：中熔电气 | | --- | --- | | 保荐代表人姓名：刘军锋 | 联系电话：0371-65585061 | | 保荐代表人姓名：徐政 | 联系电话：0371-65585061 | 中原证券股份有限公司 | 公司及股东承诺事项 | 是否履行 | 未履行承诺的原因及解决措施 | | --- | --- | --- | | | 承诺 | | | 1．本次发行前股东所持股份的限售安排、 | 是 | 不适用 | | 自愿锁定股份、延长锁定期限以及股东持 | | | | 股及减持意向等承诺 | | | | 2．关于稳定公司股价的措施和承诺 | 是 | 不适用 | | 3．对欺诈发行上市的股份回购承诺、关于 | 是 | 不适用 | | 股份回购的措施和承诺 | | | | 4．关于填补被摊薄即期回报的措施和承诺 | 是 | 不适用 | | 5.关于利润分配政策的承诺 | 是 | 不适用 | | 6.关于依法承担赔偿责任的承诺 | 是 | 不适用 | | 7.关于未能履行承诺的约束措施的承诺 ...

证券代码：301031 证券简称：中熔电气 公告编号：2024-072 西安中熔电气股份有限公司 近日，中熔电气以总价2,210万元成功竞得GX3-4-41宗地国有建设用地使用权，并 签订了《网上挂牌出让成交确认书》，并与西安市自然资源和规划局签订《国有建 设用地使用权出让合同》。现将有关情况公告如下： 四、备查文件 一、竞得土地基本情况 二、本次取得土地使用权对公司的影响 中熔电气竞拍取得该土地使用权符合公司的未来发展战略，有利于促进公司持续 稳定发展。本次竞拍的资金来源为公司自有资金，不会对公司当期财务状况及经营业绩 产生重大不利影响，不存在损害公司及股东的利益的情形。 关于公司竞拍取得土地使用权的公告 三、后续事项及风险提示 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。 公司将结合实际经营业务需求确定具体建设项目，但项目实施过程中可能受有关 部门审批手续、国家或地方有关政策调整等不可抗力因素的影响，项目实施进度存在 一定的不确定性。公司将根据项目进展情况，积极推进有关事项的落实，按照有关法律 法规的要求及时履行信息披露义务。敬请投资者注意投资风险。 西 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 72.28 CNY and a reasonable value of 79.53 CNY per share [1][3]. Core Views - The company reported a revenue of 5.9 billion CNY for the first half of 2024, representing a year-on-year increase of 19.97%. The net profit attributable to shareholders reached 0.65 billion CNY, up 15.00% year-on-year, confirming a performance turning point in Q2 2024 [3][11]. - The rapid growth in the new energy vehicle (NEV) business is highlighted, with the NEV fuse revenue reaching 3.65 billion CNY, a 45.38% increase year-on-year. However, the wind and solar storage business faced challenges, with revenue of 1.66 billion CNY, down 1.88% year-on-year [11][13]. - The company is expanding its overseas business, having entered the supply chains of major clients like Tesla and Daimler, with overseas revenue of 0.45 billion CNY, a 16.08% increase year-on-year, accounting for 7.63% of total revenue [13][14]. Summary by Sections Financial Performance - The company achieved a gross margin of 38.37% in H1 2024, down 2.38 percentage points year-on-year, while the net margin was 11.01%, down 0.48 percentage points year-on-year. In Q2 2024, the gross margin improved to 38.64%, up 0.60 percentage points quarter-on-quarter [5][6]. - The company expects to maintain high growth for the full year, with projected revenues of 13.8 billion CNY, 18.3 billion CNY, and 23.2 billion CNY for 2024 to 2026, and net profits of 2.1 billion CNY, 3.4 billion CNY, and 4.5 billion CNY respectively [15][21]. Business Segments - The NEV fuse segment is performing strongly, while the wind and solar storage segment is under pressure due to market conditions. The company is also focusing on expanding its product offerings in the energy storage market [11][14]. - The company is actively investing in R&D to enhance its competitive edge, with a R&D expense ratio of 10.69% in H1 2024, down 0.44 percentage points year-on-year [8][9]. Market Position and Outlook - The company is positioned as a leader in the fuse market, benefiting from the increasing penetration of NEVs globally. The report maintains a "Buy" rating based on a projected PE of 25 times for 2024, corresponding to a reasonable value of 79.53 CNY per share [15][16].

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个月内。具体内容详见公司2024年7月9日 和2024年7月16日刊登于巨潮资讯网（www.cninfo.com.cn）的《关于回购公司 股份方案的公告》（公告编号：2024-049）和《回购报告书》（公告编号： 2024-057）。公司于2024年7月18日于巨潮资讯网披露了《关于2023年年度权益 分派实施后调整回购股份价格上限的公告》（公告编号：2024-058），自2024 年7月17日起调整回购股份价格上限为99 ...

关于2024年半年度募集资金存放与实际使用情况的专项报告 根据中国证监会《上市公司监管指引第2号——上市公司募集资金管理和使用的监 管要求》、深圳证券交易所发布的《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》及相关格式指南的规定，西安中熔电气股份有限公司（以下简 称"公司"）编制了2024年半年度募集资金存放与实际使用情况报告，具体情况如下： 一、募集资金的基本情况 （一）实际募集资金金额、资金到账时间 证券代码：301031 证券简称：中熔电气 公告编号：2024-068 西安中熔电气股份有限公司 经中国证券监督管理委员会《关于同意西安中熔电气股份有限公司首次公开发行股 票注册的批复》（证监许可[2021]1962号）同意注册，公司首次公开发行人民币普通股 （A股）16,570,000.00股，每股发行价格为人民币26.78元，募集资金总额为人民币 443,744,600.00元，扣除发行费用（不含增值税金额）人民币47,560,943.06元后的募集 资金净额为人民币396,183,656.94元。 中天运会计师事务所（特殊普通合伙）于2021年7月12日对公司首次公开发行股票 ...

证券代码：301031 证券简称：中熔电气 公告编号：2024-069 西安中熔电气股份有限公司 关于2024年半年度利润分配预案的公告 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8月27日召开了第三届 董事会第十八次会议、第三届监事会第十七次会议，审议通过了《关于2024年半年度利润 分配预案的议案》，现将相关具体内容公告如下： 一、利润分配预案基本情况 公司2024年半年度合并报表中归属于上市公司股东的净利润为65,399,855.65元， 母公司净利润为82,368,438.95元。截至2024年6月30日，合并报表累计未分配利润为 375,073,571.41元，母公司累计未分配利润为399,905,218.11元。 根据《上市公司自律监管指引第2号——创业板上市公司规范运作》等规定，按 照合并报表、母公司报表中可供分配利润孰低的原则，截至2024年6月30日，公司可供 股东分配利润的净利润为375,073,571.41元。 公司2024年生产经营状况良好，业绩符合预期，为更好地回报广大投资 ...

证券代码：301031 证券简称：中熔电气 公告编号：2024-064 西安中熔电气股份有限公司 第三届董事会第十八次会议决议公告 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"）第三届董事会第十八次会 议（以下简称"会议"）于2024年8月19日以书面、电子邮件等方式送达全体董 事，会议于2024年8月27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 事及高级管理人员列席了会议。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、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年半年度报告及 摘要的议案》。 公司《2024年半年度报告》及《2024年半年度报告摘要》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。 表决情况：同意9票，反对 ...