公 司 点 评 报 告 ＃assAuthor＃ 公 司 研 究 | --- | --- | |--------------------|------------| | | | | 日期 | 2024-09-13 | | 收盘价（元） | 67.88 | | 总股本（百万股） | 124.80 | | 流通股本（百万股） | 34.63 | | 净资产（百万元） | 6075.59 | | 总资产（百万元） | 6913.76 | | 每股净资产（元） | 48.68 | wangshuai21@xyzq.com.cn S0190521110001 lifengyjy@xyzq.com.cn S0190524030001 ＃相关报告 relatedReport＃ 《【兴证电新】华宝新能公司跟 踪报告：便携式储能龙头，以品 牌为核心筑牢高增长》 ＃分析师： emailAuthor＃ 王帅 李峰 券研究报告 ＃industryId＃ 电气设备 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ⚫ 24Q2 公司营收 5.6 亿元，同比+18.5%，环比 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 09 06 年 月 日 华宝新能（301327.SZ） 盈利水平持续改善，家庭绿电有望带来业绩边际增量 华宝新能发布 2024 年半年报，上半年业绩扭亏为盈。2024H1 公司实 现营收 11.42 亿元，同比+24.0%；归母净利 0.73 亿元，同比+242.7%； 扣非归母净利 0.40 亿元，同比+148.9%。受益于原材料价格的下降以 及公司库存结构的优化，上半年公司毛/净利率为 46.4%/6.4%，同比 提升 7.3/11.9pct，其中销售费用率/管理费用率同比下降 7.3/4.7pct。 今年二季度，公司实现营收 5.60 亿元，环比-3.8%；归母净利 0.44 亿 元，环比+51.2%；扣非归母净利 0.27 亿元，环比+102.5%。Q2 公司 销售毛/净利率为 46.2%/7.8%，环比变化为-0.3/2.8pct。此外，公司 拟向全体股东按照每 10 股派发现金股利 2.83 元（含税），共计派发现 金红利 3507.9 万元（含税） 加速全球化战略布局，公司海外收入占比持续提升。分区域来看，当 前公司已在全球 50 ...

硅 基础数据： 华宝新能 301327.SZ 相对市场表现： 分析师 张烨童 zhangyetong@gwgsc.com 执业证书编号：S0200524050001 联系电话：010-68099390 ◆公司不断深化全球品牌战略，加强全球渠道布局。2024H1，公司海 外销售实现营业收入10.73 亿元，占总营收93.89%，同比增长30.10%。 其中，公司坚定美国、日本市场持续开发投入和品牌构建，在美国市 场实现营收同比增长38.17%，日本市场实现营收同比增长51.13%，北 美市场实现销售6.45亿元，同比增长33.94%；亚洲（不含中国市场） 实现销售3.53亿元，同比增长52.57%。此外，为了进一步加强全球市 场的渗透，公司积极加强全球渠道的布局，通过官网独立站、第三方 电商平台和线下零售三位一体的渠道结合，公司产品累计热销超400万 台，全球销量领先。目前公司已在全球建立了21个官网独立站，业务 覆盖了全球50多个国家和地区。 zhugaotian@gwgsc.com 执业证书编号：S0200123030001 联系电话：010-68099392 2024 年 9 月 4 日 证券研究报告/公 ...

证券代码：301327 证券简称：华宝新能 公告编号：2024-072 深圳市华宝新能源股份有限公司 关于股份回购进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市华宝新能源股份有限公司（以下简称为"公司"或"华宝新能"）于2023年11 月1日召开了第二届董事会第二十六次会议和第二届监事会第二十二次会议，审议通 过了《关于使用部分超募资金以集中竞价交易方式回购公司股份方案的议案》，同意 公司使用部分超募资金以集中竞价交易的方式回购公司股份，用于后期实施员工持股 计划或股权激励。本次用于回购的资金总额不低于人民币5,000万元（含），不超过人 民币1亿元（含），回购价格上限为95.73元/股（含），回购期限为自公司董事会审议 通过本次回购股份方案之日起12个月内。具体情况详见公司分别于2023年11月2日、 2023年11月9日披露在巨潮资讯网（http://www.cninfo.com.cn）的《关于使用部分超募 资金以集中竞价交易方式回购公司股份方案的公告》和《关于使用部分超募资金以集 中竞价交易方式回购公司股份方案的回购报告书》。 根 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next 6 months [8]. Core Insights - The company has demonstrated significant revenue growth, with a 24% year-on-year increase in revenue for the first half of 2024, reaching 1.14 billion yuan, and a return to profitability with a net profit of 70 million yuan [2][3]. - The gross margin improved to 46.4%, up 7.3 percentage points year-on-year, while the net profit margin reached 6.4%, an increase of 11.9 percentage points [2]. - The company launched innovative products, including a DIY small-scale home green energy system, enhancing its product matrix and market presence [2]. - International revenue saw substantial growth, with the U.S. and Japan experiencing year-on-year increases of 38% and 51%, respectively, solidifying the company's global channel strategy [2]. Financial Performance Summary - The company is projected to achieve net profits of 220 million yuan, 310 million yuan, and 400 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 41, 29, and 22 [3]. - Revenue forecasts for 2024 to 2026 are 3.12 billion yuan, 4.43 billion yuan, and 5.75 billion yuan, reflecting growth rates of 35%, 42%, and 30% [3]. - The company’s gross margin is expected to stabilize around 46% in the coming years, with net profit margins projected to improve gradually [3].

证券代码：301327 证券简称：华宝新能 公告编号：2024-062 深圳市华宝新能源股份有限公司 第三届监事会第七次会议决议公告 二、监事会会议审议情况 经公司全体监事认真审议，本次会议形成以下决议： （一）审议通过《2024 年半年度报告》及《2024 年半年度报告摘要》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 经审核，监事会认为：公司《2024年半年度报告》及《2024年半年度报告摘要》 的编制和审议程序符合法律法规规、《公司章程》和公司内部管理制度的各项规定， 《2024年半年度报告》及《2024年半年度报告摘要》的内容真实、准确、完整地反映 了公司的经营情况，不存在虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）的《2024年 半年度报告》及《2024年半年度报告摘要》。 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，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 深圳市华宝新能源股份有限公司（以下简称为"公司"或"华宝新能"）第三届监事 会第七次会议通知于2024年8月15日以书 ...

证券代码：301327 证券简称：华宝新能 公告编号：2024-061 深圳市华宝新能源股份有限公司 第三届董事会第七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 深圳市华宝新能源股份有限公司（以下简称为"公司"或"华宝新能"）第三届 董事会第七次会议通知于2024年8月15日以书面送达、电子邮件及电话的方式向全体 董事发出，公司第三届董事会第七次会议之增加临时议案的通知书于2024年8月28日 以电话、口头方式向全体董事作出，全体董事同意豁免本次增加临时议案的会议通知 时限要求。本次董事会会议于2024年8月28日在公司会议室以现场结合通讯表决的方 式召开，由公司董事长孙中伟先生主持，本次会议应出席董事7人，实际出席董事7人， 董事长孙中伟先生、副董事长温美婵女士、独立董事李斐先生、独立董事吴辉先生以 通讯表决方式出席会议，公司监事及高级管理人员列席了会议。 本次会议的召集、召开及表决程序符合《中华人民共和国公司法》《中华人民共 和国证券法》等有关法律、行政法规、部门规章、规范性文件和《深圳市华宝新能源 股份有限公司 ...

证券代码：301327 证券简称：华宝新能 公告编号：2024-070 深圳市华宝新能源股份有限公司 关于召开2024年第三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、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市华宝新能源股份有限公司（以下简称为"公司"或"华宝新能"）于2024 年8月28日召开第三届董事会第七次会议，公司董事会决定于2024年9月25日以现场表 决与网络投票相结合的方式召开公司2024年第三次临时股东大会（以下简称"本次会 议"或"本次股东大会"），现将本次股东大会相关事宜通知如下： 一、召开会议的基本情况 1、股东大会届次：2024年第三次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性： 本次股东大会的召开符合有关法律、行政法规、部门规章、规范性文件、深圳证 券交易所业务规则和《公司章程》的相关规定和要求。 4、会议召开的日期、时间： （1）现场会议时间：2024年9月25日（星期三）下午15:00 （2）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9月25日上午9:15~9:25，9:3 ...

Financial Performance - The company's operating revenue for the reporting period reached ¥1,142,469,915.60, representing a 24.02% increase compared to ¥921,189,704.63 in the same period last year[13]. - The net profit attributable to shareholders was ¥72,838,283.90, a significant turnaround from a loss of ¥51,044,295.58 in the previous year, marking a 242.70% increase[13]. - The net cash flow from operating activities improved to ¥134,209,893.00, compared to a negative cash flow of ¥364,410,777.48 in the same period last year, reflecting a 136.83% increase[13]. - Basic earnings per share rose to ¥0.59, compared to a loss of ¥0.51 per share in the previous year, indicating a 215.69% improvement[13]. - The gross profit margin for the reporting period was 46.39%, an increase of 8.13 percentage points compared to the previous year[39]. - The company achieved a year-on-year decrease in sales expense ratio by 7.30 percentage points and management expense ratio by 4.68 percentage points in the first half of 2024[40]. - The company reported a significant reduction in employee compensation payable from CNY 42,933,150.89 to CNY 25,679,711.27, a decrease of approximately 40.2%[115]. Assets and Liabilities - Total assets at the end of the reporting period were ¥6,913,757,614.77, a decrease of 1.10% from ¥6,990,578,979.34 at the end of the previous year[13]. - The net assets attributable to shareholders increased to ¥6,075,589,753.78, a slight increase of 0.84% from ¥6,025,266,303.38 in the previous year[14]. - The company's cash and cash equivalents decreased by 5.74% to 1.372 billion RMB, primarily due to investments in cash management products[57]. - The total amount of trading financial assets increased to 3.526 billion RMB, representing 51.00% of total assets, due to the purchase of structured deposits[57]. - The total liabilities decreased by CNY 30,304,974.56 during the current period[130]. Market and Product Development - The company focuses on lithium battery storage and photovoltaic products, with portable storage and photovoltaic products as core offerings, recognized globally for providing green energy solutions[19]. - The company has achieved a significant milestone with over 1.2 million solar panels sold globally, showcasing strong market demand and product reliability[22]. - The company plans to expand its market presence in countries like China, the US, Japan, Germany, the UK, and Canada, leveraging both online and offline sales channels[19]. - The company sold over 4 million portable energy storage and photovoltaic products globally, maintaining a leading position in the market[37]. - The company plans to launch two innovative products in June 2024, including the world's first DIY small household green power system[38]. Research and Development - The company's R&D expenditure reached CNY 78.38 million, accounting for 6.86% of total revenue, ensuring a leading position in innovation and technology[40]. - The company is committed to innovation, with over 66 patents filed for its integrated energy solutions, enhancing product design and functionality[24]. - The company’s R&D team comprises 19.69% of total employees, with 89.55% holding a bachelor's degree or higher[44]. - The average annual compound growth rate of R&D expenses over the past three years was 86.31%[44]. - The company’s self-developed GaN inverter has achieved mass production, improving conversion efficiency by approximately 2% and reducing weight by 20% compared to similar products[44]. Risk Management - The company has outlined potential risks and corresponding mitigation strategies in the management discussion section of the report[1]. - The company faced risks related to high overseas sales revenue, including foreign exchange fluctuations and geopolitical instability[54]. - Foreign exchange risks were identified due to high overseas sales, with measures in place to manage currency fluctuations[74]. - The company is implementing advanced forecasting systems to optimize inventory turnover and reduce costs[73]. - Increased competition in the portable energy storage industry has led to pressure on profit margins, with a noted decline in gross and net profit margins[72]. Shareholder and Dividend Information - The company plans to distribute a cash dividend of 2.83 CNY per 10 shares to all shareholders, based on a total of 123,953,391 shares[1]. - The total distributable profit for the period is 348,780,177.03 CNY, with the cash dividend accounting for 100% of the profit distribution[79]. - The company has implemented a stock incentive plan, granting 2,705,800 shares at a price of 40.12 CNY per share to 111 eligible participants[80]. - A total of 1,209,400 shares from the stock incentive plan were canceled due to non-qualification of certain participants[81]. Environmental and Social Responsibility - The company is committed to green development and has created a long-term plan for green factory construction, focusing on energy saving and resource recycling[84]. - There were no significant environmental penalties or issues reported during the period, and the company has complied with all environmental regulations[82]. - The company has not engaged in any poverty alleviation or rural revitalization work during the reporting period[84]. Legal and Compliance - The company reported a total amount involved in minor lawsuits during the reporting period of £599.74, equivalent to approximately RMB 5,423.45, with a final payment of £524, approximately RMB 4,738.53[88]. - The company has no significant litigation or arbitration matters during the reporting period, and the total estimated liabilities related to lawsuits are zero[88]. - The company has not engaged in any asset or equity acquisitions or sales during the reporting period[89]. - The company has not reported any significant contracts or other major matters during the reporting period[102]. Accounting and Financial Policies - The company adheres to accounting standards, ensuring that financial statements accurately reflect its financial position, operating results, and cash flows[142]. - The company recognizes revenue at the point of sale for online and offline transactions, confirming income upon customer receipt of goods[189]. - The company measures financial assets and liabilities at fair value upon initial recognition[153]. - The company assesses expected liabilities related to guarantees, litigation, and product quality, recognizing them when the obligation can be reliably measured[184].

证券研究报告 储能 华宝新能（301327.SZ） 买入-A(首次) 业绩扭亏为盈，高毛利率海外业务占比高 | --- | --- | --- | |-------------------------------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 公司近一年市场表现 | | 事件描述 | | | | 7 月 22 日，公司发布 ...