证券研究报告 宏发股份 (600885 CH) Q1 业绩同比快速增长 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 电气设备 | 公司公布一季度业绩：收入 39.83 亿元（同比+15.35%、环比+23.17%）， 归母净利润 4.11 亿元（同比+15.47%、环比+13.70%），扣非净利 3.81 亿 元（同比+14.22%、环比+20.80%）。公司一季度业绩略低于我们预测的 4.35 亿元，主要系原材料涨价影响下毛利率略有下滑。看好公司新业务与新市场 开拓，巩固综合竞争力，步入增长新周期。维持"买入"评级。 25Q1 业绩同比快速增长，经营指标稳增 公司 25Q1 收入同环比增速较快，或主要系新能源汽车、家电等多领域需求 较好，呈现"开门红"。25Q1 毛利率/净利率分别为 33.77%/13.68%，同比 -1.18/+0.01pct，毛利率有所下滑主要系原材料价格提升影响成本。期间费 用率 17.64%，同比-1.70pct，其中销售/管理/研发/财务费用率分别同比 -0.21/-0.43 ...

Core Viewpoint - The company, Hongfa Technology (宏发股份), has solidified its leading position in the relay industry, achieving stable growth in performance with a revenue of 14.102 billion yuan and a net profit of 1.631 billion yuan in 2024, marking a year-on-year increase of 9.07% and 17.09% respectively [1][2]. Group 1: Financial Performance - In 2024, the company reported a revenue of 14.102 billion yuan, a 9.07% increase year-on-year, and a net profit of 1.631 billion yuan, reflecting a 17.09% growth [1][2]. - The company achieved a per capita return of 120.8 thousand yuan, which is a 9% increase compared to the previous year [2]. - The proposed cash dividend is 0.515 yuan per share, totaling 537 million yuan, which accounts for 32.92% of the annual net profit [4][5]. Group 2: Market Position and Strategy - The company has increased its overall market share in the relay industry by 1.7 percentage points, maintaining its position as the global leader [1][2]. - The high-voltage direct current relay market share reached 40%, solidifying its top position [1]. - The company is implementing the "75+" strategy to enhance its core competitiveness and achieve sustainable development [2][5]. Group 3: Product Development - The company has made significant advancements in new product categories, with connector product shipments increasing by 28% and capacitor product shipments growing by 14% [3]. - The company completed the development of over 30 new fuse products, covering major applications in the new energy market, with total shipments reaching 3.55 million yuan [3]. - Research and development expenses for 2024 amounted to 785 million yuan, a 16.57% increase, representing 5.57% of revenue [5]. Group 4: Investor Returns - The company has maintained a consistent cash dividend policy, with a total of 2.45 billion yuan distributed over the past ten years, representing 30.22% of cumulative net profit [5]. - Future plans include a comprehensive approach to balance company growth and shareholder returns, ensuring a stable and sustainable return mechanism [6].