[Table_StockNameRptType] 科威尔（688551） 公司点评 在手订单同比增长，未来增长潜力充沛 | | | | | | | [Table_BaseData] 收盘价（元） | 27.93 | | --- | --- | | 近 12 个月最高/最低（元） | 42.30/23.08 | | 总股本（百万股） | 84 | | 流通股本（百万股） | 84 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 23 | | 流通市值（亿元） | 23 | [公司价格与沪深 Table_Chart] 300 走势比较 -53% -33% -14% 6% 26% 5/24 8/24 11/24 2/25 科威尔 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com [Table_CompanyReport] 相关报告 1.新签订单实现增长，静待氢能业务 放量 2024-11-07 2.业绩短期承压，回购彰显公司信心 2024-08-29 3.测试电源领先企业，氢能开启第二 增长极 ...

[Table_StockNameRptType] 科威尔（688551） | | | | [Table_BaseData] 收盘价（元） | 27.93 | | --- | --- | | 近 12 个月最高/最低（元） | 42.30/23.08 | | 总股本（百万股） | 84 | | 流通股本（百万股） | 84 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 23 | | 流通市值（亿元） | 23 | [公司价格与沪深 Table_Chart] 300 走势比较 -53% -33% -14% 6% 26% 5/24 8/24 11/24 2/25 科威尔 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 公司点评 在手订单同比增长，未来增长潜力充沛 | | | [Table_CompanyReport] 相关报告 1.新签订单实现增长，静待氢能业务 放量 2024-11-07 2.业绩短期承压，回购彰显公司信心 2024-08-29 3.测试电源领先企业，氢能开启第二 增长极 ...

分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 科威尔(688551) 业绩不及预期，静待氢能产业景气回升 证券研究报告：电力设备 | 公司点评报告 发布时间：2025-05-08 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 26.61 | | --- | --- | | 总股本/流通股本（亿股）0.84 | / 0.84 | | 总市值/流通市值（亿元）22 | / 22 | | 52 周内最高/最低价 | 42.29 / 23.53 | | 资产负债率(%) | 24.0% | | 市盈率 | 45.10 | | 第一大股东 | 傅仕涛 | 研究所 l 投资要点 事件：2025 年 4 月 25 日，公司发布 2024 年年报和 2025 年一季 报。 2024 年公司营收 4.8 亿元，同比-9.6%；归母净利润 0.5 亿元， 同比-58.1%；其中 2024Q4 公司营收 1.0 亿元，同环比分别-41.9%/- 18.0%，归母净利润-0.03 亿，同环比分别-106.2%/-126 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024 and Q1 2025, indicating challenges in the market and increased competition in the downstream new energy sector [1][2]. Financial Performance - For 2024, the company generated revenue of 478 million yuan, a year-on-year decrease of 9.6%, and a net profit of 49 million yuan, down 58.1% [1]. - In Q1 2025, revenue was 107 million yuan, a year-on-year decline of 3.6% but a quarter-on-quarter increase of 6.0%. The net profit was 20 million yuan, reflecting a year-on-year growth of 11.3% [1]. Industry Trends - The demand for testing power supplies in the downstream new energy sector is slowing, with 2024 revenue from testing power supplies at 365 million yuan, a mere 1% increase year-on-year, attributed to pressure on profitability for downstream new energy vehicle and energy storage manufacturers [2]. - The hydrogen energy testing power supply segment saw a revenue of 95 million yuan in 2024, down 15% year-on-year, with weak demand in the fuel cell sector but high growth in electrolyzer testing power supply demand [2]. Profitability Metrics - The gross margin for Q1 2025 was 37.6%, a decrease of 13.6 percentage points year-on-year due to industry price competition. The company maintained good control over expense ratios, with sales, management, R&D, and financial expense ratios at 12.9%, 10.8%, 16.4%, and -1.1%, respectively [3]. - The net profit margin for Q1 2025 was 19.0%, an increase of 2.6 percentage points year-on-year [3]. Profit Forecast and Valuation - Due to intense price competition, the net profit forecast for 2025 has been revised down by 4% to 109 million yuan, with a new estimate for 2026 at 170 million yuan. The current stock price corresponds to a P/E ratio of 20.2 for 2025 and 13.0 for 2026 [4]. - The company maintains an outperform rating and a target price of 30 yuan, implying a potential upside of 13.9% from the current stock price [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [12]. Core Insights - In 2024, the company achieved a revenue of 478 million RMB, a year-on-year decrease of 9.58%, and a net profit attributable to shareholders of 49 million RMB, down 58.1%. For Q1 2025, revenue was 107 million RMB, a decline of 3.64%, while net profit increased by 11.26% to 20 million RMB [2][3]. Summary by Sections Performance Review - The company reported a total revenue of 478 million RMB for 2024, which is a decrease of 9.58% compared to the previous year. The net profit attributable to shareholders was 49 million RMB, reflecting a significant decline of 58.1%. In Q1 2025, the revenue was 107 million RMB, showing a slight decrease of 3.64%, while the net profit increased to 20 million RMB, marking an increase of 11.26% [2]. Operational Analysis - The company has a healthy inventory and contract liabilities situation, with inventory at 279 million RMB and contract liabilities at 95 million RMB as of Q1 2025, indicating sufficient orders for future revenue recognition. The total cash and cash equivalents reached 702 million RMB, ensuring liquidity. Despite facing challenges, the company has continued to expand its market presence, with a year-on-year increase in order backlog as of the end of 2024 [3]. Profit Forecast, Valuation, and Rating - The forecast for net profit attributable to shareholders for 2025-2027 is 64 million RMB, 94 million RMB, and 134 million RMB, respectively. The corresponding earnings per share (EPS) are projected to be 0.76 RMB, 1.12 RMB, and 1.60 RMB, with price-to-earnings (PE) ratios of 34.62, 23.58, and 16.49 times [3].