Core Viewpoint - The company has been recommended as a candidate for winning a bid in the State Grid Corporation of China's 2025 procurement, with an expected total bid amount of approximately 128 million yuan [1] Group 1: Bid Details - The project includes smart electric meters, electricity information collection devices, and transformers, with a total of 429,700 units across ten sub-bids [1] - The number of A-level single-phase smart electric meters awarded is 320,000 units, amounting to 42.33 million yuan [1] - The number of B-level three-phase smart electric meters awarded is 60,000 units, amounting to 20.02 million yuan [1] Group 2: Impact on Company Performance - The fulfillment of the contract after winning the bid is expected to have a positive impact on the company's future performance [1] - The bid status is currently in the public announcement period, indicating a degree of uncertainty regarding the final outcome [1]

Core Viewpoint - The company has been pre-awarded a significant contract from Southern Power Grid for the 2025 metering equipment framework tender, with an estimated total value of approximately 214 million yuan [1] Group 1: Contract Details - The company is pre-awarded a total of 5 packages in the tender, which includes A-level single-phase smart electric meters, B-level three-phase smart electric meters, A-level single-phase smart gateway electric meters, broadband dual-mode communication modules, and smart distribution terminal [1] - The announcement of the pre-award was made through the Southern Power Grid Supply Chain Unified Service Platform [1] Group 2: Financial Impact - The fulfillment of the contract is expected to have a positive impact on the company's future operating performance [1] - However, the pre-award status is still in the public announcement period, and the final contract amount may differ from the estimated pre-award amount, leading to uncertainty regarding the impact on the company's performance [1]

Core Viewpoint - HaiXing Electric's net profit for H1 2025 reached 396 million yuan, a year-on-year decrease of 25.74%, while Q2 2025 net profit was 255 million yuan, down 20.16% year-on-year, attributed to demand fluctuations in certain overseas markets, although short-term disruptions do not alter the long-term trend [1] Group 1: Financial Performance - In H1 2025, the company achieved a net profit of 396 million yuan, reflecting a year-on-year decline of 25.74% [1] - For Q2 2025, the net profit was 255 million yuan, showing a year-on-year decrease of 20.16% [1] Group 2: Business Development - In the overseas market, the company adheres to a strategy of "global layout and localized operation," accelerating the deployment of marketing channels in key countries, new markets, and new businesses [1] - The company's smart ultrasonic water meter factory in South Africa officially commenced operations during the reporting period [1] Group 3: Domestic Market Performance - The company continues to enhance its product and service competitiveness in the State Grid and Southern Grid [1] - The company won a bid for 140 million yuan in the State Grid's electricity metering product procurement [1] - In the first batch of regional joint bidding for distribution network products, the company secured a total of 149 million yuan for integrated products [1] - The company won a bid of 38.46 million yuan in the Southern Grid's distribution network equipment procurement [1] - In the Inner Mongolia Electric Power Group's marketing equipment bidding, the company won 96.39 million yuan [1] Group 4: New Energy Business - The company is accelerating the construction of local operating entities and a WMS warehousing logistics digital system in key regions, focusing on building an efficient collaborative global supply chain [1] - The company is promoting the penetration of new energy channel businesses in Europe, Asia, Africa, and Latin America [1] Group 5: Investment Rating - The company maintains a "buy" rating [1]

Core Viewpoint - Dongwu Securities report indicates that Haixing Electric's overseas revenue collection pace and increased investment have slightly pressured performance, with profitability improving on a quarter-on-quarter basis, but overall performance slightly below market expectations [1] Group 1: Business Performance - The company has accelerated marketing channel deployment in key countries, new markets, and new businesses by increasing market investments [1] - In the first half of 2025, the company's South African smart ultrasonic water meter factory commenced operations [1] - The launch of the Orca platform has enhanced the company's comprehensive capabilities in system solutions [1] Group 2: Market Expansion - The company has achieved large-scale bidding for distribution network products in Asia, Africa, and Latin America, and successfully secured transformer product orders in Central Asia and Africa [1] - The distribution business has entered phase 1-10 of its overseas expansion [1] Group 3: Future Outlook - Domestic electric meter bidding prices continue to decline, while overseas microgrid demand is expected to drive breakthroughs in the renewable energy business [1] - Short-term performance is affected by demand fluctuations and increased investments, but the company has significant growth potential in the long term by focusing on overseas markets and expanding downstream [1] - The rating is maintained at "Buy" [1]

Group 1 - The company will hold a performance briefing for the first quarter of 2025 on May 27, 2025, from 13:00 to 14:00 [1][2] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][3] - Investors can submit questions from May 20 to May 26, 2025, and the company will address commonly asked questions during the briefing [1][3] Group 2 - Key participants in the briefing will include the Chairman, Vice Chairman and CFO, General Manager, Independent Director, and Board Secretary [2] - Investors can access the briefing online through the Shanghai Stock Exchange Roadshow Center [2][3] - After the briefing, investors can view the main content and outcomes of the event on the same platform [3]

Core Insights - The company reported a total revenue of 4.717 billion yuan in 2024, representing a year-on-year growth of 12.30% [1] - Net profit attributable to shareholders was 1.002 billion yuan, with a growth rate of only 2.00%, indicating a significant slowdown compared to previous years [5] - Revenue from the new energy business declined by 12.32%, highlighting potential issues within the business structure [1][5] Smart Distribution and Utilization Business - The smart distribution and utilization business achieved a revenue of 4.535 billion yuan in 2024, growing by 13.35% year-on-year [4] - Overseas revenue reached 2.940 billion yuan, up by 9.77%, while domestic revenue was 1.595 billion yuan, increasing by 20.61% [4] - The company made significant progress in localizing operations in overseas markets, with new production bases launched in Europe, Latin America, and Africa [4] New Energy Business - The new energy business generated a revenue of 143 million yuan, down 12.32% year-on-year, indicating challenges in market expansion and profitability [4][5] - The company is actively developing commercial microgrid capabilities in overseas markets, but the revenue decline suggests a need for improved strategic execution [5] Financial Performance - The net profit growth rate of 2.00% in 2024 is significantly lower than the previous years' growth rates of 47.89% in 2023 and 111.71% in 2022 [5] - Operating cash flow net amount was 886 million yuan, reflecting a decline of 19.56%, indicating cash flow pressure [5] - Research and development investment was 311 million yuan, up 9.43%, but the proportion of R&D investment to revenue decreased by 0.17 percentage points to 6.59% [5] Overall Assessment - The company maintained steady revenue growth in 2024, but the slowdown in net profit growth, decline in new energy revenue, and cash flow pressure are concerning [5] - There is a need for the company to optimize its business structure, enhance profitability in the new energy sector, and increase R&D investment to sustain long-term competitiveness [5]