禾迈股份 20251029 摘要 公司前三季度营收 13 亿元，其中设备销售额不足 10 亿元，微逆变器收 入同比下滑约 30%，预计全年下滑幅度相近，主要受光伏行业不景气和 竞争加剧影响，但毛利率维持在 47%-48%。 户用储能业务开始增长，前三季度营收接近 1 亿元，预计全年可达 1.5 亿元；工商储和大储业务也在推进，前三季度营收约 2 亿元，预计第四 季度至少实现 3 亿元。 公司持续投入研发，前九个月研发投入达 2.6 亿元，销售费用 2.2 亿元， 同比增长 30%-50%，坚定推进电力电子领域长期投入，目标 2026 年 扩大市场份额。 预计全年威尼业务营收约 8 亿元，同比下滑 30%-40%；储能业务占比 提升，年底有望与微逆变器各占一半，明年储能业务预计超过微逆变器。 公司整体营收预计 5 亿元，前三季度 2 亿元，第四季度预计 3 亿元。工 商储和大储收入结构尚不清晰，大储主要集中于集中式独立储能电站。 海外市场占比小，主要集中在国内，计划明年将海外大储比例提升至 30%-40%以提高利润，重点区域为欧洲和拉美，同时关注澳洲、北美 及日本。 公司认为威力和储能应双腿走路，将推出新的户用 ...

Financial Data and Key Metrics Changes - Revenue for the second quarter was $613 million, reflecting a 10% increase year-over-year and a 6% organic growth, with the Dortmund acquisition contributing 2% to sales growth and foreign exchange providing a 1% tailwind [19][20] - Adjusted EBITDA margin improved to 21.4%, up 280 basis points, driven by strong sales growth and operational performance [19][20] - Adjusted diluted earnings per share (EPS) was $2.85, up 45% compared to the previous year, exceeding the high end of prior guidance [20] Business Line Data and Key Metrics Changes - **Electronics Products Segment**: Sales increased by 10% year-over-year and 4% organically, with passive products up 14% organically, while semiconductor products declined by 5% [22][23] - **Transportation Products Segment**: Sales grew by 6%, with organic sales up 4%. Passenger car sales increased by 3% organically across North America, Europe, and China [24] - **Industrial Products Segment**: Sales grew by 17% organically, benefiting from strong growth in grid storage, renewable energy, data centers, industrial safety, and HVAC [25][26] Market Data and Key Metrics Changes - The company reported a book-to-bill ratio above one, with bookings at the highest run rate since 2022, indicating strong demand across all segments [7][8] - The company is experiencing increased demand for higher power and higher energy density applications across its end markets, which is driving growth [9][10] Company Strategy and Development Direction - The company is focusing on enhancing its capabilities to capitalize on future growth opportunities, particularly in higher voltage and higher energy density applications [9][10] - There is a strategic priority to provide more complete solutions for a broader set of customers, leveraging the company's unique product portfolio [11][12] - The company is also working on driving operational excellence to enhance long-term profitability and optimize its operating structure [14][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue strong growth into the third quarter, supported by a solid backlog and improved operational execution [17][20] - The management team highlighted the importance of aligning technology capabilities and sales structures to better serve customers and drive ongoing product innovations [11][12] Other Important Information - The company generated $73 million in free cash flow during the quarter, with a strong cash position of $685 million and a net debt to EBITDA leverage of 1.1 times [21] - The company plans to prioritize cash flow for organic investments and strategic acquisitions while continuing to return capital to shareholders through dividends and share buybacks [21][22] Q&A Session Summary Question: Margin upside in Transportation and Industrial segments - Management discussed the focus on operational excellence and diversifying the portfolio to improve margins in the Transportation segment, with expectations for continued margin upside [31][34][36] Question: Clarification on tariff timing impacts - Management clarified that the timing of price realization versus incurred costs resulted in a $0.15 benefit in Q2 that would reverse in Q3 [40][42] Question: Insights on the Industrial segment's performance - Management expressed excitement about the Industrial segment's growth, emphasizing the focus on energy storage and data center markets [44][46] Question: Data center exposure and growth - Management confirmed that data center solutions are becoming increasingly important, with strong traction in design wins and a growing pipeline [48][50][54] Question: Visibility on demand and market conditions - Management noted improved visibility in end markets compared to previous months, with expectations for continued growth across all segments [99][100][102]