宏发股份（600885.SH）2025 年一季报点评 25Q1 业绩高增，经营趋势向好 2025 年 04 月 29 日 ➢ 事件：2025 年 4 月 28 日，公司发布 2025 年一季报，25Q1 实现收入 39.83 亿元，同比增加 15.35%；归母净利润 4.11 亿元，同比增加 15.47%，环比增加 13.70%；扣非归母净利润 3.81 亿元，同比增加 14.22%，环比增加 20.80%。盈 利能力方面，25Q1 毛利率为 33.77%，同比下降 1.18pcts，净利率为 13.68%， 同比基本持平；费用率方面，25Q1 期间费用率为 17.64%，同比下降 0.93pct， 费用管控良好。 ➢ 公司继电器产品拥有全球竞争优势。 竞争格局方面，从产能角度来看，目前全球主要继电器产能分布于中国、日本， 其中我国企业的继电器产量占全球继电器产量 50%以上，具有较完整的继电器 产业链基础优势。公司在继电器产品、技术、产业链配套等方面已经形成较为明 显的优势，在高压直流、电力等场景中具备较高的市场份额，且已经拥有长期合 作的客户，在全球维度具备竞争力。 ➢ 产能全球化布局，合理规避贸易风险。 ...

Summary of the Conference Call for Hongfa Technology Industry Overview - The automotive industry is experiencing a trend towards higher voltage platforms, with BYD set to release a 1000V ultra-high voltage platform soon. This shift necessitates upgrades to vehicle components such as high-voltage DC relays, fuses, and film capacitors, which in turn raises the requirements for Battery Distribution Units (BDU) and Power Distribution Units (PDU) in terms of miniaturization and component synergy [1][2]. Company Insights - Hongfa Technology is making significant progress in the development of high-voltage control boxes for new energy vehicles, with expected shipments of 180 million yuan in 2024, a substantial increase from just a few million yuan in 2023. The company aims to achieve 400 million yuan in 2025 and exceed 1 billion yuan in 2026 [1][2]. - The company's profitability is anticipated to improve as other components penetrate the market, which will further enhance the average selling price (ASP) per vehicle [1][2]. - Hongfa has expanded into five new categories, and the advancement of high-voltage control boxes and related solutions is expected to drive sales of other new category products [1][2].