Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company maintains a leading position in the relay market, with a market share increase of 1.7 percentage points in 2024, ranking first globally. The high-voltage direct current relay market share is 40%, while the automotive relay market share has risen by 3.1 percentage points to 23.1%. In the power relay sector, the company has maintained a 57.1% market share while seizing global grid renovation opportunities [4] - The company has initiated the "75+" strategy, with positive momentum in the "5+" product development. In the low-voltage electrical sector, the company is integrating low-voltage electrical products with relays to create comprehensive solutions. Connector product shipments increased by 28% year-on-year, with exports to Vietnam and Turkey. Capacitor product shipments also grew by 14% year-on-year [4] - Profit forecasts indicate that the company's net profit attributable to shareholders will be 1.96 billion, 2.29 billion, and 2.61 billion yuan for 2025-2027, representing year-on-year growth of 20%, 17%, and 14% respectively. As of April 1, the market value corresponds to a PE ratio of 19 and 16 times for 2025 and 2026 [4] Financial Summary - In 2024, the company achieved total revenue of 14.1 billion yuan, a year-on-year increase of 9.1%, and a net profit attributable to shareholders of 1.63 billion yuan, up 17.1% year-on-year. The fourth quarter of 2024 saw revenue of 3.23 billion yuan, a 7.81% increase year-on-year, and a net profit of 362 million yuan, an 11.37% increase year-on-year [1][3] - Key financial indicators for 2023A to 2027E show total revenue growth from 12.93 billion yuan in 2023 to 21.09 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 11.1%. Net profit attributable to shareholders is projected to grow from 1.39 billion yuan in 2023 to 2.61 billion yuan in 2027, with a CAGR of approximately 14% [3][4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company maintains a leading position in the relay market, with a market share increase of 1.7 percentage points in 2024, ranking first globally. The high-voltage direct current relay market share is 40%, while the automotive relay market share has risen by 3.1 percentage points to 23.1%. In the power relay sector, the company has maintained its share with the State Grid at 57.1% [4] - The company has initiated the "75+" strategy, with positive momentum in the "5+" product development. In the low-voltage electrical sector, the company is integrating low-voltage electrical products with relays to create comprehensive solutions. Connector product shipments increased by 28% year-on-year in 2024, with exports to Vietnam and Turkey. Capacitor product shipments also grew by 14% year-on-year [4] - Profit forecasts indicate that the company's net profit attributable to shareholders is expected to be 1.96 billion, 2.29 billion, and 2.61 billion yuan for 2025-2027, representing year-on-year growth of 20%, 17%, and 14% respectively. As of April 1, the market value corresponds to a PE ratio of 19 and 16 times for 2025 and 2026 [4] Financial Summary - In 2024, the company achieved total revenue of 14.1 billion yuan, a year-on-year increase of 9.1%, and a net profit attributable to shareholders of 1.63 billion yuan, up 17.1% year-on-year. The fourth quarter of 2024 saw revenue of 3.23 billion yuan, a 7.81% increase year-on-year, and a net profit of 362 million yuan, up 11.37% year-on-year [1][3] - Key financial indicators for 2023A to 2027E show total revenue growth from 12.93 billion yuan in 2023 to 21.09 billion yuan in 2027, with a compound annual growth rate of approximately 11.1%. The net profit attributable to shareholders is projected to grow from 1.39 billion yuan in 2023 to 2.61 billion yuan in 2027, with a CAGR of 14% [3][5] - The company's gross margin is expected to remain stable around 36% over the forecast period, with ROE projected to be around 16.6% to 17.2% [3][5]

宏发科技股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 | 2025-021 | | --- | --- | --- | --- | | 转债代码：110082 | 转债简称：宏发转债 | | | 重要内容提示： ● 累计转股情况：宏发转债自 2022 年 5 月 5 日进入转股期，截至 2025 年 3 月 31 日，累计有 519,000 元宏发转债转换为公司普通股股票，累计转股数 8,285 股，占可转 债转股前公司已发行股份总额的 0.0011%。 ● 未转股可转债情况：截至 2025 年 3 月 31 日，尚未转股的可转债金额为 1,999,481,000 元，占可转债发行总量的 99.9741%。 ● 2025 年度第一季度转股情况：本季度可转债转股的金额为 6,000 元，因转股形成的 股份数量为 180 股。 一、可转债发行上市概况 宏发科技股份有限公司（以下简称"公司"）经中国证券监督管理委员会《 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [6]. Core Views - The company has solidified its advantages in relays and is experiencing strong growth in multiple new product categories [4]. - The company reported a revenue of 14.102 billion yuan for 2024, reflecting a year-on-year growth of 9.07%, with a net profit of 1.631 billion yuan, up 17.09% year-on-year [3][8]. Summary by Sections Relay Product Performance - In 2024, the company's relay products generated revenue of 12.701 billion yuan, a year-on-year increase of 8.95%, with a gross margin of 37.99%, slightly down by 0.64 percentage points. The overall market share increased by 1.7 percentage points, maintaining the leading position globally [4]. - The company holds a 40% market share in high-voltage direct current relays, leading the market and gaining recognition from major global automotive clients [4]. - The market share for automotive relays has increased by 3.1 percentage points to 23.1%, driven by the demand from the new energy vehicle sector [4]. New Product Development - The company is expanding its "5+" product layout, with significant growth in various new product categories: 1. Low-voltage electrical appliances have seen integration with relay solutions, with successful qualifications from major clients [5]. 2. Connector shipments increased by 28%, expanding into communication and data center sectors [5]. 3. Capacitor shipments grew by 14%, with successful audits from major new energy clients [5]. 4. The company has developed over 30 new fuse products, achieving mass production and validation in various projects [5]. 5. Current sensor shipments exceeded 100 million yuan, marking an 81% year-on-year increase [5]. Financial Forecast - The company is projected to achieve revenues of 16.296 billion yuan, 18.843 billion yuan, and 21.805 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.76 yuan, 2.07 yuan, and 2.43 yuan [6][8]. - The current stock price corresponds to a PE ratio of 20.9, 17.8, and 15.2 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation as the company benefits from increasing downstream demand and ongoing new product development [6].

Core Viewpoint - The report highlights the strong performance and growth potential of Hongfa Technology Co., Ltd. (宏发股份), emphasizing its leadership in the relay market and the robust growth of its diversified product lines, leading to a "buy" rating for the stock [1][5]. Financial Performance - In 2024, the company achieved a revenue of 14.102 billion yuan, representing a year-on-year growth of 9.07% - The net profit attributable to shareholders reached 1.631 billion yuan, up 17.09% year-on-year - The net profit after deducting non-recurring gains and losses was 1.515 billion yuan, an increase of 13.89% year-on-year [2]. Investment Highlights - The company’s relay products generated revenue of 12.701 billion yuan in 2024, with a year-on-year growth of 8.95% and a gross margin of 37.99%, slightly down by 0.64 percentage points - The overall market share increased by 1.7 percentage points, maintaining the global leading position - Specific segments include: - High-voltage direct current relays with a 40% market share - Automotive relays benefiting from the demand in the new energy vehicle sector, with a market share increase of 3.1 percentage points to 23.1% - Power relays maintaining a 57.1% market share - Signal relays expanding into new markets, increasing market share by 4.4 percentage points [3][4]. Product Development - The company is focusing on a "5+" product strategy, with significant growth in various new product categories: - Low-voltage electrical appliances with new production lines - Connectors with a 28% increase in shipment value - Capacitors with a 14% increase in shipment value - Fuses with over 30 new products developed - Current sensors with a shipment value exceeding 100 million yuan, growing by 81% [4]. Earnings Forecast - Projected revenues for 2025, 2026, and 2027 are 16.296 billion yuan, 18.843 billion yuan, and 21.805 billion yuan, respectively - Earnings per share (EPS) are forecasted to be 1.76 yuan, 2.07 yuan, and 2.43 yuan for the same years - The current stock price corresponds to price-to-earnings (PE) ratios of 20.9, 17.8, and 15.2 times for 2025, 2026, and 2027 [5].

Investment Rating - The report maintains a "Buy" rating for Hongfa Technology Co., Ltd. (600885) [1] Core Views - The company's Q4 profit slightly exceeded expectations, and strong demand growth is expected to accelerate this year [1] - Revenue for 2024 is projected to be 141.02 billion yuan, representing a year-on-year increase of 9.07% [1] - Net profit attributable to shareholders is forecasted to reach 1.63 billion yuan in 2024, with a year-on-year growth of 17.09% [1] - The company is expected to maintain a robust growth trajectory in the high-voltage direct current relay and automotive relay segments, with anticipated growth rates of 30% and 15% respectively for 2024 [8] - The implementation of the "75+" strategy and the rapid development of "5+" products are key initiatives for the company [8] - The target price is set at 47.5 yuan, based on a 25x PE for 2025, reflecting the company's global leadership position [8] Financial Projections - Total revenue is expected to grow from 12,930 million yuan in 2023 to 14,102 million yuan in 2024, with a projected CAGR of 9.07% [1][9] - Net profit is forecasted to increase from 1,393 million yuan in 2023 to 1,631 million yuan in 2024, with a year-on-year growth rate of 17.09% [1][9] - The latest diluted EPS is projected to be 1.56 yuan for 2024, increasing to 2.58 yuan by 2027 [1][9] - The company's P/E ratio is expected to decrease from 26.91 in 2023 to 22.98 in 2024, indicating improved valuation [1][9]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 14.102 billion yuan in 2024, representing a year-on-year increase of 9.07%, and a net profit attributable to shareholders of 1.631 billion yuan, up 17.09% year-on-year [1]. - The company has solidified its leading position in the relay industry, with a market share increase of 1.7 percentage points, reaching the top globally [2]. - The company is actively developing new product categories under its "75+" strategy, achieving breakthroughs in multiple fields [3]. Financial Performance Summary - In 2024, the company reported a gross margin of 36.21%, a slight decrease of 0.68 percentage points year-on-year, while the net profit margin increased by 0.5 percentage points to 15.34% [1]. - The company’s revenue projections for 2025, 2026, and 2027 are 16.297 billion yuan, 18.784 billion yuan, and 21.755 billion yuan, respectively, with growth rates of 15.6%, 15.3%, and 15.8% [4][5]. - The net profit attributable to shareholders is expected to reach 1.898 billion yuan in 2025, 2.240 billion yuan in 2026, and 2.649 billion yuan in 2027, with growth rates of 16.3%, 18.0%, and 18.3% respectively [4][5]. Market Position and Product Development - The company’s relay segment generated 12.701 billion yuan in revenue, accounting for 90.1% of total revenue, with significant growth in high-voltage direct current relays and automotive relays [2]. - The company is expanding its new product categories, including low-voltage electrical appliances, film capacitors, connectors, current sensors, and fuses, with notable revenue growth in these areas [3].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company achieved a revenue of 14.102 billion yuan in 2024, representing a year-on-year increase of 9.07%, and a net profit attributable to shareholders of 1.631 billion yuan, up 17.09% year-on-year [1]. - The company has solidified its leading position in the relay industry, with a market share increase of 1.7 percentage points compared to 2023, ranking first globally [2]. - The company is actively developing new product categories under its "75+" strategy, achieving breakthroughs in various fields, including low-voltage electrical appliances and film capacitors [3]. Financial Performance Summary - In 2024, the company reported a gross margin of 36.21%, a slight decrease of 0.68 percentage points year-on-year, while the net profit margin increased by 0.5 percentage points to 15.34% [1]. - The company’s revenue projections for 2025, 2026, and 2027 are 16.297 billion yuan, 18.784 billion yuan, and 21.755 billion yuan, respectively, with growth rates of 15.6%, 15.3%, and 15.8% [4][5]. - The net profit attributable to shareholders is expected to reach 1.898 billion yuan in 2025, 2.240 billion yuan in 2026, and 2.649 billion yuan in 2027, with growth rates of 16.3%, 18.0%, and 18.3% respectively [4][5].

Group 1 - The core viewpoint of the article is that Hongfa Co., Ltd. announced its 2024 annual distribution plan, proposing a 10-for-4 stock split and a cash dividend of 5.15 yuan (including tax) [1] - The company reported a revenue of 14.102 billion yuan for the year, representing a year-on-year increase of 9.07% [1] - The net profit for the year was 1.631 billion yuan, showing a year-on-year growth of 17.09%, with basic earnings per share at 1.56 yuan and a weighted average return on equity of 18.28% [1] Group 2 - The stock experienced a net outflow of 628,300 yuan in principal funds today, but saw a net inflow of 18.5923 million yuan over the past five days [1] - The latest margin financing balance for the stock is 149 million yuan, with an increase of 9.7848 million yuan over the past five days, reflecting a growth rate of 7.05% [1] Group 3 - A total of 507 companies have announced their 2024 annual distribution plans, with 34 of them including stock splits; 18 of these stocks saw price increases on the announcement day [1] - Over the five days following the announcement, 17 stocks experienced price increases, with notable cumulative gains for Xingtum Keke, Yizhi Moyou, and Electric Alloy, at 37.05%, 18.46%, and 10.80% respectively [1] Group 4 - The distribution plan history for Hongfa Co., Ltd. shows a pattern of alternating between stock splits and cash dividends, with the latest plan being the first stock split since 2021 [1] - The net profit figures have shown consistent growth over the years, with the most recent net profit of 1.631 billion yuan marking a significant increase compared to previous years [1]

Core Viewpoint - The report highlights the operational performance and governance structure of Hongfa Technology Co., Ltd., showcasing significant growth in revenue and net profit while emphasizing the company's commitment to corporate governance and investor relations [2][3][11]. Group 1: Company Performance - The company achieved an operating revenue of 14.102 billion yuan, representing a year-on-year increase of 10.04% [2][17]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 1.515 billion yuan, up 13.89% from the previous year [2][17]. - Total assets reached 20.664 billion yuan, reflecting a year-on-year growth of 16.59% [2][17]. Group 2: Board of Directors - The company successfully completed the election of the 11th Board of Directors on August 26, 2024, consisting of 3 independent directors and 6 non-independent directors [3][10]. - The board held multiple meetings to discuss various resolutions, including the annual profit distribution plan and internal control evaluation [3][7]. Group 3: Audit and Compliance - The company’s financial statements for 2024 were audited by Beijing Dehao International Accounting Firm, which issued a standard unqualified opinion [16]. - The audit committee reviewed the financial reports and internal control evaluations, ensuring compliance with relevant regulations [10][25]. Group 4: Investor Relations - The company emphasized the importance of investor relations management, utilizing multiple channels to communicate with investors and enhance transparency [11][12]. - A total of 132 documents were disclosed during the reporting period, including 72 temporary announcements and 4 periodic reports, ensuring accurate and timely information dissemination [11][12]. Group 5: Future Outlook - The company has set a revenue target of 15.028 billion yuan for 2025, indicating a growth rate of 6.56% compared to 2024 [17]. - The total assets are projected to reach 23.294 billion yuan, with an expected asset-liability ratio of 38.89% [17].