Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [15]. Core Insights - The company has demonstrated robust performance in Q3 2024, with revenue reaching 1.155 billion yuan, a year-on-year increase of 16.15%, and a net profit of 258 million yuan, up 11.45% year-on-year [1][2]. - The gross margin has reached a record high of 49.43% in Q3 2024, driven by an increasing share of high-margin overseas business [2][3]. - The company is positioned as a leading player in the smart power distribution and metering industry, benefiting from both domestic and international market growth [6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 3.41 billion yuan, a year-on-year increase of 18.69%, and a net profit of 791 million yuan, up 18.34% year-on-year [1]. - The projected revenues for 2024 to 2026 are 5.259 billion yuan, 6.416 billion yuan, and 7.822 billion yuan, with respective growth rates of 25.21%, 21.99%, and 21.91% [6]. - The projected net profits for the same period are 1.194 billion yuan, 1.441 billion yuan, and 1.752 billion yuan, with growth rates of 21.54%, 20.67%, and 21.62% [6]. Market Dynamics - The demand for electric meters in key overseas regions remains strong, with a 10.06% year-on-year increase in exports, indicating a favorable market environment for the company [3]. - Domestic demand for smart meters is also on the rise, with a 25% year-on-year increase in the total number of smart meter tenders issued by the State Grid in 2024 [4][6].

Investment Rating - The report maintains a "Buy" rating for the company, HaiXing Electric (603556) [1][8]. Core Insights - The company's Q3 2024 report indicates steady growth in performance, with revenue reaching 3.41 billion, a year-on-year increase of 18.69%, and net profit attributable to shareholders at 791 million, up 18.34% year-on-year [2][3]. - The gross margin for Q3 2024 reached a new high of 49.43%, reflecting a year-on-year increase of 6.11 percentage points [2][3]. - The report highlights that domestic and international demand remains strong, with expectations for continued rapid growth in the company's performance [2][3]. Financial Performance Summary - For the first three quarters of 2024, revenue was 34.10 billion, with a gross margin of 45.97% and a net profit margin of 23.20% [2][3]. - Q3 2024 results showed revenue of 11.55 billion, a year-on-year increase of 16.15%, and a net profit of 2.58 billion, up 11.45% year-on-year [2][3]. - The report projects revenue for 2024-2026 to be 52.68 billion, 63.91 billion, and 74.09 billion respectively, with year-on-year growth rates of 25.41%, 21.31%, and 15.93% [2][3]. Market Outlook - The report notes that the domestic market is expected to see a 25.3% year-on-year increase in the total number of metering devices tendered by the State Grid in 2024 [2][3]. - Internationally, the company has seen an 8.10% year-on-year increase in exports of domestic electric meters from January to September 2024, with significant growth in the Asian and African markets [2][3].

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Insights - The company reported a robust revenue growth of 18.69% year-on-year for Q3 2024, reaching 34.10 billion yuan, with a net profit of 7.91 billion yuan, also up 18.34% year-on-year [1]. - The gross margin improved to 45.97% for the first three quarters of 2024, an increase of 5.84 percentage points year-on-year, indicating enhanced profitability [1]. - The global investment in green energy and smart grid technologies is projected to reach 1.3 trillion USD in 2024, with significant funding directed towards smart distribution networks [1]. - The company has successfully expanded its overseas market presence, with over 66% of its revenue coming from international sales, covering more than 100 countries [1]. - The domestic demand for smart meters continues to grow, with the State Grid's procurement of smart meters increasing by approximately 25% year-on-year [1]. Financial Forecasts - Revenue projections for 2024-2026 are 51.45 billion, 63.07 billion, and 77.39 billion yuan, with growth rates of 22.5%, 22.6%, and 22.7% respectively [2][4]. - The net profit forecasts for the same period are 12.07 billion, 14.83 billion, and 18.37 billion yuan, with growth rates of 22.8%, 22.9%, and 23.9% respectively [2][4]. - The PE ratios for 2024-2026 are projected to be 17X, 13X, and 11X, indicating a favorable valuation trend [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [1][5][8] Core Views - The company has shown a revenue growth of 19% year-on-year, reaching 3.4 billion yuan in the first three quarters of 2024, with a net profit attributable to shareholders of 790 million yuan, up 18% year-on-year [2][4] - The sales gross margin improved by 6.1 percentage points year-on-year to 49.4% in Q3 2024, attributed to an increase in overseas revenue [2][4] - Domestic orders for electric meters are robust, with expected revenue from two major networks projected to reach 1.11 billion yuan in 2024, a 39% increase year-on-year [4] - The overseas market remains promising, with a 12.2% year-on-year increase in electric meter exports, particularly in Asia and Africa, which have high growth potential [4] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 1.15 billion yuan, a 16% increase year-on-year but a 15% decrease quarter-on-quarter [2] - The net profit for Q3 2024 was 260 million yuan, an 11% increase year-on-year but a 19% decrease quarter-on-quarter [2] - The company expects revenue growth of 20%, 18%, and 19% for 2024, 2025, and 2026, respectively, with net profits projected to grow by 24%, 19%, and 19% in the same years [4][6] Market Position - The company is positioned as a leading exporter of electric meters, with a strong focus on overseas markets, particularly in regions with low penetration rates [4] - The current stock price is 40.34 yuan, with a market capitalization of approximately 19.71 billion yuan [3][8] Valuation Metrics - The report provides earnings per share (EPS) estimates of 2.49 yuan for 2024, 2.98 yuan for 2025, and 3.56 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 16.19, 13.55, and 11.34 [6][8]

Key Points Company Overview * **Revenue and Profit Growth**: The company achieved revenue of 34.1 billion yuan in the first three quarters of 2024, a year-on-year increase of 18.69%. Net profit was 7.91 billion yuan, up 18.34% year-on-year. This marks a new high for the company in terms of revenue and profit for the past few quarters, with a consistent growth trend over the past few years. [1] * **Earnings Per Share**: Basic EPS was 1.63 yuan. [1] * **Gross Margin**: Gross margin was 45.97%, up 5.84 percentage points from the same period last year. [1] * **Operating Expenses**: Operating expenses were 6.19 billion yuan, up 2.11 billion yuan year-on-year. The operating expense ratio was 18.14%, up 3.96 percentage points year-on-year. The increase in operating expenses was mainly due to financial expenses, which were up 72.02% year-on-year due to exchange losses of 63 million yuan. [1] * **New Talent and Capacity Expansion**: The company has continued to introduce high-end talents and expand its production capacity, leading to increased expenses in management, sales, and R&D. [1] * **New Graduates**: 121 university graduates joined the company in 2024, contributing to various business segments. [1] * **New Factories**: The company's Romanian and Nigerian factories have officially opened, further expanding its production capacity. [1] Business Segments * **Overseas Business**: Overseas business revenue accounted for 65.41% of total revenue, with a year-on-year growth of 19%. The main growth drivers were the Asian and African regions. [2] * **Domestic Business**: Domestic business revenue accounted for 34.59% of total revenue. The domestic electricity market experienced a good bidding situation, with a significant increase in bidding volume. [3] * **New Energy Business**: The company has made breakthroughs in the new energy charging station business and has established a joint venture with local state-owned enterprises in Hangzhou. [5] * **Water Meter Business**: The company's water meter business in Brazil has started generating contracts and orders, with an expected revenue scale of over ten million yuan. [5] * **System Solutions**: The company has received some orders for system solutions due to its low software cost and high profit margins. [6] Market Outlook * **Overseas Market**: The company expects continued growth in the overseas market, particularly in the Asian, African, and Middle Eastern regions. The company is actively participating in projects related to AMI, smart grid, and system solutions in these regions. [7] * **Domestic Market**: The company expects the domestic electricity market to remain strong, driven by the government's equipment replacement policy and the continuous increase in grid investment. [8] * **Long-term Outlook**: The company believes that the electricity meter industry will continue to grow in the long term, driven by technological upgrades, increasing demand for smart meters, and the expansion of the new energy market. [13] Other Important Points * **Tax Rate**: The company's tax rate increased in the third quarter due to higher overseas revenue and the impact of exchange losses. However, the company expects the tax rate to remain relatively high in the future due to the project-based nature of its business. [11] * **Factory Expansion**: The company has established or is expanding factories in Romania, Nigeria, Mexico, and South Africa to support its overseas business expansion. [15] * **Software Sales**: The company has achieved significant revenue and profit growth from software sales, which has contributed to its overall profitability. [17] * **Globalization Strategy**: The company is focusing on regional coverage and localization to expand its overseas business. The company aims to become a global leader in the electricity meter industry. [19]

证券研究报告·公司点评报告·电网设备 海兴电力（603556） 2024 年三季报点评：盈利能力恒强，业绩整 体符合市场预期 2024 年 10 月 23 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3310 | 4200 | 5055 | 6724 | 8709 | | 同比（ % ） | 22.99 | 26.91 | 20.34 | 33.03 | 29.52 | | 归母净利润（百万元） | 664.28 | 982.47 | 1,209.19 | 1,503.56 | 1,885.48 | | 同比（ % ） | 111.71 | 47.90 | 23.08 | 24.35 | 25.40 | | EPS- 最新摊薄（元 / 股） ...

Revenue and Profit Growth - Revenue for the third quarter reached RMB 1,154,829,644.02, a 16.15% increase year-over-year[2] - Net profit attributable to shareholders of the listed company was RMB 258,274,495.59, up 11.45% compared to the same period last year[2] - Total operating revenue for the first three quarters of 2024 reached 3,409,583,709.51 RMB, a significant increase from 2,872,674,050.37 RMB in the same period of 2023[13] - Net profit attributable to the parent company's shareholders in the first three quarters of 2024 was 791,436,965.87 RMB, up from 668,766,495.91 RMB in the same period of 2023[18] - Operating profit for the first three quarters of 2024 was 930,849,111.68 RMB, up from 747,050,897.37 RMB in the same period of 2023[17] - Comprehensive income for the first three quarters of 2024 reached 775,939,774.33 RMB, compared to 649,872,138.58 RMB in the same period last year[19] Asset and Equity Changes - Total assets as of the end of the reporting period were RMB 9,119,443,005.03, a 0.45% increase from the previous year-end[3] - The company's total assets as of September 30, 2024, amounted to 9,119,443,005.03 RMB, showing a slight increase compared to 9,075,523,750.05 RMB at the end of 2023[11] - The company's total equity attributable to shareholders of the listed company increased by 3.72% to RMB 6,879,091,985.17[3] - Total equity attributable to the parent company's shareholders as of the end of Q3 2024 was 6,879,091,985.17 RMB, up from 6,632,016,366.23 RMB at the end of Q3 2023[12] Cash Flow and Liquidity - Operating cash flow for the period was RMB 685,959,399.12, showing a slight increase of 0.25% year-over-year[3] - Net cash flow from operating activities for the first three quarters of 2024 was 685,959,399.12 RMB, slightly higher than 684,265,520.98 RMB in the same period last year[21] - Net cash flow from investing activities for the first three quarters of 2024 was -1,573,001,413.18 RMB, a significant decrease from -91,812,202.04 RMB in the same period last year[21] - Net cash flow from financing activities for the first three quarters of 2024 was -693,884,941.75 RMB, compared to -105,533,037.96 RMB in the same period last year[21] - The company's cash and cash equivalents at the end of the third quarter of 2024 were 804,490,638.13 RMB, down from 2,269,995,287.91 RMB at the end of the same period last year[22] Earnings and Shareholder Metrics - Basic earnings per share (EPS) for the quarter were RMB 0.53, a 10.42% increase compared to the same period last year[3] - Weighted average return on equity (ROE) for the quarter was 5.12%, up 1.24 percentage points from the previous year[3] - Basic and diluted earnings per share for the first three quarters of 2024 were 1.63 RMB, up from 1.38 RMB in the same period last year[19] - The company's repurchase account held 2,419,870 shares, representing 0.50% of the total shares outstanding as of September 30, 2024[10] - The top 10 shareholders collectively hold a significant portion of the company's shares, with Zhejiang Haixing Holding Group Co., Ltd. being the largest shareholder with 239,713,292 shares[9] Non-Recurring Items and Government Subsidies - Non-recurring gains and losses for the period amounted to RMB 1,854,401.30, with government subsidies contributing RMB 1,674,871.18[5][6] Asset Composition and Changes - Current assets decreased to 5,448,380,108.76 RMB from 7,144,070,778.40 RMB at the end of 2023, primarily due to a reduction in monetary funds from 4,550,547,431.58 RMB to 2,635,667,627.99 RMB[10][11] - Non-current assets increased significantly to 3,671,062,896.27 RMB from 1,931,452,971.65 RMB, driven by a substantial rise in other non-current assets from 713,876,245.29 RMB to 2,441,021,442.87 RMB[11] - The company's inventory increased to 872,621,574.28 RMB from 760,905,354.70 RMB, indicating higher stock levels[10] - Accounts receivable rose slightly to 1,116,264,506.61 RMB from 1,083,782,538.54 RMB, reflecting a modest increase in sales on credit[10] - The company's fixed assets grew to 602,588,339.39 RMB from 568,833,235.62 RMB, suggesting ongoing investments in property, plant, and equipment[11] - The company's long-term equity investments increased to 36,435,620.73 RMB from 28,287,983.00 RMB, reflecting strategic investments in other entities[11] Liabilities and Debt Management - Total liabilities as of the end of Q3 2024 were 2,223,116,672.69 RMB, a decrease from 2,443,312,090.91 RMB at the end of Q3 2023[12] - Short-term borrowings decreased significantly to 40,000,000.00 RMB from 124,692,916.67 RMB, indicating improved liquidity management[11] R&D and Interest Income - R&D expenses for the first three quarters of 2024 were 234,517,270.37 RMB, an increase from 198,292,507.80 RMB in the same period of 2023[13] - Interest income for the first three quarters of 2024 was 125,165,150.53 RMB, up from 100,010,427.72 RMB in the same period of 2023[13] Tax and Comprehensive Income - Income tax expenses for the first three quarters of 2024 were 147,669,028.93 RMB, significantly higher than 83,699,319.69 RMB in the same period of 2023[17] - Total comprehensive income for the first three quarters of 2024 was -15,087,510.46 RMB, an improvement from -18,654,719.23 RMB in the same period of 2023[18] Sales and Cash Receipts - Cash received from sales of goods and services in the first three quarters of 2024 was 3,451,482,295.46 RMB, an increase from 2,931,846,815.28 RMB in the same period last year[20]

二、监事会会议审议情况 证券代码：603556 证券简称：海兴电力 公告编号：2024-032 杭州海兴电力科技股份有限公司 第四届监事会第十四次会议决议公告 本公司监事会及全体监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个别及连带责任。 一、监事会会议召开情况 2024 年 10 月 22 日，杭州海兴电力科技股份有限公司（以下简称"海兴电 力"或"公司"）第四届监事会第十四次会议在公司会议室以现场表决的方式召 开。本次会议通知于 2024 年 10 月 17 日以电子邮件的形式向各位监事发出，会 议应参加监事 3 名，实际参加监事 3 名，占全体监事人数的 100%，会议由监事 会主席丁建华先生主持。本次会议的召集、召开以及表决程序符合《公司法》及 《公司章程》的有关规定，会议形成的决议合法有效。 审议通过了《关于2024年第三季度报告的议案》 经审核，监事会认为：《公司2024年第三季度报告》的编制和审议程序符合 法律、行政法规等规定，报告内容真实、准确、完整地反映了公司2024年第三季 度实际经营情况，不存在任何虚假记载、误导性陈述或者重大遗漏 ...

一、董事会会议召开情况 2024 年 10 月 22 日，杭州海兴电力科技股份有限公司（以下简称"海兴电 力"或"公司"）第四届董事会第十九次会议在公司会议室以现场结合通讯表 决的方式召开。本次会议通知于 2024 年 10 月 17 日以电子邮件的形式向各位董 事发出，会议应参加董事 9 名，实际参加董事 9 名，占全体董事人数的 100%， 会议由董事长周良璋先生主持。本次会议的召集、召开以及表决程序符合《公 司法》及《公司章程》的有关规定，会议形成的决议合法有效。 二、董事会会议审议情况 审议通过了《关于2024年第三季度报告的议案》 证券代码：603556 证券简称：海兴电力 公告编号：2024-031 杭州海兴电力科技股份有限公司 第四届董事会第十九次会议决议公告 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个别及连带责任。 杭州海兴电力科技股份有限公司董事会 2024年10月23日 具体内容详见同日披露在《上海证券报》、《证券时报》以及上海证券交易 所网站（www.sse.com.cn）上的《杭州海兴电力科技股份有限公司 ...

公司报告 | 半年报点评 利润亮眼，国内外稳步开拓 财务数据 24 年 H1：收入 22.55 亿元，同比+20%，归母净利润 5.33 亿元，同比+22%， 扣非归母净利润 5.24 亿元，同比+30%。考虑 2023 年同期汇兑收益正向贡 献，公司 24 年 H1 汇兑有大额损失，实际经营性的利润（即扣除掉汇兑收 益部分的利润）同比大幅提升，业绩超预期。归母净利润增长的原因除收 入增长外，还得益于毛利率从 23 年 Q2 的 38%提升至 24 年 Q2 的 44%。 24 年 Q2：收入 13.53 亿元，同比+25%，环比+50%，毛利率 44.2%，同比 +5.9pct，环比-0.1pct。归母净利润 3.19 亿元，同比+22.3%，环比+49%；扣 非归母净利润 3.09 亿元，同比+29.2%，环比+44%。 业务拆分 1、国内配用电：24 年 H1 收入约 8.26 亿元，同比约+24%，主要得益于上 半年海兴在国南网计量产品中标规模迅速增长，国家电网和南方电网中标 额同比+21.56%、+224.91%，累计达 5.54 亿元。 2、海外配用电：24 年 H1 收入接近 14.3 亿元，同 ...