特锐德（300001.SZ） 优于大市 充电网业务快速增长，电力设备盈利能力显著提升 证券研究报告 | 2025年04月24日 公司 2024 年实现归母净利润 9.17 亿元，同比+87%。最新会计准则口径下， 2024 年公司实现营收 153.74 亿元，同比+21%；实现归母净利润 9.17 亿元， 同比+87%；实现扣非归母净利润 7.64 亿元，同比+89%。公司 2024 年毛利率 为 25.92%，同比-0.32pct；净利率为 6.11%，同比+2.50pct。2024Q4 公司实 现营收 64.77 亿元，环比+83%；实现归母净利润 4.70 亿元，环比+86%；实 现扣非归母净利润 3.79 亿元，环比+68%。 公司电动汽车充电网业务实现快速增长。公司 2024 年电动汽车充电网业务 实现营收 48.90 亿元，同比+18%；实现归母净利润 2.08 亿元，同比+72%。 2024 年公司充电量突破 130 亿度，同比+40%。截至 2024 年末公司运营公共 充电桩数量达到 70.9 万个，稳居行业首位。公司持续加大充电网生态合作， 扩大产业协同。截至 2024 年底，公司在全国范围 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Views - The company reported a revenue of 15.374 billion RMB for 2024, representing a year-on-year increase of 21.15%, with a net profit attributable to shareholders of 917 million RMB, up 86.62% year-on-year [1][5]. - The charging business is expected to enhance profitability, and the company is expanding its presence in the overseas market while maintaining a strong position in the power equipment sector [1][5]. - The company has a leading market share in the charging pile business, with a revenue of 4.89 billion RMB in 2024, a year-on-year increase of 18%, and a net profit of 208 million RMB, up 72% year-on-year [3][5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 4.88 billion RMB, with a year-on-year increase of 49% and a quarter-on-quarter increase of 17%. The net profit for the same period was 470 million RMB, reflecting a year-on-year increase of 75% and a quarter-on-quarter increase of 86% [2][5]. - The gross margin for Q4 2024 reached 37.51%, up 16.8 percentage points quarter-on-quarter, primarily due to high-margin sales of charging pile equipment during the peak season [2][5]. Charging Business - The company’s charging pile business is projected to grow significantly, with an expected revenue of 11.42 billion RMB in 2025, reflecting a growth rate of 53% [12][5]. - The company has established over 290 joint ventures and partnerships with more than 70 automotive manufacturers, building over 1900 brand-specific charging stations [3][5]. Power Equipment Sector - The company’s revenue from "smart manufacturing + integrated services" reached 10.49 billion RMB in 2024, a year-on-year increase of 22%, with a net profit of 710 million RMB, up 91% year-on-year [4][5]. - The company has secured a leading market share in high-voltage prefabricated modular substations and new energy box transformers, with overseas contracts amounting to 800 million RMB, a year-on-year increase of 132% [4][5]. Valuation and Forecast - The report projects net profits of 1.211 billion RMB and 1.594 billion RMB for 2025 and 2026, respectively, reflecting an upward revision of 31% and 32% from previous estimates [5][12]. - The target price for the company is set at 40.60 RMB, based on a projected price-to-earnings ratio of 35 times for 2025 [5][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 15.374 billion yuan for 2024, representing a year-on-year growth of 21.15%, and a net profit attributable to shareholders of 917 million yuan, which is an increase of 86.62% [1]. - The "Smart Manufacturing + Integrated Services" segment saw a revenue of 10.485 billion yuan, up 22.47% year-on-year, with a net profit of 709 million yuan, reflecting a growth of 91.42% [2]. - The electric vehicle charging network business generated 4.890 billion yuan in revenue, a year-on-year increase of 18.41%, with a net profit of 208 million yuan, up 71.93% [2]. - The company has established over 800 new energy microgrid stations and has engaged in online information exchange with 38 power control centers, indicating a strong position in virtual power plant technology [3]. - The profit forecasts for 2025, 2026, and 2027 have been raised to 1.167 billion yuan, 1.547 billion yuan, and 1.960 billion yuan respectively, with corresponding P/E ratios of 22, 17, and 13 [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 4.884 billion yuan, a year-on-year increase of 48.56%, and a net profit of 470 million yuan, up 74.57% [1]. - The total revenue for 2024 is projected to reach 15.374 billion yuan, with a net profit of 917 million yuan, marking significant growth compared to 2023 [4]. Business Segments - The "Smart Manufacturing + Integrated Services" segment is a key growth driver, with a revenue of 10.485 billion yuan and a net profit of 709 million yuan [2]. - The electric vehicle charging network continues to expand, with a total of 709,000 public charging terminals by the end of 2024, maintaining industry leadership [2]. Market Position and Future Outlook - The company is well-positioned in the new energy sector, with a significant increase in bidding amounts for new energy projects, exceeding 70% year-on-year [2]. - The report highlights the potential for profit elasticity from auxiliary services and the ongoing improvement in charging operations profitability [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][14] Core Views - The company achieved a revenue of 15.37 billion yuan in 2024, representing a year-on-year growth of 21.1%, and a net profit attributable to shareholders of 920 million yuan, which is an increase of 86.6% year-on-year [5][6] - The traditional business segment generated a net profit of 710 million yuan in 2024, up 91.4% year-on-year, while the charging network business also showed significant growth with a net profit of 210 million yuan, growing at 71.9% year-on-year [5][6] - The company is expected to maintain its profit forecast, with projected net profits of 1.47 billion yuan, 2.03 billion yuan, and 2.42 billion yuan for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [5][6] Financial Summary - In 2024, the company reported total revenue of 15.37 billion yuan, with a year-on-year growth of 21.1% [8] - The net profit attributable to shareholders for 2024 was 920 million yuan, reflecting an 86.6% increase compared to the previous year [8] - The gross margin for 2024 was 25.9%, slightly down by 0.3 percentage points from the previous year, while the net margin improved to 6.1%, up 1.9 percentage points [8] - The company’s earnings per share (EPS) for 2024 was 0.87 yuan, with a projected EPS of 1.39 yuan, 1.92 yuan, and 2.29 yuan for 2025, 2026, and 2027 respectively [8] Business Segments - The traditional business segment achieved revenue of 10.49 billion yuan in 2024, with a year-on-year growth of 22.5% and a net profit margin of 6.8% [6] - The charging network business generated revenue of 4.89 billion yuan in 2024, with a year-on-year growth of 18.4%, and maintained a leading position in the industry with 709,000 public charging terminals [6] - The company’s overseas business contracts reached 800 million yuan in 2024, marking a significant increase of 131.9% year-on-year [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 15.37 billion yuan in 2024, representing a year-on-year growth of 21.1%, and a net profit attributable to shareholders of 920 million yuan, which is an increase of 86.6% year-on-year [5][6] - The traditional business segment generated a net profit of 710 million yuan in 2024, up 91.4% year-on-year, while the charging network business also showed significant growth with a net profit of 210 million yuan, growing at 71.9% year-on-year [5][6] - The company is expected to maintain its profit forecasts, with projected net profits of 1.47 billion yuan, 2.03 billion yuan, and 2.42 billion yuan for 2025, 2026, and 2027 respectively, translating to EPS of 1.39, 1.92, and 2.29 yuan per share [5][6] Financial Performance Summary - In 2024, the company's total revenue reached 15.37 billion yuan, with a gross margin of 25.9% and a net margin of 6.1% [8] - The traditional business segment's revenue was 10.49 billion yuan, with a net profit margin of 6.8% [6] - The charging network business generated 4.89 billion yuan in revenue, with a significant increase in charging volume, reaching 13 billion kWh, up 40% year-on-year [6] Business Segment Analysis - The traditional business segment is solid, with a focus on cost control and benefiting from national carbon neutrality initiatives [6] - The company has made significant strides in its overseas business, achieving a contract amount of 800 million yuan in 2024, a year-on-year increase of 131.9% [6] - The charging network business continues to lead the industry with 709,000 public charging terminals, maintaining a competitive edge in key metrics [6]

金占用及其他关联方资金往来情况汇总表 和信会计师事务所（特殊普通合伙） 二○二五年四月二十一日 关于青岛特锐德电气股份有限公司非经营性资金占用 及其他关联方资金往来情况的专项说明 和信专字（2025）第 000127 号 | 目 录 | 页 | 码 | | --- | --- | --- | | 一、关于青岛特锐德电气股份有限公司非经营性资金占 | 1-2 | | | 用及其他关联方资金往来情况的专项说明 | | | | 二、青岛特锐德电气股份有限公司 2024 年度非经营性资 | 3 | | 关于青岛特锐德电气股份有限公司非经营性资金占用及其他关联方资金往来情况的专项说明 报告正文 关于青岛特锐德电气股份有限公司非经营 性资金占用及其他关联方资金往来情况的 专项说明 和信专字(2025)第 000127 号 青岛特锐德电气股份有限公司全体股东： 我们接受委托，依据中国注册会计师审计准则审计了青岛特锐德电气股份有 限公司（以下简称"特锐德"）2024 年度的财务报表，包括 2024 年 12 月 31 日的 合并及公司资产负债表，2024 年度的合并及公司利润表、合并及公司现金流量表、 合并及公司股东权益变动 ...

内部控制审计报告 和信审字(2025)第 000576 号 青岛特锐德电气股份有限公司 报告正文 青岛特锐德电气股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了青岛特锐德电气股份有限公司（以下简称"特锐德"）2024 年 12 月 31 日 的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是特锐德董 事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 和信会计师事务所（特殊普通合伙） 1 青岛特锐德电气股份有限公司 报告正文 四、财务报告内部控制审计意见 我们认为，特锐德于 2024 ...

继续使用向特定对象发行股票部分闲置募集资金 暂时补充流动资金的核查意见 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为青岛特 锐德电气股份有限公司（以下简称"特锐德"、"公司"）向特定对象发行股票的 保荐机构，根据《证券发行上市保荐业务管理办法》、《深圳证券交易所上市公司 自律监管指引第 2 号—创业板上市公司规范运作》、《上市公司监管指引第 2 号— —上市公司募集资金管理和使用的监管要求》、《深圳证券交易所创业板股票上市 规则》等相关法律法规的要求，对特锐德使用本次向特定对象发行股票部分闲置 募集资金暂时补充流动资金相关事项进行了核查，核查情况如下： 一、本次向特定对象发行股票募集资金基本情况 特锐德持续督导文件 核查意见 招商证券股份有限公司关于青岛特锐德电气股份有限公司 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意青岛特锐 德电气股份有限公司向特定对象发行股票注册的批复》（证监许可〔2021〕594 号）同意注册，公司通过向特定对象发行方式向特定投资者发行人民币普通股（A 股）43,140,638 股，每股面值为人民币 1.00 元，发行价格为人民币 23.18 元/股 ...

青岛特锐德电气股份有限公司 报告正文 青岛特锐德电气股份有限公司 审计报告 和信审字（2025）第 000577 号 | 目 录 | 页 码 | | --- | --- | | 一、审计报告 | 1-7 | | 二、已审财务报表及附注 | | | 1、合并及公司资产负债表 | 8-11 | | 2、合并及公司利润表 | 12-13 | | 3、合并及公司现金流量表 | 14-15 | | 4、合并及公司股东权益变动表 | 16-19 | | 5、财务报表附注 | 20-178 | 和信会计师事务所（特殊普通合伙） 二○二五年四月二十一日 和信会计师事务所（特殊普通合伙） 青岛特锐德电气股份有限公司 报告正文 审 计 报 告 和信审字(2025)第 000577 号 青岛特锐德电气股份有限公司全体股东： 一、审计意见 我们审计了青岛特锐德电气股份有限公司（以下简称"特锐德"）财务报表， 包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利润 表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定 ...

特锐德持续督导文件 核查意见 招商证券股份有限公司关于青岛特锐德电气股份有限公司 向特定对象发行股票项目 2024 年度募集资金存放与使用情况 的核查意见 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为青岛特 锐德电气股份有限公司（以下简称"特锐德"或者"公司"）持续督导的保荐机 构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监 管指引第 13 号——保荐业务》《上市公司监管指引第 2 号——上市公司募集资金 管理和使用的监管要求》《深圳证券交易所创业板股票上市规则》《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等有关规定，对 特锐德向特定对象发行股票项目 2024 年度募集资金的存放与使用情况进行了审 慎核查，核查情况如下： 一、募集资金基本情况 （一）募集到账情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意青岛特锐 德电气股份有限公司向特定对象发行股票注册的批复》（证监许可〔2021〕594 号） 同意注册，公司通过向特定对象发行方式向特定投资者发行人民币普通股（A 股） 43,140,638 股，每股面值为人民币 1. ...