编号：2025-001 | |  特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 天风电新、中金公司、景顺长城、财通资管、中邮基金、东吴电新、 | | 人员姓名 | 富达基金、银河基金、长江财富、天弘基金、中金资管、广发电新、 | | | 招商基金、工银瑞信等机构 | | 时间 | 2025 年 4 月 21 日~4 月 25 日 | | 地点 | 公司会议室通过腾讯会议线上参会 | | 上市公司接待人 | 董事会秘书刘冰先生； | | 员姓名 | 证券事务代表苏律文女士； | | | 接待人员与投资者进行了沟通交流，在会议交流过程中，相关人员严 | | | 格按照有关制度规定，没有出现未公开重大信息泄露等情况，主要内 | | | 容如下： | | | 1、激励熔断器 | | | 2024 年激励熔断器的销售额达 1.37 亿元，年增长幅度约为 189%，电 | | | 动车领域增长显著。随着市场需求的增 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [26]. Core Views - The company has demonstrated strong performance in 2024, with total revenue reaching 1.421 billion yuan, a year-on-year increase of 34.11%, and net profit attributable to shareholders of 187 million yuan, up 59.80% [4][9]. - The demand for incentive fuses is significantly increasing, driven by the growth in the electric vehicle and renewable energy sectors, which is expected to continue into 2025 [9][11]. - The company's products, particularly in the electric fuse segment, are well-positioned to benefit from the ongoing electrification trend in the automotive industry, with a projected sales increase in the electric vehicle sector [9][11]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 1.421 billion yuan, a 34.11% increase year-on-year, and a net profit of 187 million yuan, reflecting a 59.80% growth [4]. - For Q1 2025, the company reported revenue of 390 million yuan, a 44.98% increase, and a net profit of approximately 60.75 million yuan, up 125.81% [4]. Product Demand and Market Position - The company's main products include electric fuses, incentive fuses, and smart fuses, with the electric fuse segment generating 1.279 billion yuan in revenue, accounting for 90% of total sales [9]. - The incentive fuse segment saw remarkable growth, with revenue of 137 million yuan, a 189.12% increase year-on-year, driven by rising standards and safety requirements in high-voltage applications [9][11]. Industry Outlook - The electric vehicle market is expected to maintain robust growth, with projected sales of 12.866 million units in 2024, a 35.5% increase, which will positively impact the company's sales of fuses [11]. - The company is well-positioned to capitalize on the expanding market for electric vehicles and renewable energy, with a competitive advantage in the electric fuse sector [9][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [26]. Core Views - The company has shown impressive performance in 2024, with a total revenue of 1.421 billion yuan, a year-on-year increase of 34.11%, and a net profit attributable to shareholders of 187 million yuan, up 59.80% [4][9]. - The demand for circuit protection components, particularly in the electric vehicle and renewable energy sectors, has significantly boosted the company's product demand, especially for its incentive fuses, which saw a revenue increase of 189.12% [9][11]. - The company is expected to continue benefiting from the growing market for electric vehicles, with a projected net profit of 283 million yuan in 2025, reflecting a growth rate of 51.18% [12][24]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 1.421 billion yuan, with a net profit of 187 million yuan and a cash flow from operating activities of 122 million yuan [4]. - For Q1 2025, the company reported a revenue of 390 million yuan, a 44.98% increase year-on-year, and a net profit of approximately 60.75 million yuan, up 125.81% [4][9]. Product Performance - The company's main products include power fuses, incentive fuses, and smart fuses, with the incentive fuses showing remarkable growth, contributing 137 million yuan to revenue [9]. - The electric vehicle sector accounted for 8.97 billion yuan in revenue, marking a 50.47% increase, while the renewable energy sector contributed 3.49 billion yuan, growing by 1.03% [9]. Market Outlook - The report anticipates continued strong demand for the company's products in the electric vehicle market, with expected sales growth driven by favorable government policies and market trends [11][12]. - The company is well-positioned to capitalize on the increasing penetration of electric vehicles, with a projected sales volume growth that outpaces the overall market growth [11].

Core Viewpoint - Zhongrong Electric (301031) reported record highs in revenue, net profit, and cash flow for 2024, indicating strong growth and market position in the circuit protection industry, particularly in the electric fuse sector [2][6][9]. Financial Performance - The company achieved total revenue of 1.421 billion yuan, a year-on-year increase of 34.11%, marking eight consecutive years of growth since 2014 [2]. - The net profit attributable to shareholders reached 187 million yuan, up 59.8%, also a record high [2]. - The net cash flow from operating activities was 122 million yuan, reflecting a 44.29% increase [2]. - For Q1 2025, revenue was 390 million yuan, a 44.98% increase, and net profit was 60.75 million yuan, up 125.81%, the highest growth rate for the same period post-listing [5]. Business Segments - The main business includes the research, production, and sales of fuses and related components, with significant contributions from electric fuses, incentive fuses, and smart fuses [6][9]. - Revenue from the new energy vehicle sector was 897 million yuan, growing 56.27%, while revenue from wind and solar power and energy storage reached 349 million yuan, up 32.59% [7][9]. - The company has a leading market share in the domestic low-voltage electric fuse sector and is well-positioned in high-end markets such as new energy vehicles and energy storage [7][9]. Research and Development - The company invested 136 million yuan in R&D, a 12.25% increase, with an R&D intensity of 9.55% [8]. - It holds 279 valid patents, including 266 domestic patents and 13 overseas patents, showcasing strong innovation capabilities [8]. - The company has received multiple awards from industry leaders, indicating recognition for its quality and innovation [8]. Market Outlook - The demand for circuit protection components is rapidly increasing, driven by the growth in new energy generation and consumption sectors [7][9]. - The company is actively engaging with leading clients in the artificial intelligence data center and eVOLT markets to develop products that meet new industry requirements [10].

中熔电气 2025042120250416 摘要 • 2025 年一季度公司营收 3.9 亿元，净利润 6,000 万元，毛利率 38.56%。新能源汽车业务占比超 60%，风光储业务占比超 20%。受益 于市场政策如 530 抢装政策和出口关税预期，公司一季度业绩超预期。 • 激励熔断器销售额显著增长，2024 年达 1.37 亿元，同比增长 189%。随 着电池新国标的实施，高压快充平台、纯电和插混车型对激励熔断器的需 求将持续增加，预计 2025 年出货目标为 2 亿元以上。 • 公司通过设备自动化改造和精益化管理，持续优化生产流程并降低成本。 尽管去年通过电商平台降低大宗金属采购成本效果不佳，今年计划继续进 行医疗投资，并优化设计和零件统一化以降低零部件成本。 • 泰国工厂去年亏损几百万，对整体利润影响较小。公司将根据国际关税政 策动态调整泰国工厂的生产策略，若关税政策有利，将加大投入，服务北 美及欧洲客户。 • 数据中心业务规模尚小，但英伟达下一代 1,200 伏 HVDC 架构将催化熔断 器需求。公司正积极储备相关产品，并关注高压化趋势对熔断器需求的积 极影响，加大资源投入拓展相关业务。 Q&A ...

Group 1 - The company reported a revenue of 1.421 billion in 2024, representing a year-on-year growth of 34.11% and a net profit attributable to shareholders of 187 million, up 59.80% year-on-year [1] - In Q1 2025, the company achieved a revenue of 390 million, a year-on-year increase of 44.98%, and a net profit of 61 million, reflecting a significant growth of 125.81% year-on-year [1] - For Q4 2024, the company recorded a revenue of 455 million, which is a 50.80% increase year-on-year, and a net profit of 67 million, up 112.38% year-on-year [1] Group 2 - The company has established stable partnerships with major manufacturers in the electric vehicle market, including CATL, BYD, and Tesla, ensuring a strong customer base [2] - In the renewable energy sector, key clients include Sunshine Power, Huawei, and Goldwind Technology, indicating a diversified market presence [2] - The company has a strong foothold in the high-voltage fuse market, with a production volume of 1.5701 million units in 2024, marking a year-on-year increase of 168.48% [3] Group 3 - The revenue from high-voltage fuses reached 137 million in 2024, showing a remarkable growth of 189.12% and accounting for 9.65% of total revenue [3] - The company is expected to see significant revenue growth in the coming years, with projected revenues of 1.960 billion, 2.649 billion, and 3.402 billion for 2025, 2026, and 2027, respectively [3] - The projected net profits for 2025, 2026, and 2027 are 332 million, 460 million, and 606 million, with corresponding growth rates of 77.5%, 38.6%, and 31.9% [3]

Group 1: Company Performance - In Q1 2025, the company achieved operating revenue of 390 million yuan, a year-on-year increase of 44.98%, and a net profit attributable to shareholders of 61 million yuan, a year-on-year increase of 125.81% [1] - For the full year 2024, the company reported operating revenue of 1.421 billion yuan, a year-on-year increase of 34.11%, and a net profit attributable to shareholders of 187 million yuan, a year-on-year increase of 59.8% [1] - The company's net profit growth turned positive in Q2 2024, with consecutive high growth in the following quarters, showing a quarterly increase of 112.38% in Q4 2024 [1] Group 2: Industry and Market Trends - The company's main business involves the research, production, and sales of fuses and related components, primarily serving the renewable energy generation and consumption sectors [2] - The demand for circuit protection components is rapidly increasing, driven by the growth in industries such as new energy vehicles, renewable energy generation, and data centers [2] - In 2024, the company generated 897 million yuan in revenue from the new energy vehicle sector, accounting for 63.13% of total revenue, with a year-on-year growth of 50.47% [2] Group 3: Financial Health - The company's cash flow from operating activities was 122 million yuan in 2024, a year-on-year increase of 44.29%, but showed a negative cash flow of -33 million yuan in Q1 2025 [2] - The company's gross margin has been under pressure, declining to 39.74% in 2023 and further to 38.56% in Q1 2025 [3] - The company's asset-liability ratio increased to 49.42% at the end of Q1 2025, up from 38.97% in the same period last year [3]

Core Insights - The company's performance in 2024 met expectations, with a revenue of 1.42 billion and a net profit of 190 million, reflecting a year-on-year growth of 34% and 60% respectively [1] - In Q4 2024, revenue reached 460 million, showing a quarter-on-quarter increase of 51% and a year-on-year increase of 22%, while net profit was 70 million, with a quarter-on-quarter increase of 112% [1] - For Q1 2025, revenue is projected at 390 million, with a quarter-on-quarter increase of 45% but a year-on-year decrease of 14% [1] Revenue Breakdown - The automotive segment saw a significant revenue increase of 50% in 2024, totaling 900 million, with Q4 revenue expected to be 300 million, a quarter-on-quarter increase of 20% [1][2] - The sales volume of incentive fuses reached 1.36 million units in 2024, a year-on-year increase of 201%, generating revenue of 140 million [1] - The company anticipates that the automotive segment will maintain a growth rate of over 50% in 2025 due to the increasing penetration of high-voltage fast-charging vehicles [2] New Energy Sector - The new energy segment generated revenue of 350 million in 2024, a slight year-on-year increase of 1%, with Q4 revenue expected to be 110 million, a quarter-on-quarter increase of 20% [2] - The gross margin for the new energy segment was 41% in 2024, down 4 percentage points year-on-year due to intensified industry competition [2] - The company is focusing on high-margin products and expects stable revenue and gross margins in 2025, with strong demand for photovoltaic energy storage in Q1 [2] Other Segments - The industrial power supply sector reported revenue of 100 million in 2024, a year-on-year increase of 78%, while the communication sector generated 50 million, up 22% [2] - Revenue from rail transportation reached 20 million, reflecting a year-on-year increase of 12% [2] Profit Forecast and Investment Rating - The company forecasts net profits of 320 million and 450 million for 2025 and 2026 respectively, an increase from previous estimates [2] - The projected net profit for 2027 is 600 million, representing year-on-year growth rates of 72%, 40%, and 33% for the respective years [2] - The company maintains a "buy" rating with a target price of 171, based on a 25x PE ratio for 2026, reflecting its leading position in the power fuse market [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, while Q1 2025 results slightly exceed expectations. The revenue for 2024 is projected at 1.42 billion yuan, a year-on-year increase of 34%, with a net profit of 186.94 million yuan, up 60% year-on-year [8] - The company is expected to maintain strong growth in the automotive sector, particularly in incentive fuses, with a projected revenue increase of 50% in 2025 [8] - The company is focusing on high-margin products in the new energy sector, with stable revenue and profit margins anticipated [8] - The company is expected to achieve a net profit of 3.2 billion yuan in 2025 and 4.5 billion yuan in 2026, with a target price of 171 yuan based on a 25x PE ratio for 2026 [8] Financial Projections - Total revenue projections are as follows: 2023A: 1.06 billion yuan, 2024A: 1.42 billion yuan, 2025E: 2.00 billion yuan, 2026E: 2.67 billion yuan, 2027E: 3.44 billion yuan [1] - Net profit projections are: 2023A: 116.98 million yuan, 2024A: 186.94 million yuan, 2025E: 322.14 million yuan, 2026E: 452.57 million yuan, 2027E: 602.15 million yuan [1] - The projected EPS for 2024 is 2.82 yuan, increasing to 4.86 yuan in 2025 and 6.83 yuan in 2026 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, while Q1 2025 results slightly exceed expectations. Revenue for 2024 is projected at 1.42 billion yuan, a year-on-year increase of 34%, with net profit attributable to shareholders at 186.94 million yuan, a year-on-year increase of 59.8% [8] - The growth in revenue is driven by the increase in sales of incentive fuses, with a significant rise in automotive sector revenue expected to continue in 2025 [8] - The company is focusing on high-margin products in the new energy sector, maintaining stable revenue and profit margins despite increased competition [8] - The company is expected to maintain a strong growth trajectory in the automotive sector, with a projected revenue increase of 50% in 2025 [8] Summary by Sections Financial Forecasts and Valuation - Total revenue is forecasted to reach 2.00 billion yuan in 2025, with a year-on-year growth of 40.87%. Net profit is expected to be 322.14 million yuan, reflecting a growth of 72.32% [1][9] - The earnings per share (EPS) is projected to be 4.86 yuan in 2025, with a price-to-earnings (P/E) ratio of 24.48 [1][9] - The target price for the stock is set at 171 yuan, based on a 25 times P/E ratio for 2026 [8] Revenue Breakdown - Automotive revenue is expected to reach 9 billion yuan in 2024, a 50% increase year-on-year, with Q4 2024 automotive revenue projected at 3 billion yuan [8] - New energy revenue is forecasted at 3.5 billion yuan in 2024, with a focus on high-margin products to stabilize revenue and profit margins [8] - The industrial control power supply sector is also showing strong growth, with a revenue increase of 78% year-on-year [8]