＃assAuthor＃ 证券研究报告 ＃industryId＃ 其它电源设备 ＃investSuggestion＃ | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-08-02 | | 收盘价（元） | 20.76 | | 总股本（百万股） | 311.09 | | 流通股本（百万股） | 253.46 | | 净资产（百万元） | 1567.82 | | 总资产（百万元） | 3360.94 | | 每股净资产 ( 元 ) | 5.04 | | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------|-------|------------|---------------------------|-------| | 主要财务指标 ＄ 会计年度 主要财务指标＄ | | | | | | ...

证券代码：300693 证券简称：盛弘股份 公告编号：2024-074 深圳市盛弘电气股份有限公司 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 深圳市盛弘电气股份有限公司（以下简称"公司"）于 2023 年 11 月 6 日召 开的第三届董事会第二十三次会议和第三届监事会第二十二次会议，审议通过了 《关于回购公司股份方案的议案》。公司拟以自有资金通过集中竞价交易方式回 购公司已发行的人民币普通股（A 股）股票，用于员工持股计划或者股权激励。 本次用于回购股份的资金总额不低于人民币 2,000 万元（含）且不超过人民币 3,000 万元（含），回购价格不超过 42.61 元/股（含）。本次回购股份的实施期 限为自董事会审议通过本回购股份方案之日起十二个月内。具体内容详见公司分 别于 2023 年 11 月 6 日、2023 年 11 月 9 日在巨潮资讯网上披露的《关于回购公 司股份方案的公告》（公告编号：2023-104）、《回购报告书》（公告编号：2023- 106）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律 ...

电力设备 证 券 研 究 报 告 2024 年 08 月 02 日 盛弘股份 (300693) ——充电桩业务持续高增，储能有望迎来海内外共振向上 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 事件：公司于 2024 年 7月 30 日发布 2024 年中期报告，2024年上半年实现营业收入 14.31 亿元，同比+29.84%；归母净利润 1.81 亿元，同比+0.02%；毛利率 39.57%，同比-1.96pct； 净利率 12.53%，同比-3.94pct。公司 2024 年 Q2 实现营收 8.32 亿元，同比+27.11%， 归母净利润 1.15 亿元，同比-3.12%。公司营收稳步增长，毛利短期略微承压。分板块来 看，公司储能业务上半年实现营收约 4.65 亿元，同比增长 19.59%；电动汽车充电设备实 现营收约 5.56 亿元，同比增长 44.83%，持续高增；电池检测及化成设备实现营收 1.26 亿元，同比增长 35.45%，工业配套电源实现营收 2.51 亿元，同比增长 17.38%。公司业 绩符合预期，充电桩业务表现稳健。 ⚫ 国内市场高增拉动储能业务增长，海外需求有望回升带 ...

2024 年 8 月 1 日 公司研究 充电桩业务高速增长，储能业务增速短期放缓 ——盛弘股份（300693.SZ）2024 年半年度报告点评 要点 事件：盛弘股份发布 2024 年半年度报告：2024H1 公司实现营业收入 14.31 亿 元，同比增长 29.84%；归母净利润 1.81 亿元，同比增长 0.02%；扣非归母净 利润 1.73 亿元，同比增长 1.77%。其中，2024Q2 公司实现营业收入 8.32 亿元， 同比增长 27.11%；归母净利润 1.15 亿元，同比下降 3.12%；扣非归母净利润 1.14 亿元，同比增长 0.13%。 点评： 储能业务收入增速放缓，毛利率承压：2024H1，公司新能源电能变换设备业务 （即储能大类业务）实现营业收入 4.65 亿元，同比增长 20%；毛利率为 30%， 同比下降 6pct。公司新能源电能变换设备产品主要包括储能变流器、储能系统 电气集成、光储一体机等。今年上半年因为海外利率高位，海外工商储需求较为 一般，所以营收增速有所放缓。储能业务毛利率的下降主要系国内业务占比的提 升。 充电桩业务增长迅速，毛利率略有下滑：2024H1，公司电动汽车充电 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3][17] Core Insights - The company benefits from the global boom in energy storage installations, with a significant increase in demand for inverters and stabilization in product prices [5][10] - The rapid development of the company's charging pile business, with a notable revenue increase and expansion into overseas markets [5][13] - The industrial power supply business shows steady growth, supported by the rapid development of high-end manufacturing and the photovoltaic industry [5][16] - The profit forecast has been adjusted downward, but the "Outperform the Market" rating is maintained [5][17] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 1.43 billion yuan, a year-on-year increase of 30%, and a net profit of 181 million yuan, with a gross margin of 39.6% [4][7] - For Q2 2024, revenue was 832 million yuan, up 27.1% year-on-year and 38.8% quarter-on-quarter, with a net profit of 115 million yuan [4][7] Business Segments - **Energy Storage Business**: Revenue reached 460 million yuan, a year-on-year increase of 20%, with a gross margin of 30% [5][10] - **Charging Pile Business**: Revenue was 560 million yuan, up 45% year-on-year, with a gross margin of 38.1% [5][13] - **Industrial Power Supply Business**: Revenue was 250 million yuan, a year-on-year increase of 17%, with a gross margin of 54.7% [5][16] Market Trends - The U.S. energy storage market saw a cumulative installation of 4.23 GW in the first half of 2024, a year-on-year increase of 136% [5][10] - Domestic energy storage project bidding capacity reached 41.1 GWh in the first half of 2024, a year-on-year increase of 27% [5][10] Investment Recommendations - The profit forecast for 2024-2026 is adjusted to 434 million, 549 million, and 653 million yuan, with year-on-year growth rates of 8%, 26%, and 19% respectively [5][17] - The price-to-earnings (PE) ratios are projected at 15.8, 12.5, and 10.5 for the respective years [5][17]

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company has shown strong growth in its charging pile business, with a revenue increase of 44.8% year-on-year, while the energy storage business is expected to recover as interest rates decline in the U.S. market [8]. - The overall revenue for the first half of the year reached 1.43 billion RMB, a year-on-year growth of 29.8%, with a net profit attributable to the parent company of 180 million RMB, reflecting a slight increase of 0.02% [8]. - The report anticipates a slight adjustment in net profit forecasts for 2024-2026, with expected figures of 505 million RMB, 669 million RMB, and 898 million RMB respectively, corresponding to P/E ratios of 13, 9, and 7 [8]. Summary by Sections Revenue and Growth - The company's main business revenue is projected to grow from 1.5 billion RMB in 2022 to 6.2 billion RMB by 2026, with growth rates of 47.16%, 76.37%, 36.99%, 36.04%, and 26.00% for the respective years [10]. - The net profit attributable to the parent company is expected to increase from 224 million RMB in 2022 to 898 million RMB by 2026, with growth rates of 97.04%, 80.20%, 25.42%, 32.39%, and 34.29% [10]. Business Segments - The energy storage business generated 465 million RMB in revenue, a year-on-year increase of 19.6%, but the gross margin decreased by 5.6 percentage points to 30.0% due to a higher proportion of domestic low-margin products [8]. - The charging pile business achieved revenue of 556 million RMB, with a gross margin of 38.1%, slightly down by 1.4 percentage points, but still maintaining a high level [8]. - The industrial power supply business reported revenue of 251 million RMB, growing by 17.4% with a gross margin of 54.7%, benefiting from the rapid development of high-end manufacturing and photovoltaic industries [8]. Profitability and Valuation - The diluted earnings per share are projected to rise from 1.09 RMB in 2022 to 2.89 RMB by 2026 [10]. - The return on equity (ROE) is expected to increase from 21.04% in 2022 to 28.68% by 2026 [10]. - The report maintains a "Buy" rating based on the company's strong growth prospects and competitive positioning in the market [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 34.76 [4][40][56] Core Insights - The company reported a significant increase in revenue for H1 2024, achieving RMB 14.31 billion, a year-on-year growth of 29.84%. However, the net profit attributable to the parent company was RMB 1.81 billion, showing a slight increase of 0.02% year-on-year. The gross margin and net margin were 39.57% and 12.53%, respectively, reflecting a decline of 1.96 and 3.94 percentage points year-on-year, primarily due to decreased margins in the energy conversion equipment segment and increased expenses [18][40][56]. - The company's charging and swapping service revenue reached RMB 5.56 billion in H1 2024, up 44.83% year-on-year, with a gross margin of 38.07%, down 1.39 percentage points. The growth in public charging infrastructure is supported by government policies, and the company aims to leverage its technological advantages in the fast-charging market [3][40]. - The energy storage business also showed robust growth, with H1 2024 revenue of RMB 4.65 billion, a year-on-year increase of 19.59%. The gross margin for this segment was 30.01%, down 3.12 percentage points, attributed to rising raw material costs. The domestic energy storage market remains strong, with an expected installation capacity of 72.6 GWh, up 55.8% year-on-year [19][40]. Summary by Sections Revenue and Profitability - The company achieved H1 2024 revenue of RMB 14.31 billion, a 29.84% increase year-on-year, while the net profit was RMB 1.81 billion, reflecting a minimal increase of 0.02% [40]. - The gross margin and net margin were reported at 39.57% and 12.53%, respectively, indicating a decline from the previous year [40]. Charging and Energy Storage Business - Charging service revenue for H1 2024 was RMB 5.56 billion, up 44.83% year-on-year, with a gross margin of 38.07% [3][40]. - The energy storage segment generated RMB 4.65 billion in revenue, a 19.59% increase year-on-year, with a gross margin of 30.01% [19][40]. Market Outlook - The report highlights the increasing demand for public charging infrastructure, with a projected global demand for charging stations exceeding 150 million by 2035 [3]. - The company is positioned to benefit from the ongoing growth in the charging and energy storage sectors, supported by favorable government policies and technological advancements [3][19].

深圳市盛弘电气股份有限公司 2024 年半年度报告全文 2024-070 第一节 重要提示、目录和释义 2024 年半年度报告 1 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 | --- | --- | |------------------------------------------------------------------|----------------------------------------------------------------| | | | | | | | | 公司存在宏观经济风险和行业风险、毛利率下降的风险、应收账款的风 | | 险。公司面临的风险与应对措施详见本报告第三节"管理层讨论与分析"第 | | | 十部分"公司未来发展的展望"相关内容。敬请投资者注意投资风险。 | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | 深圳市盛弘电气股份有限公司 2024 年半年度报告全文 | --- | --- | |--------------- ...

证券代码：300693 证券简称：盛弘股份 公告编号：2024-068 深圳市盛弘电气股份有限公司 第四届监事会第二次会议决议的公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 深圳市盛弘电气股份有限公司（以下简称"公司"）第四届监事会第二次会 议（以下简称"会议"）之通知、议案材料于 2024 年 7 月 26 日以通讯送达的方 式送达了公司全体监事。本次会议于 2024 年 7 月 30 日以通讯参会的方式召开， 会议由监事会主席郭斌先生主持，会议应参加监事 3 人，实际参加监事 3 人。本 次会议的召开符合有关法律法规和《公司章程》的规定，会议合法有效。 二、监事会会议审议情况 1、审议通过了《关于<2024 年半年度报告>及摘要的议案》 经审议，监事会一致认为：董事会编制和审核《2024 年半年度报告》的程序 符合法律、行政法规、中国证监会和深圳证券交易所的规定，报告内容真实、准 确、完整地反映了公司 2024 年半年度的经营情况，不存在虚假记载、误导性陈述 或者重大遗漏。《2024 年半年度报告》及摘要具体内容详见 202 ...

深圳市盛弘电气股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：深圳市盛弘电气股份有限公司 单位：万 元 非经营性资金 占用 资金占用方名称 占用方与上 市公司的关 联关系 上市公司核 算的会计科 目 2024 年期 初占用资金 余额 2024 年 1-6 月占 用累计发生金额 （不含利息） 2024 年 1-6 月 占用资金的利 息(如有) 2024 年 1-6 月偿还累计 发生金额 2024 年 6 月 期末占用资 金余额 占用 形成 原因 占用性质 控股股东、实际 控制人及其附 属企业 - - 小计 - - - - - - - - - 前控股股东、实 际控制人及其 附属企业 - - 小计 - - - - - - - - - 其他关联方及 附属企业 - - 小计 - - - - - - - - - - 总计 - - - - - - - - - - | 其他关联资金 | 资金往来方名称 | 往来方与上 市公司的关 | 上市公司核 算的会计科 | 2024 年期 初占用资金 | 2024 年 用累计发生金额 | 1-6 月占 | 2024 年 占用资金的利 | 1-6 月 ...