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].

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 ...

Financial Performance - The company's operating revenue for the reporting period reached ¥1,430,773,753.62, representing a 29.84% increase compared to ¥1,101,992,850.49 in the same period last year[44]. - The net profit attributable to shareholders was ¥181,497,561.21, a slight increase of 0.02% from ¥181,462,372.11 year-on-year[44]. - The net profit after deducting non-recurring gains and losses was ¥173,442,551.63, up 1.77% from ¥170,426,823.71 in the previous year[44]. - The company's cash flow from operating activities showed a significant decline, with a net outflow of ¥53,453,086.99 compared to a net inflow of ¥138,250,838.62 in the same period last year, marking a decrease of 138.66%[44]. - Basic earnings per share were ¥0.5865, down 0.37% from ¥0.5887 in the previous year[44]. - The total assets at the end of the reporting period amounted to ¥3,360,944,524.78, reflecting a 0.40% increase from ¥3,347,712,570.71 at the end of the previous year[44]. - The net assets attributable to shareholders increased by 7.96% to ¥1,567,815,916.38 from ¥1,452,276,368.00 at the end of the previous year[44]. Risk Management - The company is actively managing risks associated with industry fluctuations and has outlined strategies for future development[6]. - The company has a comprehensive risk management strategy in place to address potential challenges in the market[6]. - The company reported a significant decline in gross margin, facing risks related to macroeconomic conditions and accounts receivable[6]. - The company has a risk of declining gross profit margin due to the high accounts receivable balance and potential collection issues[192]. Market Expansion and Product Development - The company continues to expand its subsidiaries, including those in the United States, Singapore, Australia, South Korea, Germany, and other regions[15]. - The company is focusing on expanding its market presence and enhancing product lines through strategic planning and resource integration[77]. - The company has ongoing plans for market expansion and product development, focusing on high-value new products tailored to customer needs[169]. - The company is involved in the development and production of various power electronic technologies and systems, including battery energy storage and charging station systems[185]. Industry Trends and Government Policies - The rapid development of renewable energy sources and electric vehicle infrastructure is driving the demand for energy storage solutions[55]. - The company is positioned to benefit from the increasing demand for charging infrastructure driven by government policies and the growth of the electric vehicle market in Europe and Japan[93]. - The Chinese government aims to establish a charging infrastructure system capable of meeting the charging needs of over 20 million electric vehicles by the end of the 14th Five-Year Plan[83]. Research and Development - Research and development expenses rose by 33.26% to ¥126,114,903.82, reflecting increased investment in R&D[140]. - The company plans to enhance R&D efforts to maintain technological leadership and address risks related to declining gross margins due to increasing market competition[169]. - The new product development process includes four major decision reviews, ensuring thorough evaluation at each stage from concept to mass production[89]. Shareholder Information - No cash dividends or stock bonuses will be distributed to shareholders for the reporting period[6]. - The company completed the vesting registration for 199 incentive recipients, totaling 1,332,600 shares, with the listing date on April 12, 2023[176]. - The company approved the vesting of 1,791,685 shares for 225 incentive recipients, with the listing date on April 11, 2024[199]. - The company held its annual general meeting on April 15, 2024, with a participation rate of 27.28%[195]. Financial Management - The company's cash and cash equivalents at the end of the reporting period amounted to approximately CNY 86.76 million, with restrictions due to performance guarantees and deposits[111]. - The company has a total of ¥30,000,000 in structured deposits with various banks, indicating a strategy to optimize financial management[158]. - The company has not engaged in derivative investments during the reporting period, reflecting a conservative approach to financial risk management[160]. - The company has invested 26 million yuan in bank wealth management products, with an outstanding balance of 16 million yuan[180]. Subsidiary Performance - The subsidiary Huizhou Shenghong Electric Co., Ltd. reported a net loss of ¥836.28 million on total assets of ¥22,935.95 million, highlighting challenges in profitability[162].

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 ...

证券代码：300693 证券简称：盛弘股份 公告编号：2024-067 深圳市盛弘电气股份有限公司 第四届董事会第二次会议决议的公告 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。 一、董事会会议召开情况 深圳市盛弘电气股份有限公司（以下简称"公司"）第四届董事会第二次会 议（以下简称"会议"）之通知、议案材料于 2024 年 7 月 26 日以邮件及通讯送 达的方式送达了公司全体董事。本次会议于 2024 年 7 月 30 日以通讯会议的方式 召开，会议由董事长方兴主持，会议应参加董事 8 人，实际参加董事 8 人。公司 全体监事和全体高级管理人员列席了本次会议。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、董事会会议审议情况 证券代码：300693 证券简称：盛弘股份 公告编号：2024-067 本议案已经审计委员会审议通过。 3、审议通过了《关于 2024 年度新增日常关联交易预计的议案》 公司的 2024 年度新增日常关联交易预计事项是公司日常生产经营所需，交 易价格由双方依照市场价格协商确定，关联交易定价依据公允、合理，遵 ...

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"、"盛弘股份"） 于2024 年7月30日召开了第四届董事会第二次会议及第四届监事会第二次会议，审议通 过了《关于2024年度新增日常关联交易预计的议案》，现将有关情况公告如下： 一、新增日常关联交易基本情况 （一）新增日常关联交易概述 证券代码：300693 证券简称：盛弘股份 公告编号：2024-072 深圳市盛弘电气股份有限公司 关于 2024 年度新增日常关联交易预计的公告 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， 根据实际经营发展的需要，公司拟增加与关联方深圳永泰数能科技有限公司 （以下简称"深圳永泰"）及其子公司、控股子公司的关联交易，2024年度累计 发生关联交易不超过1200万元。 基于以上关联交易的类型以及额度，此项议案无需提交股东大会审议。 二、关联人介绍和关联关系 （一）深圳永泰 1、基本情况 名称：深圳永泰数能科技有限公司 统一社会信用代码：91440300MA5EWLWD0A 类型：有限责任公司 法定代表人：盛剑明 关联交 易类别 关 联 人 关联交易 内容 关联交易 定价内容 新增预 ...

深圳市盛弘电气股份有限公司 2023 年度 ESG 报告 深圳市盛弘电气股份有限公司 2023 年度 ESG 报告 2024 年 7 月 | 1. | | 关于本报告 4 | | --- | --- | --- | | 2. | | 董事长致辞 6 | | 3. | | 走进盛弘股份 8 | | | 3.1 | 公司概况 8 | | | 3.2 | 服务与解决方案 9 | | | 3.3 | 业务运营布局 10 | | 4. | 我们的 | 2023 11 | | | 4.1 | 年度亮点绩效 11 | | | 4.2 | 年度大事件 12 | | | 4.3 | 核心资质&荣誉 13 | | 5. | | 专题一：领超充之风，驭向"充电自由" 15 | | | 5.1 | 政策与技术叠加，迈入"超充"新时代 15 | | | 5.2 | 车桩共进方能超充 17 | | | 5.3 | 盛弘股份全力支持超充建设 17 | | 6. | | 专题二：助力乡村振兴，打通新能源汽车下乡的最后一公里 20 | | | 6.1 | 新能源汽车乡村渗透率低，充换电基础设施存短板 21 | | | 6.2 | 国家政策引导 ...