证券研究报告：电力设备 | 公司点评报告 发布时间：2025-04-15 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 31.63 | | --- | --- | | 总股本/流通股本（亿股）3.11 | / 2.66 | | 总市值/流通市值（亿元）98 | / 84 | | 周内最高/最低价 52 | 42.38 / 18.16 | | 资产负债率(%) | 50.5% | | 市盈率 | 22.85 | | 第一大股东 | 方兴 | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 盛弘股份(300693) 业绩符合预期，看好充电桩和智算中心的景气度 l 投资要点 事件：2025 年 4 月 2 日，公司发布 2024 年年报。 2024年公司营收 30.4 亿元，同比+14.5%；归母净利润 4.3亿元， 同 比 +6.5% ； 其 中 2024Q4 公 司 营 收 9.4 亿 元 ， 同 环 比 分 别 +2.5%/+41.7%；归母净利润 1.6 亿元，同环比分别+22.1%/+ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][13]. Core Views - The company reported a revenue of 3.04 billion yuan for 2024, representing a year-on-year increase of 14.5%, with a net profit attributable to shareholders of 430 million yuan, up 6.5% year-on-year. The fourth quarter of 2024 saw revenues of 940 million yuan, a year-on-year increase of 41.7% [4][5]. - The growth in revenue is primarily driven by increased demand for energy quality management products due to the rise of intelligent computing centers and the growing investment in the charging pile industry [4][5]. - The charging pile business experienced significant growth, with revenues of 1.22 billion yuan in 2024, up 43% year-on-year, benefiting from the global investment in charging infrastructure [5]. - The energy storage business faced short-term pressure, with revenues of 860 million yuan, down 5.8% year-on-year, attributed to increased domestic competition [5]. - The energy quality equipment segment is expected to benefit from the booming intelligent computing center market, with revenues projected to reach 600 million yuan, a year-on-year increase of 13.1% [5][6]. Financial Summary - The company forecasts revenues of 3.85 billion yuan, 4.79 billion yuan, and 6.00 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 530 million yuan, 650 million yuan, and 757 million yuan for the same years [7][11]. - The projected PE ratios for 2025, 2026, and 2027 are 18, 15, and 13 respectively, indicating a favorable valuation trend [7][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][10] Core Views - The company achieved a revenue of 3.036 billion yuan in 2024, representing a year-on-year growth of 14.5%, with a net profit of 429 million yuan, up 6.5% year-on-year [6] - The industrial power supply business is expected to benefit from the high demand in computing power, with a revenue of 600 million yuan in 2024, growing 13% year-on-year [6] - The charging pile business saw significant growth, with revenue reaching 1.22 billion yuan in 2024, a 43% increase year-on-year [6] - The energy storage business faced some pressure, with revenue declining to 860 million yuan, down 6% year-on-year [6] - The company is expected to maintain rapid growth in its energy storage and charging pile businesses, with projected net profits of 559 million yuan, 710 million yuan, and 869 million yuan for 2025, 2026, and 2027 respectively [6] Summary by Sections Financial Performance - 2023A revenue: 2.651 billion yuan, 2024A revenue: 3.036 billion yuan, 2025E revenue: 3.854 billion yuan, 2026E revenue: 4.653 billion yuan, 2027E revenue: 5.464 billion yuan [4] - 2023A net profit: 403 million yuan, 2024A net profit: 429 million yuan, 2025E net profit: 559 million yuan, 2026E net profit: 710 million yuan, 2027E net profit: 869 million yuan [4] - The company’s gross margin for 2024 was 39.2%, a decrease of 2.3 percentage points year-on-year [6] Business Segments - Industrial Power Supply: Revenue of 600 million yuan in 2024, with a gross margin of 54% [6] - Charging Pile: Revenue of 1.22 billion yuan in 2024, with a gross margin of 38% [6] - Energy Storage: Revenue of 860 million yuan in 2024, with a gross margin of 30% [6] Valuation Metrics - Projected P/E ratios for 2025, 2026, and 2027 are 16.3, 12.8, and 10.5 respectively [4] - Projected P/B ratios for 2025, 2026, and 2027 are 5.0, 4.2, and 3.3 respectively [4]

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。 证券代码：300693 证券简称：盛弘股份 公告编号：2025-037 深圳市盛弘电气股份有限公司 关于2022年限制性股票激励计划首次授予部分第三个归属期 及预留授予部分第二个归属期限制性股票归属结果暨股份上市的公告 1、激励工具：第二类限制性股票。 重要内容提示： 1.本次归属股票数量：首次授予部分 134.9539 万股；预留授予部分 36.0874 万股 2.本次归属股票上市流通时间：2025 年 4 月 15 日 3.本次归属人数：首次授予部分激励对象177人、预留授予部分激励对象74 人，共计214人（37名激励对象同时参与了首次授予及预留授予） 2、标的股票来源：公司向激励对象定向发行的公司A股普通股股票。 深圳市盛弘电气股份有限公司（以下简称"公司"）于 2025 年 4 月 2 日召 开了第四届董事会第六次会议和第四届监事会第六次会议，审议通过了《关于 2022 年限制性股票激励计划首次授予部分第三个归属期及预留授予部分第二个 归属期归属条件成就的议案》。公司 2022 年限制性股票激励计划（以 ...

Group 1: V2G Technology and Market Opportunities - The company is actively participating in V2G pilot projects in cities like Shanghai and Shenzhen, focusing on breakthroughs in bidirectional charging and vehicle-to-grid communication [1][2] - V2G commercialization is still in the industry validation stage, with the company committed to monitoring policy directions and market demands [2] Group 2: Energy Storage Business - The company is addressing price competition in the energy storage sector by enhancing product value through modular design and multi-branch storage converters [1][2] - New business models in commercial energy storage and integrated solar-storage-charging solutions are being developed to adapt to market changes [2] Group 3: International Expansion and Partnerships - The company has made progress in its collaboration with BP in the UK and is working on the certification and promotion of its 1.44MW supercharging pile in the European market [1][3] - The company has established a partnership with a Malaysian factory for local production to mitigate potential tariff impacts, with production readiness expected by May 2025 [3][7] Group 4: Financial Performance - In 2024, the company achieved total revenue of approximately CNY 3.036 billion, a year-on-year increase of 14.53%, and a net profit of approximately CNY 429 million, up 6.49% [8][9] - The company aims to maintain a sustainable high dividend policy while balancing R&D investments and new business impacts [3][8] Group 5: Industry Outlook and Growth Points - The demand for energy quality solutions is expanding, driven by the growth of high-end manufacturing and data centers [12][13] - The charging infrastructure market in China is transitioning to a focus on high-quality development, with significant growth potential in both domestic and international markets [12][13]

证券研究报告 [Table_ReportType] 点评报告 [Table_StockAndRank] 盛弘股份 (300693.SZ) 投资评级 买入 上次评级 买入 [Table_A [Table_Author] 武浩 电力设备与新能源行业首席分 uthor] 析师 执业编号：S1500520090001 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电力设备与新能源行业分析师 执业编号：S1500524080003 联系电话：18721956681 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金 隅大厦B座 邮编：100031 [Table_Title] 充电桩业务高增，AIDC 打开增长空间 公司研究 [Table_ReportDate] 2025 年 4 月 9 日 [Table_S 事件：公司ummar2024 y] 年实现营业收入 30.36 亿元，同比+14.53%；归母净利润 4.29 亿元，同比+6.49%；实现扣非归母净利润 4.17 亿元 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has shown significant growth in its charging pile business and is a leader in the low-voltage power quality sector, which is expected to become a new growth point for performance [3][8] - The company's 2024 annual report indicates a year-on-year revenue growth of 14.53%, reaching RMB 3,036 million, and a net profit growth of 6.49%, totaling RMB 429 million [8][9] - The charging pile business generated RMB 1,216 million in revenue, a 43.04% increase year-on-year, although the gross margin slightly decreased by 1.46 percentage points to 38.15% [8][9] - The industrial power supply business also showed steady growth, with revenue of RMB 603 million, up 13.11% year-on-year, and an improved gross margin of 54.23% [8][9] Financial Summary - The company forecasts revenue growth from RMB 2,651 million in 2023 to RMB 4,091 million in 2025, representing a growth rate of 34.7% [7][10] - The projected net profit for 2025 is RMB 522 million, with a growth rate of 21.6% [7][10] - The updated earnings per share (EPS) estimates for 2025-2027 are RMB 1.68, 2.29, and 2.91 respectively, with corresponding price-to-earnings ratios of 16.9, 12.4, and 9.7 [5][10]

上次评级 买入 [Table_A [Table_Author] 武浩 电力设备与新能源行业首席分 uthor] 析师 执业编号：S1500520090001 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电力设备与新能源行业分析师 执业编号：S1500524080003 联系电话：18721956681 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金 隅大厦B座 邮编：100031 证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 盛弘股份 (300693.SZ) 投资评级 买入 [Table_Title] 充电桩业务高增，AIDC 打开增长空间 [Table_ReportDate] 2025 年 4 月 9 日 [Table_S 事件：公司ummar2024 y] 年实现营业收入 30.36 亿元，同比+14.53%；归母净利润 4.29 亿元，同比+6.49%；实现扣非归母净利润 4.17 亿元 ...

根据市场公开信息及4月7日披露的机构调研信息，知名私募理成资产近期对1家上市公司进行了调研， 相关名单如下： 1）盛弘股份 （理成资产参与公司电话调研） 调研纪要：公司2024年度实现营业收入约30.36亿元，同比增长14.53%，净利润4.29亿元，同比增长 6.49%。各业务板块中，工业配套电源业务收入6.03亿元，同比增长13.11%，毛利率54.23%；新能源电 能变换设备收入8.57亿元，同比下降5.80%，毛利率29.64%；电动汽车充换电设备收入12.16亿元，同比 增长43.04%，毛利率38.15%；电池检测及化成设备收入2.96亿元，同比减少0.93%，毛利率39.35%。美 国关税对公司影响较小，直接出口美国收入占比1-2%，已布局马来西亚代工厂。海外市场方面，美国 市场发展较慢，欧洲市场深耕多年，亚洲市场布局泰国、韩国等地。电池化成与检测设备业务毛利率下 降因锂电池厂商竞争加剧，预计2025年资本开支提升后毛利率将稳定。电能质量业务在国内IDC领域市 占率高，海外IDC增长同步提升，公司将持续研发新产品。 机构简介： 上海理成资产是国内最早成立的私募管理公司之一，十三年以来，始终坚持追 ...

Group 1: Company Insights - Nipe Mining Machinery - Nipe Mining Machinery is projected to achieve revenue of 1.122 billion yuan in 2024, representing a year-on-year growth of 19.62% [1] - The net profit is expected to reach 116 million yuan, an increase of 45.46% compared to the previous year [1] - The main manufacturing business revenue is anticipated to be 921 million yuan, with a year-on-year growth of 12.9% [1] - The gross margin for the main manufacturing business is forecasted to be 39.93%, up 1.79% from the same period last year [1] - Significant growth in overseas markets includes a 125% increase in Africa, 77% in the Asia-Pacific and Middle East regions, and 58% in Latin America [1] - The company has successfully developed a high-alloy forged composite liner, which has doubled its lifespan and reduced weight by 30% [1] - A decline in revenue is expected in Q4 2024 due to reduced orders, capacity issues, competitor price cuts, and slowing growth in overseas orders [1] Group 2: Company Insights - Shenghong Co., Ltd. - Shenghong Co., Ltd. is projected to achieve approximately 3.036 billion yuan in revenue for 2024, reflecting a year-on-year increase of 14.53% [2] - The net profit is expected to be 429 million yuan, with a growth of 6.49% year-on-year [2] - Revenue from the industrial power supply business is estimated at 603 million yuan, up 13.11%, with a gross margin of 54.23% [2] - The revenue from new energy power conversion equipment is expected to decline by 5.80% to 857 million yuan, with a gross margin of 29.64% [2] - The electric vehicle charging and swapping equipment revenue is projected to grow by 43.04% to 1.216 billion yuan, with a gross margin of 38.15% [2] - The company has minimal impact from U.S. tariffs, with direct exports to the U.S. accounting for only 1-2% of revenue [2] - The company is expanding its overseas market presence, particularly in Europe and Asia, while facing increased competition in the battery testing and formation equipment sector [2]