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]

根据市场公开信息及4月7日披露的机构调研信息，知名私募远望角投资近期对1家上市公司进行了调 研，相关名单如下： 深圳市远望角投资管理企业（有限合伙）成立于2014年12月30日，由两位原公募基金经理、一位原上市 公司高级管理人员组成核心骨干，从业年限均在10年以上。公司投研团队经验丰富，成立以来以优秀的 风控和稳健的收益受到专业投资机构认可，入选多家券商、银行、FOF等机构白名单。我们立意于做一 家追求远见，长期靠谱的资产管理公司。公司已通过中国证券投资基金业协会备案，登记编号为 P1008153。公司2019年荣获中国证券报中国私募基金金牛奖--三年期金牛私募管理公司（股票策略）， 中国基金报私募基金"英华奖"--中国私募基金成长奖（股票策略）和最佳产品奖（三年期股票策略）； 2018年曾荣获新浪财经第二届中国私募基金业"金刺猬奖"--最具潜力奖和证券时报年度"金长江奖"--年度 优秀私募基金经理等多个行业奖项。 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 1）盛弘股份 （远望角投资参与公司电话调研） 调研纪要：公司2024年度 ...

Summary of Shenghong Co., Ltd. Conference Call Company Overview - **Company**: Shenghong Co., Ltd. - **Year**: 2024 - **Revenue**: 3.036 billion CNY - **Net Profit**: Approximately 420 million CNY Key Business Segments Performance - **Industrial Power Supply**: Revenue of 600 million CNY, up 13% year-on-year [3] - **Energy Storage Equipment**: Revenue of 850 million CNY, down 5.8% year-on-year, primarily due to a decline in overseas energy storage revenue [3] - **Charging Pile Business**: Revenue growth of 43%, increasing from 849 million CNY in 2023 to 1.2 billion CNY [3] - **Lithium Battery Replacement Business**: Revenue of 850 million CNY, with a noted decline due to competitive pressures [3] Profitability Metrics - **Gross Margin**: - Industrial Power Supply: 54.2%, up 0.58% year-on-year [5] - Energy Storage Equipment: Down 3.49 percentage points [5] - Charging Piles: Down 1.5 percentage points [5] - Domestic Market Gross Margin: 35% [5] - Overseas Market Gross Margin: 62.9% [5] Market Strategies and Geographic Focus - **U.S. Market**: Revenue contribution is about 5%, with plans to enter through OEM processing to mitigate high costs [6][7] - **European Market**: Focus on charging pile business, with a new headquarters in Germany and plans to expand into Turkey and the UK [3][11] - **Domestic Energy Storage Market**: Anticipated strong growth in the second half of 2024, with a significant increase in bidding activity [13] Future Growth Projections - **2025 Energy Storage Business Growth**: Expected to grow by approximately 50% [3] - **Charging Pile Business Growth**: Projected growth rate between 50% to 300% [3] - **Charging Pile Market Share**: Approximately 15% in the domestic market, with growth exceeding the industry average by about 10 percentage points [27] Manufacturing and Supply Chain Considerations - **Manufacturing Base in Malaysia**: Chosen for its lower tariffs (around 20%) and strategic location for production flexibility [10] - **Response to U.S. Tariffs**: Establishing a manufacturing base in Malaysia to reduce the impact of tariffs on exports to the U.S. [6][10] Customer Diversification and Risk Management - **Customer Types**: Includes operators, energy companies, OEMs, and local manufacturers [29] - **Risk Mitigation**: Diversifying customer base to reduce dependency on any single client or market [29] Challenges and Market Dynamics - **Domestic Commercial Energy Storage Market**: Facing price competition, with expected growth of 30% to 50% in 2025 [35] - **North American Standards Update**: Anticipated changes in standards affecting manufacturing and product offerings [37] Conclusion Shenghong Co., Ltd. is positioned for growth in both domestic and international markets, particularly in the charging pile and energy storage sectors. The company is actively managing risks associated with tariffs and market competition while focusing on expanding its manufacturing capabilities and customer base.

Core Viewpoint - Multiple listed companies reported that the recent adjustments to U.S. tariffs have limited impact on their operations, with many having minimal direct exposure to the U.S. market [1][2][3][4][5]. Company Summaries - **Lizhong Group (SZ300428)**: The company focuses on functional intermediate alloy new materials, recycled aluminum alloy materials, and aluminum alloy wheels. Its products related to recycled aluminum alloy materials have little to no exports to the U.S., thus not affected by the tariff changes. The company is monitoring policy changes and is proactively adjusting its supply chain and customer negotiations [1]. - **Shenghong Co., Ltd. (SZ300693)**: The company’s direct exports to the U.S. amount to approximately 56 million yuan, representing only 1% to 2% of its total revenue. It has prepared for uncertainties by collaborating with a Malaysian factory for local production, expected to be ready by May 2025 [1]. - **Hudian Co., Ltd. (SZ002463)**: The company’s direct exports to the U.S. account for less than 5% of its revenue, with most products exported to Southeast Asia. It is closely monitoring trade disputes and communicating with customers to find solutions [2]. - **Xizi Clean Energy (SZ002534)**: The company has a small proportion of business related to the U.S. market, focusing mainly on Southeast Asia, the Middle East, and Africa. Its main operations are not significantly impacted by U.S. tariffs [2]. - **Hengshuai Co., Ltd. (SZ300969)**: Direct sales to the U.S. represent about 2.7% of the company’s overall business. The company uses EXW and FOB pricing methods, minimizing the impact of tariff increases. Future strategies will focus on optimizing capacity and development plans [3]. - **Jinfu Technology (SZ003018)**: The company stated that tariff issues will not significantly affect its existing overseas sales regions [5]. - **Weixing Co., Ltd. (SZ002003)**: The company’s international business is primarily in Bangladesh and Vietnam, with a very low percentage of direct exports to the U.S. [5]. - **Hailide (SZ002206)**: The company has established a multi-dimensional response mechanism, including optimizing its production structure in Vietnam and enhancing customer price negotiation strategies [5]. - **Guansheng Co., Ltd. (SH605088)**: The company does not heavily rely on the U.S. market, indicating that the tariff increases will have limited long-term effects [5].

证券代码：300693 证券简称：盛弘股份 编号：2025-004 深圳市盛弘电气股份有限公司 投资者关系活动记录表 | 投资者关系 活动类别 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 √其他（电话调研） | | 参与单位名 称及人员姓 | 长城财富保险、华夏基金、中信资管、昊泽致远、上海蓝 | | 名 | 墨、交银施罗德、银华基金、长盛基金、博时基金、彤源投 | | | 资、鑫垣私募、兴证全球、富国基金、远望角投资、长江证 | | | 券、东兴基金、南方基金、华宝基金、百达世瑞私募、安联 | | | 环球、宝盈基金、信达澳亚基金、天风证券、嘉合基金、光 | | | 大保德信基金、红杉中国、基石资本、同泰基金、开源资 | | | 管、泉果基金、五地私募、龙航资管、国信证券、南土资 | | | 管、汇添富基金、钦沐资管、宁泉资管、太平洋资管、南方 | | | 基金、招商基金、途灵资管、西部利得基金、大家保险、兆 | | | 天资管、域秀资管、广发基金、博裕资本、混沌投资、国寿 | | | 安保 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company's 2024 performance met expectations, with revenue reaching 3.036 billion yuan, a year-on-year increase of 14.53%, and a net profit attributable to shareholders of 429 million yuan, up 6.49% year-on-year [3]. - The growth drivers for 2024 include the expansion of industrial power supply business driven by AI development and the increasing demand for electric vehicle charging products due to supportive policies [3][4]. - The company has diversified its product lines, particularly in the charging pile sector, which saw a revenue increase of 43% year-on-year [4]. Financial Performance Summary - In 2024, the company's gross margin was 39.20%, a decrease of 1.8 percentage points year-on-year, while the net profit margin was 13.98%, down 1.15 percentage points [4]. - The company reported a revenue of 6.03 billion yuan from industrial power supply, a 13% increase, and 12.16 billion yuan from charging piles, a 43% increase [4]. - The forecast for 2025-2027 anticipates revenues of 4.068 billion, 5.371 billion, and 6.956 billion yuan, with corresponding growth rates of 34.0%, 32.0%, and 29.5% respectively [5][6]. Earnings Forecast - The projected net profit for 2025-2027 is expected to be 560 million, 778 million, and 1.054 billion yuan, with growth rates of 30.5%, 39.1%, and 35.4% respectively [5][6]. - The report indicates that the company is well-positioned to benefit from the growth in downstream sectors such as data centers and charging piles [5].

证券研究报告·公司点评报告·其他电源设备Ⅱ 盛弘股份（300693） 2024 年年报点评：业绩略超预期，AIDC 带 动业绩弹性 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2651 | 3036 | 4277 | 5307 | 6103 | | 同比（%） | 76.37 | 14.53 | 40.88 | 24.07 | 15.00 | | 归母净利润（百万元） | 402.83 | 428.98 | 563.13 | 683.56 | 818.13 | | 同比（%） | 80.20 | 6.49 | 31.27 | 21.39 | 19.69 | | EPS-最新摊薄（元/股） | 1.29 | 1.38 | 1.81 | 2.20 | 2.63 | | P/E（现价&最新摊薄） | 25.38 | 23.84 | 18.16 | 14.96 | 12.50 | [Table_Tag] [Table ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant price appreciation in the next 6-12 months [5]. Core Insights - The company reported a revenue of 3.04 billion RMB for 2024, a year-on-year increase of 14.5%, and a net profit attributable to shareholders of 430 million RMB, up 6.5% year-on-year [2]. - The industrial power supply segment showed steady growth, with revenues reaching 600 million RMB in 2024, a 13.1% increase year-on-year, driven by the rising demand from data centers [3]. - The charging pile business experienced rapid growth, generating 1.22 billion RMB in revenue, a 43% increase year-on-year, despite a slight decline in gross margin [3]. - The energy storage business faced challenges, with revenues declining by 5.8% to 857 million RMB in 2024, primarily due to project delays in the U.S. caused by high interest rates [4]. - The company is actively exploring new markets in Myanmar, Indonesia, and Africa to mitigate risks associated with over-reliance on a single market [4]. Summary by Sections Performance Review - In Q4 2024, the company achieved a revenue of 940 million RMB, reflecting a 2.5% year-on-year growth, and a net profit of 158 million RMB, which is a 21.5% increase year-on-year [2]. Business Analysis - The industrial power supply business is positioned for high growth due to its early entry into low-voltage power quality products and strong technical capabilities [3]. - The charging pile segment is expected to maintain high demand due to new product launches that meet market needs for safety and efficiency [3]. - The energy storage segment is anticipated to improve as U.S. interest rates decline, potentially releasing pent-up project demand [4]. Profit Forecast and Valuation - The projected net profits for 2025-2027 are 565 million RMB, 753 million RMB, and 968 million RMB, respectively, with corresponding PE ratios of 20, 15, and 12 [5].