[Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -35.38% -24.38% -13.38% -2.38% 8.62% 19.62% 2023/4 2023/7 2023/10 2024/1 盛弘股份 海通综指 | --- | |----------------------------| | | | Tel:(021)23183818 | | Email:wj10521@haitong.com | | 证书 :S0850515120001 | | 分析师 : 马天一 | | Tel:(021)23185735 | | Email:mty15264@haitong.com | | 证书 :S0850523030004 | | 分析师 : 余玫翰 | | Tel:(021)23185617 | | Email:ywh14040@haitong.com | | 证书 :S0850523080002 | 储能+充电桩高增，23 年归母净利+80%。盛弘股份 2023 年营收 26.5 亿， yoy+76.4%，分业务看，我们认为，收入高增主要系储能和充电 ...

证券代码：300693 证券简称：盛弘股份 编号：2024-001 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 | □特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 √业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名 称及人员姓 | 线上参与公司 2023 年度网上业绩说明会的投资者 | | 名 | | | 时间 | 2024 年 04 月 08 日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | 董事长兼总经理 方兴 | | 上市公司接 | 董事、副总经理兼财务总监 杨柳 | | 待人员姓名 | 董事会秘书 胡天舜 | | | 独立董事 李建成 | | | 1.您好，我在查询公司信息时发现，近几年公司ESG表 | | | 现不太好，主流评级大多是B，甚至还会有下降至CC的情 | | 投资者关系 | 况。您的公司有计划提高2023年度ESG报告的质量吗？是否 | | 活动主要内 | 有明确的ESG指标提升的 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][7]. Core Insights - The company reported a revenue of 2.65 billion yuan in 2023, representing a year-on-year increase of 76.4%, with a net profit attributable to shareholders of 0.4 billion yuan, up 80.2% year-on-year [5]. - The company's revenue for Q4 2023 was 0.92 billion yuan, showing a year-on-year growth of 61.5% and a quarter-on-quarter growth of 45.6% [5]. - The gross margin and net margin for 2023 were 41.0% and 15.1%, respectively, with a slight decrease in gross margin by 2.8 percentage points year-on-year [5]. - The energy storage business saw significant growth, with revenue reaching 0.91 billion yuan, a year-on-year increase of 255.7%, although the gross margin declined by 10.7 percentage points [5]. - The charging pile business generated 0.85 billion yuan in revenue, up 99.6% year-on-year, with a gross margin of 39.6%, benefiting from global investment in charging infrastructure [6]. - The company is expected to continue its growth trajectory, with projected revenues of 3.6 billion yuan, 4.6 billion yuan, and 5.6 billion yuan for 2024, 2025, and 2026, respectively [7]. Financial Summary - The total market capitalization is 9 billion yuan, with a circulating market capitalization of 7.2 billion yuan [1]. - The total share capital is 3.09 billion shares, with 2.48 billion shares in circulation [3]. - The company's asset-liability ratio stands at 56.5% [4]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.72 yuan, 2.23 yuan, and 2.82 yuan, respectively [9].

证券代码：300693 证券简称：盛弘股份 公告编号：2024-035 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 ...

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＃assAuthor＃ ＃分析师： emailAuthor＃ | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------|-------|------------|---------------------|-------| | 主要财务指标 \n＄ 会计年度 zycwzb\| 主要财务指标＄ | | 2023 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | | 2651 3704 5037 6529 | | | 同比增长 | 76.4% | 39.7% | 36.0% | 29.6% | | 归母净利润 ( 百万元 ) | | | 403 533 700 908 | | | 同比增长 | 80.2% | 32.3% | 31.3% | 29.7% | | 毛利率 | 41.0% | 39.9% | 38.3% | 37.8% | | ROE | 27.7% | 27.5% | 27.6% | 27.5% ...

表现 1M 3M 12M 储能收入高增、毛利率下滑主要系国内占比提升，2024 年公司将大 力开拓海外大储市场。据 CNESA 统计，2023 年我国新增投运新型 储能项目装机规模 21.5GW/46.6GWh，同比+195%/+193%，我们 估计国内储能行业装机高增带动公司国内储能业务占比提升，拉降 公司储能整体毛利率。2024 年，公司将加大海外大储市场拓展力度， 积极补齐产品线业务版图。我们预计，2024 年欧洲大储市场有望翻 倍达 14GWh，美国有望达 30GWh，公司海外大储值得期待。 近一月换手（%） 5.54 《盛弘股份（300693）2023 年上半年业绩点评： 储能、充电桩业务表现亮眼，净利率提升明显（增 持）*其他电源设备Ⅱ*李航》——2023-08-30 《盛弘股份（300693）2022 年报点评：充电桩实 现业绩高增，储能有望贡献新增长点（增持）*其 他电源设备Ⅱ*李航》——2023-03-25 盛弘股份 3 月 25 日发布 2023 年年报：2023 年，公司实现营收 26.51 亿元，同比+76%；归母净利润 4.03 亿元，同比+80%；扣非归母净利润 3.81 亿元，同 ...

Financial Performance - The company's operating revenue for 2023 reached ¥2,650,974,131.70, representing a 76.37% increase compared to ¥1,503,101,748.05 in 2022[16] - The net profit attributable to shareholders for 2023 was ¥402,827,219.68, an increase of 80.20% from ¥223,545,451.10 in the previous year[16] - The net profit after deducting non-recurring gains and losses was ¥380,693,375.73, up 78.96% from ¥212,719,960.46 in 2022[16] - The basic earnings per share for 2023 was ¥1.3049, a 79.34% increase from ¥0.7276 in 2022[16] - The total assets at the end of 2023 amounted to ¥3,347,712,570.71, reflecting a growth of 48.08% from ¥2,260,720,172.63 at the end of 2022[16] - The net assets attributable to shareholders increased by 36.69% to ¥1,452,276,368.00 from ¥1,062,425,656.52 in 2022[16] - The company reported a cash flow from operating activities of ¥438,569,089.31, which is a significant increase of 116.80% compared to ¥202,290,937.13 in the previous year[16] Market Trends and Opportunities - The company is positioned to benefit from the growing demand for charging infrastructure, with the number of new energy vehicles in China reaching 20.24 million and charging piles totaling 8.26 million[22] - The government has introduced policies to support the construction of charging piles, indicating a potential acceleration in the charging pile market[23] - The charging pile market is transitioning towards higher quality operations, with significant changes in technology, market dynamics, and profit models expected[25] - The global lithium battery shipment is expected to maintain a compound annual growth rate (CAGR) of over 25% in the next five years, indicating robust demand for battery testing and formation equipment[29] - By 2025, the new energy storage capacity in China is projected to exceed 30 million kilowatts, driven by government policies promoting the rapid development of the energy storage market[27] - The European market for electric vehicles is expected to grow significantly, with projections of 130 million electric vehicles by 2035, creating substantial demand for charging infrastructure[50] Product Development and Innovation - The company plans to launch a 1MW charging pile in 2024, enhancing its product offerings in high-power charging systems[51] - The company has established a strong reputation in battery formation and testing equipment, supplying major clients such as CATL, BYD, and Xpeng Motors, solidifying its position as a technology leader in the industry[31] - The company completed the development of the PWS1-125M energy storage inverter, which enhances power density and reduces system costs[104] - The S500 energy storage system container was developed to improve market share and diversify product offerings[104] - The 40KW DC input module was completed to enhance the charging module product matrix and support the company's energy storage charging needs[104] - The company aims to integrate battery, PCS, and EMS into a unified solution to enhance product competitiveness[104] Research and Development - The number of R&D personnel increased to 645 in 2023, reflecting a growth of 73.85% from 371 in 2022[79] - The proportion of R&D personnel in the company reached 25.85%, up from 23.54% in the previous year, indicating a 2.31% increase[79] - The company's R&D investment for 2023 amounted to ¥231,001,103.86, representing 8.71% of operating revenue, a decrease from 9.84% in 2022[81] - R&D expenses for 2023 increased by 56.11% to ¥231,001,103.86, reflecting the company's commitment to enhancing R&D efforts[101] - The company is focused on enhancing product competitiveness through the development of high-efficiency and low-power consumption electric vehicle charging solutions[79] Sales and Market Expansion - The company reported a sales volume of 3,029,251.27 KW in 2023, representing a year-on-year increase of 13.06% compared to 2,679,285.09 KW in 2022[70] - The company achieved a significant increase in sales volume in the new energy sector, totaling 7,317,058.86 KW, which is a 206.23% increase from 2,389,391.02 KW in 2022[70] - The production volume in the new energy sector was 8,974,855.12 KW, marking a 199.49% increase from 2,996,729.96 KW in the previous year[70] - The company aims to expand its overseas sales channels in 2024, continuing to grow despite industry downturns[31] - The company aims to expand its market share by providing customized solutions and high-quality services to meet diverse customer needs[67] Financial Management and Governance - The total amount of accounts receivable at the end of 2023 was ¥786,337,213.69, accounting for 23.49% of total assets, an increase from 24.39% in 2022[87] - The company is addressing accounts receivable risks as part of its financial management strategy[155] - The company has implemented a share repurchase plan, using between RMB 20 million and RMB 30 million to buy back shares, with a total repurchase amount of RMB 20.98 million as of February 29, 2024[188] - The company has distributed a total of RMB 91.68 million in cash dividends over the past three years, accounting for 20.69% of net profits during that period[187] - The company maintains a robust governance structure, ensuring compliance with legal and regulatory requirements in its operations[189] Strategic Outlook - The company is focusing on expanding its market presence and enhancing its product offerings[200] - The company is exploring new strategies for growth, including potential mergers and acquisitions[200] - The company has a clear outlook for future performance, emphasizing innovation and market expansion[200] - The company aims to enhance its market share in harmonic governance, reactive power compensation, three-phase imbalance governance, and voltage sag products in 2024, aiming for comprehensive coverage in current quality and energy quality across low, medium, and high voltage fields[150] - The company is committed to continuous innovation and development of new technologies and products to strengthen its core competitiveness in the energy internet sector[173]

年 月 日 来源：公司年报、国金证券研究所 盛弘股份 买入 维持评级 公司点评 储能、充电桩兑现高增长，经营现金 流同比大幅改善 业绩简评 2024 年 3 月 25 日，公司发布年报，2023 年实现营收 26.51 亿元， 同比增长 76.37%；归母净利润 4.03 亿元，同比增长 80.20%。其 中 Q4 营收 9.18 亿元，同比增长 61.49%；归母净利润 1.30 亿元， 同比增长 40.20%。 经营分析 储能业务兑现高增长，出货结构变化导致毛利率有所下滑：根据 中关村储能产业技术联盟和伍德麦肯兹的统计，2023 年中国/美国 实现储能新增装机 46.6GWh/26.0GWh，同比增长 193.1%/88.5%， 在行业高景气度带动下，公司储能产品出货及收入均取得高速增 长。公司新能源电能变换设备实现营收 9.1 亿元，同比增长 255.65%，毛利率 33.13%，同比下降 10.67pct，我们判断主要是因 国内装机增速远高于海外，公司出货中低毛利产品占比提升所致。 充电桩业务延续高增长，MW 级新品推出有望进一步巩固优势地位： 电动汽车充电设备实现营收 8.5 亿元，同比增长 99. ...

公司研究 要点 点评： 电能质量业务与电池检测及化成设备业务稳步增长：2023 年，公司工业配套电 源业务（即电能质量大类业务）实现营业收入 5.3 亿元，同比增长 4%，毛利率 为 54%，同比下降 1pct。随着工业向高端化迈进，电能质量也逐步变为刚性需 求。公司较早进入该领域，能够实现一定的国产替代；同时公司在工商业领域积 累的客户可以为其他产品的推广提供便利。2023 年，电池检测及化成设备业务 实现营业收入 3 亿元，同比增长 16%，毛利率为 45%，同比增加 6pct。2023 年海外电池厂产能保持扩张趋势，公司电池检测及分容化成设备在 2023 年实现 海外销售收入，2024 年将继续拓展海外销售渠道及机会，保持在行业下行周期 中逆势增长的趋势。 买入（维持） 分析师：殷中枢 执业证书编号：S0930518040004 010-58452063 yinzs@ebscn.com | --- | --- | --- | |---------------------|-------------|-------| | | | | | 总股本(亿股 ) | 3.09 | | | | | | | 总市值( ...