证券代码：300693 证券简称：盛弘股份 公告编号：2025-014 深圳市盛弘电气股份有限公司 关于使用闲置自有资金进行现金管理的进展公告 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"或"盛弘股份"）于 2024 年 10 月 24 日召开了第四届董事会第四次会议，审议通过了《关于使用闲置自有资金进 行现金管理的议案》。公司及全资子公司在确保不影响正常生产经营的情况下，拟使 用 50,000 万元闲置自有资金进行现金管理，使用期限为自董事会审议通过之日起 12 个月，在上述额度内，资金可滚动使用。具体内容详见公司于 2024 年 10 月 26 日在 巨潮资讯网（www.cninfo.com.cn）披露的《关于使用闲置自有资金进行现金管理的 公告》（公告编号：2024-089）。 在审批额度范围内，授权董事长或由董事长授权人员行使该项投资决策权并签署 相关合同文件，由财务部负责组织实施。 根据董事会授权，公司于近日使用闲置自有资金 3,000 万元购买了结构性存款， 现将具体情况公告如下： | 受托方 | 产 ...

[Table_Page] 行业专题研究|电力设备 2025 年 3 月 11 日 证券研究报告 AI 能源系列之一 AIDC 赋予电气设备新机遇 | [Tabl 分析师： | 纪成炜 | 分析师： | 陈昕 | 分析师： | 高翔 | | --- | --- | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260518060001 | | SAC 执证号：S0260522080008 | | SAC 执证号：S0260524070008 | | | SFC CE.no: BOI548 | | | | | | | 021-38003594 | | 010-59136699 | | 021-38003841 | | | jichengwei@gf.com.cn | | gfchenxin@gf.com.cn | | gaoxiang@gf.com.cn | | | 请注意，陈昕,高翔并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | | | [Table_Summary] 核心观点： 识别风险，发现价值 请务必阅读末页的免责声明 ...

Company Overview - Shenzhen Shenghong Electric Co., Ltd. was established in 2007 and listed on the Growth Enterprise Market in August 2017. The company has established manufacturing and R&D centers in various locations, including Huizhou and Xi'an, and has global subsidiaries in the USA, Germany, Australia, Singapore, and South Korea [2][3]. - The company operates in four main business areas: - **Power Quality**: A global provider of comprehensive power quality solutions, with over 20,000 projects and a leading market share in active filters [3]. - **Energy Storage Microgrid**: A leader in modular energy storage systems, with over 12GW of installed capacity across 60+ countries [3]. - **Charging and Swapping Services**: A pioneer in self-developed charging modules and systems, recognized as one of the top ten influential brands in China's charging and swapping industry [3]. - **Battery Formation and Testing**: Provides solutions for battery manufacturers and recycling enterprises, covering 10 regions across 3 continents [3]. Market Outlook - The company anticipates a shift in the domestic energy storage market from "policy-driven" to "value-driven," leading to accelerated innovation in business models and a competitive landscape favoring companies with advanced technology and cost control [4]. - The global energy storage market is expected to grow, with emerging markets in the Middle East also showing rapid demand growth [4]. Product and R&D Focus - The industrial power supply business includes products like active filters and uninterruptible power supplies, addressing issues such as power quality and safety [5][6]. - In 2023, the company's R&D investment was 231 million CNY, accounting for approximately 9% of its revenue, with a consistent investment level over the past years [6]. - Future R&D will focus on four main areas: industrial power supply, new energy conversion equipment, electric vehicle charging services, and battery testing and formation equipment [6]. Profitability and Strategic Management - The company maintains a stable gross profit margin through strategies such as optimizing product structure, controlling costs, enhancing supply chain management, and expanding domestic and international markets [6]. - Currently, there are no plans for acquisitions or mergers, but the company remains vigilant about market opportunities that align with its business direction [6].

证券代码：300693 证券简称：盛弘股份 公告编号：2025-013 深圳市盛弘电气股份有限公司 关于募集资金专户完成销户的公告 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， 一、募集资金的基本情况 经中国证券监督管理委员会《关于核准深圳市盛弘电气股份有限公司首次公 开发行股票的批复》（证监许可〔2017〕1358 号）核准，公司首次公开发行人民 币普通股（A 股）2,281 万股，发行价格为每股 14.42 元，募集资金总额 328,920,200.00 元，扣除发行费用总额 33,003,090.56 元，募集资金净额为人民 币 295,917,109.44 元。瑞华会计师事务所（特殊普通合伙）已于 2017 年 8 月 16 日对公司首次公开发行股票的募集资金到位情况进行了审验，并出具了"瑞华验 字[2017]48420007 号"《验资报告》。 二、募集资金存放和管理情况 为了规范募集资金的管理和使用，保护投资者权益，公司依照《上市公司监 管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》和 《深圳证券交易所上市公司自律监管指引第 2 号-创业板上市公司规范 ...

Investment Rating - The report suggests a positive investment outlook for the power supply, liquid cooling, and supporting electrical equipment sectors within the data center industry [3]. Core Insights - The report highlights the increasing value and redundancy in power supply configurations for data centers, particularly with the rise of AI computing demands [3]. - It emphasizes the transition from traditional data centers to AI Data Centers (AIDC), which require higher power densities and specialized cooling solutions [8]. - The liquid cooling market is expected to grow significantly, with cold plate cooling becoming mainstream and immersion cooling waiting for further development [33]. Summary by Sections 1. Power Supply: Growth Direction from Inside to Outside the Cabinet - The report notes that the value of power supply systems is increasing due to the unique power consumption characteristics of data centers, with a projected market size of approximately 150 billion yuan for HVDC systems by 2027 [3]. - The average rack density for AI servers is expected to increase significantly, leading to higher demand for server power supplies, with a projected market size of 373 billion yuan by 2027 [3][31]. 2. Liquid Cooling: Gradual Adoption of Cold Plate and Immersion Cooling - Cold plate liquid cooling is projected to account for 40% of the market by 2027, with a market size of 221 billion yuan, while immersion cooling is expected to reach 89.8 billion yuan [45]. - The report discusses the advantages of cold plate cooling, including lower costs and better compatibility with existing systems, while immersion cooling faces challenges related to liquid properties and system compatibility [36][37]. 3. Supporting Electrical Equipment: Transformers, Busbars, and Power Quality Devices - The demand for busbars is expected to rise as they can support high current loads required by AI-powered cabinets, with significant growth potential in the market [3]. - The report highlights the increasing acceptance of SiC-based power quality products in the data center sector, indicating a shift towards more efficient and compact solutions [3]. 4. Market Forecasts - The report provides detailed forecasts for the growth of the data center market, including the number of standard racks and total power capacity, projecting a total power capacity of 68.7 GW by 2027 [31][45]. - It also outlines the expected market sizes for various power supply solutions, including UPS and HVDC systems, with significant growth anticipated in the coming years [31].

Group 1: Industry Trends - The power quality industry is crucial for economic development and is expected to grow due to increasing demand from emerging sectors like renewable energy and electric vehicles [2] - The market for power quality solutions will expand as industries require higher stability and reliability in their electrical systems [2] Group 2: Company Performance - In 2024, the company's charging and swapping product line experienced rapid revenue growth due to early global expansion and innovative product offerings [3] - The company aims to maintain stable gross margins through strategies like optimizing product design and enhancing supply chain management [4] Group 3: Market Position - The company is a leader in the power quality sector, with over ten years of experience and a comprehensive product range covering various applications [4] - The company plans to increase its presence in data centers and related industries, expanding its product types and applications [4] Group 4: Future Outlook - The company is optimistic about the global energy storage market in 2025, driven by policy shifts and market demand [5][6] - The domestic charging pile market is expected to grow due to the rapid development of new energy vehicles, despite current supply challenges [7] Group 5: Strategic Responses - The company will navigate the lithium battery industry's downturn by enhancing collaboration with upstream and downstream partners and diversifying market strategies [8] - Emphasis will be placed on leveraging technological advancements to capitalize on structural opportunities in the energy storage and battery sectors [8]

证券代码：300693 证券简称：盛弘股份 公告编号：2025-012 深圳市盛弘电气股份有限公司 关于使用闲置自有资金进行现金管理的进展公告 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"或"盛弘股份"）于 2024 年 10 月 24 日召开了第四届董事会第四次会议，审议通过了《关于使用闲置自有资金进 行现金管理的议案》。公司及全资子公司在确保不影响正常生产经营的情况下，拟使 用 50,000 万元闲置自有资金进行现金管理，使用期限为自董事会审议通过之日起 12 个月，在上述额度内，资金可滚动使用。具体内容详见公司于 2024 年 10 月 26 日在 巨潮资讯网（www.cninfo.com.cn）披露的《关于使用闲置自有资金进行现金管理的 公告》（公告编号：2024-089）。 在审批额度范围内，授权董事长或由董事长授权人员行使该项投资决策权并签署 相关合同文件，由财务部负责组织实施。 根据董事会授权，公司于近日使用闲置自有资金15,000万元购买了结构性存款， 现将具体情况公告如下： 公司与上述银行无关联 ...

Group 1: Market Competition and Strategic Adjustments - The company faces severe market competition across all segments and plans to implement strategic adjustments through technology innovation, supply chain management, internal management enhancement, sales channel expansion, and global layout [2][4]. Group 2: Product Applications in Data Centers - The company offers various products for data centers, including active filters, static reactive power compensators, capacitors, three-phase imbalance adjustment devices, dynamic voltage regulators, low-voltage line voltage regulators, uninterruptible power supplies (UPS), laser generator power supplies, unified power quality regulators (UPQC), and energy storage PCS [2][3]. Group 3: Advantages in Power Quality - As one of the earliest developers of low-voltage power quality products, the company has pioneered the use of three-level modular technology in this field. Its power quality products cover harmonic treatment, reactive power compensation, voltage sag protection, and industrial UPS, demonstrating a leading position in significant projects across various industries [4]. Group 4: R&D Investment Focus - Future R&D investments will continue to focus on industrial power supply (power quality + industrial power), new energy power conversion equipment, electric vehicle charging services, and battery testing and formation equipment, with ongoing efforts to explore new application scenarios and develop innovative products [4]. Group 5: Impact of Policy Changes - The recent policy by the National Development and Reform Commission and the National Energy Administration emphasizes market-driven pricing for new energy, shifting the demand for energy storage from policy-driven to value-driven. This change may initially impact energy storage installation volumes but will ultimately promote high-quality, market-oriented development in the industry [5][6].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company is expected to benefit from the growing demand for data centers, with a significant increase in global IT load forecasted from approximately 49GW in 2023 to 96GW by 2026, driven largely by AI computing needs [3][10] - The company's charging pile business is experiencing rapid growth, with domestic charging infrastructure increasing by 24.7% year-on-year in 2024, and the company is expanding its overseas market presence [4][11] - The energy storage business is anticipated to see further growth, with significant increases in installed capacity both in the U.S. and China, indicating a robust demand for energy storage solutions [4][14] - The company maintains its profit forecast, projecting net profits of 5.49 billion and 6.53 billion for 2025 and 2026, respectively, with year-on-year growth rates of 29% and 19% [5][15] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 30.37 billion, a year-on-year increase of 14.6%, and a net profit of 4.26 billion, up 5.7% year-on-year. The net profit margin for 2024 was 14%, a decrease of 1.2 percentage points [2][6] - For Q4 2024, the company reported a revenue of 9.42 billion, a year-on-year increase of 2.6% and a quarter-on-quarter increase of 42%. The net profit for Q4 was 1.55 billion, reflecting a year-on-year increase of 19.7% and a quarter-on-quarter increase of 74.2% [2][6] Business Segments - The company’s power quality equipment products, including active power filters and static VAR generators, are positioned to address the needs of data centers, particularly in light of the increasing demand for AI computing [3][10] - The charging pile business is a key driver of revenue growth, with significant increases in both domestic and international markets for charging infrastructure [4][11] - The energy storage segment is expected to grow significantly, with the U.S. projected to install 18.17GW of energy storage in 2025, a 75% increase year-on-year, and China also showing high growth in energy storage installations [4][14]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Viewpoints - The company is expected to benefit from the growing demand for data centers, with a significant increase in global data center IT load projected from approximately 49GW in 2023 to 96GW by 2026, driven largely by AI computing needs [3][10] - The company's charging pile business is experiencing rapid growth, with domestic charging infrastructure increasing by 4.22 million units in 2024, a year-on-year increase of 24.7% [4][11] - The energy storage business is anticipated to see further growth, with significant increases in installed capacity both in the U.S. and China, indicating a robust demand in the global energy storage market [4][14] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.037 billion yuan, a year-on-year increase of 14.6%, and a net profit attributable to shareholders of 426 million yuan, up 5.7% year-on-year [2][6] - The net profit margin for 2024 was 14%, a decrease of 1.2 percentage points compared to the previous year [2] Business Segments - The company’s power quality equipment products, including active power filters and static VAR generators, are expected to address the power quality issues faced by data centers [3][10] - The charging pile business is expanding internationally, contributing significantly to overall revenue growth [4][11] - The energy storage segment is projected to grow substantially, with new installations in China reaching 43.7GW in 2024, representing an 88% year-on-year increase [4][14] Investment Recommendations - The profit forecast for 2025 and 2026 is set at 549 million yuan and 653 million yuan respectively, with year-on-year growth rates of 29% and 19% [5][15] - The price-to-earnings (PE) ratio is estimated to be 18 and 15 times for 2025 and 2026 respectively [5][15]