盛弘股份 20250407 摘要 Q&A 盛弘股份在 2024 年的整体经营情况如何？ 2024 年，盛弘股份实现了较好的经营增长，收入为 30.36 亿元，净利润约为 4.2 亿元。具体业务线方面，工业配套电源收入为 6 亿元，同比增长 13%；储能 设备收入为 8.5 亿元，同比下降 5.8%，主要由于海外储能收入下降；充电桩业 务表现突出，增长 43%，从 2023 年的 8.49 亿元增至 12 亿元；锂电池替换业务 • 盛弘股份 2024 年营收 8.5 亿元，同比下降 5.8%，主要受海外储能收入下 滑影响，但充电桩业务增长显著，达 43%，增至 12 亿元。公司正通过马来 西亚槟城制造基地应对美国关税，该基地预计五月全面投产，服务 OEM/ODM 客户。 • 盛弘股份工业配套电源毛利率提升至 54.2%，但储能设备和充电桩毛利率 略有下降，分别下降 3.49 和 1.5 个百分点。国内市场毛利率为 35%，海外 市场高达 62.9%。公司积极优化全球布局，分散市场风险。 • 盛弘股份在美国市场收入占比仅约 5%，主要为 PQ 产品和部分储能设备。 公司计划通过 OEM 加工进入美国市场，避免高成 ...

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 ...

➢ 充电桩：24 年收入 12.16 亿，同比增长 43%。现阶段公司开始覆盖整车主 机厂和其他充电桩集成商等提供充电桩及电源模块产品，产品矩阵更为多元。同 时，海外充电桩将以突破重点国家的大客户或行业大客户为关键任务目标，保证 海外充电设备业务的稳步增长。 ➢ 储能：24 年收入 8.57 亿，同比下降 6%。后续公司有望持续拓宽电网侧、 用户侧、海外市场、以及微电网等市场。 ➢ 电池检测设备业务：24 年收入 2.96 亿，同比下降 1%。公司自 2020 年电 池检测设备业务着力于与动力电池行业头部客户进行深度合作的战略成效明显， 2025 年公司有望提升实验室测试设备领域的市场份额及分容化成市场。 ➢ 投资建议：公司围绕电力电子核心技术，产品矩阵丰富，随着下游数据中心、 充电桩等行业增速起量，有望实现高增。我们预计公司 2025-2027 年营收分别 为 40.68、53.71、69.56 亿元，对应增速分别为 34.0%、32.0%、29.5%；归母 净利润分别为 5.60、7.78、10.54 亿元，对应增速分别为 30.5%、39.1%、35.4%， 以 4 月 3 日收盘价作为基准，对应 20 ...

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].

Group 1 - The core viewpoint of the news is that Shenghong Co., Ltd. (300693.SZ) has disclosed its 2024 annual report, highlighting the institutional investor landscape and changes in shareholding [1] - As of April 2, 2025, a total of 157 institutional investors hold shares in Shenghong, with a combined holding of 44.8957 million shares, representing 14.43% of the total share capital [1] - The top ten institutional investors account for 8.28% of the total shares, with a decrease of 1.50 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, there was an increase in holdings from one public fund, namely Southern Carbon Neutrality Stock Initiation A, while five public funds reduced their holdings, with a total decrease of 0.34% [2] - A total of 143 new public funds were disclosed this period, including notable funds such as GF Multi-Factor Mixed and Southern New Energy Industry Trend Mixed A [2] - One social security fund, GF Fund Management Co., Ltd. - Social Security Fund 420 Combination, reported a decrease in holdings by 0.31% compared to the previous quarter [2] Group 3 - Foreign investment sentiment showed a decrease in holdings from one foreign fund, Hong Kong Central Clearing Limited, with a reduction of 0.14% [2]

Core Viewpoint - Shenzhen Shenghong Electric Co., Ltd. emphasizes its commitment to sustainable development and innovation in the energy sector, focusing on enhancing energy efficiency and contributing to global carbon neutrality goals through advanced technology and digital solutions [1][4][22]. Governance Strength - The company has undergone a brand upgrade and is transitioning towards becoming a comprehensive smart energy solution provider, integrating both hardware and software [1][5]. - It has established a global supply chain system and is committed to digital and collaborative operational management [1][5]. - The company received multiple awards, including the "2024 ESG Model Enterprise Award" and "2024 Annual Zhitong Finance Social Responsibility Pioneer Award" [1][2]. Product Development - Shenghong Electric focuses on three pillars: electricity, energy, and technology, and has launched several innovative products, including the world's first modular 2.5MW energy storage inverter and a high-efficiency charging solution [2][10]. - The company reported a significant increase in product offerings, with intelligent grid products reaching 4,091,356.26 kW (up 35.06%) and renewable energy products at 11,485,138.20 kW (up 56.96%) [2][8]. Ecological Responsibility - The company adheres to green design principles throughout the product lifecycle and actively participates in national initiatives for zero-carbon factories and parks [3][24]. - It has set targets for energy intensity and carbon emissions, promoting low-carbon transformation and waste management [3][24]. Social Commitment - Shenghong Electric prioritizes talent management and employee well-being, fostering an inclusive work environment and providing competitive compensation [3][24]. - The company engages in social responsibility initiatives, emphasizing community contributions and partnerships for sustainable development [3][24]. Business Performance - In 2024, the company reported a revenue of 3.036 billion yuan, a year-on-year increase of 14.53%, with a net profit of 429 million yuan, reflecting a growth of 6.49% [8][10]. - The basic earnings per share reached 1.38 yuan, with a growth of 6.08% [8][10]. Industry Position - Shenghong Electric ranks among the top 500 global renewable energy companies and is recognized as a leading supplier in the energy storage inverter market [9][10]. - The company has established a strong presence in over 60 countries and regions, with a cumulative installed capacity exceeding 12GW in the energy storage sector [6][10]. Strategic Initiatives - The company is committed to expanding its global footprint, having opened a subsidiary in Germany and participating in international exhibitions to showcase its innovative solutions [20][21]. - It aims to enhance its product competitiveness and market reach through strategic partnerships and collaborations in the renewable energy sector [20][21].

Overview - The company announced the provision for asset impairment and asset write-off for the fiscal year 2024, totaling 34,068,377.91 RMB [1][2][7] Asset Impairment Provision - The company conducted a comprehensive review of various assets, including inventory, receivables, contract assets, fixed assets, construction in progress, and intangible assets, identifying impairment indicators [1] - The breakdown of the impairment provision includes: - Bad debt loss for accounts receivable: 7,190,023.85 RMB - Bad debt loss for notes receivable: 223,766.95 RMB - Bad debt loss for receivables financing: 30,139.01 RMB - Inventory write-down loss: 21,736,001.53 RMB - Impairment loss for contract assets: 5,021,892.14 RMB - Total impairment provision: 34,068,377.91 RMB [2] Asset Write-off - The company wrote off receivables and inventory that had been fully provisioned for bad debts and were deemed uncollectible, resulting in a reduction of total profit by 564,724.81 RMB [2][7] - The write-off includes: - Accounts receivable - Other receivables - Inventory and fixed assets confirmed as losses [2][7] Impairment Confirmation Standards and Methods - The company uses expected credit loss as the basis for impairment accounting for financial assets, including those measured at amortized cost and fair value [3][4] - Financial instruments are categorized into three stages based on credit risk, with different measurement approaches for expected credit losses [3][4][5] Impact on Financials - The total impact of the impairment provision on the company's profit for the fiscal year 2024 is 34,068,377.91 RMB, while the write-off of fixed assets reduces profit by 564,724.81 RMB [7] - The impairment provision and asset write-off accurately reflect the company's financial status and comply with relevant accounting standards and regulations [7]

Core Viewpoint - The internal control evaluation report of Shenzhen Shenghong Electric Co., Ltd. aims to enhance internal control, improve management levels, and ensure sustainable development while protecting investors' rights [1][2]. Internal Control Objectives - The internal control system is designed to ensure legal compliance in operations, asset security, and the authenticity of financial reporting, thereby promoting operational efficiency and strategic development [2]. Evaluation Basis - The internal control evaluation is conducted based on the "Basic Norms for Enterprise Internal Control" and related guidelines, utilizing interviews, surveys, sampling, and comparative analysis to gather evidence on the effectiveness of internal controls [2][3]. Internal Control Coverage - The internal control system encompasses all operational aspects of Shenzhen Shenghong Electric Co., Ltd. and its subsidiaries, focusing on high-risk areas such as sales, procurement, and related transactions [3]. Evaluation Principles - The evaluation adheres to principles of comprehensiveness, significance, and independence to ensure an objective and complete assessment [3]. Internal Control Defect Standards - The company has established specific standards for identifying internal control defects, differentiating between major, significant, and general defects based on both qualitative and quantitative criteria [4][5]. Key Internal Control Activities - The company has implemented strict internal controls for related transactions, fundraising usage, and information disclosure, ensuring compliance with legal requirements and protecting shareholder interests [8]. Governance Structure - The governance structure includes a shareholders' meeting, board of directors, and supervisory board, with established rules and regulations to ensure independent operation and mutual checks among various bodies [9]. Organizational Structure - The company has a clear organizational structure with defined roles and responsibilities across departments, ensuring effective operational management and control [9][10]. Internal Audit Supervision - An audit committee under the board of directors oversees internal and external audits, ensuring effective communication and supervision of internal controls [10]. Development Strategy - The strategic committee of the board is responsible for long-term development strategies and major investment decisions, contributing positively to the company's strategic planning [11]. Corporate Culture - The company emphasizes building a positive corporate culture and social responsibility, fostering values such as integrity, dedication, and teamwork [11]. Social Responsibility - The company is committed to enhancing energy efficiency and contributing to social development through various charitable initiatives [11]. Human Resources - The company has established human resource policies that promote sustainable development, including performance evaluation and training programs for employees [12]. Sales and Procurement Management - The company has developed comprehensive management systems for sales and procurement, ensuring effective market expansion and compliance with operational procedures [12][13]. Inventory Management - The company has implemented a robust asset management system to control inventory processes and prevent losses [14]. External Guarantee Management - The company has a clear management system for external guarantees, ensuring compliance with regulations and minimizing operational risks [14]. Financial Reporting - The company maintains a rigorous financial management system, ensuring the accuracy and completeness of financial reporting [14][15]. Product Development - The company has established a structured product development process to enhance market-oriented capabilities and improve product competitiveness [15][16]. Internal Control Defect Recognition - During the reporting period, no major or significant internal control defects were identified in both financial and non-financial reporting [16].

Core Viewpoint - Shenzhen Shenghong Electric Co., Ltd. has provided a special report on non-operating fund occupation and other related fund transactions for the year 2024, ensuring compliance with regulatory requirements and the authenticity of the financial data presented [1]. Summary by Sections Non-operating Fund Occupation - The report includes a summary table detailing the non-operating fund occupation for the year 2024, which is prepared in accordance with the relevant regulations [1]. - The management of Shenghong Electric is responsible for the preparation and disclosure of the summary table, ensuring its authenticity, legality, and completeness [1]. Financial Audit - The report states that the accounting firm, Grant Thornton, has audited the consolidated and company financial statements of Shenghong Electric as of December 31, 2024, and issued an unqualified audit opinion [1]. - The audit included verification of the data in the summary table against the audited financial statements, with no inconsistencies found in all material aspects [1]. Related Party Transactions - The summary table also outlines the related party transactions, including the nature of the relationships and the amounts involved, categorized by the type of transactions [2]. - The total amount of non-operating fund occupation and related party transactions is detailed, indicating the financial interactions between Shenghong Electric and its subsidiaries or related parties [2]. Approval and Compliance - The summary table was approved at the sixth meeting of the fourth board of directors on April 2, 2025, indicating internal governance compliance [2].