证券代码：300693 证券简称：盛弘股份 公告编号：2025-072 深圳市盛弘电气股份有限公司 关于公司控股股东、实际控制人减持计划实施完成的 公告 公司控股股东、实际控制人、董事长、总经理方兴先生，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。 本公司及董事会全体成员保证公告内容与信息披露人提供的信 息一致。 深圳市盛弘电气股份有限公司（以下简称"公司"）于 2025 年 6 月 19 日披 露了《关于公司控股股东、实际控制人减持股份计划预披露公告》（公告编号： 2025-057）。持有公司股份 56,063,027 股（占剔除回购专用账户股份后公司总 股本的 17.9665%）的控股股东、实际控制人、董事长、总经理方兴先生，计划自 减持预披露公告之日起 15 个交易日后的 3 个月内以集中竞价或大宗交易方式减 持公司股份合计不超过 1,000,000 股（占剔除回购专用账户股份后公司总股本的 0.3205%）。 证券代码：300693 证券简称：盛弘股份 公告编号：2025-072 | 股东名称 | 减持方式 | 减持期间 | 减持均价（元 | | 减 持 | 股 | 数 ...

Group 1: Company Performance and Strategy - The company's performance in the first half of the year showed a slight decline, primarily due to a decrease in revenue from new energy power conversion equipment [2] - To restore growth, the company will focus on increasing overseas revenue, targeting key markets in Europe, Southeast Asia, and collaborating with leading enterprises in related fields [2] - The company maintains a commitment to R&D, investing over 8% of its revenue annually to develop new technologies and products [3] Group 2: Charging Station Business - The growth rate of the charging station business slowed in the first half of the year due to mismatches in revenue recognition and project progress [3] - Future growth will be driven by the expansion of new energy heavy-duty trucks, supported by national policies promoting their large-scale application [3] - The company is also targeting the rural market, aligning with government initiatives to enhance charging infrastructure in counties and villages [4] Group 3: Energy Storage Business - The global energy storage market is experiencing robust growth, with strong demand in traditional markets like Europe and Southeast Asia, as well as emerging markets such as North Africa and South America [4] - The company is actively expanding its business in these new markets and has developed a range of adaptable energy storage products that meet international standards [4] Group 4: AIDC (Artificial Intelligence Data Center) Initiatives - The company established an AIDC division in June 2025 to focus on the evolving needs of data centers and related applications [5] - It plans to enhance its product offerings in HVDC (High Voltage Direct Current) technology, which is increasingly favored for its efficiency and space optimization in AIDC power supply [5] - The company aims to leverage its existing technology platforms to develop solutions across various AIDC power supply areas, including UPS and SST [6]

Group 1 - The company, Shenghong Co., Ltd. (300693), reported that as of August 20, 2025, the number of shareholders is 38,015 [1]

Investment Rating - The report maintains an "Accumulate" rating for the electric equipment industry [1] Core Views - The AIDC (Artificial Intelligence and Data Center) sector is expected to experience significant growth, with humanoid robots being a key catalyst for this expansion, projected to reach mass production in 2025 [1][4] - The report highlights the strong performance of the electric vehicle sector, with a projected annual growth rate of 25% to reach 16 million units sold in 2025 [4][8] - The energy storage market is anticipated to grow by 30%+ in the U.S. due to increasing demand and favorable policy adjustments, with a compound annual growth rate (CAGR) of 30-40% expected from 2025 to 2028 [4][8] Industry Trends - The humanoid robot market is projected to have a potential market size exceeding 15 trillion yuan, with mass production expected to begin in 2025 [4][12] - The electric vehicle market in Europe is showing strong sales growth, with a 41% year-on-year increase in sales for nine countries [4][8] - The energy storage sector is seeing a surge in demand, particularly in emerging markets, with significant growth expected in both residential and commercial storage solutions [4][8] Company Performance - Companies such as Ningde Times, BYD, and Sunshine Power are highlighted as key players with strong growth potential in their respective sectors [4][7] - The report provides detailed financial performance metrics for various companies, indicating revenue growth and profitability trends [7] - Specific recommendations include investing in leading companies in the AIDC supply chain, electric vehicles, and energy storage sectors, emphasizing their competitive advantages and growth trajectories [4][5][7]

Group 1 - Company 万物云 (2602.HK) reported H1 2025 revenue of 18.14 billion RMB, a year-on-year increase of 3.1%, and a core net profit of 1.32 billion RMB, up 10.8% year-on-year. The interim dividend is expected to be 1.1 billion RMB, accounting for 83% of core net profit, indicating stable growth and potential generous annual dividends [5]. - 华菱钢铁 (000932.SZ) achieved H1 2025 revenue of 63.092 billion RMB, down 16.93% year-on-year, but the net profit attributable to shareholders rose by 31.31% to 1.748 billion RMB. Q2 2025 revenue was 32.863 billion RMB, a decrease of 15.52% year-on-year but an increase of 8.71% quarter-on-quarter [6]. - 石化油服 (600871.SH/1033.HK) reported H1 2025 total revenue of 22.6 billion RMB, up 4.5% year-on-year, with a net profit attributable to shareholders of 1.83 billion RMB, an increase of 13.1% year-on-year. Q2 2025 revenue was 12.5 billion RMB, showing a quarter-on-quarter increase of 24.3% [7]. Group 2 - 北新建材 (000786.SZ) reported H1 2025 revenue of 13.56 billion RMB, a slight decrease of 0.3% year-on-year, with a net profit of 1.93 billion RMB, down 12.9% year-on-year. Q2 2025 revenue was 7.31 billion RMB, down 4.5% year-on-year [8]. - 盛弘股份 (300693.SZ) achieved H1 2025 revenue of 1.362 billion RMB, a decline of 4.79% year-on-year, with a net profit of 158 million RMB, down 12.91% year-on-year. Q2 2025 revenue was 758 million RMB, down 8.87% year-on-year [9]. - 海天国际 (1882.HK) reported H1 2025 revenue of 9.02 billion RMB, a year-on-year increase of 12.5%, and a net profit of 1.71 billion RMB, up 12.6% year-on-year. The company benefited from global supply chain restructuring and growth in certain downstream industries [10]. Group 3 - 五洲特纸 (605007.SH) anticipates a recovery in performance in the second half of 2025, driven by a rebound in prices for certain paper products since July, alongside ongoing capacity expansion and increased integration of pulp and paper operations [9].

Core Viewpoint - The report highlights a decline in revenue and net profit for the company in the first half of 2025, primarily driven by challenges in the energy storage business, while other segments like industrial power supply and electric vehicle charging equipment show growth [3][4][5][6]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.362 billion yuan, a year-on-year decrease of 4.79%, and a net profit of 158 million yuan, down 12.91% [3]. - In Q2 2025, revenue was 758 million yuan, reflecting an 8.87% decline, with net profit dropping 26.04% to 85 million yuan [3]. Group 2: Energy Storage Business - The energy storage segment reported revenue of 284 million yuan in H1 2025, a significant decline of 38.98%, with a gross margin of 27.79%, down 2 percentage points [4]. - The decline in the energy storage business is attributed to immature commercial models in the domestic market and intensified competition in the overseas market [4]. Group 3: Industrial Power Supply Business - The industrial power supply segment saw revenue growth of 11.42% to 280 million yuan in H1 2025, with a gross margin of 58.66%, an increase of 4 percentage points [5]. - The company has gained recognition in the AI and intelligent computing center sectors, positioning itself as a leading brand in the low-voltage power quality market [5]. Group 4: Electric Vehicle Charging and Battery Testing Equipment - The electric vehicle charging equipment business generated revenue of 632 million yuan, up 13.70%, but with a gross margin of 34.86%, down 3 percentage points [6]. - The battery testing and formation equipment segment achieved revenue of 133 million yuan, a growth of 5.61%, but experienced a gross margin decline of 10 percentage points to 39.30% [6].

Group 1 - The company, Shenghong Co., Ltd. (SZ 300693), announced that it will accept investor research from Tianhong Fund and others on August 19 and 20, 2025 [2] - The revenue composition for Shenghong Co., Ltd. in 2024 is as follows: 78.02% from the new energy sector, 19.86% from smart grid, and 2.12% from other businesses [2]

Financial Performance - The company achieved a revenue of approximately 1.362 billion yuan in the first half of 2025, a year-on-year decrease of 4.79% [2] - The net profit attributable to shareholders was about 158 million yuan, down 12.91% year-on-year [2] - Revenue from industrial power supply business was approximately 280 million yuan, an increase of 11.42% year-on-year [3] - Revenue from new energy power conversion equipment was about 284 million yuan, a decrease of 38.98% year-on-year [3] - Revenue from electric vehicle charging equipment reached approximately 632 million yuan, an increase of 13.70% year-on-year [3] - Revenue from battery testing and formation equipment was around 133 million yuan, up 5.61% year-on-year [3] Business Segment Analysis - The gross margin of the charging pile business has decreased compared to the previous year due to changes in customer structure [3] - The company has a competitive advantage in the heavy truck charging pile sector due to high power requirements and specific environmental conditions [4] - The company anticipates stable long-term gross margins in the charging pile business as overseas sales increase [4] Market Trends and Future Outlook - The global lithium-ion battery shipment is expected to reach 1,899.3 GWh in 2025 and 5,127.3 GWh by 2030, with a compound annual growth rate of over 25% [7] - The company plans to expand its overseas sales channels and explore growth opportunities in the battery testing and formation equipment market [7] - The domestic energy storage market is expected to grow significantly due to ongoing power market reforms and the push for low-carbon energy systems [5] Strategic Initiatives - The company is focusing on technological advancements and product innovation to enhance core competitiveness [7] - It aims to adapt its product offerings to meet the increasing demand from data centers and intelligent computing centers [6] - The company is committed to developing solutions that integrate energy storage systems with data centers to improve power stability and quality [6]

Group 1: Macroeconomic Insights - In July, the growth rate of broad fiscal expenditure slowed to 12.1% from 17.6% in June, with an estimated year-on-year growth of 7.6% after excluding special bonds, which is still higher than the nominal GDP growth of 3.9% in Q2, indicating that fiscal easing supports nominal growth [2] - The broad fiscal deficit recorded 352.5 billion yuan, an increase of approximately 213.4 billion yuan year-on-year, highlighting the continued liquidity injection into the real economy through special bonds and capital injections [2] Group 2: Market Activity and Investment Trends - A-share market activity has rebounded, with trading volumes increasing and the number of active retail investors reaching a year-to-date high, indicating sustained interest from retail investors [3] - Private equity product registrations were high, with 666 new products registered in early August, a 6% increase from July, suggesting robust private investment activity [3] - Foreign and insurance capital are expected to be significant sources of incremental investment, with insurance capital's market entry ratio increasing in Q2 2025 [3] Group 3: Industry Developments - The State Administration of Radio and Television's new measures aim to enhance the supply of quality content for television, which is expected to boost viewership and commercial levels in the film and television industry [8] - The strategic importance of rare earths is highlighted, with expectations of price increases due to supply-demand imbalances in 2025-2026, driven by geopolitical factors and domestic policies [9] - The automation of warehousing through robotics is anticipated to transform the logistics industry, with a focus on enhancing efficiency and reducing costs [10] Group 4: Company-Specific Insights - China Everbright Bank has been rated as "Accumulate" with a target price of 4.62 HKD, benefiting from group resources and a strong non-interest income base [12] - Crystal International, a leading garment manufacturer, has been rated "Buy" with a target price of 7.38 HKD, supported by its global presence and strategic acquisitions [13] - Dingdong Maicai, a fresh e-commerce leader, has been rated "Accumulate" with a target price of 2.77 USD, focusing on product strength and market expansion [13] Group 5: Financial Performance Highlights - The financial performance of various companies shows promising growth, with notable increases in revenue and net profit across sectors such as energy, pharmaceuticals, and technology [18][20][22] - For instance, Longyuan Power reported a revenue of 156.57 billion yuan in H1 2025, with a net profit of 33.75 billion yuan, exceeding expectations due to favorable wind power pricing [21] - The performance of companies like Huazhong Medicine and Meihua Biological indicates stable growth and potential for future profitability, supported by innovative product pipelines and market demand [24][33]

Investment Rating - The report maintains a "Buy" rating for the company [7][9]. Core Views - The company reported a revenue of 1.36 billion RMB for H1 2025, a decrease of 4.8% year-on-year, with a net profit attributable to shareholders of 160 million RMB, down 12.9% year-on-year. The decline in net profit is primarily due to a slowdown in charging pile demand and a decrease in gross margin, compounded by intensified competition in the energy storage industry [3]. - The charging pile business generated 632 million RMB in revenue for H1 2025, an increase of 13.7% year-on-year, with a gross margin of 34.9%, down 3.2 percentage points. The decrease in gross margin is attributed to changes in product mix, with a higher proportion of lower-margin battery swap and heavy-duty charging businesses. Despite a slowdown in the construction of charging piles, long-term demand is expected to grow driven by the sales of new energy vehicles [4]. - The energy storage business saw a revenue drop to 284 million RMB in H1 2025, down 39.0% year-on-year, with a gross margin of 27.8%, a decrease of 2.2 percentage points. The decline is mainly due to the company's selective abandonment of certain large storage orders domestically and competition from domestic integrators for overseas clients. However, the company anticipates a recovery in growth as it gradually introduces more domestic integrators [5]. - The industrial power supply business reported a revenue of 280 million RMB for H1 2025, an increase of 11.4% year-on-year, with a gross margin of 58.7%, up 3.9 percentage points. The company's products are widely used in intelligent computing centers, and it is actively developing advanced energy quality control solutions, which are expected to significantly contribute to revenue growth in 2025 [6]. Summary by Sections Financial Performance - H1 2025 revenue: 1.36 billion RMB, down 4.8% YoY - H1 2025 net profit: 160 million RMB, down 12.9% YoY - H1 2025 charging pile revenue: 632 million RMB, up 13.7% YoY - H1 2025 energy storage revenue: 284 million RMB, down 39.0% YoY - H1 2025 industrial power supply revenue: 280 million RMB, up 11.4% YoY [3][4][5][6]. Future Outlook - The company is expected to benefit from the ongoing development of charging piles and data centers, with a projected net profit of 538 million RMB in 2025, 651 million RMB in 2026, and 802 million RMB in 2027 [7]. - The target price for the company is set at 51.60 RMB, based on a target PE of 30 times for 2025 [7][10].