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]

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company reported a total revenue of 3.037 billion yuan for 2024, representing a year-on-year increase of 14.6% [9] - The net profit attributable to shareholders for 2024 is projected to be 426.32 million yuan, with a year-on-year growth of 5.8% [9] - The company's performance is driven by the electric vehicle charging and swapping business, which has significantly improved profitability [9] - The AIDC (Automatic Identification and Data Capture) segment is expected to contribute to high growth in related businesses, particularly in data centers [9] - The company is focusing on expanding its overseas market presence, with expectations of a turnaround in profitability for its energy storage business by 2025 [9] Financial Summary - Total revenue projections for the company are as follows: 2.651 billion yuan in 2023, 3.037 billion yuan in 2024, 4.277 billion yuan in 2025, and 5.307 billion yuan in 2026 [10] - The net profit attributable to shareholders is forecasted to be 402.83 million yuan in 2023, 426.32 million yuan in 2024, 589.39 million yuan in 2025, and 728.09 million yuan in 2026 [10] - The earnings per share (EPS) are expected to be 1.29 yuan in 2023, 1.37 yuan in 2024, 1.89 yuan in 2025, and 2.34 yuan in 2026 [10] - The company’s price-to-earnings (P/E) ratio is projected to be 24.50 in 2023, 23.15 in 2024, 16.74 in 2025, and 13.55 in 2026 [10]

Investment Rating - The investment rating for the company is "Buy" with a target price of 42.55 RMB [8][9]. Core Views - The company reported a revenue of 3.037 billion RMB for 2024, a year-on-year increase of 14.56%, and a net profit attributable to the parent company of 426 million RMB, slightly exceeding previous expectations [1]. - The company is expected to see growth across multiple business segments in 2025, particularly in AIDC-related power quality equipment, which has significant growth potential [1]. - The charging pile segment is projected to achieve over 40% revenue growth in 2024, driven by increased market share domestically and expansion into overseas markets [2]. - The energy storage segment is anticipated to maintain stable revenue in 2024, with potential for both volume and profit growth in 2025 as price competition stabilizes [3]. - The demand for power quality products is expected to surge in 2025 due to the rapid development of AI and data centers, benefiting the company significantly [4]. - The company has revised its assumptions for power quality product shipments and gross margins upward, projecting net profits of 426 million RMB, 577 million RMB, and 701 million RMB for 2024, 2025, and 2026 respectively [5]. Summary by Sections Financial Performance - In 2024, the company expects revenue of 3.037 billion RMB, with a growth rate of 14.56% and a net profit of 426 million RMB, reflecting a 5.70% increase year-on-year [1]. - The projected revenue for 2025 is 3.880 billion RMB, indicating a growth rate of 27.77% [7]. Business Segments - **Charging Piles**: Anticipated revenue of approximately 1.2 billion RMB in 2024, with a growth rate exceeding 40% [2]. - **Energy Storage**: Revenue expected to remain flat in 2024, with potential for growth in 2025 as price competition stabilizes [3]. - **Power Quality**: Significant growth expected in 2025 due to increased demand from data centers and AIDC applications [4]. Valuation Metrics - The company’s target PE ratio for 2025 is set at 23 times, with a target price of 42.55 RMB, reflecting an increase from previous estimates [5]. - The projected EPS for 2025 is 1.85 RMB, with a net profit margin of approximately 14.85% [7].

Financial Performance - Total revenue for 2024 reached 303,684.15 million CNY, an increase of 14.56% compared to 265,097.41 million CNY in the previous year[5] - Net profit attributable to shareholders was 42,579.55 million CNY, reflecting a growth of 5.70% from 40,282.72 million CNY year-on-year[5] - Basic earnings per share improved by 5.30% to 1.3740 CNY from 1.3049 CNY in the previous year[5] - The net profit after deducting non-recurring gains and losses was 41,287.99 million CNY, an increase of 8.45% from 38,069.34 million CNY[5] Assets and Equity - The company's total assets increased by 9.34% to 366,037.26 million CNY from 334,771.26 million CNY at the beginning of the period[7] - Shareholders' equity attributable to the company rose by 24.81% to 181,264.32 million CNY, up from 145,227.64 million CNY[7] - The company's net asset per share increased by 23.99% to 5.84 CNY from 4.71 CNY[5] Return on Investment - The weighted average return on net assets decreased to 26.24%, down from 31.80%[5] Revenue Drivers - The revenue growth was significantly driven by the electric vehicle charging and swapping product line[6] Audit and Compliance - The financial data presented is preliminary and subject to change upon final audit[3]

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 2,000 万元购买了大额存单，现 将具体情况公告如下： 证券代码：300693 证券简称：盛弘股份 公告编号：2025-010 深圳市盛弘电气股份有限公司 | 受托方 | 产品名称 | 关联 | 产品类型 | 认购金额 ...

1、本次会议无新提案提交表决，亦无否决或修改提案的情况； 证券代码：300693 证券简称：盛弘股份 公告编号：2025-009 深圳市盛弘电气股份有限公司 2025 年第一次临时股东大会决议公告 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。 特别提示 2、本次股东大会不涉及变更前次股东大会决议。 一、召开会议的基本情况 1、会议届次：2025 年第一次临时股东大会 2、会议召集人：公司董事会 3、会议主持人：公司董事长方兴先生 4、会议召开的合法性、合规性：经公司第四届董事会第五次会议审议，通知 召开 2025 年第一次临时股东大会。本次股东大会会议的召开符合相关法律、行政 法规、部门规章、规范性文件及《公司章程》的规定。 5、会议召开的日期，时间： （1）现场会议召开时间为：2025 年 2 月 10 日下午 14:30。 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 2 月 10 日 9:15-9:25，9:30-11:30，下午 13:00 至 15:00；通过深圳证券 交易所互联网投票系统投票的具体时间为 202 ...

北京市中伦（深圳）律师事务所 关于深圳市盛弘电气股份有限公司 2025 年第一次临时股东大会的 法律意见书 二〇二五年二月 法律意见书 北京市中伦（深圳）律师事务所 关于深圳市盛弘电气股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：深圳市盛弘电气股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）、《上市公司股东大会规 则》（下称"《股东大会规则》"）和《深圳市盛弘电气股份有限公司章程》（下称 "《公司章程》"）的规定，北京市中伦（深圳）律师事务所（下称"本所"）接受 深圳市盛弘电气股份有限公司（下称"公司"）的委托，指派律师出席公司 2025 年第一次临时股东大会（下称"本次股东大会"），并就本次股东大会的召集和召 开程序、召集人资格、出席和列席会议人员资格、表决程序及表决结果等事宜发 表法律意见。 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及公司 本次股东大会所涉及的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用 原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整， ...

证券代码：300693 证券简称：盛弘股份 公告编号：2025-008 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11,000万元购买了结构性存款， 现将具体情况公告如下： （1）公司将严格遵守 ...