盛弘股份：充电桩业务持续高增，静待海外储能订单放量

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company has shown strong growth in its charging pile business, with a revenue increase of 44.8% year-on-year, while the energy storage business is expected to recover as interest rates decline in the U.S. market [8]. - The overall revenue for the first half of the year reached 1.43 billion RMB, a year-on-year growth of 29.8%, with a net profit attributable to the parent company of 180 million RMB, reflecting a slight increase of 0.02% [8]. - The report anticipates a slight adjustment in net profit forecasts for 2024-2026, with expected figures of 505 million RMB, 669 million RMB, and 898 million RMB respectively, corresponding to P/E ratios of 13, 9, and 7 [8]. Summary by Sections Revenue and Growth - The company's main business revenue is projected to grow from 1.5 billion RMB in 2022 to 6.2 billion RMB by 2026, with growth rates of 47.16%, 76.37%, 36.99%, 36.04%, and 26.00% for the respective years [10]. - The net profit attributable to the parent company is expected to increase from 224 million RMB in 2022 to 898 million RMB by 2026, with growth rates of 97.04%, 80.20%, 25.42%, 32.39%, and 34.29% [10]. Business Segments - The energy storage business generated 465 million RMB in revenue, a year-on-year increase of 19.6%, but the gross margin decreased by 5.6 percentage points to 30.0% due to a higher proportion of domestic low-margin products [8]. - The charging pile business achieved revenue of 556 million RMB, with a gross margin of 38.1%, slightly down by 1.4 percentage points, but still maintaining a high level [8]. - The industrial power supply business reported revenue of 251 million RMB, growing by 17.4% with a gross margin of 54.7%, benefiting from the rapid development of high-end manufacturing and photovoltaic industries [8]. Profitability and Valuation - The diluted earnings per share are projected to rise from 1.09 RMB in 2022 to 2.89 RMB by 2026 [10]. - The return on equity (ROE) is expected to increase from 21.04% in 2022 to 28.68% by 2026 [10]. - The report maintains a "Buy" rating based on the company's strong growth prospects and competitive positioning in the market [8].