盛弘股份：充电桩业务发展迅速，受益于全球储能装机景气浪潮

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3][17] Core Insights - The company benefits from the global boom in energy storage installations, with a significant increase in demand for inverters and stabilization in product prices [5][10] - The rapid development of the company's charging pile business, with a notable revenue increase and expansion into overseas markets [5][13] - The industrial power supply business shows steady growth, supported by the rapid development of high-end manufacturing and the photovoltaic industry [5][16] - The profit forecast has been adjusted downward, but the "Outperform the Market" rating is maintained [5][17] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 1.43 billion yuan, a year-on-year increase of 30%, and a net profit of 181 million yuan, with a gross margin of 39.6% [4][7] - For Q2 2024, revenue was 832 million yuan, up 27.1% year-on-year and 38.8% quarter-on-quarter, with a net profit of 115 million yuan [4][7] Business Segments - Energy Storage Business: Revenue reached 460 million yuan, a year-on-year increase of 20%, with a gross margin of 30% [5][10] - Charging Pile Business: Revenue was 560 million yuan, up 45% year-on-year, with a gross margin of 38.1% [5][13] - Industrial Power Supply Business: Revenue was 250 million yuan, a year-on-year increase of 17%, with a gross margin of 54.7% [5][16] Market Trends - The U.S. energy storage market saw a cumulative installation of 4.23 GW in the first half of 2024, a year-on-year increase of 136% [5][10] - Domestic energy storage project bidding capacity reached 41.1 GWh in the first half of 2024, a year-on-year increase of 27% [5][10] Investment Recommendations - The profit forecast for 2024-2026 is adjusted to 434 million, 549 million, and 653 million yuan, with year-on-year growth rates of 8%, 26%, and 19% respectively [5][17] - The price-to-earnings (PE) ratios are projected at 15.8, 12.5, and 10.5 for the respective years [5][17]