盛弘股份：充电桩业务表现亮眼，储能阶段性拖累增速

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [4][5]. Core Insights - The company reported a revenue of 1.431 billion yuan for H1 2024, representing a year-on-year growth of 29.84%. The net profit attributable to shareholders was 182 million yuan, with a slight increase of 0.02% year-on-year [4]. - The energy storage business has temporarily hindered the company's growth rate, with the revenue from new energy power conversion equipment reaching 465 million yuan, a year-on-year increase of 19.59%. The gross margin for this segment decreased to 30.01%, down 5.63 percentage points year-on-year [4]. - The electric vehicle charging equipment segment performed strongly, achieving revenue of 556 million yuan in H1 2024, a year-on-year increase of 44.83%. The company is expanding its overseas market presence, which is expected to sustain high growth [4]. - The industrial power supply business showed improvement, with revenue of 251 million yuan in H1 2024, a year-on-year increase of 17.38% and a gross margin of 54.73%, up 1.05 percentage points year-on-year [4]. Financial Summary - The company is projected to achieve net profits of 470 million yuan, 615 million yuan, and 763 million yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are estimated to be 13.7, 10.5, and 8.5 times [5]. - The revenue growth rates are forecasted at 76.4% for 2023, 31.8% for 2024, 27.4% for 2025, and 24.3% for 2026 [3][5]. - The return on equity (ROE) is expected to be 27.7% in 2023, decreasing to 25.1% by 2026 [3].