盛弘股份：充电桩业务亮眼，储能业务有所减缓

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][5] Core Views - The company reported a revenue of 1.43 billion yuan for H1 2024, representing a year-on-year increase of 29.8%, while the net profit attributable to shareholders remained flat at 180 million yuan [3] - The charging pile business showed significant growth with a revenue of 560 million yuan in H1 2024, up 44.8% year-on-year, benefiting from global investment in charging infrastructure [3] - The energy storage business experienced a slowdown, with revenue of 460 million yuan in H1 2024, a year-on-year increase of 19.6%, but a decline in gross margin due to intensified competition [3] - The power quality equipment segment grew steadily, with revenue of 250 million yuan in H1 2024, up 17.4% year-on-year, supported by national policies promoting the industry [3] Financial Summary - The company is projected to achieve revenues of 3.41 billion, 4.30 billion, and 5.23 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 480 million, 620 million, and 780 million yuan for the same years [5][6] - The projected PE ratios for 2024, 2025, and 2026 are 12, 9, and 7 respectively [5][6] - The company’s gross margin for H1 2024 was 39.6%, down 2.0 percentage points year-on-year, while the net margin was 16.5%, down 3.9 percentage points year-on-year [3]