盛弘股份：储能业务短期承压，充电桩业务亮眼

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company's revenue for the first three quarters of 2024 reached 2.1 billion yuan, a year-on-year increase of 20.9%, while the net profit attributable to shareholders was 270 million yuan, a slight decrease of 0.9% year-on-year [2]. - The charging pile business showed significant growth, with revenue of 860 million yuan in the first three quarters of 2024, up 45% year-on-year, benefiting from the global investment in charging infrastructure [2]. - The energy storage business faced short-term pressure, with revenue of 620 million yuan, a year-on-year increase of 6.8%, but expected improvements as the market matures [2]. - The power quality equipment business grew steadily, with revenue of 400 million yuan, an increase of 8.9% year-on-year, supported by new energy policies [2]. - The battery formation and testing equipment business saw a slight increase in revenue to 190 million yuan, up 1.9% year-on-year, with ongoing efforts to expand overseas [2]. Financial Summary - The company forecasts revenue for 2024-2026 to be 3.17 billion, 3.90 billion, and 5.00 billion yuan respectively, with net profit estimates adjusted to 420 million, 520 million, and 630 million yuan for the same period [3][5]. - The projected P/E ratios for 2024-2026 are 19, 15, and 12 times respectively [3]. - The company’s gross margin and net margin for the first three quarters of 2024 were 40.2% and 12.8%, reflecting a decrease of 2.1 percentage points and 2.9 percentage points year-on-year [2].