盛弘股份（300693）：业绩稳健增长，AIDC业务有望贡献新增量

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved steady revenue growth in Q1 2025, with operating income of 604 million yuan, a year-on-year increase of 0.87%, but a quarter-on-quarter decrease of 35.77%. The net profit attributable to the parent company was 73 million yuan, up 9.87% year-on-year but down 53.98% quarter-on-quarter [1] - The company's gross margin improved slightly to 39.61%, an increase of 0.07 percentage points year-on-year, while the net profit margin rose to 11.8%, up 0.83 percentage points year-on-year, primarily due to a decrease in the sales expense ratio [2] - The AIDC business is expected to contribute additional growth, driven by the rapid development of AI and the expansion of data centers, where the company provides essential power quality products [2] - The company's charging pile business is accelerating its overseas expansion, having received multiple international certifications and forming strategic partnerships to enhance its presence in the North American market [3] Summary by Relevant Sections Financial Performance - In Q1 2025, the company reported operating income of 604 million yuan, a year-on-year increase of 0.87% and a quarter-on-quarter decrease of 35.77%. The net profit attributable to the parent company was 73 million yuan, up 9.87% year-on-year but down 53.98% quarter-on-quarter [1] - The gross margin for Q1 2025 was 39.61%, with a net profit margin of 11.8%, reflecting improvements in profitability metrics [2] Business Outlook - The AIDC business is positioned to drive additional revenue growth, supported by the increasing demand for data center infrastructure as AI technology advances [2] - The company has accelerated its overseas charging pile business, achieving various international certifications and establishing strategic partnerships to enhance its market reach [3] Profit Forecast and Valuation - The report adjusts the profit forecasts for 2025-2026 downwards by 15% and 18% respectively, while adding a new forecast for 2027, projecting net profits of 554 million, 687 million, and 819 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 16, 13, and 11 times [3]