Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company has made significant breakthroughs in the fields of energy storage and hydrogen energy, paving new paths for future growth [4] - The company is expected to benefit from its penetration into emerging fields such as clean energy and energy conservation, despite challenges from lithium battery construction slowdown and rising aluminum prices [4] - The company has established business cooperation with several well-known clients in the energy storage and hydrogen energy sectors, leading to substantial business volume growth [4] Financial Summary - In Q1 2025, the company achieved revenue of 74.46 million yuan, a year-on-year increase of 21% [4] - The company’s revenue for 2024 is projected to be 347 million yuan, a growth of 1.1% year-on-year, while the net profit attributable to the parent company is expected to decline by 52.39% to 29.81 million yuan [4] - The company’s revenue is forecasted to grow significantly in the coming years, with estimates of 439 million yuan in 2025, 546 million yuan in 2026, and 659 million yuan in 2027, representing year-on-year growth rates of 26.5%, 24.3%, and 20.8% respectively [7][8] - The projected net profit attributable to the parent company for 2025 is 44 million yuan, with an expected increase to 57 million yuan in 2026 and 70 million yuan in 2027 [7][8] - The company has a total market capitalization of 2.141 billion yuan and a circulating market capitalization of 601 million yuan [2] Research and Development - The company has obtained 105 patent certificates, including 19 invention patents and 81 utility model patents, indicating a strong focus on innovation [5] - In 2024, the company increased its R&D expenditure to 15.26 million yuan, a year-on-year growth of 9% [5]
方盛股份（832662）：北交所信息更新：储能、氢能领域产品为未来增长开辟新路径