深度报告：电力电子尖兵，谋远终迎盛放

Investment Rating - The report initiates coverage with a "Buy" rating for Shenghong Co., Ltd. (300693.SZ) at a current price of 28.33 CNY [6]. Core Views - Shenghong Co., Ltd. is positioned as a leader in the power electronics sector, with a strong growth trajectory and a diversified product line that has evolved from a single business to four major business lines [15][19]. - The company is well-prepared to capitalize on the growing demand for energy storage solutions and electric vehicle charging infrastructure, driven by favorable policies and market trends [32][41]. - The report highlights the company's robust project experience and technological advantages, which enhance its competitiveness in securing domestic and international orders [33][50]. Summary by Sections 1. Business Overview - Shenghong Co., Ltd. has a leading revenue scale and superior profitability, with a stable shareholding structure and effective cost control measures [8][18]. - The company has achieved significant growth in its energy storage business, with a strong market presence and increasing overseas revenue, which accounted for 23% and 22% of total revenue in 2022 and 2023, respectively [17]. 2. Market Trends - The demand for energy quality solutions is rising, driven by the increasing share of renewable energy sources such as wind and solar power, which is expected to exceed coal power capacity by 2024 [92]. - The energy quality equipment market is projected to grow at an annual rate of 8%, reaching a scale of 168 billion CNY by 2024 [79]. 3. Product Strengths - The company offers a wide range of energy quality products, including active filters and static reactive power compensators, with a gross margin exceeding 50% [100][101]. - Shenghong Co., Ltd. has developed innovative modular designs and high-performance charging solutions, enhancing its product reliability and market appeal [36][70]. 4. Charging Infrastructure - The company is positioned to benefit from the rapid growth of the electric vehicle charging market, with a projected CAGR of 50% for its charging business from 2024 to 2026 [110]. - Shenghong Co., Ltd. has established partnerships with major charging operators and is expanding its international presence, particularly in Europe and the United States [50][69]. 5. Battery Testing Equipment - The battery formation and testing equipment segment is experiencing rapid growth, with a CAGR of 42.15% from 2020 to 2023, driven by the expansion of downstream battery manufacturers [108]. - The company’s testing equipment covers a wide range of battery types, ensuring comprehensive market coverage [105].