证券代码：300693 证券简称：盛弘股份 公告编号：2025-014 深圳市盛弘电气股份有限公司 关于使用闲置自有资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 深圳市盛弘电气股份有限公司（以下简称"公司"或"盛弘股份"）于 2024 年 10 月 24 日召开了第四届董事会第四次会议，审议通过了《关于使用闲置自有资金进 行现金管理的议案》。公司及全资子公司在确保不影响正常生产经营的情况下，拟使 用 50,000 万元闲置自有资金进行现金管理，使用期限为自董事会审议通过之日起 12 个月，在上述额度内，资金可滚动使用。具体内容详见公司于 2024 年 10 月 26 日在 巨潮资讯网（www.cninfo.com.cn）披露的《关于使用闲置自有资金进行现金管理的 公告》（公告编号：2024-089）。 在审批额度范围内，授权董事长或由董事长授权人员行使该项投资决策权并签署 相关合同文件，由财务部负责组织实施。 根据董事会授权，公司于近日使用闲置自有资金 3,000 万元购买了结构性存款， 现将具体情况公告如下： | 受托方 | 产 ...

Company Overview - Shenzhen Shenghong Electric Co., Ltd. was established in 2007 and listed on the Growth Enterprise Market in August 2017. The company has established manufacturing and R&D centers in various locations, including Huizhou and Xi'an, and has global subsidiaries in the USA, Germany, Australia, Singapore, and South Korea [2][3]. - The company operates in four main business areas: - **Power Quality**: A global provider of comprehensive power quality solutions, with over 20,000 projects and a leading market share in active filters [3]. - **Energy Storage Microgrid**: A leader in modular energy storage systems, with over 12GW of installed capacity across 60+ countries [3]. - **Charging and Swapping Services**: A pioneer in self-developed charging modules and systems, recognized as one of the top ten influential brands in China's charging and swapping industry [3]. - **Battery Formation and Testing**: Provides solutions for battery manufacturers and recycling enterprises, covering 10 regions across 3 continents [3]. Market Outlook - The company anticipates a shift in the domestic energy storage market from "policy-driven" to "value-driven," leading to accelerated innovation in business models and a competitive landscape favoring companies with advanced technology and cost control [4]. - The global energy storage market is expected to grow, with emerging markets in the Middle East also showing rapid demand growth [4]. Product and R&D Focus - The industrial power supply business includes products like active filters and uninterruptible power supplies, addressing issues such as power quality and safety [5][6]. - In 2023, the company's R&D investment was 231 million CNY, accounting for approximately 9% of its revenue, with a consistent investment level over the past years [6]. - Future R&D will focus on four main areas: industrial power supply, new energy conversion equipment, electric vehicle charging services, and battery testing and formation equipment [6]. Profitability and Strategic Management - The company maintains a stable gross profit margin through strategies such as optimizing product structure, controlling costs, enhancing supply chain management, and expanding domestic and international markets [6]. - Currently, there are no plans for acquisitions or mergers, but the company remains vigilant about market opportunities that align with its business direction [6].

证券代码：300693 证券简称：盛弘股份 公告编号：2025-013 深圳市盛弘电气股份有限公司 关于募集资金专户完成销户的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 一、募集资金的基本情况 经中国证券监督管理委员会《关于核准深圳市盛弘电气股份有限公司首次公 开发行股票的批复》（证监许可〔2017〕1358 号）核准，公司首次公开发行人民 币普通股（A 股）2,281 万股，发行价格为每股 14.42 元，募集资金总额 328,920,200.00 元，扣除发行费用总额 33,003,090.56 元，募集资金净额为人民 币 295,917,109.44 元。瑞华会计师事务所（特殊普通合伙）已于 2017 年 8 月 16 日对公司首次公开发行股票的募集资金到位情况进行了审验，并出具了"瑞华验 字[2017]48420007 号"《验资报告》。 二、募集资金存放和管理情况 为了规范募集资金的管理和使用，保护投资者权益，公司依照《上市公司监 管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》和 《深圳证券交易所上市公司自律监管指引第 2 号-创业板上市公司规范 ...

Group 1: Industry Trends - The power quality industry is crucial for economic development and is expected to grow due to increasing demand from emerging sectors like renewable energy and electric vehicles [2] - The market for power quality solutions will expand as industries require higher stability and reliability in their electrical systems [2] Group 2: Company Performance - In 2024, the company's charging and swapping product line experienced rapid revenue growth due to early global expansion and innovative product offerings [3] - The company aims to maintain stable gross margins through strategies like optimizing product design and enhancing supply chain management [4] Group 3: Market Position - The company is a leader in the power quality sector, with over ten years of experience and a comprehensive product range covering various applications [4] - The company plans to increase its presence in data centers and related industries, expanding its product types and applications [4] Group 4: Future Outlook - The company is optimistic about the global energy storage market in 2025, driven by policy shifts and market demand [5][6] - The domestic charging pile market is expected to grow due to the rapid development of new energy vehicles, despite current supply challenges [7] Group 5: Strategic Responses - The company will navigate the lithium battery industry's downturn by enhancing collaboration with upstream and downstream partners and diversifying market strategies [8] - Emphasis will be placed on leveraging technological advancements to capitalize on structural opportunities in the energy storage and battery sectors [8]

证券代码：300693 证券简称：盛弘股份 公告编号：2025-012 深圳市盛弘电气股份有限公司 关于使用闲置自有资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 深圳市盛弘电气股份有限公司（以下简称"公司"或"盛弘股份"）于 2024 年 10 月 24 日召开了第四届董事会第四次会议，审议通过了《关于使用闲置自有资金进 行现金管理的议案》。公司及全资子公司在确保不影响正常生产经营的情况下，拟使 用 50,000 万元闲置自有资金进行现金管理，使用期限为自董事会审议通过之日起 12 个月，在上述额度内，资金可滚动使用。具体内容详见公司于 2024 年 10 月 26 日在 巨潮资讯网（www.cninfo.com.cn）披露的《关于使用闲置自有资金进行现金管理的 公告》（公告编号：2024-089）。 在审批额度范围内，授权董事长或由董事长授权人员行使该项投资决策权并签署 相关合同文件，由财务部负责组织实施。 根据董事会授权，公司于近日使用闲置自有资金15,000万元购买了结构性存款， 现将具体情况公告如下： 公司与上述银行无关联 ...

Group 1: Market Competition and Strategic Adjustments - The company faces severe market competition across all segments and plans to implement strategic adjustments through technology innovation, supply chain management, internal management enhancement, sales channel expansion, and global layout [2][4]. Group 2: Product Applications in Data Centers - The company offers various products for data centers, including active filters, static reactive power compensators, capacitors, three-phase imbalance adjustment devices, dynamic voltage regulators, low-voltage line voltage regulators, uninterruptible power supplies (UPS), laser generator power supplies, unified power quality regulators (UPQC), and energy storage PCS [2][3]. Group 3: Advantages in Power Quality - As one of the earliest developers of low-voltage power quality products, the company has pioneered the use of three-level modular technology in this field. Its power quality products cover harmonic treatment, reactive power compensation, voltage sag protection, and industrial UPS, demonstrating a leading position in significant projects across various industries [4]. Group 4: R&D Investment Focus - Future R&D investments will continue to focus on industrial power supply (power quality + industrial power), new energy power conversion equipment, electric vehicle charging services, and battery testing and formation equipment, with ongoing efforts to explore new application scenarios and develop innovative products [4]. Group 5: Impact of Policy Changes - The recent policy by the National Development and Reform Commission and the National Energy Administration emphasizes market-driven pricing for new energy, shifting the demand for energy storage from policy-driven to value-driven. This change may initially impact energy storage installation volumes but will ultimately promote high-quality, market-oriented development in the industry [5][6].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company is expected to benefit from the growing demand for data centers, with a significant increase in global IT load forecasted from approximately 49GW in 2023 to 96GW by 2026, driven largely by AI computing needs [3][10] - The company's charging pile business is experiencing rapid growth, with domestic charging infrastructure increasing by 24.7% year-on-year in 2024, and the company is expanding its overseas market presence [4][11] - The energy storage business is anticipated to see further growth, with significant increases in installed capacity both in the U.S. and China, indicating a robust demand for energy storage solutions [4][14] - The company maintains its profit forecast, projecting net profits of 5.49 billion and 6.53 billion for 2025 and 2026, respectively, with year-on-year growth rates of 29% and 19% [5][15] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 30.37 billion, a year-on-year increase of 14.6%, and a net profit of 4.26 billion, up 5.7% year-on-year. The net profit margin for 2024 was 14%, a decrease of 1.2 percentage points [2][6] - For Q4 2024, the company reported a revenue of 9.42 billion, a year-on-year increase of 2.6% and a quarter-on-quarter increase of 42%. The net profit for Q4 was 1.55 billion, reflecting a year-on-year increase of 19.7% and a quarter-on-quarter increase of 74.2% [2][6] Business Segments - The company’s power quality equipment products, including active power filters and static VAR generators, are positioned to address the needs of data centers, particularly in light of the increasing demand for AI computing [3][10] - The charging pile business is a key driver of revenue growth, with significant increases in both domestic and international markets for charging infrastructure [4][11] - The energy storage segment is expected to grow significantly, with the U.S. projected to install 18.17GW of energy storage in 2025, a 75% increase year-on-year, and China also showing high growth in energy storage installations [4][14]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Viewpoints - The company is expected to benefit from the growing demand for data centers, with a significant increase in global data center IT load projected from approximately 49GW in 2023 to 96GW by 2026, driven largely by AI computing needs [3][10] - The company's charging pile business is experiencing rapid growth, with domestic charging infrastructure increasing by 4.22 million units in 2024, a year-on-year increase of 24.7% [4][11] - The energy storage business is anticipated to see further growth, with significant increases in installed capacity both in the U.S. and China, indicating a robust demand in the global energy storage market [4][14] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.037 billion yuan, a year-on-year increase of 14.6%, and a net profit attributable to shareholders of 426 million yuan, up 5.7% year-on-year [2][6] - The net profit margin for 2024 was 14%, a decrease of 1.2 percentage points compared to the previous year [2] Business Segments - The company’s power quality equipment products, including active power filters and static VAR generators, are expected to address the power quality issues faced by data centers [3][10] - The charging pile business is expanding internationally, contributing significantly to overall revenue growth [4][11] - The energy storage segment is projected to grow substantially, with new installations in China reaching 43.7GW in 2024, representing an 88% year-on-year increase [4][14] Investment Recommendations - The profit forecast for 2025 and 2026 is set at 549 million yuan and 653 million yuan respectively, with year-on-year growth rates of 29% and 19% [5][15] - The price-to-earnings (PE) ratio is estimated to be 18 and 15 times for 2025 and 2026 respectively [5][15]

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company reported a total revenue of 3.037 billion yuan for 2024, representing a year-on-year increase of 14.6% [9] - The net profit attributable to shareholders for 2024 is projected to be 426.32 million yuan, with a year-on-year growth of 5.8% [9] - The company's performance is driven by the electric vehicle charging and swapping business, which has significantly improved profitability [9] - The AIDC (Automatic Identification and Data Capture) segment is expected to contribute to high growth in related businesses, particularly in data centers [9] - The company is focusing on expanding its overseas market presence, with expectations of a turnaround in profitability for its energy storage business by 2025 [9] Financial Summary - Total revenue projections for the company are as follows: 2.651 billion yuan in 2023, 3.037 billion yuan in 2024, 4.277 billion yuan in 2025, and 5.307 billion yuan in 2026 [10] - The net profit attributable to shareholders is forecasted to be 402.83 million yuan in 2023, 426.32 million yuan in 2024, 589.39 million yuan in 2025, and 728.09 million yuan in 2026 [10] - The earnings per share (EPS) are expected to be 1.29 yuan in 2023, 1.37 yuan in 2024, 1.89 yuan in 2025, and 2.34 yuan in 2026 [10] - The company’s price-to-earnings (P/E) ratio is projected to be 24.50 in 2023, 23.15 in 2024, 16.74 in 2025, and 13.55 in 2026 [10]

Investment Rating - The investment rating for the company is "Buy" with a target price of 42.55 RMB [8][9]. Core Views - The company reported a revenue of 3.037 billion RMB for 2024, a year-on-year increase of 14.56%, and a net profit attributable to the parent company of 426 million RMB, slightly exceeding previous expectations [1]. - The company is expected to see growth across multiple business segments in 2025, particularly in AIDC-related power quality equipment, which has significant growth potential [1]. - The charging pile segment is projected to achieve over 40% revenue growth in 2024, driven by increased market share domestically and expansion into overseas markets [2]. - The energy storage segment is anticipated to maintain stable revenue in 2024, with potential for both volume and profit growth in 2025 as price competition stabilizes [3]. - The demand for power quality products is expected to surge in 2025 due to the rapid development of AI and data centers, benefiting the company significantly [4]. - The company has revised its assumptions for power quality product shipments and gross margins upward, projecting net profits of 426 million RMB, 577 million RMB, and 701 million RMB for 2024, 2025, and 2026 respectively [5]. Summary by Sections Financial Performance - In 2024, the company expects revenue of 3.037 billion RMB, with a growth rate of 14.56% and a net profit of 426 million RMB, reflecting a 5.70% increase year-on-year [1]. - The projected revenue for 2025 is 3.880 billion RMB, indicating a growth rate of 27.77% [7]. Business Segments - **Charging Piles**: Anticipated revenue of approximately 1.2 billion RMB in 2024, with a growth rate exceeding 40% [2]. - **Energy Storage**: Revenue expected to remain flat in 2024, with potential for growth in 2025 as price competition stabilizes [3]. - **Power Quality**: Significant growth expected in 2025 due to increased demand from data centers and AIDC applications [4]. Valuation Metrics - The company’s target PE ratio for 2025 is set at 23 times, with a target price of 42.55 RMB, reflecting an increase from previous estimates [5]. - The projected EPS for 2025 is 1.85 RMB, with a net profit margin of approximately 14.85% [7].