2024 年 8 月 1 日 公司研究 充电桩业务高速增长，储能业务增速短期放缓 ——盛弘股份（300693.SZ）2024 年半年度报告点评 要点 事件：盛弘股份发布 2024 年半年度报告：2024H1 公司实现营业收入 14.31 亿 元，同比增长 29.84%；归母净利润 1.81 亿元，同比增长 0.02%；扣非归母净 利润 1.73 亿元，同比增长 1.77%。其中，2024Q2 公司实现营业收入 8.32 亿元， 同比增长 27.11%；归母净利润 1.15 亿元，同比下降 3.12%；扣非归母净利润 1.14 亿元，同比增长 0.13%。 点评： 储能业务收入增速放缓，毛利率承压：2024H1，公司新能源电能变换设备业务 （即储能大类业务）实现营业收入 4.65 亿元，同比增长 20%；毛利率为 30%， 同比下降 6pct。公司新能源电能变换设备产品主要包括储能变流器、储能系统 电气集成、光储一体机等。今年上半年因为海外利率高位，海外工商储需求较为 一般，所以营收增速有所放缓。储能业务毛利率的下降主要系国内业务占比的提 升。 充电桩业务增长迅速，毛利率略有下滑：2024H1，公司电动汽车充电 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3][17] Core Insights - The company benefits from the global boom in energy storage installations, with a significant increase in demand for inverters and stabilization in product prices [5][10] - The rapid development of the company's charging pile business, with a notable revenue increase and expansion into overseas markets [5][13] - The industrial power supply business shows steady growth, supported by the rapid development of high-end manufacturing and the photovoltaic industry [5][16] - The profit forecast has been adjusted downward, but the "Outperform the Market" rating is maintained [5][17] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 1.43 billion yuan, a year-on-year increase of 30%, and a net profit of 181 million yuan, with a gross margin of 39.6% [4][7] - For Q2 2024, revenue was 832 million yuan, up 27.1% year-on-year and 38.8% quarter-on-quarter, with a net profit of 115 million yuan [4][7] Business Segments - **Energy Storage Business**: Revenue reached 460 million yuan, a year-on-year increase of 20%, with a gross margin of 30% [5][10] - **Charging Pile Business**: Revenue was 560 million yuan, up 45% year-on-year, with a gross margin of 38.1% [5][13] - **Industrial Power Supply Business**: Revenue was 250 million yuan, a year-on-year increase of 17%, with a gross margin of 54.7% [5][16] Market Trends - The U.S. energy storage market saw a cumulative installation of 4.23 GW in the first half of 2024, a year-on-year increase of 136% [5][10] - Domestic energy storage project bidding capacity reached 41.1 GWh in the first half of 2024, a year-on-year increase of 27% [5][10] Investment Recommendations - The profit forecast for 2024-2026 is adjusted to 434 million, 549 million, and 653 million yuan, with year-on-year growth rates of 8%, 26%, and 19% respectively [5][17] - The price-to-earnings (PE) ratios are projected at 15.8, 12.5, and 10.5 for the respective years [5][17]

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company has shown strong growth in its charging pile business, with a revenue increase of 44.8% year-on-year, while the energy storage business is expected to recover as interest rates decline in the U.S. market [8]. - The overall revenue for the first half of the year reached 1.43 billion RMB, a year-on-year growth of 29.8%, with a net profit attributable to the parent company of 180 million RMB, reflecting a slight increase of 0.02% [8]. - The report anticipates a slight adjustment in net profit forecasts for 2024-2026, with expected figures of 505 million RMB, 669 million RMB, and 898 million RMB respectively, corresponding to P/E ratios of 13, 9, and 7 [8]. Summary by Sections Revenue and Growth - The company's main business revenue is projected to grow from 1.5 billion RMB in 2022 to 6.2 billion RMB by 2026, with growth rates of 47.16%, 76.37%, 36.99%, 36.04%, and 26.00% for the respective years [10]. - The net profit attributable to the parent company is expected to increase from 224 million RMB in 2022 to 898 million RMB by 2026, with growth rates of 97.04%, 80.20%, 25.42%, 32.39%, and 34.29% [10]. Business Segments - The energy storage business generated 465 million RMB in revenue, a year-on-year increase of 19.6%, but the gross margin decreased by 5.6 percentage points to 30.0% due to a higher proportion of domestic low-margin products [8]. - The charging pile business achieved revenue of 556 million RMB, with a gross margin of 38.1%, slightly down by 1.4 percentage points, but still maintaining a high level [8]. - The industrial power supply business reported revenue of 251 million RMB, growing by 17.4% with a gross margin of 54.7%, benefiting from the rapid development of high-end manufacturing and photovoltaic industries [8]. Profitability and Valuation - The diluted earnings per share are projected to rise from 1.09 RMB in 2022 to 2.89 RMB by 2026 [10]. - The return on equity (ROE) is expected to increase from 21.04% in 2022 to 28.68% by 2026 [10]. - The report maintains a "Buy" rating based on the company's strong growth prospects and competitive positioning in the market [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 34.76 [4][40][56] Core Insights - The company reported a significant increase in revenue for H1 2024, achieving RMB 14.31 billion, a year-on-year growth of 29.84%. However, the net profit attributable to the parent company was RMB 1.81 billion, showing a slight increase of 0.02% year-on-year. The gross margin and net margin were 39.57% and 12.53%, respectively, reflecting a decline of 1.96 and 3.94 percentage points year-on-year, primarily due to decreased margins in the energy conversion equipment segment and increased expenses [18][40][56]. - The company's charging and swapping service revenue reached RMB 5.56 billion in H1 2024, up 44.83% year-on-year, with a gross margin of 38.07%, down 1.39 percentage points. The growth in public charging infrastructure is supported by government policies, and the company aims to leverage its technological advantages in the fast-charging market [3][40]. - The energy storage business also showed robust growth, with H1 2024 revenue of RMB 4.65 billion, a year-on-year increase of 19.59%. The gross margin for this segment was 30.01%, down 3.12 percentage points, attributed to rising raw material costs. The domestic energy storage market remains strong, with an expected installation capacity of 72.6 GWh, up 55.8% year-on-year [19][40]. Summary by Sections Revenue and Profitability - The company achieved H1 2024 revenue of RMB 14.31 billion, a 29.84% increase year-on-year, while the net profit was RMB 1.81 billion, reflecting a minimal increase of 0.02% [40]. - The gross margin and net margin were reported at 39.57% and 12.53%, respectively, indicating a decline from the previous year [40]. Charging and Energy Storage Business - Charging service revenue for H1 2024 was RMB 5.56 billion, up 44.83% year-on-year, with a gross margin of 38.07% [3][40]. - The energy storage segment generated RMB 4.65 billion in revenue, a 19.59% increase year-on-year, with a gross margin of 30.01% [19][40]. Market Outlook - The report highlights the increasing demand for public charging infrastructure, with a projected global demand for charging stations exceeding 150 million by 2035 [3]. - The company is positioned to benefit from the ongoing growth in the charging and energy storage sectors, supported by favorable government policies and technological advancements [3][19].

深圳市盛弘电气股份有限公司 2024 年半年度报告全文 2024-070 第一节 重要提示、目录和释义 2024 年半年度报告 1 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 | --- | --- | |------------------------------------------------------------------|----------------------------------------------------------------| | | | | | | | | 公司存在宏观经济风险和行业风险、毛利率下降的风险、应收账款的风 | | 险。公司面临的风险与应对措施详见本报告第三节"管理层讨论与分析"第 | | | 十部分"公司未来发展的展望"相关内容。敬请投资者注意投资风险。 | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | 深圳市盛弘电气股份有限公司 2024 年半年度报告全文 | --- | --- | |--------------- ...

证券代码：300693 证券简称：盛弘股份 公告编号：2024-068 深圳市盛弘电气股份有限公司 第四届监事会第二次会议决议的公告 本公司及监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。 一、监事会会议召开情况 深圳市盛弘电气股份有限公司（以下简称"公司"）第四届监事会第二次会 议（以下简称"会议"）之通知、议案材料于 2024 年 7 月 26 日以通讯送达的方 式送达了公司全体监事。本次会议于 2024 年 7 月 30 日以通讯参会的方式召开， 会议由监事会主席郭斌先生主持，会议应参加监事 3 人，实际参加监事 3 人。本 次会议的召开符合有关法律法规和《公司章程》的规定，会议合法有效。 二、监事会会议审议情况 1、审议通过了《关于<2024 年半年度报告>及摘要的议案》 经审议，监事会一致认为：董事会编制和审核《2024 年半年度报告》的程序 符合法律、行政法规、中国证监会和深圳证券交易所的规定，报告内容真实、准 确、完整地反映了公司 2024 年半年度的经营情况，不存在虚假记载、误导性陈述 或者重大遗漏。《2024 年半年度报告》及摘要具体内容详见 202 ...

深圳市盛弘电气股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：深圳市盛弘电气股份有限公司 单位：万 元 非经营性资金 占用 资金占用方名称 占用方与上 市公司的关 联关系 上市公司核 算的会计科 目 2024 年期 初占用资金 余额 2024 年 1-6 月占 用累计发生金额 （不含利息） 2024 年 1-6 月 占用资金的利 息(如有) 2024 年 1-6 月偿还累计 发生金额 2024 年 6 月 期末占用资 金余额 占用 形成 原因 占用性质 控股股东、实际 控制人及其附 属企业 - - 小计 - - - - - - - - - 前控股股东、实 际控制人及其 附属企业 - - 小计 - - - - - - - - - 其他关联方及 附属企业 - - 小计 - - - - - - - - - - 总计 - - - - - - - - - - | 其他关联资金 | 资金往来方名称 | 往来方与上 市公司的关 | 上市公司核 算的会计科 | 2024 年期 初占用资金 | 2024 年 用累计发生金额 | 1-6 月占 | 2024 年 占用资金的利 | 1-6 月 ...

证券代码：300693 证券简称：盛弘股份 公告编号：2024-071 深圳市盛弘电气股份有限公司 董事会关于 2024 年半年度募集资金存放与使用情况 的专项报告 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。 根据中国证监会发布的《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运作》等有关规定，深圳市盛弘电气股份有限公司（以 下简称"公司"或"本公司"）董事会编制了2024年半年度募集资金存放与实际 使用情况的专项报告。 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会证监许可[2017]1358号文核准，并经深圳证券交 易所同意，本公司由主承销商民生证券股份有限公司通过深圳证券交易所系统于 2017年8月16日采用全部向二级市场投资者定价配售方式，向社会公众公开发行 了普通股（A股）股票2,281万股，发行价为每股人民币14.42元。截至2017年8月 16日，本公司共募集资金32,892.02万元，扣除发行费用3, ...

深圳市盛弘电气股份有限公司 2023 年度 ESG 报告 深圳市盛弘电气股份有限公司 2023 年度 ESG 报告 2024 年 7 月 | 1. | | 关于本报告 4 | | --- | --- | --- | | 2. | | 董事长致辞 6 | | 3. | | 走进盛弘股份 8 | | | 3.1 | 公司概况 8 | | | 3.2 | 服务与解决方案 9 | | | 3.3 | 业务运营布局 10 | | 4. | 我们的 | 2023 11 | | | 4.1 | 年度亮点绩效 11 | | | 4.2 | 年度大事件 12 | | | 4.3 | 核心资质&荣誉 13 | | 5. | | 专题一：领超充之风，驭向"充电自由" 15 | | | 5.1 | 政策与技术叠加，迈入"超充"新时代 15 | | | 5.2 | 车桩共进方能超充 17 | | | 5.3 | 盛弘股份全力支持超充建设 17 | | 6. | | 专题二：助力乡村振兴，打通新能源汽车下乡的最后一公里 20 | | | 6.1 | 新能源汽车乡村渗透率低，充换电基础设施存短板 21 | | | 6.2 | 国家政策引导 ...

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"、"盛弘股份"） 于2024 年7月30日召开了第四届董事会第二次会议及第四届监事会第二次会议，审议通 过了《关于2024年度新增日常关联交易预计的议案》，现将有关情况公告如下： 一、新增日常关联交易基本情况 （一）新增日常关联交易概述 证券代码：300693 证券简称：盛弘股份 公告编号：2024-072 深圳市盛弘电气股份有限公司 关于 2024 年度新增日常关联交易预计的公告 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， 根据实际经营发展的需要，公司拟增加与关联方深圳永泰数能科技有限公司 （以下简称"深圳永泰"）及其子公司、控股子公司的关联交易，2024年度累计 发生关联交易不超过1200万元。 基于以上关联交易的类型以及额度，此项议案无需提交股东大会审议。 二、关联人介绍和关联关系 （一）深圳永泰 1、基本情况 名称：深圳永泰数能科技有限公司 统一社会信用代码：91440300MA5EWLWD0A 类型：有限责任公司 法定代表人：盛剑明 关联交 易类别 关 联 人 关联交易 内容 关联交易 定价内容 新增预 ...