➢ 充电桩：24 年收入 12.16 亿，同比增长 43%。现阶段公司开始覆盖整车主 机厂和其他充电桩集成商等提供充电桩及电源模块产品，产品矩阵更为多元。同 时，海外充电桩将以突破重点国家的大客户或行业大客户为关键任务目标，保证 海外充电设备业务的稳步增长。 ➢ 储能：24 年收入 8.57 亿，同比下降 6%。后续公司有望持续拓宽电网侧、 用户侧、海外市场、以及微电网等市场。 ➢ 电池检测设备业务：24 年收入 2.96 亿，同比下降 1%。公司自 2020 年电 池检测设备业务着力于与动力电池行业头部客户进行深度合作的战略成效明显， 2025 年公司有望提升实验室测试设备领域的市场份额及分容化成市场。 ➢ 投资建议：公司围绕电力电子核心技术，产品矩阵丰富，随着下游数据中心、 充电桩等行业增速起量，有望实现高增。我们预计公司 2025-2027 年营收分别 为 40.68、53.71、69.56 亿元，对应增速分别为 34.0%、32.0%、29.5%；归母 净利润分别为 5.60、7.78、10.54 亿元，对应增速分别为 30.5%、39.1%、35.4%， 以 4 月 3 日收盘价作为基准，对应 20 ...

证券研究报告·公司点评报告·其他电源设备Ⅱ 盛弘股份（300693） 2024 年年报点评：业绩略超预期，AIDC 带 动业绩弹性 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2651 | 3036 | 4277 | 5307 | 6103 | | 同比（%） | 76.37 | 14.53 | 40.88 | 24.07 | 15.00 | | 归母净利润（百万元） | 402.83 | 428.98 | 563.13 | 683.56 | 818.13 | | 同比（%） | 80.20 | 6.49 | 31.27 | 21.39 | 19.69 | | EPS-最新摊薄（元/股） | 1.29 | 1.38 | 1.81 | 2.20 | 2.63 | | P/E（现价&最新摊薄） | 25.38 | 23.84 | 18.16 | 14.96 | 12.50 | [Table_Tag] [Table ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant price appreciation in the next 6-12 months [5]. Core Insights - The company reported a revenue of 3.04 billion RMB for 2024, a year-on-year increase of 14.5%, and a net profit attributable to shareholders of 430 million RMB, up 6.5% year-on-year [2]. - The industrial power supply segment showed steady growth, with revenues reaching 600 million RMB in 2024, a 13.1% increase year-on-year, driven by the rising demand from data centers [3]. - The charging pile business experienced rapid growth, generating 1.22 billion RMB in revenue, a 43% increase year-on-year, despite a slight decline in gross margin [3]. - The energy storage business faced challenges, with revenues declining by 5.8% to 857 million RMB in 2024, primarily due to project delays in the U.S. caused by high interest rates [4]. - The company is actively exploring new markets in Myanmar, Indonesia, and Africa to mitigate risks associated with over-reliance on a single market [4]. Summary by Sections Performance Review - In Q4 2024, the company achieved a revenue of 940 million RMB, reflecting a 2.5% year-on-year growth, and a net profit of 158 million RMB, which is a 21.5% increase year-on-year [2]. Business Analysis - The industrial power supply business is positioned for high growth due to its early entry into low-voltage power quality products and strong technical capabilities [3]. - The charging pile segment is expected to maintain high demand due to new product launches that meet market needs for safety and efficiency [3]. - The energy storage segment is anticipated to improve as U.S. interest rates decline, potentially releasing pent-up project demand [4]. Profit Forecast and Valuation - The projected net profits for 2025-2027 are 565 million RMB, 753 million RMB, and 968 million RMB, respectively, with corresponding PE ratios of 20, 15, and 12 [5].

Group 1 - The core viewpoint of the news is that Shenghong Co., Ltd. (300693.SZ) has disclosed its 2024 annual report, highlighting the institutional investor landscape and changes in shareholding [1] - As of April 2, 2025, a total of 157 institutional investors hold shares in Shenghong, with a combined holding of 44.8957 million shares, representing 14.43% of the total share capital [1] - The top ten institutional investors account for 8.28% of the total shares, with a decrease of 1.50 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, there was an increase in holdings from one public fund, namely Southern Carbon Neutrality Stock Initiation A, while five public funds reduced their holdings, with a total decrease of 0.34% [2] - A total of 143 new public funds were disclosed this period, including notable funds such as GF Multi-Factor Mixed and Southern New Energy Industry Trend Mixed A [2] - One social security fund, GF Fund Management Co., Ltd. - Social Security Fund 420 Combination, reported a decrease in holdings by 0.31% compared to the previous quarter [2] Group 3 - Foreign investment sentiment showed a decrease in holdings from one foreign fund, Hong Kong Central Clearing Limited, with a reduction of 0.14% [2]

Core Viewpoint - Shenzhen Shenghong Electric Co., Ltd. emphasizes its commitment to sustainable development and innovation in the energy sector, focusing on enhancing energy efficiency and contributing to global carbon neutrality goals through advanced technology and digital solutions [1][4][22]. Governance Strength - The company has undergone a brand upgrade and is transitioning towards becoming a comprehensive smart energy solution provider, integrating both hardware and software [1][5]. - It has established a global supply chain system and is committed to digital and collaborative operational management [1][5]. - The company received multiple awards, including the "2024 ESG Model Enterprise Award" and "2024 Annual Zhitong Finance Social Responsibility Pioneer Award" [1][2]. Product Development - Shenghong Electric focuses on three pillars: electricity, energy, and technology, and has launched several innovative products, including the world's first modular 2.5MW energy storage inverter and a high-efficiency charging solution [2][10]. - The company reported a significant increase in product offerings, with intelligent grid products reaching 4,091,356.26 kW (up 35.06%) and renewable energy products at 11,485,138.20 kW (up 56.96%) [2][8]. Ecological Responsibility - The company adheres to green design principles throughout the product lifecycle and actively participates in national initiatives for zero-carbon factories and parks [3][24]. - It has set targets for energy intensity and carbon emissions, promoting low-carbon transformation and waste management [3][24]. Social Commitment - Shenghong Electric prioritizes talent management and employee well-being, fostering an inclusive work environment and providing competitive compensation [3][24]. - The company engages in social responsibility initiatives, emphasizing community contributions and partnerships for sustainable development [3][24]. Business Performance - In 2024, the company reported a revenue of 3.036 billion yuan, a year-on-year increase of 14.53%, with a net profit of 429 million yuan, reflecting a growth of 6.49% [8][10]. - The basic earnings per share reached 1.38 yuan, with a growth of 6.08% [8][10]. Industry Position - Shenghong Electric ranks among the top 500 global renewable energy companies and is recognized as a leading supplier in the energy storage inverter market [9][10]. - The company has established a strong presence in over 60 countries and regions, with a cumulative installed capacity exceeding 12GW in the energy storage sector [6][10]. Strategic Initiatives - The company is committed to expanding its global footprint, having opened a subsidiary in Germany and participating in international exhibitions to showcase its innovative solutions [20][21]. - It aims to enhance its product competitiveness and market reach through strategic partnerships and collaborations in the renewable energy sector [20][21].

Overview - The company announced the provision for asset impairment and asset write-off for the fiscal year 2024, totaling 34,068,377.91 RMB [1][2][7] Asset Impairment Provision - The company conducted a comprehensive review of various assets, including inventory, receivables, contract assets, fixed assets, construction in progress, and intangible assets, identifying impairment indicators [1] - The breakdown of the impairment provision includes: - Bad debt loss for accounts receivable: 7,190,023.85 RMB - Bad debt loss for notes receivable: 223,766.95 RMB - Bad debt loss for receivables financing: 30,139.01 RMB - Inventory write-down loss: 21,736,001.53 RMB - Impairment loss for contract assets: 5,021,892.14 RMB - Total impairment provision: 34,068,377.91 RMB [2] Asset Write-off - The company wrote off receivables and inventory that had been fully provisioned for bad debts and were deemed uncollectible, resulting in a reduction of total profit by 564,724.81 RMB [2][7] - The write-off includes: - Accounts receivable - Other receivables - Inventory and fixed assets confirmed as losses [2][7] Impairment Confirmation Standards and Methods - The company uses expected credit loss as the basis for impairment accounting for financial assets, including those measured at amortized cost and fair value [3][4] - Financial instruments are categorized into three stages based on credit risk, with different measurement approaches for expected credit losses [3][4][5] Impact on Financials - The total impact of the impairment provision on the company's profit for the fiscal year 2024 is 34,068,377.91 RMB, while the write-off of fixed assets reduces profit by 564,724.81 RMB [7] - The impairment provision and asset write-off accurately reflect the company's financial status and comply with relevant accounting standards and regulations [7]

Core Viewpoint - The internal control evaluation report of Shenzhen Shenghong Electric Co., Ltd. aims to enhance internal control, improve management levels, and ensure sustainable development while protecting investors' rights [1][2]. Internal Control Objectives - The internal control system is designed to ensure legal compliance in operations, asset security, and the authenticity of financial reporting, thereby promoting operational efficiency and strategic development [2]. Evaluation Basis - The internal control evaluation is conducted based on the "Basic Norms for Enterprise Internal Control" and related guidelines, utilizing interviews, surveys, sampling, and comparative analysis to gather evidence on the effectiveness of internal controls [2][3]. Internal Control Coverage - The internal control system encompasses all operational aspects of Shenzhen Shenghong Electric Co., Ltd. and its subsidiaries, focusing on high-risk areas such as sales, procurement, and related transactions [3]. Evaluation Principles - The evaluation adheres to principles of comprehensiveness, significance, and independence to ensure an objective and complete assessment [3]. Internal Control Defect Standards - The company has established specific standards for identifying internal control defects, differentiating between major, significant, and general defects based on both qualitative and quantitative criteria [4][5]. Key Internal Control Activities - The company has implemented strict internal controls for related transactions, fundraising usage, and information disclosure, ensuring compliance with legal requirements and protecting shareholder interests [8]. Governance Structure - The governance structure includes a shareholders' meeting, board of directors, and supervisory board, with established rules and regulations to ensure independent operation and mutual checks among various bodies [9]. Organizational Structure - The company has a clear organizational structure with defined roles and responsibilities across departments, ensuring effective operational management and control [9][10]. Internal Audit Supervision - An audit committee under the board of directors oversees internal and external audits, ensuring effective communication and supervision of internal controls [10]. Development Strategy - The strategic committee of the board is responsible for long-term development strategies and major investment decisions, contributing positively to the company's strategic planning [11]. Corporate Culture - The company emphasizes building a positive corporate culture and social responsibility, fostering values such as integrity, dedication, and teamwork [11]. Social Responsibility - The company is committed to enhancing energy efficiency and contributing to social development through various charitable initiatives [11]. Human Resources - The company has established human resource policies that promote sustainable development, including performance evaluation and training programs for employees [12]. Sales and Procurement Management - The company has developed comprehensive management systems for sales and procurement, ensuring effective market expansion and compliance with operational procedures [12][13]. Inventory Management - The company has implemented a robust asset management system to control inventory processes and prevent losses [14]. External Guarantee Management - The company has a clear management system for external guarantees, ensuring compliance with regulations and minimizing operational risks [14]. Financial Reporting - The company maintains a rigorous financial management system, ensuring the accuracy and completeness of financial reporting [14][15]. Product Development - The company has established a structured product development process to enhance market-oriented capabilities and improve product competitiveness [15][16]. Internal Control Defect Recognition - During the reporting period, no major or significant internal control defects were identified in both financial and non-financial reporting [16].

Core Viewpoint - Shenzhen Shenghong Electric Co., Ltd. has provided a special report on non-operating fund occupation and other related fund transactions for the year 2024, ensuring compliance with regulatory requirements and the authenticity of the financial data presented [1]. Summary by Sections Non-operating Fund Occupation - The report includes a summary table detailing the non-operating fund occupation for the year 2024, which is prepared in accordance with the relevant regulations [1]. - The management of Shenghong Electric is responsible for the preparation and disclosure of the summary table, ensuring its authenticity, legality, and completeness [1]. Financial Audit - The report states that the accounting firm, Grant Thornton, has audited the consolidated and company financial statements of Shenghong Electric as of December 31, 2024, and issued an unqualified audit opinion [1]. - The audit included verification of the data in the summary table against the audited financial statements, with no inconsistencies found in all material aspects [1]. Related Party Transactions - The summary table also outlines the related party transactions, including the nature of the relationships and the amounts involved, categorized by the type of transactions [2]. - The total amount of non-operating fund occupation and related party transactions is detailed, indicating the financial interactions between Shenghong Electric and its subsidiaries or related parties [2]. Approval and Compliance - The summary table was approved at the sixth meeting of the fourth board of directors on April 2, 2025, indicating internal governance compliance [2].

Summary of Key Points Core Viewpoint The report outlines the fundraising activities and the management of raised funds by Shenzhen Shenghong Electric Co., Ltd. for the year 2024, ensuring compliance with regulatory requirements and detailing the usage and storage of the funds raised. Group 1: Fundraising Overview - The company raised a total of RMB 292.62 million through the issuance of 22.81 million shares at a price of RMB 14.42 per share, with the net amount reaching RMB 295.91 million as of August 16, 2017 [1][2] - As of December 31, 2024, the total amount of raised funds utilized for projects was RMB 288.75 million, leaving a balance of RMB 7.17 million [2][3] Group 2: Fund Management and Storage - The company has established a dedicated account for the management of raised funds, adhering to the regulatory guidelines and ensuring strict approval processes for fund usage [3][4] - As of December 31, 2024, the balance in the dedicated accounts was RMB 44.52 million, which includes interest income of RMB 38.59 million after deducting fees [4][5] Group 3: Project Implementation and Adjustments - The company has not made any changes to the fundraising investment projects during the year, and there were no transfers or replacements of previous projects [4][5] - The company has decided to unify the management of certain projects and extend the completion timeline for the "High-Power Power Electronics Equipment Manufacturing Base (Phase I)" project to December 2024 [5][6] Group 4: Financial Performance and Impact - The implementation of the "High-Power Power Electronics Equipment Manufacturing Base (Phase I)" project has significantly increased the company's product output and sales revenue, with a reported profit before tax of RMB 51.65 million in 2020, marking a 280.29% increase compared to the previous year [6] - The "R&D Center Construction Project" is aimed at enhancing the company's innovation capabilities and does not directly generate economic benefits, making it difficult to assess its financial impact separately [6]

Core Viewpoint - The audit committee of Shenzhen Shenghong Electric Co., Ltd. has conducted an evaluation of the performance of the accounting firm for the year 2024, confirming the firm's qualifications and the quality of its audit work [1][4]. Group 1: Basic Information of the Accounting Firm - The accounting firm, Deloitte Touche Tohmatsu Certified Public Accountants LLP (referred to as "Deloitte"), was established in 1981 and transformed into a special general partnership in 2011 [1]. - As of the end of 2024, Deloitte has nearly 6,000 employees, including 239 partners and 1,359 registered accountants, with over 400 accountants having signed securities service audit reports [2]. - Deloitte's business revenue for 2023 was 2.703 billion yuan, with audit business revenue of 2.205 billion yuan and securities business revenue of 502 million yuan [2]. Group 2: Appointment and Audit Process - The company's board approved the reappointment of Deloitte as the auditing firm for the 2024 financial year, with an annual audit fee of 900,000 yuan [2]. - Deloitte conducted audits on the company's financial reports and internal controls, as well as a special report on the use of raised funds and related party transactions [3]. Group 3: Audit Committee's Supervision - The audit committee evaluated Deloitte's professional qualifications, business capabilities, integrity, independence, and past audit performance, concluding that Deloitte meets the requirements for auditing the company [4]. - The audit committee held pre-audit communication meetings to discuss the audit scope, key timelines, personnel arrangements, and audit focus for 2024 [4]. Group 4: Overall Evaluation - The audit committee confirmed that Deloitte maintained an impartial and objective attitude during the audit process, demonstrating good professional ethics and business quality [5]. - Deloitte completed the audit work for the company's 2024 annual report on time, providing an objective, complete, clear, and timely audit report [5].