盛弘股份：上半年营收高增，毛利率略微承压

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].