盛弘股份（300693）：充电桩业务增长明显，电能质量产品行业领先

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has shown significant growth in its charging pile business and is a leader in the low-voltage power quality sector, which is expected to become a new growth point for performance [3][8] - The company's 2024 annual report indicates a year-on-year revenue growth of 14.53%, reaching RMB 3,036 million, and a net profit growth of 6.49%, totaling RMB 429 million [8][9] - The charging pile business generated RMB 1,216 million in revenue, a 43.04% increase year-on-year, although the gross margin slightly decreased by 1.46 percentage points to 38.15% [8][9] - The industrial power supply business also showed steady growth, with revenue of RMB 603 million, up 13.11% year-on-year, and an improved gross margin of 54.23% [8][9] Financial Summary - The company forecasts revenue growth from RMB 2,651 million in 2023 to RMB 4,091 million in 2025, representing a growth rate of 34.7% [7][10] - The projected net profit for 2025 is RMB 522 million, with a growth rate of 21.6% [7][10] - The updated earnings per share (EPS) estimates for 2025-2027 are RMB 1.68, 2.29, and 2.91 respectively, with corresponding price-to-earnings ratios of 16.9, 12.4, and 9.7 [5][10]