盛弘股份(fen)發布2022年年報：2022全年，公司實現(xian)營收15.03億(yi)元(yuan)，同(tong)比+47.16%；歸母凈(jing)利(li)2.24億(yi)元(yuan)，同(tong)比+97.04%；扣非歸母凈(jing)利(li)2.13億(yi)元(yuan)，同(tong)比+111.12%；經營性(xing)凈(jing)現(xian)金流2.02億(yi)元(yuan)，同(tong)比+90.07%。

　　其中(zhong)，2022Q4，公司(si)實現營收5.69億(yi)元(yuan)，同(tong)比+56.49%，環(huan)(huan)比+47.33%；歸(gui)母(mu)凈利(li)0.93億(yi)元(yuan)，同(tong)比+168.84%，環(huan)(huan)比+47.23%；扣(kou)非歸(gui)母(mu)凈利(li)0.90億(yi)元(yuan)，同(tong)比+181.22%，環(huan)(huan)比+55.92%；經營性凈現金(jin)流0.70億(yi)元(yuan)，同(tong)比+34.36%，環(huan)(huan)比-13.92%。

　　投資要點:

　　2022年全年電(dian)(dian)(dian)(dian)(dian)動(dong)汽(qi)車(che)充(chong)電(dian)(dian)(dian)(dian)(dian)樁與電(dian)(dian)(dian)(dian)(dian)池(chi)(chi)化(hua)成(cheng)業(ye)(ye)務(wu)高(gao)(gao)(gao)速增長，電(dian)(dian)(dian)(dian)(dian)動(dong)汽(qi)車(che)充(chong)電(dian)(dian)(dian)(dian)(dian)樁成(cheng)為僅次于電(dian)(dian)(dian)(dian)(dian)能質量的(de)(de)第二(er)大業(ye)(ye)務(wu)板塊。2022年電(dian)(dian)(dian)(dian)(dian)動(dong)汽(qi)車(che)充(chong)電(dian)(dian)(dian)(dian)(dian)樁實現營(ying)收(shou)4.26億(yi)元(yuan)，同比(bi)+116.96%，占營(ying)業(ye)(ye)收(shou)入比(bi)重提高(gao)(gao)(gao)到28.33%，主(zhu)(zhu)要(yao)受新(xin)能源(yuan)電(dian)(dian)(dian)(dian)(dian)動(dong)汽(qi)車(che)行業(ye)(ye)政策(ce)及需(xu)求的(de)(de)刺激，下游(you)充(chong)換(huan)(huan)電(dian)(dian)(dian)(dian)(dian)運營(ying)企業(ye)(ye)投資升溫，拉動(dong)充(chong)換(huan)(huan)電(dian)(dian)(dian)(dian)(dian)產品(pin)需(xu)求增長迅速。電(dian)(dian)(dian)(dian)(dian)池(chi)(chi)化(hua)成(cheng)業(ye)(ye)務(wu)實現營(ying)收(shou)2.58億(yi)元(yuan)，同比(bi)+72.37%，主(zhu)(zhu)要(yao)系鋰電(dian)(dian)(dian)(dian)(dian)池(chi)(chi)廠客戶紛(fen)紛(fen)擴(kuo)充(chong)各類鋰電(dian)(dian)(dian)(dian)(dian)池(chi)(chi)產能，電(dian)(dian)(dian)(dian)(dian)池(chi)(chi)檢測及化(hua)成(cheng)設備需(xu)求增大。電(dian)(dian)(dian)(dian)(dian)能質量實現營(ying)收(shou)5.12億(yi)元(yuan)，同比(bi)+26.69%，主(zhu)(zhu)要(yao)系高(gao)(gao)(gao)端新(xin)材料(liao)、半導體等高(gao)(gao)(gao)端裝備制(zhi)造(zao)業(ye)(ye)快速發展，工業(ye)(ye)配套電(dian)(dian)(dian)(dian)(dian)源(yuan)產品(pin)的(de)(de)需(xu)求增加。

　　電(dian)動汽車(che)(che)充(chong)電(dian)樁(zhuang)(zhuang)(zhuang)(zhuang)與儲(chu)能(neng)業(ye)務預(yu)期高(gao)速(su)增(zeng)長，有(you)望貢獻公(gong)司高(gao)速(su)增(zeng)長動力(li)。電(dian)動汽車(che)(che)充(chong)電(dian)樁(zhuang)(zhuang)(zhuang)(zhuang)方面(mian)(mian)，目前(qian)國(guo)(guo)(guo)內外新能(neng)源汽車(che)(che)快(kuai)速(su)發展(zhan)(zhan)和車(che)(che)樁(zhuang)(zhuang)(zhuang)(zhuang)比(bi)(bi)偏高(gao)，預(yu)計將繼(ji)續推動充(chong)電(dian)樁(zhuang)(zhuang)(zhuang)(zhuang)行業(ye)需求保持高(gao)增(zeng)。截(jie)至(zhi)2022年(nian)底(di)，我國(guo)(guo)(guo)存量(liang)車(che)(che)樁(zhuang)(zhuang)(zhuang)(zhuang)比(bi)(bi)2.5：1，距離2025年(nian)車(che)(che)樁(zhuang)(zhuang)(zhuang)(zhuang)比(bi)(bi)2：1的政策目標(biao)與1：1的遠期理(li)想狀(zhuang)態仍有(you)發展(zhan)(zhan)空(kong)間。同(tong)時(shi)，歐盟也在加速(su)新能(neng)源車(che)(che)發展(zhan)(zhan)和充(chong)電(dian)樁(zhuang)(zhuang)(zhuang)(zhuang)建設，到(dao)2025年(nian)預(yu)計電(dian)動車(che)(che)增(zeng)加到(dao)1300萬輛左右(you)；美國(guo)(guo)(guo)于(yu)2022年(nian)提(ti)出(chu)未(wei)來5年(nian)內撥款50億美元(yuan)用(yong)于(yu)充(chong)電(dian)樁(zhuang)(zhuang)(zhuang)(zhuang)建設。儲(chu)能(neng)方面(mian)(mian)，隨著(zhu)國(guo)(guo)(guo)內外新能(neng)源消納(na)壓力(li)不斷增(zeng)大，全(quan)(quan)球多國(guo)(guo)(guo)儲(chu)能(neng)需求有(you)望迎來高(gao)速(su)增(zeng)長。公(gong)司儲(chu)能(neng)產(chan)品全(quan)(quan)球認(ren)證(zheng)齊全(quan)(quan)，儲(chu)能(neng)業(ye)務有(you)望受益于(yu)2023年(nian)全(quan)(quan)球大型儲(chu)能(neng)需求多點開花(hua)。

　　電(dian)(dian)能質(zhi)(zhi)量(liang)業(ye)(ye)務(wu)保持穩步(bu)增長(chang)，具有深厚(hou)技(ji)術(shu)(shu)基礎，始終保持低壓(ya)(ya)電(dian)(dian)能質(zhi)(zhi)量(liang)行(xing)業(ye)(ye)領(ling)先地位(wei)。公司作為國內(nei)最(zui)早(zao)研發生(sheng)產(chan)低壓(ya)(ya)電(dian)(dian)能質(zhi)(zhi)量(liang)產(chan)品的(de)企(qi)業(ye)(ye)之(zhi)一，公司首先將三電(dian)(dian)平模塊化技(ji)術(shu)(shu)運(yun)用于電(dian)(dian)能質(zhi)(zhi)量(liang)產(chan)品，覆蓋諧波(bo)治理(li)、無(wu)功補償、地鐵儲能、電(dian)(dian)壓(ya)(ya)暫降、保障用電(dian)(dian)安全(quan)的(de)工業(ye)(ye)UPS等(deng)領(ling)域。看(kan)好(hao)公司在市場需求(qiu)和(he)產(chan)品方面的(de)挖潛空間，通過開(kai)拓市場和(he)提升市占率(lv)來(lai)保持業(ye)(ye)績增長(chang)。

　　盈(ying)利(li)預(yu)測和(he)投資評(ping)級：公(gong)司(si)聚焦新(xin)能源與工業配套電(dian)(dian)源賽(sai)道，以(yi)電(dian)(dian)能質量(liang)、充換(huan)電(dian)(dian)、儲能以(yi)及電(dian)(dian)池化成業務為四大主線業務。受益于充電(dian)(dian)樁(zhuang)需(xu)求預(yu)期(qi)高增及國內(nei)外儲能高景氣度，預(yu)計公(gong)司(si)2023年和(he)2024年實現(xian)營收(shou)24億(yi)元(yuan)和(he)36億(yi)元(yuan)，歸(gui)母凈利(li)3.1億(yi)元(yuan)和(he)4.5億(yi)元(yuan)，當前股價對應PE為41X、28X，首(shou)次覆(fu)蓋，給出“增持”評(ping)級。

　　風險(xian)提示：充電樁(zhuang)需求不(bu)(bu)及預(yu)(yu)期(qi)；儲(chu)能需求不(bu)(bu)及預(yu)(yu)期(qi)；宏觀經濟下行風險(xian)；政策變動風險(xian)；競爭(zheng)加劇導致毛(mao)利率不(bu)(bu)及預(yu)(yu)期(qi)；應收賬款未(wei)按預(yu)(yu)期(qi)收回；募投(tou)項目營收不(bu)(bu)及預(yu)(yu)期(qi)。