盛弘股份發布2022年(nian)年(nian)報：2022全年(nian)，公司實現營(ying)收15.03億(yi)(yi)元，同比(bi)+47.16%；歸母(mu)凈(jing)利2.24億(yi)(yi)元，同比(bi)+97.04%；扣非(fei)歸母(mu)凈(jing)利2.13億(yi)(yi)元，同比(bi)+111.12%；經(jing)營(ying)性凈(jing)現金(jin)流2.02億(yi)(yi)元，同比(bi)+90.07%。

　　其中，2022Q4，公司實現營(ying)收(shou)5.69億(yi)(yi)元，同(tong)比(bi)(bi)+56.49%，環(huan)比(bi)(bi)+47.33%；歸母(mu)凈(jing)利0.93億(yi)(yi)元，同(tong)比(bi)(bi)+168.84%，環(huan)比(bi)(bi)+47.23%；扣非歸母(mu)凈(jing)利0.90億(yi)(yi)元，同(tong)比(bi)(bi)+181.22%，環(huan)比(bi)(bi)+55.92%；經營(ying)性凈(jing)現金流(liu)0.70億(yi)(yi)元，同(tong)比(bi)(bi)+34.36%，環(huan)比(bi)(bi)-13.92%。

　　投資要點:

　　2022年全(quan)年電(dian)(dian)(dian)(dian)(dian)動汽車(che)(che)(che)充(chong)(chong)電(dian)(dian)(dian)(dian)(dian)樁與電(dian)(dian)(dian)(dian)(dian)池(chi)化(hua)成(cheng)業(ye)(ye)(ye)(ye)務(wu)高速增長(chang)，電(dian)(dian)(dian)(dian)(dian)動汽車(che)(che)(che)充(chong)(chong)電(dian)(dian)(dian)(dian)(dian)樁成(cheng)為僅次于電(dian)(dian)(dian)(dian)(dian)能(neng)(neng)質(zhi)量(liang)的(de)第二大業(ye)(ye)(ye)(ye)務(wu)板塊。2022年電(dian)(dian)(dian)(dian)(dian)動汽車(che)(che)(che)充(chong)(chong)電(dian)(dian)(dian)(dian)(dian)樁實現營收(shou)4.26億元(yuan)(yuan)，同比+116.96%，占(zhan)營業(ye)(ye)(ye)(ye)收(shou)入比重(zhong)提(ti)高到28.33%，主要受新能(neng)(neng)源電(dian)(dian)(dian)(dian)(dian)動汽車(che)(che)(che)行業(ye)(ye)(ye)(ye)政策及(ji)(ji)需(xu)求(qiu)的(de)刺(ci)激，下游充(chong)(chong)換電(dian)(dian)(dian)(dian)(dian)運(yun)營企業(ye)(ye)(ye)(ye)投資(zi)升(sheng)溫，拉動充(chong)(chong)換電(dian)(dian)(dian)(dian)(dian)產品(pin)需(xu)求(qiu)增長(chang)迅速。電(dian)(dian)(dian)(dian)(dian)池(chi)化(hua)成(cheng)業(ye)(ye)(ye)(ye)務(wu)實現營收(shou)2.58億元(yuan)(yuan)，同比+72.37%，主要系鋰電(dian)(dian)(dian)(dian)(dian)池(chi)廠客戶(hu)紛紛擴充(chong)(chong)各(ge)類鋰電(dian)(dian)(dian)(dian)(dian)池(chi)產能(neng)(neng)，電(dian)(dian)(dian)(dian)(dian)池(chi)檢(jian)測及(ji)(ji)化(hua)成(cheng)設備(bei)需(xu)求(qiu)增大。電(dian)(dian)(dian)(dian)(dian)能(neng)(neng)質(zhi)量(liang)實現營收(shou)5.12億元(yuan)(yuan)，同比+26.69%，主要系高端新材料、半(ban)導(dao)體(ti)等高端裝備(bei)制造業(ye)(ye)(ye)(ye)快速發展，工業(ye)(ye)(ye)(ye)配套電(dian)(dian)(dian)(dian)(dian)源產品(pin)的(de)需(xu)求(qiu)增加。

　　電(dian)(dian)(dian)動(dong)汽(qi)車(che)充(chong)電(dian)(dian)(dian)樁(zhuang)與儲(chu)(chu)能(neng)業(ye)(ye)務預(yu)期高速(su)增(zeng)長(chang)，有(you)(you)(you)望(wang)貢獻(xian)公(gong)司高速(su)增(zeng)長(chang)動(dong)力。電(dian)(dian)(dian)動(dong)汽(qi)車(che)充(chong)電(dian)(dian)(dian)樁(zhuang)方面(mian)，目(mu)前國(guo)(guo)內(nei)外(wai)新(xin)能(neng)源(yuan)(yuan)汽(qi)車(che)快速(su)發展(zhan)和車(che)樁(zhuang)比(bi)偏高，預(yu)計將繼續推動(dong)充(chong)電(dian)(dian)(dian)樁(zhuang)行業(ye)(ye)需(xu)求(qiu)(qiu)保持高增(zeng)。截(jie)至2022年(nian)底(di)，我國(guo)(guo)存量車(che)樁(zhuang)比(bi)2.5：1，距(ju)離2025年(nian)車(che)樁(zhuang)比(bi)2：1的政策目(mu)標與1：1的遠期理想狀態仍有(you)(you)(you)發展(zhan)空間。同時，歐盟也在加(jia)(jia)速(su)新(xin)能(neng)源(yuan)(yuan)車(che)發展(zhan)和充(chong)電(dian)(dian)(dian)樁(zhuang)建(jian)設(she)，到(dao)2025年(nian)預(yu)計電(dian)(dian)(dian)動(dong)車(che)增(zeng)加(jia)(jia)到(dao)1300萬(wan)輛左右；美國(guo)(guo)于(yu)(yu)2022年(nian)提(ti)出(chu)未來5年(nian)內(nei)撥款50億美元用(yong)于(yu)(yu)充(chong)電(dian)(dian)(dian)樁(zhuang)建(jian)設(she)。儲(chu)(chu)能(neng)方面(mian)，隨著國(guo)(guo)內(nei)外(wai)新(xin)能(neng)源(yuan)(yuan)消(xiao)納(na)壓(ya)力不斷增(zeng)大，全(quan)球(qiu)多(duo)(duo)國(guo)(guo)儲(chu)(chu)能(neng)需(xu)求(qiu)(qiu)有(you)(you)(you)望(wang)迎(ying)來高速(su)增(zeng)長(chang)。公(gong)司儲(chu)(chu)能(neng)產品(pin)全(quan)球(qiu)認證齊(qi)全(quan)，儲(chu)(chu)能(neng)業(ye)(ye)務有(you)(you)(you)望(wang)受益于(yu)(yu)2023年(nian)全(quan)球(qiu)大型儲(chu)(chu)能(neng)需(xu)求(qiu)(qiu)多(duo)(duo)點開花。

　　電(dian)(dian)(dian)能(neng)質量(liang)業務(wu)保(bao)持(chi)穩步(bu)增長，具有深厚技(ji)術(shu)基礎，始終保(bao)持(chi)低壓(ya)(ya)電(dian)(dian)(dian)能(neng)質量(liang)行業領先地(di)(di)位。公司作為國內最早(zao)研發生(sheng)產(chan)(chan)低壓(ya)(ya)電(dian)(dian)(dian)能(neng)質量(liang)產(chan)(chan)品的企(qi)業之一，公司首先將三電(dian)(dian)(dian)平(ping)模塊化(hua)技(ji)術(shu)運(yun)用于(yu)電(dian)(dian)(dian)能(neng)質量(liang)產(chan)(chan)品，覆(fu)蓋諧(xie)波治理(li)、無功(gong)補償、地(di)(di)鐵(tie)儲能(neng)、電(dian)(dian)(dian)壓(ya)(ya)暫降(jiang)、保(bao)障用電(dian)(dian)(dian)安全的工業UPS等領域(yu)。看好公司在(zai)市場需求和產(chan)(chan)品方面(mian)的挖潛(qian)空間，通(tong)過(guo)開拓市場和提升市占率來保(bao)持(chi)業績(ji)增長。

　　盈利預(yu)測和投資評級：公(gong)(gong)司聚(ju)焦新(xin)能源(yuan)與工業(ye)配(pei)套(tao)電源(yuan)賽道，以電能質量、充換電、儲(chu)能以及電池化成業(ye)務為四大主線業(ye)務。受益(yi)于充電樁需(xu)求(qiu)預(yu)期高增及國內外儲(chu)能高景氣度，預(yu)計公(gong)(gong)司2023年(nian)和2024年(nian)實現營收24億(yi)元和36億(yi)元，歸(gui)母凈(jing)利3.1億(yi)元和4.5億(yi)元，當前股價(jia)對應PE為41X、28X，首次覆蓋，給出“增持(chi)”評級。

　　風險提示(shi)：充電樁需求不及(ji)預期；儲能需求不及(ji)預期；宏觀經濟下行風險；政策變動風險；競爭加劇(ju)導(dao)致毛利率(lv)不及(ji)預期；應(ying)收賬款未按預期收回；募(mu)投項目營收不及(ji)預期。