盛弘股份發布2022年(nian)年(nian)報(bao)：2022全年(nian)，公(gong)司實(shi)現(xian)營收(shou)15.03億元(yuan)，同(tong)比(bi)+47.16%；歸(gui)母(mu)凈利2.24億元(yuan)，同(tong)比(bi)+97.04%；扣(kou)非歸(gui)母(mu)凈利2.13億元(yuan)，同(tong)比(bi)+111.12%；經營性(xing)凈現(xian)金流2.02億元(yuan)，同(tong)比(bi)+90.07%。

　　其中，2022Q4，公司實現營(ying)(ying)收5.69億(yi)元(yuan)，同(tong)比+56.49%，環(huan)比+47.33%；歸(gui)母凈(jing)利0.93億(yi)元(yuan)，同(tong)比+168.84%，環(huan)比+47.23%；扣非歸(gui)母凈(jing)利0.90億(yi)元(yuan)，同(tong)比+181.22%，環(huan)比+55.92%；經(jing)營(ying)(ying)性凈(jing)現金流0.70億(yi)元(yuan)，同(tong)比+34.36%，環(huan)比-13.92%。

　　投資要點:

　　2022年全(quan)年電(dian)(dian)(dian)(dian)(dian)(dian)動(dong)(dong)汽(qi)(qi)車(che)(che)充(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)樁與(yu)電(dian)(dian)(dian)(dian)(dian)(dian)池(chi)化(hua)成業務高(gao)速(su)增(zeng)(zeng)(zeng)長，電(dian)(dian)(dian)(dian)(dian)(dian)動(dong)(dong)汽(qi)(qi)車(che)(che)充(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)樁成為僅次于電(dian)(dian)(dian)(dian)(dian)(dian)能(neng)(neng)(neng)質量的第二大業務板塊。2022年電(dian)(dian)(dian)(dian)(dian)(dian)動(dong)(dong)汽(qi)(qi)車(che)(che)充(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)樁實現營(ying)收4.26億元，同(tong)(tong)比+116.96%，占營(ying)業收入比重提高(gao)到28.33%，主(zhu)(zhu)要受新(xin)能(neng)(neng)(neng)源(yuan)電(dian)(dian)(dian)(dian)(dian)(dian)動(dong)(dong)汽(qi)(qi)車(che)(che)行業政策(ce)及需(xu)求(qiu)的刺激，下(xia)游充(chong)(chong)換電(dian)(dian)(dian)(dian)(dian)(dian)運營(ying)企業投資升溫，拉動(dong)(dong)充(chong)(chong)換電(dian)(dian)(dian)(dian)(dian)(dian)產品需(xu)求(qiu)增(zeng)(zeng)(zeng)長迅速(su)。電(dian)(dian)(dian)(dian)(dian)(dian)池(chi)化(hua)成業務實現營(ying)收2.58億元，同(tong)(tong)比+72.37%，主(zhu)(zhu)要系(xi)鋰電(dian)(dian)(dian)(dian)(dian)(dian)池(chi)廠客戶紛(fen)紛(fen)擴充(chong)(chong)各類鋰電(dian)(dian)(dian)(dian)(dian)(dian)池(chi)產能(neng)(neng)(neng)，電(dian)(dian)(dian)(dian)(dian)(dian)池(chi)檢測及化(hua)成設備(bei)需(xu)求(qiu)增(zeng)(zeng)(zeng)大。電(dian)(dian)(dian)(dian)(dian)(dian)能(neng)(neng)(neng)質量實現營(ying)收5.12億元，同(tong)(tong)比+26.69%，主(zhu)(zhu)要系(xi)高(gao)端(duan)新(xin)材料、半(ban)導體(ti)等高(gao)端(duan)裝(zhuang)備(bei)制(zhi)造(zao)業快(kuai)速(su)發展，工業配套電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)產品的需(xu)求(qiu)增(zeng)(zeng)(zeng)加。

　　電(dian)動汽(qi)(qi)車(che)(che)(che)充(chong)電(dian)樁(zhuang)(zhuang)與儲(chu)能業(ye)務預期高速(su)增長，有(you)望貢(gong)獻公(gong)司(si)高速(su)增長動力。電(dian)動汽(qi)(qi)車(che)(che)(che)充(chong)電(dian)樁(zhuang)(zhuang)方面(mian)，目前國(guo)(guo)(guo)內外(wai)新(xin)能源汽(qi)(qi)車(che)(che)(che)快速(su)發(fa)展和(he)車(che)(che)(che)樁(zhuang)(zhuang)比偏高，預計將(jiang)繼續(xu)推(tui)動充(chong)電(dian)樁(zhuang)(zhuang)行業(ye)需(xu)求保持高增。截(jie)至2022年(nian)(nian)底，我國(guo)(guo)(guo)存量(liang)車(che)(che)(che)樁(zhuang)(zhuang)比2.5：1，距離2025年(nian)(nian)車(che)(che)(che)樁(zhuang)(zhuang)比2：1的政策目標與1：1的遠(yuan)期理想狀態仍有(you)發(fa)展空(kong)間。同時，歐盟(meng)也(ye)在加速(su)新(xin)能源車(che)(che)(che)發(fa)展和(he)充(chong)電(dian)樁(zhuang)(zhuang)建(jian)設(she)，到(dao)2025年(nian)(nian)預計電(dian)動車(che)(che)(che)增加到(dao)1300萬輛左右；美國(guo)(guo)(guo)于2022年(nian)(nian)提出(chu)未來(lai)5年(nian)(nian)內撥款50億美元用于充(chong)電(dian)樁(zhuang)(zhuang)建(jian)設(she)。儲(chu)能方面(mian)，隨(sui)著(zhu)國(guo)(guo)(guo)內外(wai)新(xin)能源消納壓力不斷增大(da)，全(quan)(quan)球多國(guo)(guo)(guo)儲(chu)能需(xu)求有(you)望迎(ying)來(lai)高速(su)增長。公(gong)司(si)儲(chu)能產品全(quan)(quan)球認證齊全(quan)(quan)，儲(chu)能業(ye)務有(you)望受(shou)益(yi)于2023年(nian)(nian)全(quan)(quan)球大(da)型儲(chu)能需(xu)求多點開花(hua)。

　　電(dian)能(neng)質(zhi)(zhi)量業(ye)務保持(chi)穩步增(zeng)長(chang)，具有深(shen)厚(hou)技(ji)術基礎(chu)，始終(zhong)保持(chi)低壓電(dian)能(neng)質(zhi)(zhi)量行業(ye)領(ling)先地(di)位。公司作(zuo)為國內最(zui)早研發生產低壓電(dian)能(neng)質(zhi)(zhi)量產品的企業(ye)之(zhi)一，公司首先將三(san)電(dian)平模塊(kuai)化(hua)技(ji)術運用(yong)于電(dian)能(neng)質(zhi)(zhi)量產品，覆蓋諧波(bo)治理、無(wu)功補償(chang)、地(di)鐵儲能(neng)、電(dian)壓暫(zan)降、保障用(yong)電(dian)安全的工業(ye)UPS等領(ling)域。看好公司在(zai)市場需求和(he)產品方面的挖潛空間，通(tong)過開拓市場和(he)提升(sheng)市占率來保持(chi)業(ye)績增(zeng)長(chang)。

　　盈利(li)預測和投資評級：公司聚焦新能(neng)(neng)源與工業(ye)配套電(dian)源賽道(dao)，以(yi)電(dian)能(neng)(neng)質量、充(chong)換電(dian)、儲能(neng)(neng)以(yi)及電(dian)池化成業(ye)務(wu)為四(si)大主(zhu)線(xian)業(ye)務(wu)。受益于充(chong)電(dian)樁需求(qiu)預期(qi)高(gao)增(zeng)及國內外儲能(neng)(neng)高(gao)景氣度，預計公司2023年和2024年實(shi)現營收24億(yi)(yi)元和36億(yi)(yi)元，歸母凈利(li)3.1億(yi)(yi)元和4.5億(yi)(yi)元，當前股價對應PE為41X、28X，首次覆蓋(gai)，給出“增(zeng)持”評級。

　　風險(xian)提示：充電樁(zhuang)需求不及(ji)預(yu)期(qi)；儲能需求不及(ji)預(yu)期(qi)；宏(hong)觀經濟下(xia)行(xing)風險(xian)；政策變動風險(xian)；競爭加劇導致毛利率不及(ji)預(yu)期(qi)；應收(shou)賬款未按預(yu)期(qi)收(shou)回(hui)；募投項目營收(shou)不及(ji)預(yu)期(qi)。