一．深耕電能質量不斷拓展，立足國內(nei)揚帆海外

1.1、電能質量設備起家，逐步拓展儲能、充電樁、電池化成領域

公司電(dian)(dian)能質量(liang)設(she)備(bei)起(qi)家(jia)，逐(zhu)步拓展儲(chu)能、充電(dian)(dian)樁、電(dian)(dian)池(chi)化(hua)(hua)成(cheng)(cheng)(cheng)領域。盛(sheng)弘(hong)股份是(shi)全球領先的(de) 能源(yuan)互聯網(wang)核心電(dian)(dian)力(li)設(she)備(bei)及解決(jue)方(fang)案提(ti)供商。公司于 2007 年(nian)在(zai)深圳成(cheng)(cheng)(cheng)立(li)(li)， 2008 年(nian)推出(chu)國(guo) 內第一(yi)款模塊(kuai)化(hua)(hua) APF,成(cheng)(cheng)(cheng)為國(guo)內首家(jia)應用模塊(kuai)化(hua)(hua)技(ji)術制造電(dian)(dian)能質量(liang)設(she)備(bei)的(de)企業(ye)。成(cheng)(cheng)(cheng)立(li)(li)以來， 公司便致力(li)于提(ti)供以電(dian)(dian)力(li)電(dian)(dian)子技(ji)術為核心的(de)服務解決(jue)方(fang)案，不斷挖掘(jue)細(xi)分行業(ye)的(de)應用需求， 產品(pin)(pin)從單(dan)一(yi)走向多(duo)元(yuan)化(hua)(hua)、多(duo)賽道(dao)發力(li)：2009 年(nian)，成(cheng)(cheng)(cheng)立(li)(li)儲(chu)能微網(wang)產品(pin)(pin)線(xian)；2011 年(nian)，成(cheng)(cheng)(cheng)立(li)(li)電(dian)(dian) 動汽(qi)車產品(pin)(pin)線(xian)；2012 年(nian)，成(cheng)(cheng)(cheng)立(li)(li)電(dian)(dian)池(chi)化(hua)(hua)成(cheng)(cheng)(cheng)與檢測業(ye)務條(tiao)線(xian)。2017 年(nian)公司在(zai)創(chuang)業(ye)板成(cheng)(cheng)(cheng)功上市， 同時(shi)也(ye)加快市場開拓步伐(fa)， 2019 年(nian)新增智能配電(dian)(dian)、工業(ye)電(dian)(dian)源(yuan)等多(duo)項(xiang)業(ye)務，2021 年(nian)獲得(de)年(nian) 度儲(chu)能產業(ye)最具影響力(li)企業(ye)獎。經過 15 年(nian)的(de)風雨歷程(cheng)，盛(sheng)弘(hong)目前擁有 200 余項(xiang)zhuanli技(ji)術， 是(shi)國(guo)家(jia)“雙(shuang)高雙(shuang)軟企業(ye)”。

目前，公司業務主要聚焦于工業配套電源、新能源電能變換設備、電動汽車充電設備、電 池檢測及化成設備，為客戶提供從新品研發、生產制造到銷售服務的一站式解決方案。1）工業配套電源產品專注提升用電質量與安全的電能質量產品、應用在高端制造裝備及半 導體芯片制造設備電源，主要包括有源電力濾波器（APF）、動態電壓調節器（AVC）、 不間斷電源（UPS）、靜止無功發生器（SVG）等，解決用戶在用電過程中遇到的工業配 套電源問題；2）電汽車充換電設備相關業務服務于新能源汽車等綠色出行領域的新能源，包含分體式及 一體式充電設備、交流充電樁、恒功(gong)率充(chong)電(dian)(dian)模塊、充(chong)電(dian)(dian)站建設及(ji)運營(ying)管(guan)理服務，應用于(yu)電(dian)(dian) 動(dong)汽(qi)車充(chong)換電(dian)(dian)站、停車場充(chong)電(dian)(dian)裝(zhuang)置；

3）新能源(yuan)電(dian)(dian)(dian)能變換設備服務于新能源(yuan)靈活應用領(ling)域的儲能微網(wang)系統核心設備及解決方案(an)， 包括儲能變流器、儲能電(dian)(dian)(dian)站集成(cheng)方案(an)設計(ji)及實(shi)施，實(shi)現(xian)儲能電(dian)(dian)(dian)池(chi)和電(dian)(dian)(dian)網(wang)之間的雙(shuang)向電(dian)(dian)(dian)能變 換及傳輸；4）電(dian)(dian)(dian)池(chi)化成(cheng)與檢測設備主要包括鋰電(dian)(dian)(dian)池(chi)系列(lie)、鉛(qian)酸電(dian)(dian)(dian)池(chi)系列(lie)電(dian)(dian)(dian)池(chi)化成(cheng)與檢測設備，運用 在(zai)消費及動力電(dian)(dian)(dian)池(chi)研(yan)發(fa)與制造(zao)過程中。

1.2、公(gong)司(si)股權結構穩定，管理(li)層管理(li)經驗豐富

公(gong)司(si)(si)股(gu)權(quan)結構穩(wen)定，實(shi)際控制人(ren)為創始人(ren)。截至 2023 年 3 月 15 日，方興(xing)直接持(chi)(chi)有(you)盛弘(hong)股(gu) 份 18.89%的股(gu)份，為公(gong)司(si)(si)第一大(da)股(gu)東和實(shi)際控制人(ren)。公(gong)司(si)(si)前三大(da)股(gu)東分別(bie)為方興(xing)（持(chi)(chi)股(gu)占 比 18.89%）、盛劍(jian)明（持(chi)(chi)股(gu)比例 7.12%）、肖學禮（4.89%）。

子公(gong)(gong)司(si)進軍海外(wai)，布局美(mei)國(guo)、澳(ao)大利(li)(li)亞(ya)市(shi)場。盛(sheng)弘股份擁有(you)眾多子公(gong)(gong)司(si)，業務(wu)廣泛，覆蓋 公(gong)(gong)司(si)各項(xiang)主要(yao)業務(wu)的(de)(de)生產(chan)(chan)(chan)、經營和(he)銷(xiao)(xiao)售，如盛(sheng)弘儲(chu)能微網科技有(you)限(xian)公(gong)(gong)司(si)主要(yao)涵蓋新能源發 電(dian)(dian)及(ji)儲(chu)能系統及(ji)設(she)(she)備業務(wu)，惠州盛(sheng)弘電(dian)(dian)源科技主要(yao)負責(ze)(ze) PCBA 模塊及(ji)小型(xing)充(chong)電(dian)(dian)電(dian)(dian)源產(chan)(chan)(chan)品等 的(de)(de)研發和(he)生產(chan)(chan)(chan)。為充(chong)分發揮公(gong)(gong)司(si)的(de)(de)技術優(you)勢(shi)和(he)產(chan)(chan)(chan)品優(you)勢(shi)，公(gong)(gong)司(si)加大海外(wai)市(shi)場拓展(zhan)：Sinexcel Inc，系公(gong)(gong)司(si)于 2016 年(nian)在美(mei)國(guo)特拉華州設(she)(she)立的(de)(de)全資(zi)子公(gong)(gong)司(si)；Sinexcel Pty.LTD，系 公(gong)(gong)司(si)全資(zi)子公(gong)(gong)司(si) Sinexcel Inc.于 2021 年(nian)在澳(ao)大利(li)(li)亞(ya)昆(kun)士蘭(lan)州設(she)(she)立的(de)(de)全資(zi)子公(gong)(gong)司(si)。兩(liang)個海外(wai)公(gong)(gong)司(si)主要(yao)負責(ze)(ze)新能源設(she)(she)備的(de)(de)銷(xiao)(xiao)售。

公(gong)(gong)(gong)司(si)具(ju)有(you)(you)“華(hua)為(wei)電氣(qi)—艾(ai)默(mo)(mo)生(sheng)”創業(ye)系基因，管(guan)(guan)(guan)理(li)(li)層管(guan)(guan)(guan)理(li)(li)經(jing)驗(yan)(yan)豐富(fu)。高管(guan)(guan)(guan)團隊深(shen)(shen)耕電力(li)電 子領(ling)域，公(gong)(gong)(gong)司(si)董事(shi)長兼(jian)總(zong)經(jing)理(li)(li)方興(xing)曾任(ren)職捷普電子（廣州）有(you)(you)限公(gong)(gong)(gong)司(si)事(shi)業(ye)部總(zong)監(jian)，副董事(shi) 長肖(xiao)瑾曾供(gong)職于深(shen)(shen)圳可立克(ke)電子有(you)(you)限公(gong)(gong)(gong)司(si)，魏曉亮曾任(ren)艾(ai)默(mo)(mo)生(sheng)網絡能(neng)源有(you)(you)限公(gong)(gong)(gong)司(si)項(xiang)目經(jing)理(li)(li)， 管(guan)(guan)(guan)理(li)(li)經(jing)驗(yan)(yan)豐富(fu)，具(ju)有(you)(you)電力(li)電子背景。肖(xiao)學(xue)禮、盛劍明為(wei)公(gong)(gong)(gong)司(si)前副總(zong)經(jing)理(li)(li)（2021 年離(li)任(ren)）， 都出(chu)自“華(hua)為(wei)電氣(qi)—艾(ai)默(mo)(mo)生(sheng)”創業(ye)系，具(ju)有(you)(you)較強的(de)執行力(li)，國際化(hua)的(de)視野，電力(li)電子技術(shu) 深(shen)(shen)刻(ke)的(de)理(li)(li)解，規范化(hua)的(de)管(guan)(guan)(guan)理(li)(li)。伴隨著公(gong)(gong)(gong)司(si)不斷(duan)發展，初創、成長和(he)發展期(qi)(qi)的(de)骨干人(ren)(ren)員均(jun)(jun)已 成為(wei)關鍵(jian)管(guan)(guan)(guan)理(li)(li)人(ren)(ren)員、業(ye)務骨干和(he)核心技術(shu)人(ren)(ren)員。目前主要(yao)管(guan)(guan)(guan)理(li)(li)人(ren)(ren)員和(he)核心技術(shu)人(ren)(ren)員均(jun)(jun)為(wei)相 關領(ling)域的(de)資(zi)深(shen)(shen)專家，具(ju)有(you)(you)長期(qi)(qi)、豐富(fu)的(de)技術(shu)和(he)管(guan)(guan)(guan)理(li)(li)經(jing)驗(yan)(yan)。

公(gong)司實行(xing)股(gu)權(quan)激(ji)勵，綁定管理層與核心骨干(gan)。公(gong)司2022年首(shou)次(ci)公(gong)布限制性(xing)股(gu)票激(ji)勵計劃(hua)， 授予激(ji)勵對(dui)象(xiang)總人(ren)(ren)數 238 人(ren)(ren)，主(zhu)要包括董事、高級管理人(ren)(ren)員(yuan)、中層管理人(ren)(ren)員(yuan)和核心技術 （業(ye)務(wu)）骨干(gan)。授予的限制性(xing)股(gu)票總量 453.50 萬股(gu)，約(yue)占激(ji)勵計劃(hua)草案公(gong)告時公(gong)司股(gu)本的 2.21%。其中首(shou)次(ci)授予397.10萬股(gu)，預(yu)留授予56.40萬股(gu)。此次(ci)激(ji)勵計劃(hua)考(kao)核年度(du)(du)(du)為(wei)(wei)2022- 2024 年三個會計年度(du)(du)(du)，分年度(du)(du)(du)對(dui)公(gong)司凈利潤進行(xing)考(kao)核，其中 2023、2024 年利潤目標值分 別 1.6、2 億元，觸發值分別為(wei)(wei) 1.35、1.75 億元。此次(ci)激(ji)勵計劃(hua)有利于激(ji)發員(yuan)工的活力(li)，維 護人(ren)(ren)才隊(dui)伍穩定性(xing)。

1.3、營收利潤(run)雙增(zeng)長(chang)，核心業(ye)務經營穩健

營業(ye)收(shou)(shou)(shou)入(ru)與歸(gui)(gui)母(mu)凈(jing)利(li)潤(run)實(shi)現同(tong)步穩健增長(chang)。根據(ju)公(gong)司(si)(si) 2022 年(nian)三季(ji)度報告，截止 2022 年(nian) Q3，公(gong)司(si)(si)營業(ye)收(shou)(shou)(shou)入(ru)為 9.34 億(yi)元(yuan)(yuan)，同(tong)比(bi)增長(chang) 42%，歸(gui)(gui)母(mu)凈(jing)利(li)潤(run)為 1.31 億(yi)元(yuan)(yuan)，同(tong)比(bi)增長(chang) 66%。2017-2021 年(nian)營業(ye)收(shou)(shou)(shou)入(ru)分別(bie)為 4.51、5.31、6.36、7.71、10.21 億(yi)元(yuan)(yuan)，同(tong)比(bi)增長(chang) 1.03%、 17.72%、19.69%、21.31%、32.41%，2017-2021 年(nian) CAGR 為 22.66%。公(gong)司(si)(si)歸(gui)(gui)母(mu)凈(jing)利(li)潤(run) 方面， 2017-2021 年(nian)實(shi)現歸(gui)(gui)母(mu)凈(jing)利(li)潤(run) 0.46、0.48、0.62、1.06、1.13 億(yi)元(yuan)(yuan)，同(tong)比(bi)增長(chang)27.95%、5.36%、27.99%、70.99%、6.93%，2017-2021年(nian)歸(gui)(gui)母(mu)凈(jing)利(li)潤(run) CAGR 為 25.19%。

綜合毛利(li)(li)保持高位，凈(jing)(jing)利(li)(li)率(lv)(lv)(lv)波(bo)動上(shang)升。2022 年三季度末，公司整(zheng)體毛利(li)(li)率(lv)(lv)(lv)為 43.48%，凈(jing)(jing) 利(li)(li)率(lv)(lv)(lv)為 14.02%。2017-2021 年的毛利(li)(li)率(lv)(lv)(lv)分(fen)別為 49.99%、46.00%、47.90%、48.19%、 43.50%，總(zong)體毛利(li)(li)較為穩(wen)定(ding)。2017-2021 年的凈(jing)(jing)利(li)(li)率(lv)(lv)(lv)分(fen)別為 10.39%、7.67%、9.76%、 13.76%、11.10%，凈(jing)(jing)利(li)(li)率(lv)(lv)(lv)水平整(zheng)體呈現波(bo)動上(shang)升的態勢。

公司(si)費用(yong)(yong)(yong)管理(li)能力(li)較(jiao)強，同時注(zhu)重研發(fa)投入(ru)(ru)。費用(yong)(yong)(yong)方面(mian)，2022 年三(san)季度末公司(si)銷售(shou)費用(yong)(yong)(yong)、 管理(li)費用(yong)(yong)(yong)、研發(fa)費用(yong)(yong)(yong)、財務費用(yong)(yong)(yong)分(fen)別為 1.26、0.53、0.94、-0.03 億元，前三(san)項分(fen)別占營業 收入(ru)(ru)的 13.44%、5.68%、10.07%。2022 年前三(san)季度期間(jian)費用(yong)(yong)(yong)率為 28.91%，較(jiao)上年同期 下降 2.63 個百分(fen)點(dian)(dian)，主要為銷售(shou)費用(yong)(yong)(yong)的降低。公司(si)注(zhu)重研發(fa)，自 2018 年來研發(fa)費用(yong)(yong)(yong)率逐 步上升，截止(zhi) 2022 年 6 月 30 日，公司(si)累計(ji)已獲得授權的有效zhuanli及(ji)軟件著作權共(gong)計(ji) 208 件，依靠產品(pin)不斷的技術(shu)創(chuang)新，滿(man)足客戶的新需求，解決(jue)客戶痛點(dian)(dian)，提升客戶體(ti)驗，促進(jin) 公司(si)的可持續(xu)發(fa)展。

工業電源、充電樁、電池化成增幅較大。低壓電能質量檢測業務為公司的核心業務之一， 工業電源與電能質量產品均可以在工業企業應用，客戶類型相近，公司 2021年起將兩個業 務合并成工業配套電源業務。截止 2022H1，工業配套電源收入為 2.09 億元（占比 38.15%），電動汽車充電樁收(shou)(shou)入為 1.30 億元(yuan)（占(zhan)比(bi)(bi) 23.68%）、電池(chi)化成與檢測收(shou)(shou)入為1.03 億元(yuan)（占(zhan)比(bi)(bi) 18.69%）、新能源電能變換(huan)設備收(shou)(shou)入為 0.81 億元(yuan)（占(zhan)比(bi)(bi) 14.74%），分別(bie) 同比(bi)(bi)增(zeng)長 27.52%、54.50%、104.46%、-4.04%。

海(hai)外(wai)業(ye)(ye)務占比逐(zhu)步提(ti)(ti)升。公司自成立以來就(jiu)注重開拓海(hai)外(wai)市場，在(zai)美(mei)國和(he)澳大利亞都設立 控股公司，海(hai)外(wai)業(ye)(ye)務主要在(zai)歐洲(zhou)和(he)美(mei)國，海(hai)外(wai)收入主要來自儲能和(he)電(dian)能質量(liang)產品。2017- 2021 年(nian)海(hai)外(wai)收入分別為 0.37、0.51、1.18、1.43、2.28 億元，占比 8.25%、9.68%、 18.64%、18.52%、22.36%。憑借著目前業(ye)(ye)內較全的海(hai)外(wai)認證證書及項目交付能力，近年(nian) 來海(hai)外(wai)收入占比顯著提(ti)(ti)高(gao)。

公(gong)司(si)各產(chan)品毛(mao)(mao)(mao)利(li)(li)(li)率(lv)(lv)(lv)穩定(ding)，出海(hai)產(chan)品盈利(li)(li)(li)較(jiao)好(hao)。分區域來看，國內業(ye)務毛(mao)(mao)(mao)利(li)(li)(li)率(lv)(lv)(lv)穩定(ding)，海(hai)外呈(cheng) 現下降趨勢。分產(chan)品來看， 2022年(nian)(nian)(nian)三季度末公(gong)司(si)工(gong)業(ye)配套(tao)電源、電動汽車(che)(che)充電樁(zhuang)、電池(chi)化 成(cheng)與(yu)檢測、新(xin)能源電能變換設備(bei)的(de)毛(mao)(mao)(mao)利(li)(li)(li)率(lv)(lv)(lv)分別 52.38%、35.54%、35.52%、44.90%，同 比增長(chang)-2.5%、6.08%、-5.73%、-10.92%。工(gong)業(ye)配套(tao)電源為公(gong)司(si)的(de)核心(xin)業(ye)務，毛(mao)(mao)(mao)利(li)(li)(li)率(lv)(lv)(lv)始終 高于整體水平(ping)。電動汽車(che)(che)充電樁(zhuang) 2017-2022H1 的(de)毛(mao)(mao)(mao)利(li)(li)(li)率(lv)(lv)(lv)略(lve)微上升。而新(xin)能源電能變換設備(bei) 以及電池(chi)化成(cheng)與(yu)檢測業(ye)務的(de)毛(mao)(mao)(mao)利(li)(li)(li)率(lv)(lv)(lv)在 2018 年(nian)(nian)(nian)和 2021 年(nian)(nian)(nian)都有降幅。

二．儲能：黃金賽道上的璀璨明珠

2.1、需求與政策共(gong)振，儲能市場東風已至

儲(chu)(chu)能(neng)(neng)(neng)(neng)是解決(jue)新(xin)能(neng)(neng)(neng)(neng)源發(fa)(fa)(fa)展帶來的(de)(de)系統問(wen)題的(de)(de)“良方”。儲(chu)(chu)能(neng)(neng)(neng)(neng)可以解決(jue)新(xin)能(neng)(neng)(neng)(neng)源將帶來的(de)(de)兩個主(zhu)要 系統問(wen)題：1）發(fa)(fa)(fa)/用電(dian)的(de)(de)時間錯配。2）優化(hua)電(dian)能(neng)(neng)(neng)(neng)質量，保(bao)障電(dian)網安(an)全(quan)(quan)。儲(chu)(chu)能(neng)(neng)(neng)(neng)在(zai)電(dian)力系統中 具有剛(gang)性需求。各國政(zheng)(zheng)(zheng)府相繼推(tui)(tui)出政(zheng)(zheng)(zheng)策推(tui)(tui)動儲(chu)(chu)能(neng)(neng)(neng)(neng)發(fa)(fa)(fa)展。2020 年(nian)(nian)(nian) 9 月(yue)，歐盟委員會(hui)推(tui)(tui)出了(le)《2030 年(nian)(nian)(nian)氣候目標(biao) 計劃(hua)》，到 2030 年(nian)(nian)(nian)計劃(hua)可再生(sheng)能(neng)(neng)(neng)(neng)源發(fa)(fa)(fa)電(dian)占比從目前的(de)(de) 32%提(ti)(ti)(ti)高至(zhi) 65%以上，可再生(sheng)能(neng)(neng)(neng)(neng)源 裝機的(de)(de)占比提(ti)(ti)(ti)升有望拉(la)動儲(chu)(chu)能(neng)(neng)(neng)(neng)需求的(de)(de)增(zeng)長。2020年(nian)(nian)(nian)12月(yue)，美國能(neng)(neng)(neng)(neng)源部(bu)發(fa)(fa)(fa)布(bu)了(le)《儲(chu)(chu)能(neng)(neng)(neng)(neng)大挑(tiao)戰 路線圖》，在(zai)本土(tu)創新(xin)、本土(tu)制造、全(quan)(quan)球部(bu)署三大原則的(de)(de)基礎上部(bu)署儲(chu)(chu)能(neng)(neng)(neng)(neng)技(ji)術(shu)促進電(dian)力系 統轉型。2021 年(nian)(nian)(nian) 7 月(yue)，我國國家(jia)發(fa)(fa)(fa)改委、國家(jia)能(neng)(neng)(neng)(neng)源局聯合發(fa)(fa)(fa)布(bu)《關于(yu)加快推(tui)(tui)動新(xin)型儲(chu)(chu)能(neng)(neng)(neng)(neng)發(fa)(fa)(fa) 展的(de)(de)指導(dao)意(yi)見》，到 2025 年(nian)(nian)(nian)，實(shi)現新(xin)型儲(chu)(chu)能(neng)(neng)(neng)(neng)從商業(ye)化(hua)初期(qi)向(xiang)規(gui)模化(hua)發(fa)(fa)(fa)展轉變，裝機規(gui)模達 3,000 萬千(qian)瓦以上，為儲(chu)(chu)能(neng)(neng)(neng)(neng)行業(ye)的(de)(de)快速發(fa)(fa)(fa)展提(ti)(ti)(ti)供了(le)有力的(de)(de)政(zheng)(zheng)(zheng)策保(bao)障。

新型(xing)儲(chu)(chu)能(neng)(neng)黃金賽道正(zheng)起步。全球新型(xing)儲(chu)(chu)能(neng)(neng)市場來看(kan)，2021 年累(lei)(lei)計(ji)(ji)裝機(ji) 25.4GW，同比(bi)(bi)增(zeng)長(chang) 68%。目前(qian)一(yi)般情況配儲(chu)(chu) 2 小(xiao)(xiao)時(shi)，對(dui)應 21 年儲(chu)(chu)能(neng)(neng)累(lei)(lei)計(ji)(ji)裝機(ji)量約(yue) 50GWh。中國新型(xing)儲(chu)(chu)能(neng)(neng)市 場來看(kan)，2021 年累(lei)(lei)計(ji)(ji)裝機(ji) 5.73GW，同比(bi)(bi)增(zeng)長(chang) 75%，按照目前(qian)一(yi)般配儲(chu)(chu) 2 小(xiao)(xiao)時(shi)，對(dui)應 21 年儲(chu)(chu)能(neng)(neng)累(lei)(lei)計(ji)(ji)裝機(ji)量約(yue) 10GWh。

中美歐三國齊發力，全球儲(chu)(chu)能發展空間(jian)廣闊(kuo)。根據我(wo)們(men)近(jin)期發布的(de)深度(du)報告《征程萬(wan)里風 正勁，奮楫揚帆破浪行》，我(wo)們(men)測算得(de)到全球 2023 年(nian)(nian)(nian)(nian)新(xin)(xin)增(zeng)(zeng)(zeng)(zeng)裝(zhuang)(zhuang)機為(wei)(wei)(wei) 123.08GWh，2025 年(nian)(nian)(nian)(nian)新(xin)(xin) 增(zeng)(zeng)(zeng)(zeng)裝(zhuang)(zhuang)機 321.06GWh，21-25 年(nian)(nian)(nian)(nian)復(fu)合增(zeng)(zeng)(zeng)(zeng)速(su)為(wei)(wei)(wei) 89%。其中 1）我(wo)國 2023 年(nian)(nian)(nian)(nian)儲(chu)(chu)能新(xin)(xin)增(zeng)(zeng)(zeng)(zeng)裝(zhuang)(zhuang)機為(wei)(wei)(wei) 14.21GW/27.31GWh，同比增(zeng)(zeng)(zeng)(zeng)長126.8%，2025年(nian)(nian)(nian)(nian)新(xin)(xin)增(zeng)(zeng)(zeng)(zeng)裝(zhuang)(zhuang)機為(wei)(wei)(wei)52.15GW/106.49GWh，21- 25 年(nian)(nian)(nian)(nian) CAGR 為(wei)(wei)(wei) 118%；2）美國 2023 年(nian)(nian)(nian)(nian)新(xin)(xin)增(zeng)(zeng)(zeng)(zeng)裝(zhuang)(zhuang)機預(yu)計(ji) 38GWh，2025 年(nian)(nian)(nian)(nian)預(yu)計(ji)新(xin)(xin)增(zeng)(zeng)(zeng)(zeng)裝(zhuang)(zhuang)機為(wei)(wei)(wei) 81.47GWh，21-25年(nian)(nian)(nian)(nian)復(fu)合增(zeng)(zeng)(zeng)(zeng)速(su)為(wei)(wei)(wei) 66%；3）歐洲（主要(yao)增(zeng)(zeng)(zeng)(zeng)量貢(gong)獻為(wei)(wei)(wei)戶儲(chu)(chu)）2023年(nian)(nian)(nian)(nian)新(xin)(xin)增(zeng)(zeng)(zeng)(zeng)裝(zhuang)(zhuang)機 預(yu)計(ji) 27GWh，2025 年(nian)(nian)(nian)(nian)預(yu)計(ji)新(xin)(xin)增(zeng)(zeng)(zeng)(zeng)裝(zhuang)(zhuang)機為(wei)(wei)(wei) 54.3GWh，21-25 年(nian)(nian)(nian)(nian)復(fu)合增(zeng)(zeng)(zeng)(zeng)速(su)為(wei)(wei)(wei) 89%。

2.2、公(gong)司(si)技術沉(chen)淀厚積薄(bo)發，錨定海外市場發展大勢

公司(si)儲(chu)(chu)(chu)能布(bu)局較(jiao)早，已進入規模化(hua)發展(zhan)時期。儲(chu)(chu)(chu)能變流器的(de)(de)市場(chang)需求(qiu)在(zai) 2012 年(nian)開始(shi)起步(bu)， 多以示(shi)范項(xiang)目為主。隨著(zhu)示(shi)范項(xiang)目的(de)(de)成(cheng)功探索、電(dian)池技術的(de)(de)成(cheng)熟和成(cheng)本的(de)(de)下(xia)降、以及國家 對微網(wang)儲(chu)(chu)(chu)能項(xiang)目的(de)(de)補貼引導(dao)，儲(chu)(chu)(chu)能技術越來越得到(dao)重(zhong)視。2010 年(nian)，公司(si)的(de)(de)第(di)一個模塊化(hua)光(guang) 伏逆變器誕生，并于 2012 年(nian)開展(zhan) MW 級別(bie)的(de)(de)光(guang)儲(chu)(chu)(chu)項(xiang)目，截止 2021 年(nian)，公司(si)全球裝機總(zong)量 已突破 1GW。

儲(chu)能(neng)系(xi)統(tong)分(fen)為(wei)電(dian)(dian)池(chi)(chi)系(xi)統(tong)、PCS、能(neng)源管理系(xi)統(tong)、溫控/消防系(xi)統(tong)。儲(chu)能(neng)運作(zuo)(zuo)的(de)(de)核心(xin)是充(chong)放(fang)電(dian)(dian)， 電(dian)(dian)池(chi)(chi)是其中(zhong)的(de)(de)核心(xin)。電(dian)(dian)池(chi)(chi)的(de)(de)充(chong)放(fang)電(dian)(dian)流(liu)是直(zhi)流(liu)電(dian)(dian)，而上網、用(yong)(yong)電(dian)(dian)電(dian)(dian)器需(xu)要(yao)的(de)(de)電(dian)(dian)流(liu)是交(jiao)流(liu)電(dian)(dian)， 因(yin)此(ci)充(chong)電(dian)(dian)時需(xu)要(yao)將交(jiao)流(liu)電(dian)(dian)轉換成直(zhi)流(liu)電(dian)(dian)，放(fang)電(dian)(dian)時需(xu)要(yao)將直(zhi)流(liu)電(dian)(dian)轉化(hua)成交(jiao)流(liu)電(dian)(dian)，此(ci)時 PCS 起(qi)(qi) 到(dao) AC/DC 轉換的(de)(de)作(zuo)(zuo)用(yong)(yong)。電(dian)(dian)池(chi)(chi)的(de)(de)充(chong)放(fang)電(dian)(dian)狀態(tai)(tai)，電(dian)(dian)池(chi)(chi)溫度狀態(tai)(tai)等信息需(xu)要(yao)實時監(jian)控、評估、保 護以及均衡控制，此(ci)時 BMS 起(qi)(qi)到(dao)監(jian)控管理作(zuo)(zuo)用(yong)(yong)。儲(chu)能(neng)需(xu)要(yao)與電(dian)(dian)網互動，在相關(guan)的(de)(de)調度過程 中(zhong)需(xu)要(yao)進行(xing)數據(ju)采集、監(jian)測、管控，EMS 起(qi)(qi)到(dao)控制的(de)(de)“大腦”的(de)(de)角(jiao)色。

PCS 按(an)照技術(shu)結(jie)構(gou)可(ke)應用(yong)(yong)(yong)于集中(zhong)(zhong)式(shi)(shi)、大組(zu)串(chuan)、智(zhi)能(neng)(neng)(neng)串(chuan)組(zu)、集散式(shi)(shi)儲能(neng)(neng)(neng)、高壓級聯式(shi)(shi)及分布 式(shi)(shi)能(neng)(neng)(neng)源(yuan)塊儲能(neng)(neng)(neng)方案。每種方案的 PCS 拓撲結(jie)構(gou)有所不同(tong)(tong)，各具優缺點(dian)，適用(yong)(yong)(yong)場(chang)景(jing)不同(tong)(tong)。1） 集中(zhong)(zhong)式(shi)(shi) PCS 控制簡單(dan)，適用(yong)(yong)(yong)于大規模、大功率、長時(shi)(shi)間供電(dian)(dian)(dian)場(chang)景(jing)，比如大型風光電(dian)(dian)(dian)站、電(dian)(dian)(dian) 網側獨立儲能(neng)(neng)(neng)電(dian)(dian)(dian)站等(deng)(deng)，但其可(ke)能(neng)(neng)(neng)引起電(dian)(dian)(dian)池簇(cu)功用(yong)(yong)(yong)不均衡的問題，市場(chang)上主要公(gong)司有陽光電(dian)(dian)(dian) 源(yuan)等(deng)(deng)；2）交流(liu)側多分支并(bing)(bing)聯，俗稱(cheng)“大組(zu)串(chuan)”，將(jiang)集中(zhong)(zhong)式(shi)(shi)逆(ni)變器分散為(wei)組(zu)串(chuan)式(shi)(shi)逆(ni)變器，將(jiang) 直流(liu)側的并(bing)(bing)聯，轉化(hua)為(wei)交流(liu)的并(bing)(bing)聯，同(tong)(tong)時(shi)(shi)控制精度從(cong)多個電(dian)(dian)(dian)池簇(cu)變為(wei)單(dan)個電(dian)(dian)(dian)池簇(cu)，代表(biao)企(qi) 業(ye)有上能(neng)(neng)(neng)電(dian)(dian)(dian)氣等(deng)(deng)；3）智(zhi)能(neng)(neng)(neng)組(zu)串(chuan)式(shi)(shi)在直流(liu)側并(bing)(bing)聯，對電(dian)(dian)(dian)池簇(cu)的控制精度更高，對電(dian)(dian)(dian)芯的兼(jian)容 性比較強，可(ke)以用(yong)(yong)(yong)一(yi)致性較差的電(dian)(dian)(dian)芯做一(yi)套功能(neng)(neng)(neng)不錯的系統，代表(biao)企(qi)業(ye)有華為(wei)等(deng)(deng)；

4）集散式（直流側(ce)(ce)多(duo)分(fen)支并(bing)(bing)聯(lian)）在(zai)每個電(dian)(dian)池(chi)簇(cu)在(zai)并(bing)(bing)聯(lian)接入直流母線前加了(le) DC/DC 隔離，避免(mian)了(le)并(bing)(bing) 聯(lian)容(rong)量(liang)損(sun)失和并(bing)(bing)聯(lian)環流，較好的(de)解決了(le)安全(quan)問題，但(dan)增加了(le)能(neng)(neng)量(liang)損(sun)耗(hao)，代(dai)表企(qi)業(ye)有(you)(you)科華數(shu) 據等；5）高壓(ya)(ya)級(ji)聯(lian)電(dian)(dian)池(chi)單簇(cu)逆變(bian)，不經變(bian)壓(ya)(ya)器(qi)(qi)，高壓(ya)(ya)級(ji)聯(lian)儲(chu)能(neng)(neng)系(xi)(xi)統(tong)通過功率模塊串(chuan)(chuan)聯(lian)形(xing)式 “堆積”形(xing)成(cheng)高壓(ya)(ya)，直接接入電(dian)(dian)網，這種方案系(xi)(xi)統(tong)安全(quan)性高，系(xi)(xi)統(tong)一致(zhi)性好，系(xi)(xi)統(tong)壽(shou)命長(chang)， 單機容(rong)量(liang)大(da)(da)，但(dan)技術難(nan)度高，項目的(de)交付(fu)速(su)度比較慢(man)，對后(hou)期的(de)運(yun)營維護(hu)的(de)要(yao)求也更高， 主要(yao)公(gong)司有(you)(you)金盤科技、新(xin)風光(guang)(guang)、智光(guang)(guang)電(dian)(dian)氣等；6）分(fen)布式能(neng)(neng)源塊是將逆變(bian)器(qi)(qi)、電(dian)(dian)池(chi)簇(cu)、EMS、 BMS 等所有(you)(you)功能(neng)(neng)子單元(yuan)都集中到一個單獨的(de)小機柜里，其拓撲結(jie)構和交流側(ce)(ce)多(duo)分(fen)支并(bing)(bing)聯(lian)形(xing) 式的(de)拓撲結(jie)構很相似，安裝地點靈活，相比于“大(da)(da)組(zu)串(chuan)(chuan)”集成(cheng)度更高，代(dai)表企(qi)業(ye)有(you)(you)華為、 盛弘股份等。

公(gong)(gong)司(si)(si)儲能產(chan)(chan)品(pin)(pin)主(zhu)(zhu)要(yao)包括儲能變流器(qi)（PCS）、儲能半集(ji)成(cheng)系(xi)(xi)統(tong)、光儲一體機等。公(gong)(gong)司(si)(si)產(chan)(chan)品(pin)(pin) 并不是整套的(de)系(xi)(xi)統(tong)集(ji)成(cheng)，以(yi) PCS 與系(xi)(xi)統(tong)半集(ji)成(cheng)為主(zhu)(zhu)（除電池部分），針對(dui)不同的(de)應(ying)用(yong)場(chang)景， 公(gong)(gong)司(si)(si)生產(chan)(chan)相對(dui)應(ying)的(de)尺寸、功(gong)能的(de)產(chan)(chan)品(pin)(pin)。比如微網/工商業具(ju)有(you)(you)光儲一體需求，公(gong)(gong)司(si)(si)設計(ji)光儲 一體機，集(ji)成(cheng)光伏逆(ni)變器(qi)與 PCS，降低(di)后(hou)續(xu)集(ji)成(cheng)、安(an)裝難度；大型儲能電站具(ju)有(you)(you)容量(liang)、成(cheng) 本需求，公(gong)(gong)司(si)(si)設計(ji)大尺寸儲能集(ji)裝箱降低(di)定制化要(yao)求，降低(di)成(cheng)本。

公(gong)司獨(du)(du)創(chuang)(chuang)多支(zhi)路儲(chu)能(neng)(neng)(neng)變(bian)(bian)(bian)(bian)流(liu)(liu)器，具有提(ti)高(gao)系(xi)統性(xing)(xing)能(neng)(neng)(neng)、減少損(sun)耗(hao)、具有兼(jian)容性(xing)(xing)等(deng)優點。公(gong)司優 化創(chuang)(chuang)新(xin)模塊化儲(chu)能(neng)(neng)(neng)變(bian)(bian)(bian)(bian)流(liu)(liu)器設計，首創(chuang)(chuang)多分(fen)(fen)支(zhi)儲(chu)能(neng)(neng)(neng)變(bian)(bian)(bian)(bian)流(liu)(liu)器，原理類似(si)智能(neng)(neng)(neng)組串式。1）將(jiang)多組 電(dian)池(chi)(chi)分(fen)(fen)散接入儲(chu)能(neng)(neng)(neng)變(bian)(bian)(bian)(bian)流(liu)(liu)器，采(cai)用多支(zhi)路儲(chu)能(neng)(neng)(neng)變(bian)(bian)(bian)(bian)流(liu)(liu)器，可(ke)對單(dan)個電(dian)池(chi)(chi)支(zhi)路單(dan)獨(du)(du)控制，減少因 電(dian)池(chi)(chi)的(de)(de)不(bu)一(yi)致性(xing)(xing)對系(xi)統造成的(de)(de)影(ying)響，也進一(yi)步(bu)提(ti)升系(xi)統性(xing)(xing)能(neng)(neng)(neng)、減少損(sun)耗(hao)。2）多分(fen)(fen)支(zhi)儲(chu)能(neng)(neng)(neng)系(xi) 統還能(neng)(neng)(neng)夠在單(dan)臺儲(chu)能(neng)(neng)(neng)變(bian)(bian)(bian)(bian)流(liu)(liu)器直(zhi)接接入不(bu)同(tong)品牌、不(bu)同(tong)類別(bie)、不(bu)同(tong) SOC 的(de)(de)電(dian)池(chi)(chi)，消除由于不(bu) 同(tong)的(de)(de)電(dian)池(chi)(chi)組并聯(lian)之(zhi)間(jian)產生的(de)(de)環流(liu)(liu)問(wen)題，以(yi)及(ji)減少電(dian)池(chi)(chi)梯次利用后復雜的(de)(de)篩選環節，降低梯次電(dian)池(chi)(chi)重新(xin)使用的(de)(de)成本，以(yi)提(ti)高(gao)梯次電(dian)池(chi)(chi)的(de)(de)回(hui)收效(xiao)率和(he)利用價值(zhi)。

公(gong)(gong)司(si)(si)儲(chu)能產(chan)(chan)品(pin)完成多(duo)項國際(ji)認(ren)證，海(hai)外市場具(ju)有先發優(you)(you)勢。十(shi)余年來(lai)盛弘儲(chu)能不斷更新完 善產(chan)(chan)品(pin)矩陣，持續優(you)(you)化升級產(chan)(chan)品(pin)設計(ji)，開拓海(hai)外市場。公(gong)(gong)司(si)(si)全系產(chan)(chan)品(pin)先后(hou)獲得 ETL、TüV、 CE、SAA、UL 等(deng)(deng)多(duo)家國際(ji)權威認(ren)證機構(gou)的認(ren)證與(yu)測試，擁(yong)有 60+認(ren)證機型，具(ju)備(bei)全球 20+ 國家和(he)地區的并(bing)網認(ren)證，其中包括歐洲美國澳洲等(deng)(deng)主流國家。

公(gong)(gong)(gong)司具有多項(xiang)(xiang)海(hai)外實(shi)施(shi)項(xiang)(xiang)目，業(ye)績(ji)積累具有馬太效(xiao)應。目前，公(gong)(gong)(gong)司在源、網、荷、微網領 域(yu)都有儲(chu)(chu)(chu)能(neng)(neng)產品(pin)的(de)(de)布局，業(ye)務分布 6 大洲(zhou) 50 個國(guo)家地區，2021 年儲(chu)(chu)(chu)能(neng)(neng)業(ye)務海(hai)外占比 60% 左右，主要銷往歐(ou)洲(zhou)和美國(guo)市場。其中(zhong)，2018 年盛弘美國(guo)子公(gong)(gong)(gong)司開展的(de)(de)加利(li)福尼亞州大教 堂(tang)城項(xiang)(xiang)目被認(ren)為是美國(guo)第一(yi)(yi)個私營光伏+儲(chu)(chu)(chu)能(neng)(neng)項(xiang)(xiang)目。公(gong)(gong)(gong)司的(de)(de)全球(qiu)儲(chu)(chu)(chu)能(neng)(neng)項(xiang)(xiang)目總規(gui)模達(da) 1.5GW+/4.5GWh +。我們認(ren)為，公(gong)(gong)(gong)司的(de)(de)海(hai)外認(ren)證(zheng)完成較早(zao)并且(qie)設立美國(guo)、澳洲(zhou)海(hai)外子公(gong)(gong)(gong)司， 多項(xiang)(xiang)成功(gong)案例積累業(ye)績(ji)，先發優勢顯著。儲(chu)(chu)(chu)能(neng)(neng)行業(ye)中(zhong)歷史(shi)成績(ji)為拿標重點考察因(yin)素之一(yi)(yi)， 公(gong)(gong)(gong)司的(de)(de)多項(xiang)(xiang)海(hai)外成功(gong)案例有望形成馬太效(xiao)應，并且(qie)全球(qiu)儲(chu)(chu)(chu)能(neng)(neng)市場正處于黃金時(shi)期，公(gong)(gong)(gong)司儲(chu)(chu)(chu) 能(neng)(neng)業(ye)績(ji)有望乘(cheng)行業(ye)東風，成為公(gong)(gong)(gong)司業(ye)績(ji)的(de)(de)主要拉動力。

2.3、產能擴張(zhang)奠定成長基石，盈利能力行業領先(xian)

公司 PCS 出(chu)貨(huo)(huo)規模位于前(qian)列。我國(guo) PCS 企業的(de)全球(qiu)市場(chang)出(chu)貨(huo)(huo)來(lai)看(kan)，陽光電源出(chu)貨(huo)(huo)量(liang)(liang)穩居 第(di)一(yi)，約(yue)為(wei)(wei) 2.5GW，占比(bi)全球(qiu)的(de) 19%，盛弘(hong)股份排(pai)名第(di)六(liu)，約(yue)為(wei)(wei) 490MW，占比(bi) 4%，整體(ti) 集中度較高(gao)。我國(guo) PCS 企業的(de)國(guo)內市場(chang)出(chu)貨(huo)(huo)來(lai)看(kan)，上(shang)能電氣、科華數(shu)據分(fen)別(bie)占比(bi)約(yue) 26%、 22%，合計(ji)占比(bi) 48%。盛弘(hong)股份出(chu)貨(huo)(huo)量(liang)(liang)約(yue) 162MW，占比(bi)約(yue)為(wei)(wei) 7%，排(pai)名第(di)六(liu)。

公(gong)司(si)產(chan)能(neng)(neng)(neng)(neng)(neng)擴張(zhang)在即(ji)，為(wei)(wei)儲(chu)能(neng)(neng)(neng)(neng)(neng)發展奠定基(ji)礎(chu)。盛弘股份(fen)(fen)旗下(xia)惠州(zhou)(zhou)工業園(yuan)于(yu) 2021 年(nian)(nian) 7 月(yue) 2 日正式 落成，惠州(zhou)(zhou)生(sheng)產(chan)基(ji)地已擁有儲(chu)能(neng)(neng)(neng)(neng)(neng)微網產(chan)品整裝(zhuang)(zhuang)生(sheng)產(chan)線 2 條，年(nian)(nian)產(chan)能(neng)(neng)(neng)(neng)(neng) 2GW+，其中大型集裝(zhuang)(zhuang)箱達 1000+臺(tai)。2022 年(nian)(nian) 5 月(yue)公(gong)司(si)擬發行(xing)可轉債募資不超過 4.02 億元，用于(yu)蘇(su)州(zhou)(zhou)盛弘技(ji)術(shu)有限公(gong)司(si)年(nian)(nian) 產(chan) 5GW 儲(chu)能(neng)(neng)(neng)(neng)(neng)設備建設項目，公(gong)司(si)突破儲(chu)能(neng)(neng)(neng)(neng)(neng)產(chan)能(neng)(neng)(neng)(neng)(neng)瓶頸，為(wei)(wei)未(wei)來高速增(zeng)長奠定產(chan)能(neng)(neng)(neng)(neng)(neng)基(ji)礎(chu)。公(gong)司(si)儲(chu)能(neng)(neng)(neng)(neng)(neng)業務(wu)毛(mao)利率領先同(tong)行(xing)。盛弘股份(fen)(fen)儲(chu)能(neng)(neng)(neng)(neng)(neng)板塊的競爭(zheng)主要來自(zi)于(yu)陽(yang)光電源、上能(neng)(neng)(neng)(neng)(neng)電氣 等，在行(xing)業發展前期，毛(mao)利率普遍較高，而(er)隨著市(shi)場(chang)競爭(zheng)加劇及原材料上升等因素，2020 年(nian)(nian)后儲(chu)能(neng)(neng)(neng)(neng)(neng)的毛(mao)利率有所下(xia)滑。截止 2022 年(nian)(nian) H1，陽(yang)光電源、上能(neng)(neng)(neng)(neng)(neng)電氣、盛弘股份(fen)(fen)、科華(hua)數 據的儲(chu)能(neng)(neng)(neng)(neng)(neng)業務(wu)毛(mao)利率分別為(wei)(wei) 18.37%、28.73%、44.90%、27.0%，盛弘股份(fen)(fen)儲(chu)能(neng)(neng)(neng)(neng)(neng)業務(wu)的毛(mao) 利率位于(yu)行(xing)業前列。

半集(ji)(ji)成(cheng)(cheng)(cheng)模式降低資金(jin)(jin)壓(ya)力，商業(ye)(ye)模式更優。電池(chi)(chi)為(wei)儲(chu)能系統的(de)最主(zhu)(zhu)要成(cheng)(cheng)(cheng)本，其(qi)中(zhong)大儲(chu)項目中(zhong)，電池(chi)(chi)成(cheng)(cheng)(cheng)本占比(bi)約為(wei) 61%（電芯+PACK+BMS）。1）對于(yu)集(ji)(ji)成(cheng)(cheng)(cheng)企業(ye)(ye)而(er)言(yan)(yan)，外購電池(chi)(chi)將 增加(jia)成(cheng)(cheng)(cheng)本，攤薄(bo)整體利(li)潤(run)。半集(ji)(ji)成(cheng)(cheng)(cheng)模式將電池(chi)(chi)成(cheng)(cheng)(cheng)本轉給業(ye)(ye)主(zhu)(zhu)方(fang)，整體利(li)潤(run)率增加(jia)；2）大型(xing) 儲(chu)能行(xing)業(ye)(ye)屬于(yu)資金(jin)(jin)密集(ji)(ji)型(xing)行(xing)業(ye)(ye)，單個項目投資金(jin)(jin)額(e)較高(gao)，企業(ye)(ye)資金(jin)(jin)壓(ya)力大。而(er)成(cheng)(cheng)(cheng)本主(zhu)(zhu)要來 自于(yu)電池(chi)(chi)，半集(ji)(ji)成(cheng)(cheng)(cheng)方(fang)式可(ke)以(yi)轉嫁公司的(de)資金(jin)(jin)壓(ya)力。3）對于(yu)業(ye)(ye)主(zhu)(zhu)方(fang)而(er)言(yan)(yan)，可(ke)以(yi)集(ji)(ji)采大批量(liang)電 池(chi)(chi)，規模效應降低成(cheng)(cheng)(cheng)本，形成(cheng)(cheng)(cheng)規模優勢。因(yin)此(ci)這種(zhong)雙贏模式下(xia)商業(ye)(ye)邏輯通暢(chang)。

公(gong)(gong)司(si)注重研發(fa)，行(xing)業(ye)經驗(yan)(yan)豐富(fu)且技(ji)術(shu)(shu)實(shi)力(li)較(jiao)強。公(gong)(gong)司(si)自成立以來(lai)堅持(chi)自主研發(fa)，專注于電(dian) 力(li)電(dian)子技(ji)術(shu)(shu)在(zai)新(xin)能源領(ling)域(yu)中(zhong)的(de)應用(yong)，保持(chi)每年(nian)(nian)研發(fa)投入占銷售(shou)收入 9%以上。2010 年(nian)(nian)成立 儲(chu)能微網產品線以來(lai)，多年(nian)(nian)持(chi)續穩定(ding)的(de)研發(fa)投入使公(gong)(gong)司(si)在(zai)這一領(ling)域(yu)有(you)了一定(ding)的(de)技(ji)術(shu)(shu)積累(lei)。近年(nian)(nian)來(lai)，公(gong)(gong)司(si)在(zai)儲(chu)能業(ye)務(wu)方面取(qu)得了“微電(dian)網系統及其(qi)控制方法(fa)”、“一種(zhong)多支 11 路雙向 儲(chu)能變流(liu)器裝置”等多項(xiang)zhuanli，擁有(you)豐富(fu)的(de)行(xing)業(ye)經驗(yan)(yan)和技(ji)術(shu)(shu)實(shi)力(li)。

三．充電樁：海內外政策需求共振，歐美出口打通全球市場

3.1、國內充電(dian)樁高(gao)增(zeng)速有望延續

充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)樁可(ke)以分為(wei)直(zhi)(zhi)流(liu)(liu)(liu)充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)樁和交流(liu)(liu)(liu)充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)樁，其(qi)成(cheng)本核心(xin)是(shi)充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)模(mo)塊。充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)樁可(ke)以分為(wei)直(zhi)(zhi)流(liu)(liu)(liu) 充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)樁和交流(liu)(liu)(liu)充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)樁，直(zhi)(zhi)流(liu)(liu)(liu)充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)樁充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)速度較(jiao)快(kuai)，俗稱“快(kuai)充(chong)(chong)(chong)(chong)(chong)”，交流(liu)(liu)(liu)充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)樁通過車(che)載充(chong)(chong)(chong)(chong)(chong) 電(dian)(dian)(dian)(dian)(dian)(dian)機轉(zhuan)換(huan)成(cheng)直(zhi)(zhi)流(liu)(liu)(liu)電(dian)(dian)(dian)(dian)(dian)(dian)給車(che)載電(dian)(dian)(dian)(dian)(dian)(dian)池(chi)充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)，功率一(yi)般(ban)比較(jiao)小(xiao)(一(yi)般(ban)有 7kW、22kW、40kW 等功率)。從產業(ye)鏈角(jiao)度來(lai)看(kan)，電(dian)(dian)(dian)(dian)(dian)(dian)動汽車(che)充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)樁產業(ye)鏈上游主要(yao)是(shi)充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)樁和充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)站的(de)殼(ke)體(ti)、底座、線 纜等主要(yao)材料(liao)供應企業(ye)和充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)設備生產商(shang)。中游為(wei)充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)站建設和運營(ying)商(shang)，負責充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)樁和充(chong)(chong)(chong)(chong)(chong) 電(dian)(dian)(dian)(dian)(dian)(dian)站的(de)建造(zao)和運營(ying)。下游為(wei)整體(ti)解決方案(an)商(shang)。從成(cheng)本角(jiao)度來(lai)看(kan)，以直(zhi)(zhi)流(liu)(liu)(liu)充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)樁為(wei)例(li)，充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian) 樁核心(xin)設備是(shi)充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)模(mo)塊，其(qi)作用是(shi)將交流(liu)(liu)(liu)電(dian)(dian)(dian)(dian)(dian)(dian)網中的(de)交流(liu)(liu)(liu)電(dian)(dian)(dian)(dian)(dian)(dian)轉(zhuan)換(huan)為(wei)可(ke)以為(wei)電(dian)(dian)(dian)(dian)(dian)(dian)池(chi)充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)的(de)直(zhi)(zhi)流(liu)(liu)(liu)電(dian)(dian)(dian)(dian)(dian)(dian)， 占充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)(dian)樁建造(zao)成(cheng)本比例(li)的(de) 50%左右。

我國私(si)人(ren)充(chong)(chong)(chong)(chong)(chong)電樁(zhuang)(zhuang)占(zhan)比較(jiao)高(gao)，公共(gong)充(chong)(chong)(chong)(chong)(chong)電樁(zhuang)(zhuang)中(zhong)直流(liu)充(chong)(chong)(chong)(chong)(chong)電樁(zhuang)(zhuang)增(zeng)(zeng)速較(jiao)快。我國充(chong)(chong)(chong)(chong)(chong)電樁(zhuang)(zhuang)增(zeng)(zeng)速保持(chi)高(gao)增(zeng)(zeng) 長(chang)(chang)態勢(shi)，私(si)人(ren)充(chong)(chong)(chong)(chong)(chong)電樁(zhuang)(zhuang) 2022 年(nian) 10 月保有(you)(you)量(liang)為(wei) 302.8 臺(tai)(tai)(tai)，占(zhan)充(chong)(chong)(chong)(chong)(chong)電樁(zhuang)(zhuang)保有(you)(you)量(liang)的 64%，保有(you)(you)量(liang)相 比 2021 年(nian)底增(zeng)(zeng)加了(le) 155.8 萬(wan)臺(tai)(tai)(tai)；公共(gong)充(chong)(chong)(chong)(chong)(chong)電樁(zhuang)(zhuang) 2022 年(nian) 10 月保有(you)(you)量(liang)為(wei) 168 萬(wan)臺(tai)(tai)(tai)，占(zhan)充(chong)(chong)(chong)(chong)(chong)電樁(zhuang)(zhuang)保 有(you)(you)量(liang)的 36%，相比 2021 年(nian)保有(you)(you)量(liang)增(zeng)(zeng)加了(le) 53 萬(wan)臺(tai)(tai)(tai)，公共(gong)充(chong)(chong)(chong)(chong)(chong)電樁(zhuang)(zhuang)保持(chi)較(jiao)快增(zeng)(zeng)長(chang)(chang)趨(qu)勢(shi)，在政(zheng)策 的推動(dong)下(xia)，直流(liu)充(chong)(chong)(chong)(chong)(chong)電樁(zhuang)(zhuang)增(zeng)(zeng)長(chang)(chang)較(jiao)快，2021年(nian)保有(you)(you)量(liang)為(wei) 47萬(wan)臺(tai)(tai)(tai)，相比 2020年(nian)增(zeng)(zeng)長(chang)(chang) 52%，2022 年(nian) 10 月保有(you)(you)量(liang)為(wei) 71 萬(wan)臺(tai)(tai)(tai)，相比 2021 年(nian)增(zeng)(zeng)長(chang)(chang) 51%。

政策催(cui)化(hua)，各(ge)地(di)加大(da)公共(gong)充(chong)電(dian)(dian)樁建設力度。近年來，國家層面出(chu)臺(tai)多項支持公共(gong)充(chong)電(dian)(dian)樁發 展政策，2022年1月，國家發改委(wei)出(chu)臺(tai)《關(guan)于進(jin)一步(bu)提升電(dian)(dian)動(dong)(dong)(dong)汽車充(chong)電(dian)(dian)基礎設施服務保障 能力的實施意見(jian)》，表示到“十四五”末，我國電(dian)(dian)動(dong)(dong)(dong)汽車充(chong)電(dian)(dian)保障能力進(jin)一步(bu)提升，形成適度超(chao)前、布局(ju)均衡、智能高效的充(chong)電(dian)(dian)基礎設施體(ti)系，能夠滿足超(chao)過2000萬輛電(dian)(dian)動(dong)(dong)(dong)汽車充(chong)電(dian)(dian)需求。

以上(shang)海為(wei)(wei)例，2022 年(nian) 9 月出臺《上(shang)海市鼓勵電(dian)動汽車(che)充(chong)(chong)換(huan)電(dian)設(she)施(shi)發展(zhan)扶(fu)持辦法》：直流充(chong)(chong)電(dian)設(she)施(shi)千(qian)瓦補貼(tie)上(shang)限(xian) 600 元，交(jiao)流充(chong)(chong)電(dian)設(she)施(shi)千(qian)瓦補貼(tie)上(shang)限(xian) 300 元；對 2023 年(nian)底前(qian)完 成(cheng)“慢(man)改(gai)快(kuai)”示(shi)范改(gai)造的公(gong)用充(chong)(chong)電(dian)設(she)施(shi)，給予充(chong)(chong)電(dian)設(she)備金(jin)額 30%的財(cai)政(zheng)資金(jin)補貼(tie)；對為(wei)(wei) A 級 或 B 級的充(chong)(chong)電(dian)企業，按照(zhao)條件給與電(dian)費補貼(tie)（0.1-0.7 元/千(qian)瓦時）。以上(shang)海為(wei)(wei)例，其(qi)補貼(tie)政(zheng) 策(ce)(ce)(ce)相(xiang)比 2021 年(nian)、2020 年(nian)有所延(yan)續，其(qi)他如合肥、重慶等(deng)地也出臺相(xiang)應政(zheng)策(ce)(ce)(ce)。我們認為(wei)(wei)， 在(zai)國家(jia)政(zheng)策(ce)(ce)(ce)的支持下，各(ge)地充(chong)(chong)電(dian)樁補貼(tie)政(zheng)策(ce)(ce)(ce)有望(wang)延(yan)續，充(chong)(chong)電(dian)樁市場有望(wang)維持高增速。

3.2、海(hai)外(wai)需求(qiu)強勁，出(chu)海(hai)正當(dang)時

歐(ou)(ou)洲國(guo)家公共(gong)車(che)(che)樁(zhuang)(zhuang)比(bi)(bi)(bi)呈(cheng)現上升趨勢，充(chong)電(dian)樁(zhuang)(zhuang)建設蓄勢待發。從車(che)(che)樁(zhuang)(zhuang)比(bi)(bi)(bi)來看，近年(nian)(nian)來歐(ou)(ou)洲車(che)(che) 樁(zhuang)(zhuang)比(bi)(bi)(bi)呈(cheng)現上升趨勢，公共(gong)車(che)(che)樁(zhuang)(zhuang)比(bi)(bi)(bi)在 2019 年(nian)(nian)后上拐(guai)，2021 年(nian)(nian)超過 15。在政策方面，歐(ou)(ou)洲多(duo) 國(guo)已經宣布禁售(shou)燃(ran)油車(che)(che)時間，最早的國(guo)家將(jiang)于 2025 年(nian)(nian)起實施禁售(shou)燃(ran)油車(che)(che)，2022 年(nian)(nian) 9 月， 歐(ou)(ou)洲十三國(guo)電(dian)動車(che)(che)銷量(liang)合計(ji) 22.49 萬(wan)輛，同比(bi)(bi)(bi)增長 9.9%，其中八國(guo)銷量(liang)實現同比(bi)(bi)(bi)增長， ACEA 歐(ou)(ou)洲汽車(che)(che)制造(zao)商協會研究指(zhi)出到 2030 年(nian)(nian)需要建設多(duo)達(da) 680 萬(wan)座公共(gong)充(chong)電(dian)站(zhan)才(cai)能滿足 相應需求(qiu)。我們預計(ji) 23 年(nian)(nian)美國(guo)充(chong)電(dian)樁(zhuang)(zhuang)市場規模為 43 億，YOY68%，歐(ou)(ou)洲充(chong)電(dian)樁(zhuang)(zhuang)市場為 67 億，YOY55%。

美(mei)國(guo)(guo)整體車(che)(che)樁比(bi)較高(gao)(gao)，2021 年(nian)公共車(che)(che)樁比(bi)超過 17.5。隨著新(xin)能源車(che)(che)保(bao)有量的不(bu)(bu)斷提(ti)升(sheng)(sheng)，美(mei) 國(guo)(guo)公共充(chong)電(dian)(dian)樁建(jian)設(she)(she)速(su)度略慢，2015-2018 年(nian)車(che)(che)樁比(bi)呈現不(bu)(bu)斷上(shang)升(sheng)(sheng)趨勢，2018 年(nian)后有所下降， 但整體車(che)(che)樁比(bi)依然較高(gao)(gao)，2021 年(nian)車(che)(che)樁比(bi)為(wei)(wei) 17.5 相比(bi) 2020 年(nian)有所提(ti)升(sheng)(sheng)。電(dian)(dian)動化浪潮下，海外各(ge)國(guo)(guo)加(jia)速(su)充(chong)電(dian)(dian)基(ji)礎(chu)設(she)(she)施(shi)建(jian)設(she)(she)。為(wei)(wei)加(jia)快“碳中和”進度，海外各(ge)國(guo)(guo)推進 各(ge)自(zi)電(dian)(dian)動化之路(lu)，隨著新(xin)能源車(che)(che)存量達(da)到一定(ding)基(ji)數(shu)，充(chong)電(dian)(dian)基(ji)礎(chu)設(she)(she)施(shi)建(jian)設(she)(she)成為(wei)(wei)一種必須(xu)。以(yi) 美(mei)國(guo)(guo)為(wei)(wei)例，自(zi) 2021 年(nian) 11 月(yue)《兩黨基(ji)礎(chu)設(she)(she)施(shi)投資和就業法案(an)》以(yi)來，2022 年(nian)美(mei)國(guo)(guo)各(ge)州和各(ge) 部(bu)門都推出相應(ying)的補貼(tie)政(zheng)策。我們認為(wei)(wei)在需求+政(zheng)策的雙重(zhong)驅(qu)動下，未(wei)來海外充(chong)電(dian)(dian)樁建(jian)設(she)(she)速(su) 度有望提(ti)升(sheng)(sheng)。

3.3、掌握充電樁核心技(ji)術，海外市場(chang)有望(wang)持續突(tu)破

10 年(nian)充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)樁(zhuang)研(yan)發(fa)制造經(jing)驗，掌握充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)樁(zhuang)核心技術。公司(si)充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)樁(zhuang)領(ling)域積淀(dian)深厚(hou)(hou)，10 年(nian)充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)樁(zhuang) 研(yan)發(fa)制造經(jing)驗，擁(yong)有(you)(you) 150 多(duo)款(kuan)充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)規格產(chan)(chan)品(pin)，包括各類一體/交流/直(zhi)流充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)樁(zhuang)和充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)模塊。公司(si)產(chan)(chan)品(pin)覆蓋(gai)超過 100+城市，有(you)(you) 20000+充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)系統(tong)在(zai)線運行(xing)，客戶覆蓋(gai)國(guo)家(jia)電(dian)(dian)(dian)(dian)(dian)網(wang)、小(xiao)桔(jie)快(kuai) 充(chong)(chong)(chong)(chong)(chong)、小(xiao)鵬、上汽等(deng)企業，實力(li)雄(xiong)厚(hou)(hou)。出(chu)海進行(xing)時(shi)，已經(jing)獲(huo)得(de)歐標認證(zheng)。海外市場方面，公司(si)與英國(guo)石油(you)(you)達成(cheng)合作(zuo)，成(cheng)為首批進 入(ru)英國(guo)石油(you)(you)中國(guo)供應商(shang)名單的(de)充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)樁(zhuang)廠家(jia)，同時(shi)公司(si)相關充(chong)(chong)(chong)(chong)(chong)電(dian)(dian)(dian)(dian)(dian)樁(zhuang)產(chan)(chan)品(pin)已獲(huo)得(de)歐標認證(zheng)，未 來有(you)(you)望在(zai)海外市場獲(huo)得(de)持續突破(po)。

四．工業電源潛心多年，電池化成檢測產品全面

4.1、低壓(ya)電能質量行(xing)業領先，工業電源由單一走(zou)向(xiang)多領域

發電(dian)結(jie)構變化和(he)高(gao)精(jing)尖產(chan)業催生(sheng)電(dian)能(neng)(neng)質(zhi)量(liang)(liang)(liang)新需求。“十四五(wu)(wu)”時(shi)期我國風電(dian)、光伏等可再 生(sheng)能(neng)(neng)源發電(dian)的快速發展和(he)各種(zhong)“高(gao)精(jing)尖”電(dian)子設備的出現，產(chan)生(sheng)了一系列新的電(dian)能(neng)(neng)質(zhi)量(liang)(liang)(liang)問 題，也加劇長期存在的電(dian)能(neng)(neng)質(zhi)量(liang)(liang)(liang)問題，主要包(bao)括諧(xie)波、三(san)相(xiang)電(dian)壓(ya)不(bu)平衡(heng)、無功、電(dian)壓(ya)暫(zan)降(jiang) 等。隨著“十三(san)五(wu)(wu)”綱要提及(ji)“創新驅動發展戰略”和(he)建設“科技強國”，與之相(xiang)關的高(gao) 端新材料、重(zhong)大技術裝備、智能(neng)(neng)制造等高(gao)端裝備制造業有望快速發展，電(dian)能(neng)(neng)的低電(dian)流畸變 率、三(san)相(xiang)平衡(heng)、高(gao)功率因數(shu)要求提高(gao)，催生(sheng)電(dian)能(neng)(neng)質(zhi)量(liang)(liang)(liang)新發展。

公(gong)司(si)深耕電(dian)(dian)能(neng)(neng)(neng)質(zhi)(zhi)量(liang)(liang)設(she)備。公(gong)司(si)作(zuo)為(wei)國(guo)內最(zui)早研發生產(chan)(chan)(chan)低(di)壓(ya)電(dian)(dian)能(neng)(neng)(neng)質(zhi)(zhi)量(liang)(liang)產(chan)(chan)(chan)品(pin)的(de)(de)企業之一(yi)，盛弘 股(gu)份(fen)首先(xian)將(jiang)三電(dian)(dian)平(ping)(ping)模塊化技(ji)術運用于電(dian)(dian)能(neng)(neng)(neng)質(zhi)(zhi)量(liang)(liang)產(chan)(chan)(chan)品(pin)。在電(dian)(dian)能(neng)(neng)(neng)質(zhi)(zhi)量(liang)(liang)領(ling)(ling)域不斷(duan)地(di)拓展產(chan)(chan)(chan)品(pin)類(lei)型 及應用領(ling)(ling)域。經過(guo)多年在電(dian)(dian)能(neng)(neng)(neng)質(zhi)(zhi)量(liang)(liang)領(ling)(ling)域的(de)(de)深耕細作(zuo)，公(gong)司(si)電(dian)(dian)能(neng)(neng)(neng)質(zhi)(zhi)量(liang)(liang)業務產(chan)(chan)(chan)品(pin)系列(lie)不斷(duan)豐富。目(mu)前，公(gong)司(si)電(dian)(dian)能(neng)(neng)(neng)質(zhi)(zhi)量(liang)(liang)產(chan)(chan)(chan)品(pin)已經覆(fu)蓋諧波治理、無功補償、地(di)鐵儲(chu)能(neng)(neng)(neng)、電(dian)(dian)壓(ya)暫降、保障(zhang)用電(dian)(dian) 安(an)全的(de)(de)工業 UPS 等領(ling)(ling)域。公(gong)司(si)的(de)(de)電(dian)(dian)能(neng)(neng)(neng)質(zhi)(zhi)量(liang)(liang)產(chan)(chan)(chan)品(pin)憑借領(ling)(ling)先(xian)的(de)(de)技(ji)術水平(ping)(ping)、可靠的(de)(de)產(chan)(chan)(chan)品(pin)性能(neng)(neng)(neng)多次 中標(biao)汽車制造(zao)、面板制造(zao)、半(ban)導體制造(zao)、大(da)型石化企業重大(da)項目(mu)，充(chong)分證明了公(gong)司(si)在低(di)壓(ya) 電(dian)(dian)能(neng)(neng)(neng)質(zhi)(zhi)量(liang)(liang)這一(yi)細分領(ling)(ling)域的(de)(de)領(ling)(ling)先(xian)地(di)位。

工(gong)業(ye)激光(guang)產(chan)(chan)(chan)品(pin)(pin)(pin)實現量(liang)產(chan)(chan)(chan)，工(gong)業(ye)電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)業(ye)務拓展(zhan)到硅(gui)料配(pei)套(tao)電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)領域。2022 年，工(gong)業(ye)激光(guang)產(chan)(chan)(chan)品(pin)(pin)(pin) 實現由大(da)客(ke)戶配(pei)套(tao)研發(fa)轉向(xiang)量(liang)產(chan)(chan)(chan)發(fa)貨，同時建(jian)立并完善大(da)客(ke)戶定(ding)制產(chan)(chan)(chan)品(pin)(pin)(pin)量(liang)產(chan)(chan)(chan)流程，推出(chu)面(mian)(mian) 向(xiang)通用(yong)市場(chang)的(de)(de) LPM 全系列激光(guang)電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)產(chan)(chan)(chan)品(pin)(pin)(pin)，工(gong)業(ye)電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)業(ye)務中(zhong)的(de)(de)激光(guang)器電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)產(chan)(chan)(chan)品(pin)(pin)(pin)，已(yi)經開始向(xiang) 創(chuang)新激光(guang)、武漢銳科(ke)在內的(de)(de)多家(jia)激光(guang)器企業(ye)供貨。未來光(guang)伏(fu)有(you)望引(yin)領全球(qiu)能(neng)源(yuan)(yuan)(yuan)革命(ming)，成為(wei) 全球(qiu)電(dian)(dian)(dian)(dian)(dian)(dian)力來源(yuan)(yuan)(yuan)的(de)(de)重要能(neng)源(yuan)(yuan)(yuan)。電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)是(shi)單晶爐的(de)(de)核心部(bu)件(jian)，單晶爐加熱配(pei)套(tao)電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)市場(chang)也(ye)隨之蓬 勃發(fa)展(zhan)，公司面(mian)(mian)向(xiang)半導體行(xing)業(ye)推出(chu) HPM 大(da)功(gong)率加熱電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)。

4.2、電池化成及檢測需求增加，公司產品矩陣(zhen)豐富

電(dian)(dian)(dian)(dian)(dian)池(chi)化(hua)成檢(jian)測(ce)(ce)(ce)是(shi)電(dian)(dian)(dian)(dian)(dian)池(chi)生產中的重要(yao)環(huan)節。電(dian)(dian)(dian)(dian)(dian)池(chi)化(hua)成是(shi)電(dian)(dian)(dian)(dian)(dian)池(chi)組裝完成后,在(zai)一定(ding)條件下給電(dian)(dian)(dian)(dian)(dian)池(chi) 充放，從而激活(huo)(huo)電(dian)(dian)(dian)(dian)(dian)池(chi)電(dian)(dian)(dian)(dian)(dian)極(ji)上的活(huo)(huo)性物質,同時在(zai)陽極(ji)表(biao)面(mian)生成一種致(zhi)密的膜,借以保護整個化(hua) 學界面(mian)。電(dian)(dian)(dian)(dian)(dian)池(chi)檢(jian)測(ce)(ce)(ce)環(huan)節主要(yao)是(shi)進行(xing)電(dian)(dian)(dian)(dian)(dian)池(chi)電(dian)(dian)(dian)(dian)(dian)量(liang)、通電(dian)(dian)(dian)(dian)(dian)性能(neng)(neng)以及安全性能(neng)(neng)的檢(jian)測(ce)(ce)(ce)，通過對電(dian)(dian)(dian)(dian)(dian)池(chi) 進行(xing)預先設(she)定(ding)好(hao)(hao)的充放電(dian)(dian)(dian)(dian)(dian)步驟，以獲取電(dian)(dian)(dian)(dian)(dian)池(chi)容量(liang)、內阻、能(neng)(neng)量(liang)密度、循(xun)環(huan)壽命等參數，判 斷電(dian)(dian)(dian)(dian)(dian)池(chi)好(hao)(hao)壞(huai)、性能(neng)(neng)優劣。公(gong)司電(dian)(dian)(dian)(dian)(dian)池(chi)化(hua)成與(yu)檢(jian)測(ce)(ce)(ce)設(she)備(bei)(bei)主要(yao)包(bao)括鋰(li)電(dian)(dian)(dian)(dian)(dian)池(chi)系(xi)列、鉛酸電(dian)(dian)(dian)(dian)(dian)池(chi)系(xi)列電(dian)(dian)(dian)(dian)(dian) 池(chi)化(hua)成與(yu)檢(jian)測(ce)(ce)(ce)設(she)備(bei)(bei)。

鋰(li)電(dian)(dian)市(shi)(shi)場(chang)(chang)(chang)(chang)(chang)快速(su)發展(zhan)帶(dai)動電(dian)(dian)池(chi)檢測(ce)需求高增。2018 年(nian)以來(lai)，鋰(li)電(dian)(dian)行業(ye)市(shi)(shi)場(chang)(chang)(chang)(chang)(chang)整合(he)加快，行業(ye)內 一批實力相(xiang)對較弱的企業(ye)出(chu)現了(le)產能停滯甚至退出(chu)市(shi)(shi)場(chang)(chang)(chang)(chang)(chang)，行業(ye)頭(tou)部(bu)企業(ye)仍繼續擴張，市(shi)(shi)場(chang)(chang)(chang)(chang)(chang) 份額進一步向(xiang)優(you)質(zhi)的頭(tou)部(bu)企業(ye)集(ji)中(zhong)。因此鋰(li)電(dian)(dian)設(she)備市(shi)(shi)場(chang)(chang)(chang)(chang)(chang)規(gui)模增速(su)有所回落(luo)，但仍然保持穩 定增長(chang)。2021 年(nian)以來(lai)，受益于整體政策推(tui)動和鋰(li)電(dian)(dian)池(chi)市(shi)(shi)場(chang)(chang)(chang)(chang)(chang)快速(su)發展(zhan)，我(wo)國(guo)鋰(li)電(dian)(dian)設(she)備市(shi)(shi)場(chang)(chang)(chang)(chang)(chang)規(gui) 模增長(chang)顯著。截 至 2021 年(nian)，我(wo)國(guo)鋰(li)電(dian)(dian)設(she)備市(shi)(shi)場(chang)(chang)(chang)(chang)(chang)規(gui)模達到 588 億(yi)元，同比 2020 年(nian)增長(chang)超 100%，帶(dai)動電(dian)(dian)池(chi)檢測(ce)需求增大。GGII 預測(ce)，至 2025 年(nian)中(zhong)國(guo)儲(chu)能鋰(li)電(dian)(dian)池(chi)出(chu)貨(huo)量接近 390GWh，5 年(nian)復合(he)增長(chang)率(lv)超 60%，全球儲(chu)能電(dian)(dian)池(chi)出(chu)貨(huo)量將(jiang)超 500GWh，2030 年(nian)全球儲(chu)能 電(dian)(dian)池(chi)出(chu)貨(huo)將(jiang)達到 2300GWh。

電(dian)(dian)(dian)(dian)池化成(cheng)與檢測產(chan)品矩陣豐富。目前公司的(de)測試(shi)設備(bei)(bei)產(chan)品基本覆(fu)蓋了產(chan)線和實驗(yan)室領(ling)域(yu)所(suo) 有型號，涵蓋了電(dian)(dian)(dian)(dian)動(dong)兩輪、乘用(yong)車(che)、商用(yong)車(che)、儲能領(ling)域(yu)的(de) 電(dian)(dian)(dian)(dian)池測試(shi)設備(bei)(bei)要求。電(dian)(dian)(dian)(dian)芯類測試(shi) 設備(bei)(bei)從(cong) 5V6A 到(dao)(dao) 5V1000A；模(mo)組測試(shi)設備(bei)(bei)電(dian)(dian)(dian)(dian)壓(ya)從(cong) 60V 到(dao)(dao) 200V，電(dian)(dian)(dian)(dian)流從(cong) 20A 到(dao)(dao) 1200A；PACK 測試(shi)設備(bei)(bei)方面，隨(sui)著(zhu) 2020 年底針(zhen)對儲能領(ling)域(yu) 1000V 系列測試(shi)設備(bei)(bei)的(de)發布(bu)，實現(xian)了 電(dian)(dian)(dian)(dian)壓(ya)從(cong) 200V 到(dao)(dao) 1000V，電(dian)(dian)(dian)(dian)流從(cong) 100A 到(dao)(dao) 1000A 的(de)覆(fu)蓋。

行業(ye)口(kou)碑(bei)良(liang)好積極拓展客戶。隨著(zhu)在行業(ye)耕耘的(de)時間越(yue)來越(yue)長(chang)，公司的(de)產品技(ji)術(shu)(shu)優(you)勢已經 樹立了良(liang)好口(kou)碑(bei)，獲得了眾多優(you)質企業(ye)的(de)青睞。自 2020 年電池檢測設備(bei)業(ye)務著(zhu)力于與(yu)動力 電池行業(ye)頭部客戶進(jin)行深度合作的(de)戰(zhan)略成效明(ming)顯，2022 年公司爭取利(li)用實驗室測試設備(bei)領(ling)(ling) 域(yu)的(de)產品技(ji)術(shu)(shu)優(you)勢進(jin)一步(bu)擴(kuo)展到客戶產線領(ling)(ling)域(yu)，爭取實現更大發展。目前公司已為 CATL、 億緯鋰(li)能、ATL、比亞迪、國軒高科、長(chang)城汽(qi)車等眾多行業(ye)重要客戶供貨(huo)，進(jin)一步(bu)奠(dian)定了公 司在電池化成及檢測設備(bei)領(ling)(ling)域(yu)技(ji)術(shu)(shu)領(ling)(ling)跑(pao)者的(de)地位。

五．盈利預測

我(wo)們測算得到(dao) 2022-2024 年整體(ti)收(shou)入為(wei) 15.02、25.47、38.85 億(yi)元(yuan)，同比增(zeng)長 47%、70%、 53%，整體(ti)毛(mao)利率為(wei) 43%、40%、39%。具體(ti)業(ye)務來看，1）工(gong)業(ye)配套電源業(ye)務(傳統工(gong)業(ye) 電源+電能(neng)質量設備)方面，我(wo)們預(yu)計公司(si) 2022-2024 年營(ying)收(shou)為(wei) 4.69、6.51、7.67 億(yi)元(yuan)，同 比增(zeng)長 16%、39%、18%。

2）公(gong)司(si)(si)新(xin)能源(yuan)業(ye)務順(shun)應新(xin)能源(yuan)高景氣而有(you)(you)(you)較(jiao)快(kuai)增長(chang)。我(wo)(wo)們(men)預(yu) 計 2022-2024 年(nian)營(ying)收為(wei) 9.91、18.24、30.10 億(yi)，同比(bi)(bi)增長(chang) 69%、84%、65%，毛利率 34.9%、34.3%、33.5%。其中，電(dian)動汽車充(chong)電(dian)樁業(ye)務因政(zheng)策(ce)和(he)需求(qiu)的雙重推動有(you)(you)(you)望快(kuai)速增 長(chang)，我(wo)(wo)們(men)預(yu)計公(gong)司(si)(si) 2022-2024 年(nian)營(ying)收為(wei) 3.39、6.25、9.30 億(yi)元(yuan)，同比(bi)(bi)增長(chang) 72.94%、 84.07%、48.75%；電(dian)池化(hua)成與檢測設備方(fang)面，我(wo)(wo)們(men)預(yu)計 2022-2024 年(nian)營(ying)收分別(bie)為(wei) 3.39、 6.25、9.30 億(yi)元(yuan)，同比(bi)(bi)增長(chang) 63%、58%、52%；新(xin)能源(yuan)電(dian)能變換(huan)設備方(fang)面（儲能），隨(sui)著 儲能行(xing)業(ye)高速發展(zhan)，公(gong)司(si)(si)訂單逐步(bu)落(luo)地，公(gong)司(si)(si)有(you)(you)(you)望受益(yi)，我(wo)(wo)們(men)預(yu)計公(gong)司(si)(si) 2022-2024 年(nian)營(ying)收 為(wei) 4.07、8.14、14.95 億(yi)元(yuan)，同比(bi)(bi)增長(chang) 70%、100%、84%。