Financial Performance - In 2024, the company achieved an operating revenue of 17.089 billion CNY, a year-on-year growth of 0.17% [1] - The net profit attributable to shareholders was 1.117 billion CNY, reflecting an increase of 11.09% year-on-year [1] - The gross profit margin improved to 20.77%, up by 2.78 percentage points compared to the previous year [1] Industry Outlook - National electricity consumption is projected to reach 10.4 trillion kWh in 2025, representing a growth of approximately 6% [2] - The total installed power generation capacity in the country is expected to exceed 3.8 billion kW by the end of 2025, marking a year-on-year increase of around 14% [2] - The investment in the power sector is anticipated to remain stable, focusing on optimizing the main grid and enhancing distribution network construction [2] Technology and Product Development - The company has made significant breakthroughs in flexible direct current (DC) technology, with successful applications in major projects [2] - New products include a 5kA flexible DC converter valve and a 6.5kV/3kA IGBT flexible DC converter valve, which have been validated and applied in key engineering projects [2] - The company is addressing challenges in energy balance for ultra-long-distance transmission systems with innovative solutions [2] Strategic Adjustments - The company is shifting focus towards enhancing the proportion of equipment-related businesses and optimizing its project portfolio [3] - The decline in revenue from the renewable energy and system integration segment is attributed to changes in revenue structure and order delivery timing [3] - The company plans to maintain a stable market value through improved management practices and increased cash dividends [3] Future Growth Drivers - The transition towards a new energy system under the "dual carbon" goals is expected to drive demand for renewable energy and related technologies [4] - The company aims to increase R&D investment and market expansion efforts to enhance operational efficiency and maintain healthy growth [4]

Financial Performance - In 2024, the company achieved operating revenue of 17.089 billion yuan (+0.17%) and a net profit attributable to shareholders of 1.117 billion yuan (+11.09%) [1] - For Q4 2024, the operating revenue was 7.503 billion yuan, with a net profit of 222 million yuan [1] - In Q1 2025, the company reported operating revenue of 2.348 billion yuan and a net profit of 208 million yuan [1] Business Segments - The direct current transmission system segment showed significant growth, supported by a rich pipeline of projects, including high-voltage projects confirmed for revenue in 2024 [1] - The smart electric meter segment generated revenue of 3.866 billion yuan in 2024, up 11.00%, with a gross margin of 24.26% [2] - The distribution and transmission business reported revenue of 4.711 billion yuan in 2024, an increase of 2.93%, with a gross margin of 24.26% [2] - The new energy and system integration segment saw a decline in revenue, down 37.47% to 2.464 billion yuan, with a gross margin of 8.14% [2] Cost and Expenses - The company experienced an increase in sales expenses due to the establishment of a secondary marketing platform, with a sales expense ratio of 4.22% [2] - Asset impairment impacted performance, with a total impairment provision of 59.44 million yuan, accounting for 4.20% of total profit [2] Future Outlook - The company is expected to achieve revenues of 18.367 billion yuan, 19.880 billion yuan, and 21.370 billion yuan from 2025 to 2027, with corresponding net profits of 1.446 billion yuan, 1.780 billion yuan, and 2.057 billion yuan [3] - The projected EPS for 2025, 2026, and 2027 are 1.42 yuan, 1.75 yuan, and 2.02 yuan, respectively, with a PE ratio of 16, 13, and 11 times based on the stock price as of April 16, 2025 [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 17.089 billion yuan in 2024, a slight increase of 0.17% year-on-year, and a net profit of 1.117 billion yuan, up 11.09% year-on-year. A cash dividend of 1.50 yuan per 10 shares is proposed [1] - The company's direct current transmission system business is expected to see significant growth due to ongoing ultra-high voltage construction in China, with revenue from this segment increasing by 101.57% to 1.444 billion yuan in 2024 [2] - The company is benefiting from increased investment in the power grid, with various business segments showing growth opportunities, including smart distribution systems and smart meters [3] Summary by Sections Financial Performance - In 2024, the company recorded a gross profit margin of 20.77%, an increase of 2.77 percentage points year-on-year, and a net profit margin of 6.54%, up 0.65 percentage points year-on-year. For Q1 2025, the gross profit margin and net profit margin were 23.47% and 8.84%, respectively [1] - The company has adjusted its profit forecasts for 2025 and 2026, expecting net profits of 1.418 billion yuan and 1.728 billion yuan, respectively, with corresponding EPS of 1.39 yuan and 1.70 yuan [4] Business Segments - The smart distribution system revenue grew by 2.93% to 4.711 billion yuan in 2024, while smart meters saw an 11% increase to 3.866 billion yuan. However, the renewable energy and system integration segment experienced a decline of 37.47% to 2.464 billion yuan [3] - The company’s direct current transmission system revenue is projected to continue growing due to the ongoing development of flexible direct current transmission technology and the high demand for ultra-high voltage projects in China [2] Market Outlook - The report highlights that the investment in China's power grid is expected to increase, with a projected completion amount of 608.3 billion yuan in 2024, representing a year-on-year growth of 15.3%. The combined investment from State Grid and Southern Grid is anticipated to exceed 800 billion yuan in 2025 [3]

Summary of Conference Call Company Overview - The conference call discusses the financial performance and future outlook of Xu Electric, a company involved in the energy sector, particularly focusing on new energy and system integration. Key Points Business Strategy - The company's operational strategy for 2024 and 2025 focuses on two main keywords: restructuring and improving efficiency. Restructuring involves adjusting business, order, and revenue structures, while improving efficiency aims to enhance profitability and operational efficiency [2][3]. Revenue Structure - The revenue structure is improving, with a notable decline in the new energy and system integration segment, which saw a revenue drop of 1.5 billion (37.44%) compared to the previous year [3]. - The direct current transmission segment (Ultra High Voltage) experienced a revenue increase of 728 million (6.89%) [4]. - Equipment-related revenue now accounts for over 90% of total revenue, up from over 80% the previous year, indicating a shift towards higher-margin products [4][5]. Financial Performance - The total revenue for the year was reported at 17.089 billion, showing a slight increase despite expectations of a decline [4][6]. - The company anticipates a revenue target of 18.3 billion for 2025, representing a growth of 7.1% [6][7]. - Gross margin improved to 20.77% for the year, an increase of 2.77 percentage points year-over-year, with the first quarter of 2025 showing a gross margin of 23.57% [7][8]. Cost Management - The company aims to control expenses, with a target expense ratio of around 12%, slightly above the initial goal due to increased sales and R&D expenses [9][10]. - The sales expense ratio increased by 25% year-over-year, attributed to the establishment of a secondary marketing system to enhance market penetration [10][11]. Profitability - The company is focused on maintaining profitability despite rising costs, with measures in place to ensure that expense growth does not exceed revenue growth [11][12]. - The increase in accounts receivable and contract assets is expected to impact profitability, but the overall operating profit is projected to continue improving [12][13]. Market Outlook - The company is preparing for ongoing investments in the power grid, with expectations of stable growth in the sector [14]. - Future revenue from the Ultra High Voltage segment is projected to be around 1.2 billion, with a significant backlog of orders amounting to approximately 2.7 billion [16][21]. International Expansion - The company continues to focus on international markets, particularly in South America and the Middle East, with a strategy to deepen market penetration rather than broad expansion [40]. Challenges and Risks - The company faces challenges related to pricing pressures in the equipment market, with ongoing efforts to optimize costs and improve product design to maintain margins [37][38]. - The overall investment in the power grid is expected to increase, but the pace of growth may vary based on market conditions and project timelines [22][23]. Additional Insights - The company is actively working on enhancing its marketing and sales capabilities to better align with market demands and improve order matching rates [19][20]. - There is a focus on technological innovation and R&D to adapt to changing market needs and improve product offerings [10][11]. This summary encapsulates the key points discussed during the conference call, providing insights into the company's performance, strategy, and market outlook.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company is continuously strengthening its business focus and is expected to benefit from the high demand in the ultra-high voltage industry [1]. - In 2024, the company achieved a revenue of 17.1 billion yuan, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 1.12 billion yuan, a year-on-year increase of 11% [4]. - The company is positioned as a leading supplier in the direct current equipment sector, with significant growth potential due to the increasing demand in the industry [9]. Financial Performance Summary - In 2024, the company reported a revenue of 171 billion yuan, with a net profit of 11.2 billion yuan, and a gross profit margin of 20.8%, which is an increase of 2.8 percentage points year-on-year [4]. - For Q4 2024, the revenue was 75.0 billion yuan, showing a year-on-year increase of 17% and a quarter-on-quarter increase of 173% [4]. - In Q1 2025, the revenue was 23.5 billion yuan, a year-on-year decrease of 16%, while the net profit was 2.1 billion yuan, a decrease of 12% year-on-year [5]. Business Segment Performance - The company has reduced low-margin integrated business and achieved rapid growth in direct current business, with direct current transmission system revenue increasing by 102% year-on-year [6]. - The intelligent distribution system generated revenue of 47.1 billion yuan, with a gross margin of 24.3%, while the intelligent meter segment reported revenue of 38.7 billion yuan [6]. - The company is expected to benefit from the anticipated approval of five ultra-high voltage direct current projects in 2025, which will drive demand for direct current equipment [6]. Earnings Forecast - The company is projected to achieve revenues of 18.3 billion yuan, 20.0 billion yuan, and 22.1 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7%, 9%, and 10% [9]. - The net profit attributable to shareholders is expected to be 1.45 billion yuan, 1.77 billion yuan, and 2.13 billion yuan for the same years, with growth rates of 30%, 21%, and 20% respectively [9]. - The current stock price corresponds to a price-to-earnings ratio of 16x for 2025, 13x for 2026, and 11x for 2027 [9].

近日，许继电气股份有限公司（以下简称"许继电气"）发布2024年度报告，2024年实现营业收入170.89亿元，同比增长0.17%；实现归母净利润11.17亿元， 同比增长11.09%。 | | 2024 年 | 2023 年 | 变 | | --- | --- | --- | --- | | 研发投入金额(元) | 879, 862, 224. 99 | 793, 816, 594. 45 | | | 研发投入占营业收入比例 | 5.15% | 4. 65% | 增长 0. ! | | 研发投入资本化的金额(元) | 97, 560, 347. 69 | 78, 800, 475. 86 | | | 资本化研发投入占研发投入的比例 | 11. 09% | 9.93% | 增长 1. | 许继电气成功研制全球首台40.5千伏/4000安气体绝缘开关设备，6.5千伏/4000安IGCT柔直换流阀实现首次应用，同时许继电气积极拓展新业务，产品构网型 储能变流器、虚拟电厂运行管控系统等实现首台套应用。 此外，许继电气还凭借技术优势，加快了"出海"步伐，2024年许继电气国际方面实现营收3.09亿元，同比增长102. ...

证券研究报告 | 2025年04月15日 许继电气（000400.SZ） 优于大市 大额减值拖累 24 年业绩，25 年换流阀需求有望集中释放 全年业绩稳健增长，收入结构持续优化。2024 年公司实现营收 170.89 亿元， 同比+0.17%；归母净利润 11.17 亿元，同比+11.09%。2024 年公司销售毛利 率为 20.77%，同比+2.78pct.；销售净利率为 7.56%，同比+0.61pct。公司 持续优化收入结构，降低低毛利的新能源及系统集成业务占比，带动盈利能 力提升。 交付节奏影响一季度业绩，盈利能力明显提升。2025 年第一季度公司实现营 收 23.48 亿元，同比-16.42%，环比-68.70%；归母净利润 2.08 亿元，同比 -12.47%，环比-6.59%。一季度公司毛利率 23.47%，同比+5.20pct，环比 +4.19pct，净利率 10.06%，同比+0.68pct，环比+6.47pct。 研发投入保持高强度，全年中标多个海内外重点项目。2024 年公司研发成功 世界首台 40.5kV/4000A 气体绝缘开关设备，6.5kV/4000A IGCT 柔直换流阀 实 ...

许继电气（000400.SZ）24 年年报及 25 年一季报点评 减值拖累 24 年业绩，盈利能力持续优化 2025 年 04 月 12 日 ➢ 事件：2025 年 4 月 10 日，公司发布 24 年年报、25 年一季报。2024 年， 公司实现营收 170.9 亿元，同比+0.2%；归母净利润 11.2 亿元，同比+11.1%； 扣非归母净利润 10.61 亿元，同比+22.2%。单 24Q4，公司实现营收 75.0 亿元， 同比+20.4%，环比+172.8%；归母净利润 2.2 亿元，同比+13.9%，环比-16.7%； 扣非归母净利润 2.0 亿元，同比+31.6%，环比-22.0%。单 25Q1，公司实现营 收 23.5 亿元，同比-16.4%，环比-68.7%；归母净利润 2.1 亿元，同比-12.5%， 环比-6.6%；扣非净利润 2.0 亿元，同比-10.0%，环比+3.1%。 ➢ 减值对公司 24 年业绩拖累较大。24 年公司计提资产减值 5944 万元（占利 润总额比例 4.2%），信用减值计提 1.41 亿元（占利润总额比例 10%），减值损 失合计约 2 亿元。 ➢ 直流输电系统业务 ...

| 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 17,089 | 18,691 | 21,393 | 24,616 | | 增长率（%） | 0.2 | 9.4 | 14.5 | 15.1 | | 归属母公司股东净利润（百万元） | 1,117 | 1,491 | 1,807 | 2,279 | | 增长率（%） | 11.1 | 33.5 | 21.2 | 26.1 | | 每股收益（元） | 1.10 | 1.46 | 1.77 | 2.24 | | PE | 21 | 16 | 13 | 10 | | PB | 2.1 | 1.9 | 1.8 | 1.6 | ➢ 减值对公司 24 年业绩拖累较大。24 年公司计提资产减值 5944 万元（占利 润总额比例 4.2%），信用减值计提 1.41 亿元（占利润总额比例 10%），减值损 失合计约 2 亿元。 ➢ 直流输电系统业务高增，新能源系统集成业务结构优化。智能变配电板块， 24 年实现收入 47.11 亿元、同比+2.93%，毛 ...

特高压在手订单充沛，建设加速确收有望持续超预期。24 年直流输电业务收入14.44亿元，同增102%， 毛利率30.92%，同比-11.37pct。毛利率大幅下滑，我们预计主要系24 年确收了较多直流测量等低毛利 产品所致，收入超预期我们认为主要为陇东-山东控保+哈密-重庆部分换流阀提前在24Q4 确收，同时导 致25Q1 收入有所承压。25 年随着甘浙柔直+广东背靠背等项目的推进，我们预计板块收入有望超17 亿，且毛利率有望大幅提升。 传统主业提质增效，盈利能力持续提升。1）24 年智能变配电业务收入47.11 亿元，同增3%，毛利率 24.26%，同比+1.6pct。24 年国网保护/监控招标量同比+15%/16%，25 年我们预计公司主网二次收入维 持稳定增长，配电业务随配网投资加速有望实现5-10%左右增长；2）24 年智能电表业务收入38.66 亿 元，同增11%，毛利率24.66%，同比-0.57pct。24 年公司智能电表份额保持领先，我们认为随着新版智 能电表的推出，电表业务单价有望上涨，25 年智能电表收入有望5-10%的增长。 总包业务大幅剥离，一次&电力电子表现稳健。1）24 年公司新能 ...