许继电气(000400)：计提大额减值 业绩略低于市场预期

Core Viewpoint - The company reported its 2024 annual results, showing a slight revenue increase but a notable rise in net profit, indicating improved profitability despite some challenges in revenue structure and impairment impacts [1] Financial Performance - In 2024, the company achieved a revenue of 17.09 billion, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 1.12 billion, up 11.1% year-on-year [1] - The first quarter of 2025 saw revenues of 2.35 billion, down 16.4% year-on-year, while the fourth quarter of 2024 had revenues of 7.50 billion, up 20.4% year-on-year [1] - The gross margin for 2024 was 20.8%, an increase of 2.8 percentage points, and the net margin was 7.6%, up 0.6 percentage points [1] Business Segments - The smart distribution and transformation business generated 4.711 billion in revenue, a 3% increase, with a gross margin of 24.26%, up 1.6 percentage points [2] - The smart meter business reported 3.866 billion in revenue, an 11% increase, with a gross margin of 24.66%, down 0.57 percentage points [2] - The new energy business saw a revenue decline of 37% to 2.464 billion, but the gross margin improved by 2.72 percentage points [2][3] - The medium voltage supply and use equipment segment generated 3.352 billion in revenue, a 7% increase, with a gross margin of 18.77%, up 2.51 percentage points [3] - The charging and swapping equipment segment reported 1.252 billion in revenue, a 4% increase, with a gross margin of 14.18%, up 3.61 percentage points [3] Operational Insights - The company is focusing on reducing total package business, which is expected to enhance the gross margin of the segments [2] - The company has a strong order backlog in ultra-high voltage projects, with expectations for revenue growth in 2025 driven by ongoing projects [3] Cost Management - Marketing expenses increased significantly, with expense ratios of 12.54% for 2024 and 13.06% for Q1 2025, up 1.68 percentage points and 4.03 percentage points year-on-year, respectively [4] - The company plans to enhance cost control measures in 2025, aiming for a stable reduction in expense ratios [4] Profit Forecast - The company revised its net profit forecasts for 2025 and 2026 to 1.52 billion and 1.90 billion, respectively, reflecting a slight downward adjustment due to delays in ultra-high voltage project tenders [4] - The projected net profit for 2027 is 2.35 billion, indicating a year-on-year growth of 36% [4]