China XD(601179) 长江商报· Chang Jiang Shang Bao·2025-04-16 00:24Core Viewpoint - China XD Electric's operating performance continues to improve, with significant increases in revenue and net profit in Q1 2025 compared to the previous year [2][4][5]. Financial Performance - In Q1 2025, the company reported revenue of 5.245 billion yuan, an increase of 11.27% year-on-year; net profit reached 295 million yuan, up 42.10%; and the net profit excluding non-recurring gains and losses was 293 million yuan, a rise of 54.14% [2][4][6]. - The growth in performance is attributed to increased sales in the transformer and switch sectors, as well as a higher proportion of high-margin products [6][9]. Business Overview - China XD Electric specializes in the research, design, manufacturing, sales, and testing of power transmission and distribution equipment, including high-voltage switches and transformers [3][4]. - The company has a comprehensive product line and is actively expanding into emerging sectors such as smart grids and offshore wind power [2][7]. Market Position and Orders - As of Q1 2025, the company had contract liabilities of 4.147 billion yuan, indicating a strong order backlog that supports future revenue growth [10]. - Recent major contracts include a 1.707 billion yuan project with the State Grid and additional contracts totaling approximately 1.443 billion yuan, bringing the total to over 3 billion yuan [9]. Research and Development - China XD Electric has invested a total of 2.945 billion yuan in R&D over the past three years, with annual investments increasing from 797 million yuan in 2022 to 1.127 billion yuan in 2024 [7][8]. - The company has successfully applied for several national-level projects and has developed numerous products that meet international standards [8].