中国西电(601179)：盈利能力持续提升 业绩超市场预期

Core Viewpoint - The company reported a revenue of 22.28 billion yuan for 2024, representing a year-on-year increase of 5.1%, with a net profit attributable to shareholders of 1.05 billion yuan, up 17.5% year-on-year, and a non-recurring net profit of 1.00 billion yuan, up 55.5% year-on-year [1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 5.26 billion yuan, a year-on-year increase of 10.9%, and a net profit of 290 million yuan, up 42.1% year-on-year [1] - The gross margin for 2024 was 20.8%, an increase of 2.9 percentage points, while the net margin was 5.5%, up 0.6 percentage points [1] - The company reported a significant improvement in cash flow, with net cash inflow from operating activities reaching 3.499 billion yuan, a year-on-year increase of 177% [4] Group 2: Business Segments - The transformer business generated revenue of 9.218 billion yuan in 2024, up 18% year-on-year, with a gross margin of 14.25%, an increase of 5.88 percentage points [2] - The switchgear business achieved revenue of 8.504 billion yuan, a year-on-year increase of 11%, with a gross margin of 26.52%, up 1.29 percentage points [2] - The power electronics and international trade segment saw a revenue decline to 2.456 billion yuan, down 33% year-on-year, with a gross margin of 15% [3] Group 3: Market Position and Outlook - The company secured a market share of approximately 27% in the converter transformer segment, ranking first, and is expected to see high growth in orders for the "6 Direct 5 AC" project in 2025 [2] - The company made significant progress in international markets, with revenue from international business accounting for about 66%, and has expanded its operations to countries like Turkey, Italy, and Sweden [3] - The company has revised its profit forecasts for 2025 and 2026, expecting net profits of 1.70 billion yuan and 2.07 billion yuan respectively, with a projected net profit of 2.55 billion yuan for 2027 [4]