NARI-TECH(SH:600406) Xin Lang Cai Jing·2025-05-02 10:26Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant revenue growth and a focus on R&D to strengthen its technological edge [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 57.417 billion yuan, a year-on-year increase of 11.33% - The net profit attributable to shareholders was 7.610 billion yuan, up 5.94% year-on-year, while the non-recurring net profit was 7.389 billion yuan, increasing by 6.31% year-on-year - For Q4 2024, the company reported operating revenue of 25.104 billion yuan, with a quarter-on-quarter increase of 9.1% and a year-on-year increase of 105.8% - The net profit for Q4 2024 was 3.137 billion yuan, reflecting a quarter-on-quarter increase of 3.8% and a year-on-year increase of 77.9% - In Q1 2025, the company achieved operating revenue of 8.895 billion yuan, a year-on-year increase of 15.54%, and a net profit of 680 million yuan, up 14.19% year-on-year [1]. Profitability and R&D Investment - The company's gross margin for 2024 was 26.66%, a slight decrease of 0.14 percentage points year-on-year, while the net margin was 14.19%, down 0.64 percentage points year-on-year - Total R&D investment for the year was 4.032 billion yuan, an increase of 15.94% year-on-year, representing 7.02% of revenue, aimed at enhancing the technological moat in areas such as smart grid upgrades, AI power dispatch, semiconductor devices, and energy storage [1]. Business Segments and Orders - The company signed new contracts worth 66.32 billion yuan in 2024, a year-on-year increase of 13.8%, with a backlog of orders amounting to 50.697 billion yuan - Revenue from the smart grid business was 28.468 billion yuan, up 11.05% year-on-year, while the low-carbon energy business generated 12.185 billion yuan, a significant increase of 26.4% - The digital integration business reported revenue of 12.365 billion yuan, also up 11.05% year-on-year, with the large-scale power model accelerating deployment in scheduling and operation scenarios [2]. International Expansion - The company's overseas revenue reached 3.279 billion yuan in 2024, a remarkable increase of 135.1%, accounting for 5.7% of total revenue - Significant projects include the Saudi ADMS flexible direct valve project and various operations in South America, contributing to a notable increase in overseas order reserves [2]. Investment Outlook - The company is focused on the entire "source-network-load-storage" chain, with multiple cycles in high voltage, new energy storage, and overseas electrification - Projected net profits for 2025-2027 are estimated at 8.324 billion yuan, 9.248 billion yuan, and 10.013 billion yuan, respectively, with corresponding price-to-earnings ratios of 21.4, 19.2, and 17.8 times [2].