GWYD(SH:600517) Xin Lang Cai Jing·2025-05-04 06:27Core Viewpoint - The company, State Grid Yingda Co., Ltd., has shown stable growth in its financial and power equipment businesses, with significant increases in revenue and net profit in 2024 and Q1 2025, indicating a strong operational performance and profitability [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 11.288 billion yuan, a year-on-year increase of 3.60%, and a net profit attributable to shareholders of 1.574 billion yuan, up 15.39% [1]. - For Q1 2025, the company reported operating revenue of 2.218 billion yuan, reflecting an 8.7% year-on-year growth, and a net profit of 604 million yuan, which is a substantial increase of 45.2% [1]. Business Segments - The highest revenue contributor is the power equipment business, accounting for 65.2% of total revenue in 2024, while the financial business remains the main profit source, with trust business profits making up 84.13% [1]. - In the trust business, Yingda Trust generated operating revenue of 2.99 billion yuan in 2024, a 7.29% increase, and net profit of 1.776 billion yuan, up 10.63%, with total trust assets reaching 1.09288 trillion yuan [1]. - Yingda Securities reported operating revenue of 860 million yuan in 2024, a decline of 25.64%, but net profit increased by 64.43% to 176 million yuan due to improved investment returns [2]. - The carbon asset business achieved operating revenue of 7.0016 million yuan, growing by 13.39%, and net profit of 1.04049 million yuan, up 14.51% [2]. - The power equipment segment, through subsidiary Zhixin Electric, generated revenue of 7.375 billion yuan, a 6.86% increase, and net profit of 149 million yuan, up 45.18% [2]. Strategic Focus - The company leverages the advantages of its parent company, State Grid, to build competitive strengths in finance, carbon assets, and high-end electrical equipment, with plans to explore quality projects in wind power, solar energy, energy storage, and integrated energy development [3].