南网数字IPO：创新驱动电力数字化转型，业绩稳健增长前景可期

Core Insights - The company, Southern Power Grid Digital Research Institute Co., Ltd. (referred to as "Southern Digital"), has shown strong growth potential and performance due to its deep technological accumulation and innovation capabilities [1] Business Performance - In 2023, Southern Digital reported revenue of 4.23 billion yuan, primarily due to a strategic restructuring that involved divesting non-core businesses, laying a foundation for long-term high-quality development [2] - Revenue is expected to rebound to 6.09 billion yuan in 2024, representing a year-on-year growth of 43.8%, driven by continued focus on digital grid, enterprise digitization, and digital infrastructure [2] - The digital grid business saw a year-on-year revenue increase of 41.7%, becoming the main driver of performance growth [2] Client and Market Strategy - The top five clients accounted for over 90% of sales, with the largest client, Southern Power Grid, contributing over 85% [3] - To mitigate potential risks, the company is actively expanding its client base, establishing partnerships with major industry players such as Inner Mongolia Power Group and State Grid [3] - Non-related client revenue increased to 13.67% in 2024, indicating an improvement in client structure [3] Technological Innovation and Competitive Edge - The proportion of related sales decreased from 93.7% to 86.33%, reflecting a trend towards reduced reliance on related transactions [4] - The company has invested 1.25 billion yuan in R&D over three years, holding 1,456 domestic patents and participating in the formulation of 80 industry standards [4] - The successful development of the "Da Watt" AI model in 2024 further solidifies the company's technological leadership in the industry [4] Future Outlook - Southern Digital is positioned as a key player in supporting digital grid construction and the digital transformation of energy enterprises, with significant growth potential as the national "dual carbon" strategy and new power system construction advance [5] - The upcoming IPO fundraising will support six major projects, including a spatial intelligent digital twin platform, which is expected to enhance the company's core competitiveness [5]