南网科技：两大业务协同发力 挖掘电力基建投资新机遇

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but it has made significant progress in market expansion and technological advancements in the energy sector [1][2]. Financial Performance - The company's revenue for H1 2025 was 1.405 billion, a year-on-year decrease of 9.66% - The net profit attributable to shareholders was 175 million, a year-on-year decrease of 5.38% - The gross profit margin was 32.09%, an increase of 3.17 percentage points year-on-year - The net profit margin was 12.63%, an increase of 0.62 percentage points year-on-year [1][2]. Business Development - The company focuses on clean power and smart grid technologies, achieving notable market expansion results - In the energy storage sector, a joint development with the National New Energy Storage Innovation Center led to the successful implementation of a 100 MW grid-connected battery energy storage system, marking the first successful black start test in the Southern Power Grid region - The company won a contract for technical supervision services for the Vietnam Yongxin Phase I power company, expanding its market reach beyond Southern China and Southeast Asia - In smart distribution equipment, the company promoted over 10 million units of the "Silk Road" series products through independent bidding and chip licensing - The company also expanded its international business, providing monitoring solutions to Chile and Laos, and secured a 39 million contract for a drone project with Inner Mongolia Power Group [2][3]. Market Expansion - The company is actively exploring new opportunities in power construction while replicating successful models in other provinces - It is expanding its brand influence in the State Grid region and advancing international projects, including drone inspection contracts in Uzbekistan - In H1 2025, revenue from Guangdong accounted for 51.21%, while revenue from outside Guangdong accounted for 48.74%, with non-Southern Power Grid customer revenue reaching 884 million, a year-on-year increase of 26.67% [3]. Investment Outlook - The company is expected to continue expanding in the Southern Power Grid, State Grid, and international markets, with innovative businesses like "Silk Road" and "Smart Eye" set to drive growth - Projected net profits for 2025-2027 are 444 million, 616 million, and 740 million, representing year-on-year growth of 21.7%, 38.7%, and 20.2% respectively - Corresponding EPS estimates are 0.79, 1.09, and 1.31 [3].