ChinaSouthernPowerGridTechnology(SH:688248) EBSCN·2024-09-03 14:40Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 1.555 billion yuan in the first half of 2024, representing a year-on-year growth of 23.74%, and a net profit attributable to shareholders of 184 million yuan, up 59.33% year-on-year [1] - The energy storage business saw a revenue decline of 18.04% year-on-year due to project fulfillment cycles, while the newly acquired testing and commissioning services contributed significantly to revenue growth [2] - The intelligent power distribution segment showed strong performance with a revenue increase of 89.76% year-on-year, driven by rapid growth in core equipment sales [2] - The company is expected to achieve net profits of 426 million, 625 million, and 811 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 35, 24, and 18 [2] Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 1.05 billion yuan, a year-on-year increase of 31.77%, and a net profit of 143 million yuan, up 66.84% year-on-year [1] - The revenue from the energy storage business accounted for 36.79% of total revenue, while the testing and commissioning services contributed 23.64% [2] Business Segments - The intelligent power distribution equipment segment generated 350 million yuan in revenue, with a gross margin of 35.7%, reflecting a year-on-year increase of 7.52 percentage points [2] - The robotics and drone segment saw a revenue increase of 70.13% year-on-year, with a gross margin of 30.20%, slightly down by 3.43 percentage points due to competitive pressures [2] Profitability and Valuation - The company is projected to maintain steady growth across its business segments, with significant room for expansion in energy storage, testing, and intelligent power distribution [2] - The current stock price is 26.33 yuan, with a market capitalization of approximately 14.869 billion yuan [3]