友讯达：受益电网智能化发展，多项业务前景向好

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company benefits from the development of smart grids, with multiple business prospects looking positive [1] - The company's revenue for H1 2024 was 508 million yuan, a year-on-year increase of 2.68%, while net profit attributable to shareholders was 87 million yuan, a year-on-year decrease of 1.07% [1][2] - The company is expected to see significant growth in revenue and net profit from 2024 to 2026, with projected revenues of 1.369 billion yuan, 1.551 billion yuan, and 1.769 billion yuan respectively, and net profits of 246 million yuan, 303 million yuan, and 359 million yuan [4][5] Financial Performance - Revenue growth rates are projected at 24.8% for 2024, 13.3% for 2025, and 14.0% for 2026 [1][7] - The gross profit margin for H1 2024 was 39.69%, an increase of 4.26 percentage points year-on-year, indicating improved profitability [2] - The company’s return on equity (ROE) is expected to be 22.6% in 2024, 22.1% in 2025, and 21.1% in 2026 [1][7] Market Opportunities - The expansion of grid investment and the broad space for intelligent development are expected to provide significant market opportunities for the company [2] - The company has seen an increase in its bidding share for the State Grid, with a 2.41% share in the first batch of 2024, amounting to nearly 300 million yuan, a year-on-year increase of 17.4% [2][4] - The total investment scale for grid construction is expected to exceed 500 billion yuan, with the Southern Grid planning to invest 670 billion yuan during the 14th Five-Year Plan period, a 33% increase compared to the previous plan [2][4]