国电南瑞：业绩稳步增长，国内外市场持续突破

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown steady revenue growth, with a 10.02% year-on-year increase in revenue for the first half of 2024, reaching 20.114 billion yuan, and a net profit of 2.709 billion yuan, up 8.36% year-on-year [5][6] - The company is expanding its domestic and international markets, achieving significant project wins in both sectors, with domestic revenue increasing by 8.12% to 19.246 billion yuan and international revenue soaring by 92.8% to 0.831 billion yuan [6] - The company is expected to continue its growth trajectory, with projected revenues of 56.608 billion yuan, 62.386 billion yuan, and 68.481 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 8.008 billion yuan, 8.768 billion yuan, and 9.604 billion yuan for the same years [6][7] Financial Performance Summary - For the first half of 2024, the company reported a gross margin of 29.03%, an increase of 0.46 percentage points year-on-year [5] - The company’s revenue from the smart grid segment was 9.357 billion yuan, up 1.8% year-on-year, while the energy low-carbon segment saw a significant increase of 32.7%, reaching 5.052 billion yuan [5] - The company’s earnings per share (EPS) are projected to be 0.90 yuan, 1.00 yuan, 1.09 yuan, and 1.20 yuan for the years 2024 to 2026 [7][8]