安靠智电：深度研究报告：精耕电力设备细分赛道，GIL与模块化变电站驱动成长

Investment Rating - The report gives a "Recommend" rating for the company with a target price of 34.8 RMB [1][7] Core Views - The company has been a leader in the cable accessory industry for 18 years and is now expanding into new businesses such as GIL and modular substations, which are expected to drive future growth [1] - GIL business has seen significant growth with cumulative orders of 1.5 billion RMB from 2018 to 2023, and modular substation business achieved revenue of 316 million RMB in 2023, a 475.8% YoY increase [1][6] - The company is expected to achieve revenues of 1.29 billion, 1.42 billion, and 1.57 billion RMB in 2024, 2025, and 2026 respectively, with net profits of 230 million, 260 million, and 300 million RMB [7] Business Segments Cable Accessories - The company has been a pioneer in the domestic production of high-voltage and ultra-high-voltage cable accessories, breaking foreign monopolies in 2007 with its 500kV cable accessories [13][37] - The cable accessory business remains stable, with revenue of 485 million RMB in 2024, a 26.8% YoY increase, and a five-year CAGR of 3.3% from 2018 to 2023 [17] GIL (Gas-Insulated Transmission Lines) - GIL is a large-capacity, high-safety power transmission method with a potential market size of over 100 billion RMB [2] - The company has a first-mover advantage in GIL technology, having developed 220-1000kV GIL products and accumulated orders of 1.5 billion RMB from 2018 to 2023 [2][6] - GIL applications have expanded from power plants to urban power grids and industrial parks, with significant potential in urban underground power grid upgrades [6][53] Modular Substations - The modular substation business has grown rapidly, with contract amounts exceeding 570 million RMB from 2020 to 2023, including three large-scale orders over 100 million RMB [1][6] - In 2023, the modular substation business achieved revenue of 316 million RMB, a 475.8% YoY increase, driven by projects such as the Qinghai 330kV booster station and Tencent's 220kV data center [6][17] Financial Projections - The company is expected to achieve revenues of 1.29 billion, 1.42 billion, and 1.57 billion RMB in 2024, 2025, and 2026, with net profits of 230 million, 260 million, and 300 million RMB respectively [7] - The PE ratio for 2024 is projected at 25x, with a target price of 34.8 RMB [7] Market Potential - The GIL market is estimated to have a potential size of over 100 billion RMB, with applications in power plants, urban power grids, and industrial parks [2][6] - The modular substation market is expected to benefit from urban power grid expansion, with significant growth potential in data centers and industrial parks [6][53]