State Power Rixin Technology (301162) 平安证券·2024-10-14 07:39Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leading player in renewable energy power forecasting, leveraging its core competencies to expand its business across the entire "source-grid-load-storage" chain. The traditional energy business provides a solid foundation for growth, while innovative products are expected to create new growth points amid ongoing electricity system reforms [4][5]. Summary by Sections Section 1: Company Overview - The company has successfully transformed from a traditional energy business to a provider of information technology products and services in the renewable energy sector, focusing on wind and solar power forecasting [12]. - The company has a clear ownership structure, with the actual controller holding 26.72% of shares, which reflects confidence in future development [16]. Section 2: Market Environment - The renewable energy installation market remains robust, with significant growth in solar and wind power installations. As of mid-2024, the total installed capacity of renewable energy reached 1.653 billion kilowatts, with solar power growing by 51.6% year-on-year [25]. - The tightening of power forecasting standards is expected to increase demand for related products and services, driven by the growing impact of renewable energy on the grid [26]. Section 3: Business Segments - The company's core business in power forecasting continues to grow, supported by a strong customer base and high retention rates. The innovative product lines are anticipated to become a second growth curve as the electricity market reforms deepen [4][5]. - The company reported a revenue of 224 million yuan in the first half of 2024, reflecting an 18.67% year-on-year increase, primarily due to the favorable market conditions in the renewable energy sector [20]. Section 4: Financial Projections - Revenue projections for 2024-2026 are estimated at 580 million yuan, 755 million yuan, and 991 million yuan, with year-on-year growth rates of 27.1%, 30.2%, and 31.3% respectively. Net profit is expected to reach 104 million yuan, 135 million yuan, and 175 million yuan during the same period [5][4]. - The company's gross margin is projected to improve gradually, with a forecasted gross margin of 69.1% in 2024 [4]. Section 5: Strategic Initiatives - The company is actively pursuing a strategy of reasonable investment along the upstream and downstream of the industry chain, aiming to enhance its core competitive advantages and explore new business models [18]. - A stock incentive plan has been implemented to bind core talents, reflecting confidence in the company's future growth [18].