State Power Rixin Technology (301162) 华金证券·2024-12-12 23:35Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 44.06 yuan [2]. Core Insights - The company, Guoneng Rixin (301162.SZ), is focused on the new energy sector, particularly in power forecasting, distributed energy, and market-oriented electricity services. It has shown steady revenue growth and increased R&D investment [2][5]. - For the first three quarters of 2024, the company achieved operating revenue of 364.8 million yuan, a year-on-year increase of 18.15%, and a net profit attributable to shareholders of 53.21 million yuan, up 2.69% year-on-year [2][5]. - The company has a solid market position in power forecasting, with a customer base that includes new energy power stations and grid companies. The renewal rate for power forecasting services remains above 95% [2][5]. Financial Performance - The total market capitalization is approximately 4.41 billion yuan, with a circulating market capitalization of about 2.71 billion yuan [2]. - The company reported a gross margin of 67.28%, slightly down by 0.48 percentage points year-on-year [2]. - R&D expenses for the first three quarters of 2024 reached 64.77 million yuan, representing a year-on-year increase of 3.06%, with an R&D expense ratio of 17.75% [2]. Revenue Forecast - The company is expected to achieve revenues of 567 million yuan in 2024, 716 million yuan in 2025, and 917 million yuan in 2026, with year-on-year growth rates of 24.2%, 26.3%, and 28.1% respectively [5][11]. - The net profit attributable to shareholders is projected to be 105 million yuan in 2024, 145 million yuan in 2025, and 184 million yuan in 2026, with corresponding growth rates of 24.7%, 38.0%, and 27.2% [5][11]. Market Position and Growth Potential - The company is positioned as a leader in the new energy power forecasting market and is actively expanding into electricity trading, smart energy storage, and virtual power plants [5][16]. - The report highlights the potential for growth driven by the ongoing reforms in the electricity market and the increasing demand for innovative energy solutions [4][5].