SIEYUAN(002028) 民生证券·2025-01-19 04:23Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company reported impressive revenue growth of 24.06% year-on-year, reaching 15.458 billion yuan in 2024, with a net profit increase of 33.82% to 2.087 billion yuan [1][3]. - The growth is attributed to the rising demand for global power grid construction, with domestic investments expected to exceed 600 billion yuan by the end of 2024, marking a ten-year high [2][3]. - The company plans to invest in the construction of a GIS production base, with a total investment of 300 million yuan, to enhance brand image and market competitiveness [3]. - The subsidiary, Wuxi Xinjing Carbon Energy, is making progress in its operations, potentially adding new revenue streams through its supercapacitor business [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 5.051 billion yuan, a year-on-year increase of 30.21%, and a net profit of 596 million yuan, up 45.01% [1]. - The projected revenues for 2024-2026 are 15.458 billion, 18.569 billion, and 22.201 billion yuan, with corresponding growth rates of 24.1%, 20.1%, and 19.6% [3][5]. - The net profit forecasts for the same period are 2.086 billion, 2.602 billion, and 3.194 billion yuan, with growth rates of 33.8%, 24.7%, and 22.8% respectively [3][5]. Investment Outlook - The report anticipates a PE ratio of 28X, 22X, and 18X for the years 2024, 2025, and 2026 based on the closing price on January 17 [3]. - The company is well-positioned to benefit from the ongoing power grid investment cycle, both domestically and internationally, with exports to over 100 countries [2][3].