Smarter Energy(600869) 华西证券·2025-01-27 10:00Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Views - The company's performance is under pressure due to business restructuring and market fluctuations, particularly in the smart battery and energy storage sectors, leading to expected losses in 2024 [2][3] - Despite the anticipated losses, the company has secured significant orders, totaling over 24.5 billion yuan, which provides a strong foundation for future performance [4] - The company is expected to see improvements in performance in 2025, driven by the production of submarine cables and growth in overseas and AI-related businesses [6] Summary by Sections Performance Forecast - The company forecasts a net profit attributable to shareholders of between -150 million yuan and -300 million yuan for 2024, indicating a significant loss compared to the previous year [2] - The adjusted revenue estimates for 2024-2026 are 267.48 billion yuan, 322.00 billion yuan, and 379.30 billion yuan respectively [7] Order Growth - The company has received over 24.5 billion yuan in orders for 2024, with significant contributions from the smart cable business and the smart battery sector, which saw a year-on-year increase of 411.41% in orders [4][5] - The smart cable business has maintained its position among the top 10 most competitive companies in China's cable industry for 11 consecutive years [4] Financial Projections - Revenue is projected to grow from 26.75 billion yuan in 2024 to 37.93 billion yuan in 2026, with a year-on-year growth rate of 20.4% in 2025 [9][11] - The net profit is expected to recover to 813 million yuan in 2025 and 1.1 billion yuan in 2026, following a loss in 2024 [9][11]