Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company has signed a framework contract worth 400 million yuan and has entered into new contracts for data center substations, which are expected to drive future performance growth [3][5] - For 2024, the company is projected to achieve revenue of 634 million yuan, representing an 8.06% year-on-year increase, while the net profit attributable to the parent company is expected to decrease by 7.05% to 43 million yuan [3] - The earnings per share (EPS) for 2024 is estimated at 0.26 yuan, with corresponding price-to-earnings (P/E) ratios of 55.1, 45.0, and 37.2 for 2024, 2025, and 2026 respectively [3] Financial Summary - Revenue is projected to grow from 586 million yuan in 2023 to 634 million yuan in 2024, and further to 778 million yuan in 2025, reaching 920 million yuan in 2026 [8] - The net profit attributable to the parent company is expected to fluctuate, with estimates of 43 million yuan in 2024, 53 million yuan in 2025, and 64 million yuan in 2026 [8] - The gross margin is expected to remain stable around 23.5% for 2024 and 2025, while the net margin is projected to be 6.8% for both years [8] - The return on equity (ROE) is forecasted to improve from 9.7% in 2024 to 12.5% in 2026 [8] Business Developments - The company has signed a 4.25 billion yuan framework agreement with China Energy Construction Group for compact substations, indicating a strategic expansion into new business areas [5] - The company is also expanding its production layout with transformer production line upgrades, which are expected to support future revenue growth [5]
许昌智能：北交所信息更新：签署4亿元框架合同，新签订数据中心变电站合同拓展新业务-20250314