煜邦电力（688597）：利润端大幅修复，多业务协同发展

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Insights - The company has shown significant profit recovery, with a projected revenue growth of 67.3% year-on-year for 2024, reaching 940 million yuan, and a net profit growth of 195.8%, amounting to 111 million yuan [1][8]. - The company has achieved notable success in bidding, ranking 20th among over 80 companies in the national grid's centralized bidding, with a total bid amount of 420 million yuan [2]. - The company is expanding its low-altitude intelligent inspection business into various application scenarios, with a projected CAGR of approximately 28.19% from 2022 to 2024 [3]. Financial Performance Summary - Revenue Forecast: The company is expected to generate revenues of 1.36 billion yuan in 2025, 1.75 billion yuan in 2026, and 2.07 billion yuan in 2027, with year-on-year growth rates of 44.7%, 28.8%, and 17.8% respectively [1][8]. - Net Profit Forecast: The projected net profits are 134 million yuan in 2025, 166 million yuan in 2026, and 184 million yuan in 2027, with growth rates of 20.8%, 23.6%, and 10.8% respectively [1][8]. - Earnings Per Share (EPS): The EPS is expected to be 0.54 yuan in 2025, 0.67 yuan in 2026, and 0.74 yuan in 2027 [1][8]. Market Position and Growth Potential - The company is well-positioned to benefit from the increasing demand for intelligent electric products, with a strong bidding performance and a growing market for smart services [2][3]. - The establishment of a subsidiary in the energy storage sector is expected to support future performance, with a significant order backlog of approximately 803 million yuan outside of energy storage as of the end of 2024 [8].