XJEC(000400)2025-04-11 15:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance slightly fell short of market expectations due to significant impairment provisions [1] - Revenue for 2024 is projected at 17.09 billion RMB, with a minor year-on-year growth of 0.17% [1] - The net profit attributable to the parent company for 2024 is expected to be 1.12 billion RMB, reflecting an 11.09% increase year-on-year [1] - The company is expected to benefit from the high demand in the power grid construction sector, with a projected net profit of 2.35 billion RMB by 2027, representing a 24.09% growth [1] Financial Summary - Total revenue forecast for 2023A is 17.06 billion RMB, with a year-on-year growth of 13.51% [1] - The projected earnings per share (EPS) for 2025E is 1.49 RMB, with a corresponding P/E ratio of 15.72 [1] - The company anticipates a gross margin of 20.77% for 2024, improving to 24.21% by 2027 [9] - The total assets are expected to reach 25.24 billion RMB in 2025E, with total liabilities of 11.09 billion RMB [9] Business Segments - The smart distribution and transformation business is projected to generate 4.71 billion RMB in revenue for 2024, with a gross margin of 24.26% [8] - The smart meter business is expected to achieve 3.87 billion RMB in revenue, maintaining a leading market share [8] - The company plans to continue reducing its contracting business, focusing on stable growth in its core segments [8] - The high-voltage direct current (HVDC) business is anticipated to see significant revenue growth, with a 102% increase to 1.44 billion RMB in 2024 [8]