State Power Rixin Technology (301162) Guoyuan Securities·2025-04-18 02:12Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Views - The company achieved rapid growth in its performance, with a 20.50% year-on-year increase in revenue to CNY 549.76 million and an 11.09% increase in net profit attributable to shareholders, reaching CNY 93.59 million in 2024 [1][4]. - The company is a leading player in the renewable energy data development and application services sector, maintaining the largest market share in power prediction services, with a total of 4,345 serviced power plants by the end of 2024 [2][3]. - The introduction of the "Four Available" requirements for distributed power stations by the National Energy Administration is expected to expand the company's market opportunities in power prediction and control services [3]. Financial Performance - The company's revenue for 2024 was CNY 549.76 million, with a year-on-year growth of 20.50%, while the net profit attributable to shareholders was CNY 93.59 million, reflecting an 11.09% increase [1][7]. - Forecasted revenues for 2025-2027 are CNY 679.47 million, CNY 820.82 million, and CNY 976.33 million, respectively, with net profits projected at CNY 121.69 million, CNY 156.10 million, and CNY 192.15 million [4][7]. - The company's earnings per share (EPS) are expected to grow from CNY 1.21 in 2025 to CNY 1.92 in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 52.36 to 33.16 [4][7]. Market Position and Growth Potential - The company has consistently increased its service scale in the renewable energy sector, with a net addition of 755 power plants in 2024, showcasing its competitive advantage in the industry [2][3]. - The implementation of new national standards for distributed photovoltaic power stations is anticipated to further enhance the company's service offerings and market reach [3].