Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][10]. Core Insights - The company reported a total revenue of 4.72 billion RMB for 2024, a year-on-year increase of 12.3%, with a net profit attributable to shareholders of 1.00 billion RMB, up 2.0% year-on-year [2]. - The smart distribution and renewable energy sectors show significant growth potential, benefiting from the global upgrade of smart grids [5]. - The company achieved a revenue of 4.54 billion RMB in the smart distribution business, reflecting a 13.4% year-on-year growth, with a gross margin of 45.3%, up 2.1 percentage points [3][4]. Summary by Sections Performance Review - In Q4, the company recorded a revenue of 1.31 billion RMB, a decrease of 1.5% year-on-year, and a net profit of 210 million RMB, down 32.9% year-on-year, primarily due to increased expenses and foreign exchange losses [2]. Operational Analysis - Smart Distribution Business: - Overseas revenue reached 2.94 billion RMB, up 9.8% year-on-year, with new production bases in Europe, Latin America, and Africa [3]. - Domestic revenue was 1.59 billion RMB, a 20.6% increase, with significant wins in government tenders [4]. - Renewable Energy Business: - Revenue was 140 million RMB, down 12.3% year-on-year, but long-term prospects remain positive with ongoing investments [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.33 billion RMB, 1.62 billion RMB, and 1.93 billion RMB for 2025, 2026, and 2027 respectively, with growth rates of 32%, 22%, and 19% [5]. - Current stock price corresponds to a PE ratio of 12, 10, and 8 for the years 2025, 2026, and 2027 [5].
海兴电力(603556):配用电业务稳健增长,新能源短期承压