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 [6][12]. Core Insights - The company reported a revenue of 6.44 billion RMB for 2024, a year-on-year increase of 29.6%, and a net profit attributable to shareholders of 660 million RMB, up 33.8% year-on-year [3]. - The company's three core product lines showed steady growth, driven by a high demand in the downstream renewable energy sector, with significant increases in revenue across all segments [4]. - The company is advancing its international strategy, focusing on renewable energy, data centers, and smart grids, with products now sold in over 60 countries [5]. Performance Summary - In Q1 2025, the company achieved a revenue of 1.31 billion RMB, reflecting a year-on-year growth of 26.2%, and a net profit of 110 million RMB, up 25.0% year-on-year [3]. - The company’s revenue projections for 2025-2027 are 8.32 billion RMB, 10.36 billion RMB, and 12.64 billion RMB, with expected growth rates of 29%, 25%, and 22% respectively [6]. - The gross profit margin for 2024 is projected to be 22.3%, with a slight increase from the previous year, indicating improved profitability [5]. Market Position and Strategy - The company is enhancing its product matrix and expanding into multiple downstream scenarios, which is expected to support future revenue growth [6]. - The company has successfully developed new products for offshore wind power systems, breaking international monopolies, and has secured significant orders from major internet clients for its data center products [5]. - The management has effectively controlled operational costs, leading to a slight improvement in profitability metrics, including a sales net profit margin of 10.3% for 2024 [5].
明阳电气（301291）：业绩符合预期，看好多元化下游景气+出海快速增长