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]. Core Views - 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 are experiencing steady growth, driven by a high demand in the downstream wind and solar energy sectors [4]. - The company is actively pursuing international expansion and has made significant strides in the renewable energy, data center, and smart grid sectors [5]. - Profitability has slightly improved due to effective internal management and cost control, with a gross margin of 22.3% and a net profit margin of 10.3% for 2024 [5]. Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 1.31 billion RMB, a 26.2% increase year-on-year, and a net profit of 110 million RMB, up 25.0% year-on-year, aligning with market expectations [3]. Operational Analysis - The company’s core product lines saw robust growth: revenue from box-type substations reached 4.24 billion RMB (up 22.6%), complete switchgear revenue was 670 million RMB (up 32.6%), and transformer revenue was 1.07 billion RMB (up 56.1%) [4]. - The domestic installed capacity for solar and wind power increased by 278 GW and 80 GW respectively, with new energy storage projects reaching a cumulative installed capacity of 41.54 GW [4]. International Strategy - The company is implementing a dual strategy of "indirect overseas expansion + global layout," with products sold in over 60 countries [5]. - It has developed a low-frequency power boosting system for deep-sea offshore wind power, breaking international monopolies [5]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are 8.32 billion RMB, 10.36 billion RMB, and 12.64 billion RMB, with year-on-year growth rates of 29%, 25%, and 22% respectively [6]. - The estimated net profit for the same period is 880 million RMB, 1.13 billion RMB, and 1.41 billion RMB, with growth rates of 32%, 29%, and 25% respectively [6].
明阳电气：业绩符合预期，看好多元化下游景气+出海快速增长-20250424