Acrel(300286) EBSCN·2025-04-24 10:20Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Views - The company experienced a significant improvement in profitability in Q1 2025, with a 15.33% year-on-year increase in net profit, despite a 5.24% decline in revenue for 2024 [1][2]. - The company is focusing on expanding its presence in both domestic and overseas markets, particularly in high-growth sectors such as new energy and virtual power plants [3]. - The report highlights the company's strategic shift towards enhancing its technical sales team and product offerings, which is expected to drive future growth [3]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 1.063 billion yuan, a decrease of 5.24% year-on-year, and a net profit of 170 million yuan, down 15.68% [1][5]. - For Q1 2025, the company achieved revenue of 243 million yuan, a slight increase of 0.58% year-on-year, and a net profit of 52 million yuan, reflecting a significant 358.99% increase from the previous quarter [1][2]. Business Segments - Revenue from power monitoring and substation comprehensive monitoring products decreased by 12.12% to 436 million yuan, while energy efficiency management products saw a slight decline of 0.57% to 355 million yuan [2]. - The company reported a 7.43% increase in revenue from power sensors, reaching 120 million yuan, and a notable 24.46% growth in microgrid-related products, totaling 57 million yuan [2]. Market Strategy - The company is actively promoting its products in the domestic market, focusing on sectors like new energy and electricity reform, while also expanding its overseas operations in regions such as Southeast Asia and Europe [3]. - The overseas revenue grew by 33.22% in 2024, reaching 44 million yuan, showcasing strong growth momentum in international markets [3]. Profitability and Valuation - The report projects a decline in net profit for 2025 to 238 million yuan, a decrease of 21% from previous estimates, with corresponding EPS of 0.95 yuan [4][5]. - The company's P/E ratios for 2025-2027 are projected to be 24, 20, and 17, respectively, indicating a favorable valuation outlook [4][5].