ChinaSouthernPowerGridTechnology(SH:688248) Soochow Securities·2025-04-27 07:32Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance aligns with market expectations, driven by intelligent devices and energy storage [2][8] - The energy storage segment shows significant growth potential, with a backlog of orders amounting to 800 million and projects exceeding 6 billion registered with the National Energy Research Institute [8] - The intelligent devices segment is expected to grow, with innovative products like drones and robots being developed in collaboration with leading companies [8] - The new chairman brings extensive industry experience and is expected to drive further growth and innovation [8] Financial Summary - Total revenue for 2023 is projected at 2,537 million, with a year-on-year growth of 41.77% [1] - Net profit attributable to shareholders is forecasted to be 281.27 million in 2023, reflecting a 36.71% increase year-on-year [1] - The earnings per share (EPS) is expected to reach 0.50 in 2023, with a projected P/E ratio of 59.43 [1] - Revenue is expected to grow significantly, reaching 4,423 million by 2025, with a year-on-year growth of 46.78% [1] - Net profit is projected to increase to 458.65 million by 2025, with a growth rate of 25.64% [1] - The company’s operating cash flow is expected to improve, with a net outflow of 3.7 billion in Q1 2025, primarily due to supplier payments [8]