ChinaSouthernPowerGridTechnology(SH:688248) Soochow Securities·2025-04-27 08:23Investment 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 the dual engines of smart devices and energy storage [2][8] - The company has a robust order backlog in the energy storage sector, with orders amounting to 800 million and projects exceeding 6 billion registered with the National Energy Storage Research Institute [8] - The new chairman brings significant industry experience and is expected to drive innovation and growth within the company [8] Financial Performance 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 expected to reach 281.27 million in 2023, reflecting a 36.71% increase year-on-year [1] - The company anticipates substantial revenue growth in the energy storage segment, with projections of 4,423 million in 2025, representing a 46.78% increase [1][9] Earnings Forecast and Valuation - The report forecasts net profits of 4.59 billion, 6.29 billion, and 8.61 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 36x, 27x, and 19x [8][9] - The latest diluted EPS is projected to be 0.81, 1.11, and 1.52 for the years 2025, 2026, and 2027 respectively [1][9]