Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved stable performance in 2024, with revenue of 6.444 billion yuan, a year-on-year increase of 29.62%, and a net profit of 663 million yuan, up 33.8% year-on-year. The first quarter of 2025 showed revenue of 1.306 billion yuan, a 26.21% increase year-on-year [1][4] - The company is expected to benefit from the growth in offshore wind power and data center sectors, which are anticipated to contribute to incremental performance in the future [1][3] Financial Performance Summary - 2024 Financials: Revenue reached 6.444 billion yuan, net profit was 663 million yuan, and the gross margin was 22.29% [1] - 2025 Q1 Financials: Revenue was 1.306 billion yuan, net profit was 112 million yuan, with a gross margin of 21.78% [1] - Revenue Growth: The company expects revenue to grow to 8.615 billion yuan in 2025, with a year-on-year growth rate of 33.7% [4] - Profit Forecast: Projected net profit for 2025 is 888 million yuan, reflecting a 34% year-on-year increase [4] Business Segment Analysis - Box-type Substation: Revenue of 4.239 billion yuan, up 22.60% year-on-year, with a gross margin of 21.13% [2] - Transformers: Revenue of 1.074 billion yuan, a significant increase of 56.12%, with a gross margin of 25.42% [2] - Complete Switchgear: Revenue of 674 million yuan, up 32.65%, with an improved gross margin of 18.06% [2] Strategic Developments - The company has made technological breakthroughs in offshore wind power, including the launch of a 66kV prefabricated intelligent offshore booster system, which has been successfully applied in major projects [2] - The company is expanding its presence in the data center market with the MyPower module, which has secured significant orders from leading internet companies [3] - The company is pursuing a global expansion strategy, focusing on high-margin overseas markets, particularly in Europe and Southeast Asia [3]
明阳电气：业绩稳定兑现，后续双海+数据中心有望贡献增量业绩-20250428