Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Insights - The company is experiencing rapid growth in its charging pile business, with a revenue increase of 59.60% year-on-year in 2024, reaching 8.06 billion yuan. The gross margin remains high at 30.24%, despite a slight decline of 3.10 percentage points [5] - The company has expanded into the heavy-duty drone business by acquiring 57% of Zhongchuang Aviation, which is expected to grow alongside the "low-altitude economy." The drone business generated 0.17 billion yuan in revenue in 2024, with a gross margin of 36.28% [6] - The company has adjusted its profit forecasts, expecting net profits of 1.14 billion yuan and 1.89 billion yuan for 2025 and 2026, respectively, with an estimated EPS of 0.16, 0.27, and 0.38 yuan per share for 2025, 2026, and 2027 [4][6] Financial Performance Summary - In 2024, the company achieved a total revenue of 10.15 billion yuan, a year-on-year increase of 56.05%. However, the net profit attributable to shareholders decreased by 19.28% to 0.14 billion yuan due to reduced non-recurring gains [4][8] - The company's operating income is projected to grow significantly, with estimates of 1.92 billion yuan in 2025, 2.635 billion yuan in 2026, and 3.395 billion yuan in 2027, reflecting year-on-year growth rates of 89.1%, 37.3%, and 28.8%, respectively [8][10] - The gross margin is expected to remain stable, with projections of 27.7% in 2025, 27.3% in 2026, and 26.8% in 2027 [8][10]
绿能慧充(600212):公司信息更新报告:充电桩高速增长且毛利率表现良好,新增重载无人机业务有望持续放量