国能日新（301162）：Q1业绩亮眼，分布式功率预测顺利推进费用率显著改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported strong Q1 performance with significant revenue growth and improved expense ratios, indicating a positive outlook for distributed power forecasts [5][7] - The company’s Q1 2025 revenue reached 145 million yuan, a year-on-year increase of 40.1%, and net profit attributable to shareholders was 17 million yuan, up 34.6% year-on-year [7] - The decline in gross margin is attributed to the beginning of distributed power forecast installations, which is expected to open up new revenue streams in the future [7] - The company is expected to benefit from the entry of renewable energy into the market and the development of virtual power plants, which could provide new growth opportunities [7] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 456 million yuan (2023), 550 million yuan (2024), 784 million yuan (2025E), 866 million yuan (2026E), and 1,135 million yuan (2027E), with growth rates of 26.89%, 20.50%, 42.54%, 10.50%, and 31.09% respectively [6] - Net profit attributable to shareholders is forecasted to be 84 million yuan (2023), 94 million yuan (2024), 143 million yuan (2025E), 175 million yuan (2026E), and 248 million yuan (2027E), with year-on-year growth rates of 25.59%, 11.09%, 52.59%, 22.31%, and 41.72% respectively [6] - The company’s price-to-earnings (P/E) ratios for the years 2025 to 2027 are projected to be 43.54, 35.60, and 25.12 respectively [6]