国电南瑞（600406）：智能电网驱动发展，收入利润保持增长

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Views - The company reported a 2024 annual revenue of 57.42 billion yuan, representing a year-on-year increase of 11.2% - The net profit attributable to shareholders for 2024 was 7.61 billion yuan, up 6.1% year-on-year - The first quarter of 2025 saw a revenue of 8.90 billion yuan, reflecting a year-on-year growth of 14.8% [3][4]. Financial Performance Summary - For 2024, the company's revenue by segment includes: - Smart grid revenue of 28.468 billion yuan, up 10.7% year-on-year - Digital energy integration revenue of 12.365 billion yuan, up 11.1% - Low-carbon energy revenue of 12.185 billion yuan, up 26.4% - Industrial interconnection revenue of 2.867 billion yuan, down 9.5% - Integration and other revenue of 1.438 billion yuan, down 23.9% [8]. - The gross profit margin for 2024 was 26.66%, a decrease of 0.14 percentage points year-on-year [8]. - The company expects a revenue of 64.5 billion yuan for 2025, a year-on-year increase of 12.3% [8]. Operational Insights - The company signed new orders worth 66.32 billion yuan in 2024, an increase of 13.8% year-on-year [8]. - The company anticipates that smart grid, digital energy integration, and low-carbon energy will be the main growth drivers moving forward [8].