Linyang Energy(SH:601222) Xinda Securities·2025-05-12 10:34Investment Rating - The investment rating for Linyang Energy (601222) is not explicitly stated in the report [1]. Core Views - The company experienced a decline in total operating revenue and net profit in 2024, with total revenue at 6.742 billion yuan, down 1.89% year-on-year, and net profit at 753 million yuan, down 27% year-on-year [2]. - The company is actively expanding its overseas market presence, particularly in the smart meter sector, with significant contracts won in both domestic and international tenders [4]. - The renewable energy sector is progressing steadily, with a total installed capacity of 1.36 GW and a generation of 1.45 billion kWh in 2024 [5]. - The energy storage segment is also growing, with cumulative deliveries exceeding 4.5 GWh and a focus on international markets [5]. Summary by Sections Financial Performance - In 2024, the company reported total operating revenue of 6.742 billion yuan, a decrease of 1.89% year-on-year, and a net profit of 753 million yuan, down 27% year-on-year [2][6]. - The first quarter of 2025 showed a further decline, with total revenue at 1.124 billion yuan, down 27.69% year-on-year, and net profit at 124 million yuan, down 43.26% year-on-year [2]. Market Position and Strategy - The company has secured contracts worth approximately 6.31 billion yuan in State Grid's 2024 electric meter procurement and 6.01 billion yuan in Southern Grid's framework tender [4]. - Linyang Energy is the largest smart meter exporter in China, with products covering over 50 countries and regions, and is expanding its market share in Western Europe and Asia-Pacific [4]. Renewable Energy Development - The company has over 1,245 MW of projects under construction and has successfully connected 350 MW of wind power projects to the grid [5]. - In 2024, the revenue from the photovoltaic sector was 2.901 billion yuan, a year-on-year increase of 3.48% [5]. Energy Storage Growth - The energy storage segment reported revenue of 919 million yuan in 2024, a decrease of 38.97% year-on-year, but with a gross margin improvement to 17.64% [5]. - The company is focusing on overseas markets, particularly in Europe, the Middle East, and Southeast Asia, with significant project deliveries and partnerships established [5].