NARI-TECH(600406)2025-05-18 00:30Investment Rating - The report maintains a "Hold" rating for Guodian NARI Technology Co., Ltd. (600406) with a current price of 22.66 CNY and a target price not specified for the next six months [1]. Core Insights - The company achieved a revenue of 57.42 billion CNY in 2024, representing a year-on-year growth of 11.2%. The net profit attributable to shareholders was 7.61 billion CNY, up 6.1% year-on-year. The first quarter of 2025 saw a revenue of 8.89 billion CNY, a 14.8% increase year-on-year, with a net profit of 680 million CNY, up 14.1% year-on-year [1][6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 57,417.25 million CNY and a net profit of 7,610.12 million CNY. The projected revenues for 2025, 2026, and 2027 are 64,202.15 million CNY, 71,984.66 million CNY, and 78,981.51 million CNY respectively, with growth rates of 11.82%, 12.12%, and 9.72% [2][10]. Profitability Metrics - The company's gross profit margin for 2024 was 26.7%, with a net profit margin of 14.2%. For Q1 2025, the gross profit margin was 24.2% and the net profit margin was 7.8% [6][10]. Business Segments - The smart grid segment generated revenue of 28.47 billion CNY in 2024, growing 11% year-on-year. The low-carbon energy segment achieved 12.19 billion CNY in revenue, up 26.4% year-on-year. The company is positioned as a leading provider of integrated solutions in these areas [6][7]. Future Projections - The report forecasts that the company's revenue will continue to grow, with expected revenues of 64.20 billion CNY in 2025, 71.98 billion CNY in 2026, and 78.98 billion CNY in 2027. The net profit is projected to reach 8.44 billion CNY in 2025, 9.68 billion CNY in 2026, and 10.52 billion CNY in 2027 [2][10].