XJEC(000400)2025-05-19 14:15Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company has a solid order backlog in ultra-high voltage projects and is continuously expanding its overseas business. The stable foundation of the power grid supports steady growth in performance [3][4]. - In 2024, the company achieved a revenue of 17.09 billion yuan, a year-on-year increase of 0.17%, with a net profit of 1.12 billion yuan, up 11.09% year-on-year. The gross margin improved to 20.77%, an increase of 2.77 percentage points [1][4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 17.09 billion yuan, with a net profit of 1.12 billion yuan and a gross margin of 20.77% [1]. - For Q1 2025, revenue was 2.35 billion yuan, down 16.42% year-on-year, while net profit was 208 million yuan, a decrease of 12.47% year-on-year. However, the gross margin increased to 23.47%, up 5.20 percentage points [1]. Business Segmentation - The revenue breakdown for 2024 includes: - Smart distribution and power supply systems: 4.71 billion yuan, up 2.93%, gross margin 24.26% - Smart meters: 3.87 billion yuan, up 11.00%, gross margin 24.66% - Smart medium voltage equipment: 3.35 billion yuan, up 6.69%, gross margin 18.77% - New energy and system integration: 2.46 billion yuan, down 37.47%, gross margin 8.14% - DC transmission systems: 1.44 billion yuan, up 101.57%, gross margin 30.92% - Charging and swapping equipment: 1.25 billion yuan, up 4.18%, gross margin 14.18% [2]. Future Growth Drivers - The company has a rich pipeline of ultra-high voltage projects, including major projects like Hami-Chongqing and Ningxia-Hunan. Ongoing projects include Yangjiang Qingzhou offshore wind and Gansu-Zhejiang [3]. - The overseas market expansion focuses on ultra-high voltage, smart meters, switchgear, transformers, and charging piles, targeting regions such as South America, the Middle East, Southeast Asia, Africa, and Europe [3]. Earnings Forecast - The revenue forecast for 2025-2027 has been adjusted to 18.29 billion yuan, 19.94 billion yuan, and 21.93 billion yuan respectively. The net profit forecast is adjusted to 1.43 billion yuan, 1.75 billion yuan, and 1.97 billion yuan respectively, corresponding to a current valuation of 16X, 13X, and 11X PE [4].