Investment Rating - The investment rating for the company is "Outperform" (maintained) [2][4] Core Views - The company achieved a revenue of 0.76 billion yuan in Q1 2025, representing a year-on-year increase of 24.11%, and a net profit attributable to shareholders of 6.23 million yuan, up 28.44% year-on-year [4] - The report highlights the company's strong growth potential due to increased investments from State Grid and Southern Power Grid, which are expected to enhance the company's business opportunities [4][5] - The company has adjusted its profit forecasts for 2025 and 2026 downwards due to intensified industry competition, while introducing a new profit forecast for 2027 [4] Financial Summary - Revenue projections for 2024-2026 are 0.34 billion (previously 0.46 billion), 0.38 billion (previously 0.52 billion), and 0.44 billion respectively, with corresponding EPS of 0.21, 0.24, and 0.27 yuan per share [4][7] - The company’s revenue is expected to grow from 314 million in 2023 to 519 million in 2027, with a compound annual growth rate (CAGR) of approximately 15.4% [7][10] - The net profit is projected to recover from 25 million in 2024 to 44 million in 2027, reflecting a growth trajectory despite short-term challenges [7][10] Industry Insights - The State Grid plans to invest approximately 2.23 trillion yuan during the 14th Five-Year Plan period, with an annual average investment of 446 billion yuan, focusing on enhancing distribution network construction and upgrades [5] - Southern Power Grid is also set to invest 670 billion yuan during the same period to accelerate the construction of digital grids and modernize the power system [5] - The company is actively expanding into the data center sector, responding to the growing demand for intelligent power management and energy efficiency solutions [6]
雅达股份（430556）：具备电力监控系统集成自主开发能力，2025Q1营收同比+24%