Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company specializes in smart power measurement and control products, with a focus on digital products that meet the new demands of new infrastructure and renewable energy sectors [5]. - In Q1 2025, the company's net profit attributable to shareholders increased by 47.35% year-on-year [5]. - The company has established strong partnerships with well-known domestic and international enterprises, enhancing its market position [5]. Financial Performance - The company achieved a revenue of 320 million yuan in 2024, representing a year-on-year growth of 1.76% [5]. - In Q1 2025, the company reported a revenue of 76 million yuan, a year-on-year increase of 24.11% [5]. - The gross margin for power measurement and control products was 33.01% in 2024 [5]. Market Potential - The power monitoring industry is expected to experience significant growth due to the rapid development of new infrastructure and energy-saving sectors [5]. - The total electricity consumption in 2024 is projected to be 98,521 billion kWh, reflecting a year-on-year growth of 6.8% [5]. - The company has entered the renewable energy sector by establishing a subsidiary focused on investment and operation of solar storage charging stations [5]. Product Development - The company has developed a series of products to meet the digitalization needs, with projects expected to reach operational status by 2026 [6]. - As of the end of 2024, the company holds 112 patents, including 25 invention patents [5][6]. - The company aims to enhance its product offerings in response to the increasing demand for smart power monitoring solutions [5]. Earnings Forecast - The company is projected to achieve revenues of 371 million yuan in 2025, with a year-on-year growth rate of 15.97% [7]. - The net profit attributable to shareholders is expected to be 32 million yuan in 2025, reflecting a growth of 26.20% [8]. - The earnings per share (EPS) for 2025 is estimated at 0.20 yuan [8].
雅达股份（430556）：深耕智能电力测控产品，推出数字化产品迎合新基建、新能源等领域新需求