Hsino Tower (SH:601096) Changjiang Securities·2025-07-17 14:12Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company is expected to achieve a significant increase in performance, with a forecasted net profit attributable to shareholders of 193-214 million yuan, representing a year-on-year growth of 90.99%-111.77%. The non-recurring net profit is expected to be 184-205 million yuan, indicating a growth of 154.98%-184.08% [2][4]. - The growth is attributed to the company's active market expansion and continuous cost reduction and efficiency improvement through process innovation and optimized procurement, enhancing overall profitability [9]. - The company anticipates that the robust demand for electricity, driven by high temperatures and economic growth, will lead to increased investment in the power grid, positively impacting its business [9]. Summary by Sections Company Performance - The company forecasts a net profit of approximately 360 million yuan for 2025, corresponding to a PE ratio of about 32.5 times [9]. Market Context - In the first five months of 2025, the national power grid investment reached 204 billion yuan, a year-on-year increase of 19.8%, indicating a significant uptick in investment scale [9]. - The total electricity consumption in the first five months of 2025 was 39,665 billion kilowatt-hours, showing a year-on-year growth of 3.4% [9]. Financial Data - The current stock price is 4.36 yuan, with a total share capital of 267,516 million shares and a net asset per share of 1.68 yuan [6].