国电南瑞（600406）：收入利润稳健增长，海外与网外业务持续突破

Investment Rating - The investment rating for the company is "Outperform the Market" [6][24]. Core Views - The company has shown steady revenue and profit growth, with a significant increase in overseas and external network business [1][2]. - The company achieved a revenue of 24.243 billion yuan in the first half of 2025, representing a year-on-year increase of 19.54%, and a net profit of 2.952 billion yuan, up 8.82% year-on-year [1][8]. - The company is experiencing rapid growth in smart grid and low-carbon energy businesses, with smart grid revenue reaching 12.225 billion yuan, up 28.37% year-on-year [2][22]. - The company has signed new contracts worth 35.432 billion yuan, a year-on-year increase of 23.46%, with over 50% of contracts coming from outside the State Grid [2][23]. Summary by Sections Financial Performance - In the second quarter of 2025, the company reported a revenue of 15.348 billion yuan, a year-on-year increase of 22.50%, and a net profit of 2.272 billion yuan, up 7.33% year-on-year [1][22]. - The gross margin for the first half of 2025 was 26.45%, down 2.58 percentage points year-on-year, while the net margin was 12.89%, down 1.38 percentage points year-on-year [1][8]. Business Segments - The company’s smart grid revenue was 12.225 billion yuan, with a gross margin of 30.34%, while low-carbon energy revenue reached 6.541 billion yuan, with a gross margin of 21.59% [2][22]. - The overseas revenue saw a remarkable increase of 139% year-on-year, contributing to 46% of the total revenue from external networks [2][23]. Future Outlook - The company plans to distribute a mid-term dividend of 0.147 yuan per share, totaling 1.175 billion yuan, which accounts for 45.72% of the net profit for the first half of the year [2][23]. - The profit forecast for 2025-2027 has been adjusted to 8.369 billion yuan, 9.462 billion yuan, and 10.716 billion yuan respectively, with the current stock price corresponding to PE ratios of 21, 19, and 17 times [24][26].