煜邦电力（688597）：多业务协同驱动业绩向好，储能有望开辟新增长极

Investment Rating - The report recommends a "Buy" rating for the company, indicating a positive outlook for its future performance [2]. Core Viewpoints - The company has a strong foundation in the electric power measurement sector and is expanding into high-value-added services, including energy storage, which is expected to become a new growth driver [3][4]. - The company has maintained a high level of R&D investment, with 8.78% of its revenue allocated to R&D in the first half of 2025, significantly higher than its peers [5][6]. - The company is well-positioned to benefit from the growing demand for smart grid solutions and energy storage technologies, with a projected revenue increase of 67.35% in 2024 [12][13]. Summary by Sections Company Overview - The company, Beijing Yubang Electric Technology Co., Ltd., was established in 1996 and specializes in the development, production, and sales of smart electricity products, providing comprehensive solutions for energy information collection and management [22]. - It has established strong partnerships with major clients, including State Grid and Southern Power Grid, ensuring stable demand and reliable payment [12]. Business Segments - The company operates in four main areas: smart electricity, smart inspection, information technology services, and energy storage, with a focus on high-precision smart meters and data collection devices [4][12]. - The energy storage segment is rapidly developing, with expected delivery amounts reaching 305 million yuan in 2024 [12]. Financial Performance - The company achieved a historical revenue of 940.14 million yuan in 2024, a 67.35% increase year-on-year, with a net profit of 111.32 million yuan, reflecting a significant growth of 195.77% [12][13]. - The company forecasts revenues of 1.14 billion yuan, 1.46 billion yuan, and 1.83 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected to grow correspondingly [12][13]. R&D and Innovation - The company has a robust R&D capability, holding a total of 395 intellectual property rights, including 161 patents and 233 software copyrights, which support its competitive edge in the smart grid sector [5][38]. - R&D investment reached 80.15 million yuan in 2024, marking a 39% increase from the previous year, and consistently represents around 8.52% of its revenue [40][39]. Industry Outlook - The electric power industry is expected to see continued growth, driven by increasing investments in smart grid infrastructure and the transition to renewable energy sources [49][58]. - The demand for smart electricity products is anticipated to rise due to the dual drivers of new demand and the need for upgrades in existing infrastructure [66].