Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][8]. Core Insights - The company is positioned as a hidden champion in overseas metering, benefiting from the global smart grid construction wave. The advanced metering infrastructure (AMI) market is expected to grow significantly, driven by carbon neutrality goals and energy digitalization [5][7][10]. Summary by Sections 1. Market Performance - The company's closing price is 92.43 yuan, with a market capitalization of 12,837.29 million yuan and a circulating market value of 2,938.66 million yuan. The asset-liability ratio stands at 22.45% [3]. 2. Financial Forecast and Valuation - Revenue projections for 2023 to 2027 are as follows: 2,550 million yuan (2023), 2,933 million yuan (2024), 3,698 million yuan (2025E), 4,383 million yuan (2026E), and 5,082 million yuan (2027E). The corresponding net profit estimates are 486 million yuan (2023), 589 million yuan (2024), 757 million yuan (2025E), 935 million yuan (2026E), and 1,073 million yuan (2027E) [6][8]. 3. Industry Dynamics - The global smart metering market is projected to grow from 21.91 billion USD in 2022 to 32.46 billion USD by 2027, with a CAGR of 8.2%. The company is well-positioned to capture market share in this expanding sector [7][19]. 4. Competitive Landscape - The company competes with global giants like Itron and Landis+Gyr, and has successfully established a presence in various European markets. Its market share in Europe has increased from 9.46% in 2021 to 12.14% in 2023 [10][31]. 5. Company Strengths - The company has a strong technological foundation with over 600 global certifications and a significant presence in the European market. It has established long-term relationships with top-tier power companies, enhancing its competitive edge [10][44][49]. 6. Growth Potential - The company is expected to see substantial growth in both domestic and international markets, with a projected revenue increase of 132.86% in the domestic market for the first half of 2025. The company aims to expand its production capacity significantly through new investment projects [7][10][30].
开发科技（920029）：深耕海外计量表的隐形冠军，受益全球智能电网建设浪潮