szclou(SZ:002121) Guoxin Securities·2026-01-16 13:16Investment Rating - The investment rating for the company is "Outperform the Market" [2][6]. Core Insights - The National Grid's investment plan for the "14th Five-Year Plan" period is expected to reach 4 trillion yuan, a 40% increase compared to the previous plan, focusing on the construction of a new power system [3][4]. - The company, Kelu Electronics, is expected to benefit significantly from the high growth potential in the smart grid and new energy storage sectors, as it has been focusing on these areas since 2023 [3][9]. - Profit forecasts for Kelu Electronics for 2025-2027 are projected at 260 million, 640 million, and 830 million yuan, respectively, indicating a turnaround from losses and growth rates of +149% and +30% year-on-year [3][9]. Summary by Sections Investment Overview - The National Grid's investment during the "14th Five-Year Plan" will focus on intelligent power grid upgrades and new energy storage capabilities, which are critical for energy transition and the establishment of a new power system [3][9]. Financial Projections - The company's earnings are expected to improve significantly, with projected profits of 260 million yuan in 2025, 640 million yuan in 2026, and 830 million yuan in 2027, reflecting a strong recovery and growth trajectory [3][9]. - The current price-to-earnings (P/E) ratios are 52.1, 20.9, and 16.1 for the years 2025, 2026, and 2027, respectively [3][9]. Market Context - The investment from the National Grid is seen as a key measure for China's energy transition, with a focus on enhancing the capacity for renewable energy integration and supporting the development of new energy storage solutions [3][5].