南网科技（688248）：营收利润增速换挡，业务拓展蓄势待发

Investment Rating - The investment rating for the company is "Buy" with a current price of 57.93 CNY and a target value of 62.00 CNY [5]. Core Insights - The company is experiencing a shift in revenue and profit growth rates, with a focus on expanding its business capabilities. The revenue for 2025 is projected to be 36.85 billion CNY, reflecting a year-on-year growth of 22.27%, while the net profit is expected to reach 4.21 billion CNY, up 15.28% year-on-year [9]. Financial Projections - Revenue is forecasted to grow from 30.14 billion CNY in 2024 to 74.59 billion CNY by 2028, with growth rates of 18.8%, 22.3%, 27.8%, 25.6%, and 26.1% respectively [2]. - EBITDA is expected to increase from 4.89 billion CNY in 2024 to 10.66 billion CNY in 2028 [2]. - The net profit attributable to shareholders is projected to rise from 3.65 billion CNY in 2024 to 9.61 billion CNY in 2028, with growth rates of 29.8%, 15.3%, 38.7%, 27.7%, and 29.0% [2][12]. - Earnings per share (EPS) is anticipated to grow from 0.65 CNY in 2024 to 1.70 CNY in 2028 [2]. Business Segments - The company is focusing on clean energy technology and new-generation information technology, providing comprehensive solutions that combine "technical services + intelligent equipment" [9]. - The revenue from energy storage system technology services is expected to reach 9.43 billion CNY in 2025, growing by 58.84% year-on-year, although the gross margin is projected to decline [9]. - The testing and commissioning services segment is forecasted to generate 9.37 billion CNY in revenue, with a gross margin of 44.90% [9]. - Intelligent monitoring equipment is expected to generate 5.26 billion CNY in revenue, while intelligent distribution and power supply equipment is projected to reach 9.23 billion CNY [9]. Market Position - The company has increased its market competitiveness, with nearly 60% of its revenue coming from non-Southern Power Grid markets [9]. - The company is enhancing its research and development efforts, with R&D expense ratios increasing to 6.41%, 7.39%, and 7.57% from 2023 to 2025 [9].