深度报告：特直柔直接踵至，配电充储齐发力

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company is expected to benefit from increased investment in the power grid during the "14th Five-Year Plan" period, with projected revenues of 171.41 billion, 196.21 billion, and 226.18 billion yuan for 2023-2025, representing growth rates of 14.9%, 14.5%, and 15.3% respectively [2][3]. - The company's net profit attributable to shareholders is forecasted to be 9.01 billion, 11.31 billion, and 15.30 billion yuan for the same period, with growth rates of 18.6%, 25.5%, and 35.3% respectively [2][3]. Company Overview - The company, established in 1970, focuses on power transmission and distribution equipment, with a diverse product portfolio including smart distribution systems, smart medium-voltage power supply equipment, smart meters, electric vehicle charging systems, and DC transmission systems [2][19]. - The company has shown steady performance, with a revenue CAGR of 16% and a net profit CAGR of 40% from 2018 to 2022 [2][35]. DC Transmission - The company is a core supplier of UHV converter valves and DC control protection systems, benefiting from accelerated UHV construction [2][40]. - The "14th Five-Year Plan" outlines significant investment in UHV projects, with expectations for continued high demand in the "15th Five-Year Plan" [2][40]. Grid Investment - The company is poised to benefit from increased investment in the power grid, with the State Grid expected to invest over 500 billion yuan in 2024 [2][40]. - The company's smart distribution systems and medium-voltage power supply equipment are expected to see growth due to structural shifts in grid investment [2][40]. New Energy Initiatives - The company is expanding into new energy sectors, particularly in electric vehicle charging and energy storage, with significant production capabilities in charging stations and energy management systems [2][40]. - The energy storage business is anticipated to grow rapidly as orders increase, supported by the company's strong market position [2][40]. Financial Analysis - The company achieved a revenue of 106.64 billion yuan in the first three quarters of 2023, a year-on-year increase of 16.98%, and a net profit of 7.72 billion yuan, up 19.11% [2][35]. - The implementation of a cost control system has improved the company's net profit margin from 3.33% in 2018 to 8.5% in the first three quarters of 2023 [2][37].