深度报告：特直柔直接踵至，配电充储齐发力

Investment Rating - The report maintains a "Recommended" rating for the company [2][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]. - 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]. Company Overview - The company, established in 1970, focuses on power transmission and distribution equipment, with a diverse product range including smart substations, 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 (Ultra High Voltage) converter valves and DC control protection systems, benefiting from accelerated construction of UHV projects [2][40]. - The "14th Five-Year Plan" outlines significant investment in UHV construction, with expectations for continued high demand [2][40]. Grid Investment - The company is poised to benefit from increased grid investment, with the State Grid expected to accelerate construction of UHV and EHV (Extra High Voltage) networks, with total investment exceeding 500 billion yuan [2][40]. - The company's smart distribution systems and smart medium-voltage power supply products 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 EV charging systems and energy management systems [2][40]. - The company is well-positioned to capture growth in the energy storage market, with ongoing projects expected to drive rapid growth [2][40]. Financial Analysis - The company reported 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 cost control measures 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].