国网信通：电网数字化风渐起，平台型龙头享成长

Investment Rating - The report initiates coverage with a "Buy" rating for the company [8] Core Views - The company is positioned as a core unit for digital information construction under the State Grid, benefiting from technological and project experience advantages, and is expected to continue to gain from the trend of digitalization in the power grid [2][4] - The company has a stable market share in State Grid's digitalization tenders and has a rich reserve of quality assets under its controlling shareholder, which may provide benefits if competition issues are resolved in the future [2][4] - The company is actively expanding into the external load-side market, represented by virtual power plants, and its stock incentive plan is expected to enhance motivation, contributing to business growth [2][6] Summary by Sections Digital Asset Restructuring - The company, formerly known as Minjiang Hydropower, underwent significant asset restructuring in 2019, shifting its focus from hydropower generation to cloud-network integration [4][15] - Currently, the company focuses on digitalization and information services, with major business segments including power digitalization services, enterprise digitalization services, and cloud-network infrastructure [4][16] Strengthening Digitalization Trends - The digitalization of the power grid is essential for accommodating renewable energy, with the State Grid's digitalization tender amount increasing from 4.5 billion yuan in 2020 to 8.5 billion yuan in 2023, reflecting a compound annual growth rate of approximately 24% [5][24] - The company is expected to benefit from industry trends due to its positioning as a core platform for digital construction within the State Grid [5][27] Focus on Load-side Market - The company is actively targeting the external load-side market, including virtual power plants, which are expected to provide new growth momentum as the electricity market continues to evolve [6][42] - The company has already participated in virtual power plant demonstration projects, leveraging its communication technology expertise [6][46] Financial Projections - The company is projected to achieve net profits attributable to shareholders of 840 million yuan and 1.04 billion yuan in 2023 and 2024, respectively, with corresponding valuations of approximately 25.5 and 20.6 times [7]