电网龙头稳健增长，海外业务快速发展

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a revenue of 51.573 billion, a year-on-year increase of 10.13%, and a net profit attributable to shareholders of 7.184 billion, up 11.44% year-on-year for 2023. The first quarter of 2024 saw a revenue of 7.699 billion, a significant year-on-year growth of 24.25% [1] - The company is benefiting from the low-carbon energy transition and the integration of digital energy, with steady growth in smart grid development. The smart grid segment generated 25.635 billion in revenue, accounting for 49.71% of total revenue, with a year-on-year growth of 2.57% [1] - The company has expanded its overseas business significantly, achieving a revenue of 1.394 billion from international markets, which is a 104.07% increase year-on-year [1] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 51.573 billion, with a net profit of 7.184 billion and an EPS of 0.89. The first quarter of 2024 showed a revenue of 7.699 billion and a net profit of 0.596 billion [1][4] - The company’s gross margin for 2023 was 26.80%, slightly down by 0.25 percentage points year-on-year. The first quarter of 2024 saw a gross margin of 24.68%, down 2.43 percentage points year-on-year but up 0.95 percentage points quarter-on-quarter [1] Business Segments - Smart Grid: Revenue of 25.635 billion, contributing 49.71% to total revenue, with a gross margin of 28.91% [1] - Digital Energy Integration: Revenue of 11.134 billion, accounting for 21.59% of total revenue, with a gross margin of 22.38% [1] - Low-Carbon Energy: Revenue of 9.638 billion, representing 18.49% of total revenue, with a growth rate of 33.47% year-on-year [1] - Industrial Internet: Revenue of 3.169 billion, contributing 6.14% to total revenue, with a slight decline of 3.01% year-on-year [1] Market Outlook - The company is expected to benefit from the structural investment changes driven by the "dual carbon" goals, with projected revenues of 57.350 billion and 64.502 billion for 2024 and 2025, respectively [1] - The company is positioned to capture significant growth opportunities in various sectors, including new energy, rail transit, and municipal projects, with a competitive edge against international leaders like ABB and Siemens [1]