WISCOM(002090) 民生证券·2024-05-31 12:00Investment Rating - The report maintains a "Recommended" rating for the company, anticipating revenue growth driven by the dual engines of smart energy and smart city businesses, along with contributions from the Shanxi electricity sales company [59]. Core Insights - The company has a strong market position in the electric power automation sector, with a comprehensive range of products and solutions for power plants and industrial enterprises, maintaining a high market share in both traditional and renewable energy sectors [1][2]. - The company is actively involved in the development of low-carbon solutions and has secured multiple projects in distributed photovoltaic and energy storage systems, indicating a strategic alignment with national energy policies [16][17]. - The company has demonstrated consistent revenue growth, with projected revenues of 19.91 billion, 24.66 billion, and 30.64 billion for the years 2024 to 2026, reflecting a compound annual growth rate (CAGR) of 23.2% to 24.3% [59]. Summary by Sections Business Overview - The company operates in four main business areas: smart generation, smart transmission and transformation, smart distribution, and power engineering design and services, focusing on automation and digital solutions [6][11][16]. Smart Generation - The company has over 20 years of experience in electric power automation products, with significant market share in both traditional and renewable energy sectors, including successful bids for major projects with leading power generation groups [1][2]. Smart Transmission and Transformation - The company is a key supplier for the State Grid and Southern Power Grid, with a comprehensive range of products covering high, medium, and low voltage systems, and has successfully participated in multiple procurement projects [6][7]. Smart Distribution - The company has developed a range of products for distribution automation, achieving significant market penetration in various provinces and maintaining a leading position in the sector [11][12]. Power Engineering Design and Services - The company is actively engaged in low-carbon projects, providing engineering consulting and design services for wind, solar, and energy storage projects, aligning with national goals for carbon neutrality [16][17]. Financial Performance - The company has shown stable profitability, with gross margins of 29.93% for smart energy and 17.15% for smart city segments in 2023, indicating effective cost management and operational efficiency [35][59]. Future Outlook - The company is expected to benefit from increased investment in the power grid, with projected revenue growth in both smart energy and smart city sectors, supported by ongoing digital transformation initiatives [53][59].