XJEC(SZ:000400)2024-06-06 06:30Investment Rating - The report indicates a positive investment outlook for the company, highlighting its strong order backlog and revenue growth [1]. Core Insights - The company has secured multiple ultra-high voltage projects with a backlog exceeding 1.6 billion [1]. - In the first quarter, the company's net profit attributable to shareholders increased by nearly 50% [1]. - Since April, over 400 institutions have conducted intensive research on the company, with a decrease in the number of shareholders and an influx of "northbound capital" [1]. Company Overview and Performance - The company, XJ Electric, specializes in power equipment, focusing on five core businesses: ultra-high voltage, smart grid, renewable energy, electric vehicle charging, and industrial intelligence [2]. - In 2023, the company reported revenue of 17 billion, a year-on-year increase of 13.51%, and a net profit of 1 billion, up 28% [6]. - The first quarter of 2024 saw revenue of 2.81 billion and a net profit of 240 million, reflecting a year-on-year growth of 47.39% [6]. Project Developments - The company has successfully won bids for several ultra-high voltage projects, including the Zhangbei flexible DC and Wudongde DC projects [3]. - It has provided equipment and technical services for over 300 smart substations at voltage levels of 750kV and below [3]. - Recent projects include the successful implementation of the Yichang port shore power project and a supply project for the Ethiopian national distribution company [3]. Market Behavior - Since April, more than 400 institutions have conducted research on the company, indicating strong interest in its ultra-high voltage projects [12]. - The top ten circulating shareholders hold 51.39 million shares, accounting for 50.4% of the circulating shares, with new investments from two public funds and China Life Insurance [13]. - There has been a noticeable inflow of "northbound capital" since February of this year [15].