理工能科：三线发力的电力信息化小巨人

Investment Rating - The report assigns a positive investment rating to the company, indicating a favorable outlook for future performance [36]. Core Insights - The company is a leader in the power online monitoring system sector and is actively expanding into power informationization and environmental protection businesses [14][19]. - The company has shown stable growth in net profit and revenue, with a projected increase in revenue and net profit over the next few years [12][5]. - The company has a strong cash flow performance, with a high dividend payout ratio, indicating financial stability [6][38]. Revenue and Profitability - In 2023, the company achieved a revenue of 1.07 billion yuan from power monitoring, with a gross margin of 45.94% [3]. - The software sales segment generated 5.53 billion yuan in revenue in 2023, with a gross margin exceeding 90% [15]. - The company’s net profit for 2023 was 246 million yuan, with a net profit margin of 22.44%, showing a slight year-on-year increase [5]. Business Segments - The company’s revenue breakdown for 2023 includes software sales (50.47%), environmental monitoring (39.48%), and power monitoring equipment (9.75%) [4]. - The environmental monitoring business is expected to grow at a rate of 10%, 7%, and 5% over the next three years [29]. - The software sales segment is projected to grow at a rate of 15% annually from 2024 to 2026 [30]. Financial Metrics - The company’s earnings per share (EPS) for 2023 was 0.65 yuan, with a projected increase to 0.88 yuan in 2024 [12]. - The price-to-earnings (PE) ratio is expected to decrease from 19.69 in 2023 to 10.24 by 2026, indicating potential undervaluation [12]. - The return on equity (ROE) is projected to improve from 7.37% in 2023 to 12.36% by 2026 [12]. Market Position and Strategy - The company is positioned as a leading player in the digital transformation of power distribution networks, leveraging its subsidiary Jiangxi Bowei for software solutions [39]. - The company is actively pursuing opportunities in ecological and environmental governance through information technology [47]. - The report highlights the importance of online monitoring equipment in the power industry, driven by regulatory support and market demand [23][26].