Acrel(SZ:300286) 光大证券研究·2025-04-24 09:00Core Viewpoint - The company experienced a decline in revenue and profit in 2024, but showed signs of recovery in Q1 2025, indicating potential for future growth through strategic market expansion and product development [3][4]. Financial Performance - In 2024, the company achieved operating revenue of 1.063 billion, a decrease of 5.24% year-on-year, and a net profit attributable to shareholders of 170 million, down 15.68% year-on-year. The non-recurring net profit was 151 million, a decline of 18.07% [3]. - In Q1 2025, the company reported operating revenue of 243 million, an increase of 0.58% year-on-year, and a net profit attributable to shareholders of 52 million, up 15.33% year-on-year, with a significant quarter-on-quarter growth of 358.99% [3]. Business Segment Analysis - The traditional business model faced challenges in 2024, impacting the conversion rate of some registered projects. Revenue from power monitoring and substation comprehensive monitoring products decreased by 12.12% to 436 million, with a gross margin decline of 1.67 percentage points to 45.19% [4]. - Revenue from energy efficiency management products decreased by 0.57% to 355 million, with a gross margin decline of 1.69 percentage points to 45.08%. Revenue from power sensors increased by 7.43% to 120 million, with a gross margin decline of 1.23 percentage points to 44.08% [4]. - Revenue from fire safety and electrical safety products decreased by 16.11% to 89 million, while revenue from enterprise microgrid-others increased by 24.46% to 57 million [4]. - The overall sales gross margin in 2024 decreased by 1.72 percentage points to 44.67%. However, in Q1 2025, the sales gross margin improved by 0.47 percentage points to 47.50%, indicating potential for continued improvement [4]. Market Expansion Strategy - The company is focusing on high-growth domestic sectors such as renewable energy, new electricity reforms, and virtual power plants to explore new business models [5]. - Internationally, the company is expanding in Southeast Asia, Europe, the Middle East, and Africa, with Singapore as a central hub for business development. In 2024, overseas revenue grew by 33.22% to 44 million, showcasing strong growth momentum [5]. Sales and R&D Integration - The company is developing a technical sales team to support the promotion of more complex EMS2.0 and EMS3.0 products. R&D personnel are being integrated into the sales process to provide technical guidance and enhance product promotion [6].