大型水电数字化

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国网信通(600131):数字化业务节奏影响全年表现,电网AI需求蓄势向前
Changjiang Securities· 2025-05-04 08:19
Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company's 2024 full-year revenue is projected at 7.32 billion yuan, a year-on-year decrease of 4.7% - The net profit attributable to shareholders is expected to be 680 million yuan, down 17.6% year-on-year - The first quarter of 2025 shows a revenue increase of 9.1% year-on-year, reaching 1.11 billion yuan, with a net profit increase of 117.2% to 30 million yuan [2][5]. Financial Performance Summary - For 2024, the company's digital infrastructure revenue is 3.365 billion yuan, up 1.56% year-on-year, while power digitalization revenue is 2.254 billion yuan, up 7.45% year-on-year - The company’s gross margin for 2024 is 20.17%, a decrease of 1.39 percentage points year-on-year, with a gross margin of 19.14% in Q4 2024, down 3.48 percentage points year-on-year [10]. - The company expects a revenue of 8.22 billion yuan for 2025, representing a year-on-year increase of 12.3% [10].