Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [2][7]. Core Insights - The company has shown consistent growth in new contracts and has made significant strides in international business expansion. In the first half of 2025, the company achieved a revenue of 242.43 billion yuan, a year-on-year increase of 19.54%, and a net profit attributable to shareholders of 29.52 billion yuan, up 8.82% year-on-year [6][7]. - The company is focusing on optimizing its business structure, with a notable increase in international contracts, which grew by over 200% year-on-year. The international revenue reached 19.87 billion yuan, reflecting a growth of 139.18% [6][7]. Summary by Relevant Sections Financial Performance - In Q2 2025, the company reported a revenue of 153.48 billion yuan, a year-on-year increase of 22.50%, and a net profit of 22.72 billion yuan, up 7.33% year-on-year. The first half of 2025 saw a total revenue of 242.43 billion yuan and a net profit of 29.52 billion yuan [6][7]. - The company’s revenue from the power grid sector was approximately 130.71 billion yuan, reflecting a growth of 15.56% year-on-year [6]. Business Segments - The smart grid segment generated revenue of 122.25 billion yuan, up 28.37% year-on-year, while the energy low-carbon segment saw a revenue increase of 29.49% to 65.41 billion yuan. The emerging business revenue grew by 38.65% year-on-year [6][7]. - The company has successfully deployed core products in various fields, including new generation dispatching and power spot markets, further solidifying its market position [6]. Research and Development - The company invested 15.49 billion yuan in R&D in the first half of 2025, marking a 2.8% increase year-on-year, which enhances its core competitiveness [6][7]. Future Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.09 yuan, 1.20 yuan, and 1.26 yuan, respectively, with corresponding price-to-earnings (PE) ratios of approximately 20, 18, and 17 [8][7].

Core Viewpoint - Guodian NARI Technology Co., Ltd. has achieved record highs in operating revenue, net profit, and total assets in 2024, demonstrating strong profitability and a positive development trend [1][3]. Group 1: Financial Performance - In 2024, Guodian NARI achieved operating revenue of 57.417 billion yuan, a year-on-year increase of 11.15% [1]. - The net profit attributable to shareholders reached 7.610 billion yuan, reflecting a year-on-year growth of 6.06% [1]. - By the end of 2024, the net assets attributable to shareholders were 49.224 billion yuan, and total assets were 92.705 billion yuan, representing increases of 4.31% and 7.52% respectively [1]. Group 2: Business Segments - The company focuses on four major industrial clusters: smart grid, digital energy integration, low-carbon energy, and industrial interconnection, with grid business as the core [1][2]. - The digital energy integration segment generated revenue of 12.36 billion yuan in 2024, up 11% year-on-year, with a gross margin of 22.4% [2]. - Emerging businesses saw rapid growth, with related revenue increasing by 36.24% year-on-year [2]. Group 3: International Expansion - Guodian NARI's international business achieved revenue of 3.279 billion yuan in 2024, a significant year-on-year increase of 135% [2]. - The company is focusing on expanding its business in Southeast Asia, the Middle East, Central Asia, and Latin America, while also exploring opportunities in Europe related to grid infrastructure upgrades and renewable energy projects [2]. Group 4: Industry Insights - Experts highlight the importance of digital energy integration for energy and power companies, noting that Guodian NARI's practices can enhance the intelligence of power systems and improve operational efficiency [3]. - The integration of digital technology with energy business is seen as a way to open new growth points and enhance market competitiveness for energy companies [3].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Views - The company reported a 2024 annual revenue of 57.42 billion yuan, representing a year-on-year increase of 11.2% - The net profit attributable to shareholders for 2024 was 7.61 billion yuan, up 6.1% year-on-year - The first quarter of 2025 saw a revenue of 8.90 billion yuan, reflecting a year-on-year growth of 14.8% [3][4]. Financial Performance Summary - For 2024, the company's revenue by segment includes: - Smart grid revenue of 28.468 billion yuan, up 10.7% year-on-year - Digital energy integration revenue of 12.365 billion yuan, up 11.1% - Low-carbon energy revenue of 12.185 billion yuan, up 26.4% - Industrial interconnection revenue of 2.867 billion yuan, down 9.5% - Integration and other revenue of 1.438 billion yuan, down 23.9% [8]. - The gross profit margin for 2024 was 26.66%, a decrease of 0.14 percentage points year-on-year [8]. - The company expects a revenue of 64.5 billion yuan for 2025, a year-on-year increase of 12.3% [8]. Operational Insights - The company signed new orders worth 66.32 billion yuan in 2024, an increase of 13.8% year-on-year [8]. - The company anticipates that smart grid, digital energy integration, and low-carbon energy will be the main growth drivers moving forward [8].