Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company has shown significant improvement in profitability due to effective cost control, with a notable increase in net profit by 24.83% year-on-year for the first half of 2025 [1][3]. - Revenue for the first half of 2025 reached 539 million yuan, reflecting a year-on-year growth of 1.54% [1]. - The company is focusing on expanding in both domestic and overseas markets, particularly in sectors like new energy and virtual power plants [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 295 million yuan, a year-on-year increase of 2.34% and a quarter-on-quarter increase of 21.46% [1]. - The net profit for Q2 2025 was 73 million yuan, marking a year-on-year growth of 32.58% and a quarter-on-quarter growth of 40.66% [1]. Revenue Breakdown - Revenue from power monitoring and substation comprehensive monitoring products grew by 0.01% to 226 million yuan, with a gross margin increase of 1.03 percentage points to 48.34% [2]. - Revenue from energy efficiency management products decreased by 0.12% to 175 million yuan, but the gross margin increased by 0.73 percentage points to 48.39% [2]. - Revenue from electric sensors increased by 6.47% to 63 million yuan, with a gross margin increase of 0.06 percentage points to 45.34% [2]. - Revenue from fire and electrical safety products decreased by 0.85% to 41 million yuan, while the gross margin increased by 0.69 percentage points to 47.98% [2]. - Revenue from enterprise microgrid and other products grew by 20.14% to 32 million yuan, with a gross margin increase of 0.83 percentage points to 45.93% [2]. Cost Management - The company has effectively controlled costs, with a decrease in sales expense ratio by 0.94 percentage points to 11.89%, management expense ratio by 0.14 percentage points to 5.68%, and R&D expense ratio by 1.58 percentage points to 9.67% [3]. - The overall gross margin improved by 0.75 percentage points to 47.82%, and the net profit margin increased by 4.36 percentage points to 23.30% [3]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 238 million yuan, 284 million yuan, and 335 million yuan for 2025, 2026, and 2027 respectively [4][5]. - The estimated earnings per share (EPS) for the same years are projected to be 0.95 yuan, 1.13 yuan, and 1.34 yuan [4][5].

Core 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].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 打造技术型销售团队，研发下沉助力推广 随着技术复杂性更高的EMS2.0和EMS3.0产品推出，销售团队的技术水平要求显著提升。公司形成研发与 销售联动，部分研发人员下沉市场，对销售团队进行技术指导，助力产品推广。 风险提示： 电改进度不及预期风险、渠道扩展不及预期风险、市场竞争加剧风险。 发布日期： 2025-04-24 报告摘要 事件： 2024年公司实现营业收入10.63亿元，同比减少5.24%，实现归母净利润1.70亿元，同比减少15.68%，扣非 归母净利润1.51亿元，同比减少18.07%，拟向全体股东每10股派发现金红利3元（含税）。2025Q1公司实 现营业收入2.43亿元，同比增长0.58%；实现归母净利润0.52亿元， ...