Core Viewpoint - Zeyu Intelligent has experienced a decline in revenue and net profit for the first nine months of 2025, indicating potential challenges in its business performance [2] Group 1: Financial Performance - For the period from January to September 2025, Zeyu Intelligent reported operating revenue of 598 million yuan, a year-on-year decrease of 16.10% [2] - The company's net profit attributable to shareholders was 58.05 million yuan, reflecting a significant year-on-year decline of 55.89% [2] Group 2: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for Zeyu Intelligent was 15,300, a decrease of 4.22% compared to the previous period [2] - The average number of circulating shares per shareholder increased by 5.60% to 15,549 shares [2] - On November 11, Zeyu Intelligent's stock price rose by 0.17%, with a trading volume of 108 million yuan [1] - The financing buy-in amount on the same day was 11.39 million yuan, while the financing repayment was 13.36 million yuan, resulting in a net financing outflow of 1.97 million yuan [1] - The total balance of margin trading and securities lending for Zeyu Intelligent was 142 million yuan, accounting for 1.97% of its market capitalization [1] Group 3: Dividend and Institutional Holdings - Since its A-share listing, Zeyu Intelligent has distributed a total of 419 million yuan in dividends, with 357 million yuan distributed over the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited emerged as the sixth-largest circulating shareholder, holding 1.39 million shares as a new shareholder [3] - ICBC Small and Medium Cap Mixed Fund (481010) has exited the list of the top ten circulating shareholders [3]

Core Viewpoint - State Grid Information Communication Co., Ltd. (国网信通) announced that its wholly-owned subsidiaries have won bids for the 60th batch of procurement by State Grid Corporation of China, with a total bid amount of 605 million yuan [1] Group 1: Company Overview - The winning subsidiaries include Beijing Zhongdian Puhua Information Technology Co., Ltd. (中电普华), Anhui Jiyuan Software Co., Ltd. (继远软件), Beijing Zhongdian Feihua Communication Co., Ltd. (中电飞华), and State Grid Information Communication Yili Technology Co., Ltd. (亿力科技) [1] Group 2: Financial Impact - The total bid amount for the projects related to the fourth round of bidding for substation equipment (including cables) is 605 million yuan [1]

Core Insights - Zeyu Intelligent experienced a decline of 3.53% in stock price on August 27, with a trading volume of 198 million yuan [1] - The company reported a financing buy-in amount of 28.23 million yuan and a net financing buy of 2.51 million yuan on the same day [1][2] - As of August 27, the total financing and securities lending balance for Zeyu Intelligent was 161 million yuan, representing 2.36% of its market capitalization [1] Financing Summary - On August 27, Zeyu Intelligent had a financing buy-in of 28.23 million yuan, with a current financing balance of 161 million yuan, which is above the 90th percentile of the past year [1] - The company had no securities lending activity on August 27, with a securities lending balance of 0.00 yuan, indicating a high level of inactivity in this area [1] Business Performance - For the first half of 2025, Zeyu Intelligent reported a revenue of 404 million yuan, a year-on-year decrease of 24.80%, and a net profit of 35.09 million yuan, down 66.27% compared to the previous year [2] - The company's main business revenue composition includes system integration (72.63%), construction and operation maintenance (24.27%), power design (2.60%), and other services (0.47%) [1] Shareholder Information - As of July 18, the number of shareholders for Zeyu Intelligent was 15,900, a decrease of 2.79% from the previous period, with an average of 14,724 circulating shares per shareholder, an increase of 2.87% [2] - The company has distributed a total of 419 million yuan in dividends since its A-share listing, with 357 million yuan distributed over the past three years [3]

Investment Rating - The investment rating for the power equipment industry is "Positive" (maintained) [4] Core Viewpoints - The report highlights a significant increase in investment in the power grid, with a projected completion amount of 608.3 billion yuan in 2024, representing a year-on-year growth of 15.3% [5] - The report emphasizes the high demand for coal-fired power generation, with a notable increase in newly installed capacity of 17.55 million kilowatts in the first five months of this year, a 45% increase compared to the same period last year [5] - Wind power bidding has seen substantial growth, with a projected bidding volume of 164.1 GW in 2024, a 90% year-on-year increase [5] Summary by Sections Power Grid - The investment in the power grid is accelerating, with a cumulative investment of 204 billion yuan in the first five months of this year, up 19.8% year-on-year [5] - The approval of several ultra-high voltage direct current projects is expected to peak in the second half of the year, leading to rapid revenue growth for related equipment companies [5] Power Generation - Coal-fired power generation is expected to reach a peak in new installations, with approvals for coal power capacity remaining high at 90 GW, 83 GW, and 78 GW for the years 2022, 2023, and 2024 respectively [5] - Pumped storage capacity approvals are also robust, with 70 GW, 65 GW, and 35 GW approved for 2022, 2023, and 2024, respectively, totaling close to three times the existing capacity [5] Wind Power - The average bidding price for wind power equipment has stabilized and rebounded, with the average bid price at 1590 yuan/kW as of March this year [5] - The report anticipates that wind power installations will remain high due to its competitive advantage over photovoltaic power in the electricity market [5] Company Performance Forecast - The report provides specific performance forecasts for various companies, indicating a positive outlook for companies like Goldwind Technology (H), Guoneng Rixin, Dongfang Electric, and Dongfang Cable, among others [5][6]

Core Viewpoint - Zeyu Intelligent reported strong financial performance for 2024, with a revenue of 1.348 billion yuan, a year-on-year increase of 26.98%, and a net profit of 218 million yuan, reflecting the company's confidence in future growth and commitment to shareholder returns through dividends and stock bonuses [1][2]. Financial Performance - The company achieved a total revenue of 1.348 billion yuan in 2024, representing a 26.98% increase compared to the previous year [1]. - The net profit attributable to shareholders was 218 million yuan [1]. - Zeyu Intelligent plans to distribute a cash dividend of 3.30 yuan per 10 shares (tax included) and to issue 2 additional shares for every 10 shares held from capital reserves [1]. Industry Outlook - The company is optimistic about the long-term development opportunities in the power information industry, driven by technological integration, emerging business growth, and policy synergies [2]. - Zeyu Intelligent aims to focus on the digitalization and intelligence of power grids, leveraging technological innovation to support the achievement of "dual carbon" goals and the construction of new power systems [2]. Business Development - The company is actively developing its robotics business, particularly in power inspection, with products such as wheeled robots, quadruped robots, and drones [2]. - Zeyu Intelligent's new generation substation inspection algorithm has achieved international advanced levels, addressing key industry challenges [2]. Research and Development - Zeyu Intelligent has consistently increased its R&D investment over the past three years, with expenditures of 32.96 million yuan, 49.64 million yuan, and 70.20 million yuan [3]. - Current R&D projects include communication board cards and digital twin systems for optical distribution robots, with some products already in mass production [3]. Future Plans - The company plans to deepen its focus on power information and intelligence, increase R&D investment, and expand its market presence outside Jiangsu province [4]. - Zeyu Intelligent aims to enhance its profitability by improving product technology and value, while also optimizing its national business layout [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 1.076 billion yuan for 2024, a year-on-year decrease of 1.8%, while the net profit attributable to shareholders was 277 million yuan, reflecting a year-on-year increase of 12.8%, meeting expectations [5] - The company plans to distribute a cash dividend of 0.38 yuan per share, totaling approximately 136 million yuan, with a full-year dividend of 277 million yuan, achieving a dividend payout ratio of 100%, exceeding the promised 70% [5] - The electric power instrument business saw significant growth, with revenue reaching 157 million yuan, a year-on-year increase of 134%, and a gross margin improvement to 56.4%, up 14.7 percentage points [6] - The environmental protection business faced challenges, with revenue from operation services declining by 10% to 240 million yuan and revenue from intelligent instruments dropping by 57% to 68 million yuan [6] - The company has committed to a dividend payout ratio of no less than 70% for 2024-2026, with the actual payout for 2024 being 100% [7] - The company has repurchased shares worth 80 million yuan as of April 1, 2025, with a maximum potential repurchase amount of 100 million yuan [7] - The forecasted net profit for 2025-2027 is 354 million, 426 million, and 476 million yuan, with growth rates of 28%, 20%, and 12% respectively [7] Financial Summary - The company achieved a total revenue of 1.077 billion yuan in 2024, with a projected increase to 1.308 billion yuan in 2025, representing a growth rate of 21.47% [8] - The net profit for 2024 is projected at 277 million yuan, with expected growth to 354 million yuan in 2025, reflecting a growth rate of 27.63% [8] - The earnings per share (EPS) is forecasted to be 0.73 yuan in 2024, increasing to 0.93 yuan in 2025 [8] - The return on equity (ROE) is expected to rise from 9.27% in 2024 to 11.32% in 2025 [9]