Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][12]. Core Insights - The company has shown strong revenue growth, with 2024 revenue reaching 1.76 billion yuan, a year-on-year increase of 17.9%, and a net profit of 250 million yuan, up 45.7% year-on-year [3][4]. - The company is benefiting from the increasing investment in the power grid, with a reported investment of 95.6 billion yuan in the first quarter of 2025, a 24.8% increase year-on-year [4]. - New product launches, including the successful operation of the first 550kV GIS product, are expected to drive future growth, with new orders totaling 204 million yuan for this product line [5]. Financial Summary - Revenue projections for 2025-2027 are 2.11 billion yuan, 2.53 billion yuan, and 3.04 billion yuan respectively, with corresponding net profits of 370 million yuan, 460 million yuan, and 580 million yuan [6][10]. - The company's gross margin and net margin for 2024 are 38.9% and 14.3%, respectively, reflecting improvements in product mix [4][11]. - The company’s PE ratio is projected to decrease from 16.98 in 2024 to 7.44 by 2027, indicating increasing valuation attractiveness over time [10][11].