Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.04 RMB [8][11]. Core Views - The company is expected to achieve a revenue of 64.65 billion RMB in 2025, representing a year-on-year growth of 12.60% [7]. - The company has a strong order backlog, with a total of 506.97 billion RMB in hand orders by the end of 2024, indicating robust business development [4]. - The company is positioned to benefit from the construction of new power systems, leading to sustained and stable growth in performance [1]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 57.42 billion RMB (+11.33% year-on-year) and a net profit attributable to shareholders of 7.61 billion RMB (+5.94% year-on-year) [7]. - The company reported a Q1 2025 revenue of 8.90 billion RMB (+14.76% year-on-year) and a net profit of 680 million RMB (+14.14% year-on-year) [2]. Business Segments - The company’s revenue from smart grid, digital energy integration, and low-carbon energy segments for 2024 was 28.47 billion RMB (+10.70%), 12.37 billion RMB (+11.05%), and 12.19 billion RMB (+26.43%) respectively [3]. - The industrial interconnection segment saw a decline of 9.51% year-on-year, while the integrated and other businesses experienced a decrease of 23.89% [3]. Profitability and Dividends - The company maintained a dividend payout ratio of 60% in 2024, resulting in a dividend yield of 2.26% [2]. - The gross and net profit margins for 2024 were 26.66% and 14.19%, respectively, indicating stable profitability [2]. Future Projections - The company plans to achieve a revenue of 64.65 billion RMB in 2025, with a projected net profit of 8.33 billion RMB [5]. - The estimated PE ratio for 2025 is set at 22.27, reflecting the company's strong market position and technological advantages [5][23].

据外媒报道，当地时间30日，英伟达、强生、礼来、通用电气和软银等公司CEO将到访白宫。届时，美 国总统特朗普将重点介绍这些公司在其就职百天内宣布的对美投资计划。据知情人士透露，白宫此次邀 请了来自国防、科技、医疗保健和消费品行业的企业及投资基金的人员参与活动，与会企业产品将在白 宫展示。(玉渊谭天) ...

Core Insights - The company reported a revenue of 6.444 billion yuan for 2024, representing a year-over-year increase of 29.62%, and a net profit attributable to shareholders of 663 million yuan, up 33.80% year-over-year [1] - In Q4 2024, the company achieved a revenue of 2.354 billion yuan, a year-over-year increase of 41.78%, and a net profit of 227 million yuan, up 27.12% year-over-year [1] - For Q1 2025, the company maintained steady growth with a revenue of 1.306 billion yuan, a year-over-year increase of 26.21%, and a net profit of 112 million yuan, up 25.01% year-over-year [1] Revenue Breakdown - In 2024, the company's transformer products generated a revenue of 1.074 billion yuan, increasing by 56.12% year-over-year; complete switchgear products generated 674 million yuan, up 32.65% year-over-year; and box-type substations generated 4.239 billion yuan, up 22.60% year-over-year [1] - The revenue contributions for 2024 were 65.79% from box-type substations, 16.67% from transformers, and 10.46% from complete switchgear products [1] Market Expansion - The company is actively expanding into multiple downstream scenarios, including international markets, offshore wind power, data centers, and smart grids [2] - The company adheres to a strategy of "indirect overseas expansion + global layout," with products meeting international standards and certifications, exporting to over 60 countries and regions [2] - The company has made breakthroughs in integrated solutions for offshore wind power and has secured significant orders from major internet clients for its MyPower data center power module products [2] Future Projections - The company is expected to achieve revenues of 8.131 billion yuan, 9.652 billion yuan, and 11.344 billion yuan for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 26.2%, 18.7%, and 17.5% [3] - Net profits attributable to shareholders are projected to be 854 million yuan, 1.069 billion yuan, and 1.295 billion yuan for the same years, with growth rates of 28.9%, 25.2%, and 21.1% [3] - The company's price-to-earnings ratios for 2025, 2026, and 2027 are estimated to be 15.30, 12.22, and 10.09, respectively, maintaining a "buy" rating [3]

5）公司核心逻辑：公司绑定半导体设备+晶圆厂龙头客户，期待半导体射频电源加速、推升业绩增 长。未来随光伏见底+半导体订单提速，公司未来成长空间大。 英杰电气：光伏电源龙头；半导体电源、光伏电池、充电桩储能打开成长空间1）光伏电源：——硅料 电源：公司为市占率超70%的龙头。——硅片电源：公司市占率75-80%、龙头领先，绑定核心设备厂 +硅片厂。——电池电源：公司布局HJT、TOPCon 类PECVD、PVD、扩散等环节电源，为国产替代领 军者，实现批量供应。 投资要点 2024 年报&2025Q1 业绩：短期承压；期待半导体射频电源进展提速1）2024 年报：营收17.8 亿元，同 比增长0.6%；归母净利润3.2 亿元，同比下滑25.2%。年毛利率38.5%，同比提升1.3pct；净利率18.8%， 同比下降5.5pct。 收入结构——光伏：8.7 亿元、同比下滑10.3%，毛利率28.5%、同比-2.4pct；半导体：3.5亿元、同比增 长6.4%，毛利率54%、同比+11.1pct；其他领域：5.5 亿元、同比增长18.9%，毛利率44.6%、同 比-2pct。 2）2025Q1 业绩：营收3.3 亿 ...

Core Viewpoint - The company reported strong Q1 2025 results with revenue of 3.23 billion yuan, a year-on-year increase of 21.4%, and a net profit attributable to shareholders of 450 million yuan, up 22.9% year-on-year, indicating robust growth in both domestic and international markets [1][2]. Group 1: Q1 Performance - Q1 2025 revenue reached 3.23 billion yuan, reflecting a 21.4% year-on-year growth [1] - Net profit attributable to shareholders was 450 million yuan, up 22.9% year-on-year, with a non-recurring net profit of 440 million yuan, increasing by 28% [1] - Gross margin stood at 30.3%, a slight decrease of 0.4 percentage points year-on-year, while net profit margin was 13.8%, an increase of 0.2 percentage points [1] Group 2: Market Dynamics - Domestic ultra-high voltage market has seen breakthroughs, with significant growth in grid investment; Q1 grid infrastructure completion reached 95.6 billion yuan, a 25% increase year-on-year [2] - The company successfully won bids for 750kV equipment, marking a breakthrough in the high-end product market, which is expected to enhance gross margins in domestic operations [2] - International demand for power grid construction remains high, with transformer and high-voltage switch exports increasing by 40% and 30% year-on-year, respectively [3] Group 3: Cost Management and Financial Health - Q1 2025 operating expenses were 480 million yuan, a 10% increase year-on-year, with an expense ratio of 14.8%, down 1.5 percentage points, indicating effective cost control [3] - Inventory at the end of Q1 2025 was 4.1 billion yuan, an 18% increase year-on-year, while contract liabilities rose to 2.84 billion yuan, up 20% year-on-year, showing solid growth foundations [3] Group 4: Profit Forecast and Investment Rating - The company maintains profit forecasts for 2025-2027, with net profits expected to be 2.73 billion, 3.54 billion, and 4.56 billion yuan, representing year-on-year growth of 33%, 30%, and 29%, respectively [4] - Corresponding price-to-earnings ratios are projected at 21x, 16x, and 12x, with a "buy" rating maintained [4]

业绩同比高速增长，费用管理能力优异 公司25 年Q1 实现营收32.27 亿元（yoy+21.41%），归母净利4.46 亿元（yoy+22.91%），实现扣非归母 净利4.37 亿元（yoy+28.10%）。公司25年Q1 实现毛、净利率30.31%、14.36%，同比-0.39、+0.76pct。 公司25年Q1 期间费用率14.79%，同比-1.49pct，其中销售、管理、财务、研发费用率分别为5.03%、 2.77%、-0.90%、7.90%，同比持平、-0.22、-1.14、-0.14pct，费用管理能力优异。 海外需求保持强劲，海外营收占比持续提升 国内24 年变压器出口额67.0 亿美元，同增26.6%；25 年Q1 出口额18.2亿美元，同增38.5%，海外需求保 持强劲，公司的高电压等级产品出海或具备更强持续性。公司2024 年国内/海外业务分别实现收入 123.36、31.22亿元，同比增长19.74%、44.67%；海外占比达20.2%，同比+2.88pct。2024年公司在英 国、意大利、沙特、科威特等多个高端市场实现突破，我们认为后续盈利能力将伴随海外营收占比进一 步提升。 公司25 ...

Core Viewpoint - The company reported a strong financial performance for 2024, with significant year-on-year growth in revenue and net profit, indicating robust operational capabilities and effective cost management [1][2]. Financial Performance - For 2024, the company achieved revenue of 3.61 billion yuan, a year-on-year increase of 23.2%, and a net profit attributable to shareholders of 220 million yuan, up 130.7% [1]. - The fourth quarter alone saw revenue of 1.62 billion yuan, with net profit reaching 130 million yuan, reflecting a year-on-year growth of 28.9% and 253.4% respectively [1]. - The operating cash flow for the year was 290 million yuan, showing a slight increase of 0.6% year-on-year [1]. Industry Growth - The power industry revenue reached 1.86 billion yuan, growing by 5.6%, while other sectors saw a significant increase of 49.8% to 1.74 billion yuan [1]. - New strategic sectors, including oil and gas, nuclear industry, transportation, government emergency services, and power generation, generated 1.09 billion yuan in revenue, marking an 80.0% increase [1]. Sales Model Breakdown - Revenue from distribution products, self-developed products, and services amounted to 2.54 billion yuan, 670 million yuan, and 390 million yuan respectively, with year-on-year growth rates of 23.4%, 29.1%, and 12.9% [2]. Cost Management and Profitability - The overall gross margin for 2024 was 29.7%, a decrease of 2.5 percentage points, primarily due to lower margins from new high-growth sectors [2]. - The expense ratio improved to 19.4%, down 3.3 percentage points, with reductions in sales, management, and R&D expense ratios contributing to enhanced profitability [2]. - The net profit margin for the year was 6.6%, an increase of 2.9 percentage points year-on-year [2]. Q4 Performance Insights - In Q4, the gross margin was 31.8%, down 3.8 percentage points, while the expense ratio was 17.4%, a decrease of 4.6 percentage points [3]. - The net profit margin for Q4 was 8.6%, reflecting a year-on-year increase of 5.0 percentage points [3]. Future Outlook - The company is well-positioned in the power grid sector with a diverse product line and a nationwide service network, anticipating continued revenue growth [3]. - Profitability in new sectors is expected to improve gradually, leading to revised net profit forecasts for 2025 and 2026 at 266 million yuan and 316 million yuan respectively, with a new estimate for 2027 at 359 million yuan [3].

公司发布2024 年&2025 年一季度报告。2024 年全年：1）实现营收124.02 亿元，同比+11.96%；归母净 利润10.23 亿元，同比+25.43%；扣非归母净利润9.93 亿元，同比+22.99%。2）全年毛利率22.36%，同 比+0.98pct；销售净利率9.02%，同比+0.71pct。3）期间费用率为11.04%，同比+0.16pct，销售/管理/研 发/财务费用率分别为3.99%、3.09%、4.44%、-0.47%，同比分别变动-0.08、+0.17、-0.29、+0.36pct。 2025Q1单季度：1）实现营收25.1 亿元，同比+22.82%，环比-44.41%；归母净利润3.58 亿元，同比 +55.94%，环比+115.68%；扣非归母净利润3.56亿元，同比+56.23%，环比+146.22%。2）毛利率 28.74%，同比+3.52pct，环比+9.72pct；净利率15.39%，同比+2.75pct，环比+11.03pct。3）期间费用率 为10.71%，同比+0.3pct，销售/管理/研发/财务费用率分别为4.38%、2.95%、4.17%、-0.79%，同比分 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 27.04 RMB [8][11]. Core Views - The company is expected to achieve a revenue of 64.65 billion RMB in 2025, representing a year-on-year growth of 12.60% [7]. - The company maintains a strong order backlog, with a total of 506.97 billion RMB in hand orders by the end of 2024, indicating robust business development [4]. - The company is positioned to benefit from the construction of new power systems, leading to sustained and stable growth in performance [1]. Revenue and Profitability - In 2024, the company achieved a revenue of 57.42 billion RMB, an increase of 11.33% year-on-year, and a net profit of 7.61 billion RMB, up 5.94% year-on-year [7]. - The gross and net profit margins for 2024 are projected to be 26.66% and 14.19%, respectively, indicating stable profitability [2]. Business Segments Performance - The revenue from the smart grid, digital energy integration, and low-carbon energy segments for 2024 is expected to be 28.47 billion RMB, 12.37 billion RMB, and 12.19 billion RMB, respectively, with growth rates of 10.70%, 11.05%, and 26.43% [3]. - The industrial interconnection segment is experiencing a decline, with a revenue drop of 9.51% [3]. Financial Forecasts - The forecasted net profit for 2025 is 8.33 billion RMB, reflecting a decrease of 9.59% from previous estimates due to potential impacts from changes in the renewable energy policy [5]. - The company’s PE ratio for 2025 is estimated at 22.27 times, with a target price based on this valuation [5][23].

Core Points - The establishment of application-oriented discipline committees in Shanghai universities aims to align talent cultivation with industry needs, enhancing the integration of education and industry [1][6] - The recent reforms in Shanghai's higher education system focus on involving industry experts in curriculum development and professional training, marking a significant shift towards practical, industry-relevant education [2][4] - The introduction of the "Management Measures for Industry Part-time Teachers in Ordinary Undergraduate Colleges" by the Ministry of Education encourages universities to hire industry professionals as part-time instructors, fostering deeper collaboration between academia and industry [2][7] Group 1 - The application-oriented discipline professional committee includes leaders from various industries, such as Yu Shu Technology and Shanghai Integrated Circuit Research Center, to ensure that educational programs meet market demands [1][6] - The committee's formation is part of a broader initiative to reform application-oriented higher education in Shanghai, with a focus on practical skills and industry relevance [1][5] - The involvement of industry leaders as part-time professors is expected to enhance the practical applicability of academic research and improve the quality of education [2][4] Group 2 - The Shanghai application-oriented universities' pilot reform aims to create a direct link between educational institutions and market needs, ensuring that curriculum and training are aligned with industry trends [6][7] - The committees will consist of at least 50% industry representatives, with the chairperson being a senior expert from the industry, to provide real-time insights into industry developments [6][7] - The goal of these reforms is to address the skills gap in the workforce and support national strategic industries, thereby enhancing the overall quality of talent produced by universities [7]