Core Viewpoint - China XD Electric (601179.SH) has secured a significant procurement project from the State Grid, amounting to 1.324 billion yuan, marking its third major contract win this year, with a total of 4.474 billion yuan in contracts announced so far [2][3][6]. Group 1: Contract Wins - On July 15, China XD Electric announced that its subsidiaries won a procurement project from the State Grid, with a total bid amount of 1.324 billion yuan for various electrical equipment [3]. - The company has reported multiple contract wins in 2025, including a 1.707 billion yuan contract in January and a 1.443 billion yuan contract in March, bringing the total contract value for the year to approximately 4.474 billion yuan, which represents about 20.2% of the company's projected revenue for 2024 [4][5][6]. Group 2: Financial Performance - China XD Electric has demonstrated stable operational performance, with revenue and net profit expected to grow for three consecutive years from 2022 to 2024. In Q1 2025, the company reported revenue of 5.245 billion yuan, a year-on-year increase of 11.27%, and a net profit of 295 million yuan, up 42.10% [6][8]. - The company's revenue for 2024 is projected to reach a historical high of 22.175 billion yuan, with a strong performance driven by increased sales in its transformer and switchboard segments [6][8]. Group 3: Market Position and Strategy - China XD Electric is a leading player in the energy and power equipment industry, with a comprehensive product range and a strong competitive advantage due to its extensive experience and market presence [2][6]. - The company is focusing on expanding its market presence and enhancing its technological innovation capabilities, with R&D investments totaling 1.127 billion yuan in 2024, representing 5.08% of its revenue [8]. - The company has a robust order backlog, with contract liabilities reaching 4.147 billion yuan as of Q1 2025, indicating a solid foundation for future revenue growth [6][8].