Investment Rating - The investment rating for Yada Co., Ltd. is maintained at "Outperform" [2][4]. Core Views - In Q1 2025, Yada Co., Ltd. achieved a revenue of 0.76 billion yuan, representing a year-on-year increase of 24.11%, and a net profit attributable to shareholders of 6.23 million yuan, up 28.44% year-on-year [4]. - The company is expected to benefit from increased investments by State Grid and Southern Grid, which are focusing on enhancing distribution network construction and modernization [5][6]. - The company has a strong capability in independently developing power monitoring system integration and is actively expanding into the data center sector [6]. Financial Summary and Valuation Indicators - Revenue projections for Yada Co., Ltd. are as follows: 2024 - 3.20 billion yuan, 2025 - 3.78 billion yuan, 2026 - 4.50 billion yuan, and 2027 - 5.19 billion yuan, with year-on-year growth rates of 1.8%, 18.2%, 19.0%, and 15.4% respectively [7]. - Net profit attributable to shareholders is projected to be 0.34 billion yuan in 2024, 0.38 billion yuan in 2025, and 0.44 billion yuan in 2026, with corresponding EPS of 0.21, 0.24, and 0.27 yuan per share [4][7]. - The company's P/E ratios are projected to be 56.4, 49.7, and 43.4 for 2025, 2026, and 2027 respectively [4][7].

Group 1: Company Performance - Yada Co., Ltd. achieved a revenue of 76 million yuan in Q1 2025, representing a year-on-year growth of 24.11% [1] - The net profit attributable to shareholders reached 6.23 million yuan, up 28.44% year-on-year [1] - The non-recurring net profit attributable to shareholders was 5.66 million yuan, showing a significant increase of 47.35% year-on-year [1] Group 2: Profit Forecasts - The profit forecasts for Yada Co., Ltd. have been adjusted downward for 2025 and 2026, with new projections for 2027 introduced [1] - Expected net profits for 2024, 2025, and 2026 are 34 million yuan (previously 46 million), 38 million yuan (previously 52 million), and 44 million yuan, respectively [1] - Corresponding EPS for these years are projected to be 0.21, 0.24, and 0.27 yuan per share, with PE ratios of 56.4, 49.7, and 43.4 times, respectively [1] Group 3: Industry Investment Trends - The State Grid plans to invest 350 billion USD (approximately 2.23 trillion yuan) during the 14th Five-Year Plan, averaging 446 billion yuan annually [2] - In 2024, the total investment in the power grid by the State Grid is expected to exceed 600 billion yuan, an increase of 71.1 billion yuan compared to 2023 [2] - The Southern Power Grid plans to invest 670 billion yuan during the 14th Five-Year Plan to accelerate the construction of a digital grid and modernize the power grid [2] Group 4: Technological Advancements - Yada Co., Ltd. possesses the capability for independent development of power monitoring system integration and is actively expanding into the data center sector [3] - The company has launched a series of products for data center power monitoring, environmental monitoring, and energy efficiency management, catering to major clients such as Tencent, Alibaba, Baidu, and ByteDance [3]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2][4] Core Views - The company achieved a revenue of 0.76 billion yuan in Q1 2025, representing a year-on-year increase of 24.11%, and a net profit attributable to shareholders of 6.23 million yuan, up 28.44% year-on-year [4] - The report highlights the company's strong growth potential due to increased investments from State Grid and Southern Power Grid, which are expected to enhance the company's business opportunities [4][5] - The company has adjusted its profit forecasts for 2025 and 2026 downwards due to intensified industry competition, while introducing a new profit forecast for 2027 [4] Financial Summary - Revenue projections for 2024-2026 are 0.34 billion (previously 0.46 billion), 0.38 billion (previously 0.52 billion), and 0.44 billion respectively, with corresponding EPS of 0.21, 0.24, and 0.27 yuan per share [4][7] - The company’s revenue is expected to grow from 314 million in 2023 to 519 million in 2027, with a compound annual growth rate (CAGR) of approximately 15.4% [7][10] - The net profit is projected to recover from 25 million in 2024 to 44 million in 2027, reflecting a growth trajectory despite short-term challenges [7][10] Industry Insights - The State Grid plans to invest approximately 2.23 trillion yuan during the 14th Five-Year Plan period, with an annual average investment of 446 billion yuan, focusing on enhancing distribution network construction and upgrades [5] - Southern Power Grid is also set to invest 670 billion yuan during the same period to accelerate the construction of digital grids and modernize the power system [5] - The company is actively expanding into the data center sector, responding to the growing demand for intelligent power management and energy efficiency solutions [6]