Group 1 - The core point of the article is that Kelu Electronics (SZ 002121) held a temporary board meeting on October 23, 2025, to discuss the proposal for the election of independent directors [1] - For the first half of 2025, Kelu Electronics reported that its revenue composition was as follows: energy storage business accounted for 49.83%, smart grid accounted for 48.74%, property accounted for 0.91%, comprehensive energy management and services accounted for 0.43%, and other businesses accounted for 0.09% [1] - As of the report date, Kelu Electronics had a market capitalization of 15.8 billion yuan [1] Group 2 - A notable transaction was reported where a well-known brand spent 170 million yuan to acquire 2,000 shares of a target company with a registered capital of only 10,000 Hong Kong dollars, raising questions about the necessity of the acquisition [1]

Group 1 - The core point of the article is that Kelu Electronics (SZ 002121) held its 19th board meeting on August 13, 2025, where it discussed the reappointment of an auditing firm for the 2025 fiscal year [1] - For the first half of 2025, Kelu Electronics reported that its revenue composition was as follows: energy storage business accounted for 49.83%, smart grid for 48.74%, property for 0.91%, comprehensive energy management and services for 0.43%, and other businesses for 0.09% [1] - As of the report date, Kelu Electronics had a market capitalization of 11.7 billion yuan [1]

Group 1 - The company expects a net profit attributable to shareholders of 100 million to 120 million yuan for the period from January 1, 2025, to June 30, 2025, representing a year-on-year growth of 16.03% to 39.23% [1] - The company continues to deepen its regional market layout, securing high-quality new energy orders, which drives healthy development in the new energy business and injects strong momentum into revenue growth [1] - The company actively seizes global market development opportunities, achieving breakthroughs in smart grid performance through domestic and international collaborative development [1] Group 2 - In the domestic market, the company consolidates its leading position in the power transmission and distribution industry, with core business segments maintaining stable growth [1] - The company accelerates its overseas expansion, with some overseas markets achieving new growth [1] - The company implements a benefit-oriented refined operational management approach, effectively controlling costs and enhancing operational efficiency, which boosts overall profitability [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company achieved a revenue of 57.42 billion yuan in 2024, representing a year-on-year growth of 11.15%, and a net profit attributable to shareholders of 7.61 billion yuan, up 6.06% year-on-year [1]. - The company is expected to benefit from increased investment in China's power grid and the acceleration of digitalization in the sector, with projected revenues of 64.55 billion yuan in 2025, reflecting a growth of 12.42% [6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 57.42 billion yuan, a growth of 11.15% compared to 2023, and a net profit of 7.61 billion yuan, up 6.06% [1]. - For Q1 2025, the company achieved a revenue of 8.89 billion yuan, marking a year-on-year increase of 14.76% [1]. Business Segments - The smart grid business generated revenue of 28.47 billion yuan in 2024, growing by 10.70% year-on-year, with a gross margin increase of 0.61 percentage points to 29.52% [2]. - The energy low-carbon business saw significant growth, with revenue reaching 12.19 billion yuan, up 26.43% year-on-year, although its gross margin decreased by 0.94 percentage points to 22.98% [3]. Market Expansion - The company signed new contracts worth 66.32 billion yuan in 2024, a year-on-year increase of 13.78%, with domestic revenue growing by 7.76% to 54.04 billion yuan [4]. - Internationally, the company achieved a revenue of 3.28 billion yuan, a remarkable growth of 135.14% year-on-year [4]. Profitability and Valuation - The report forecasts net profits of 8.47 billion yuan, 9.39 billion yuan, and 10.35 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.06 yuan, 1.17 yuan, and 1.29 yuan [6]. - The projected P/E ratios for 2025, 2026, and 2027 are 22, 20, and 18 respectively, indicating a favorable valuation outlook [6].