Core Insights - The company reported a revenue of 7.545 billion yuan for 2024, representing a year-on-year growth of 16.47% [1] - The net profit attributable to shareholders reached 684 million yuan, with a year-on-year increase of 26.34% [1] - The gross profit margin was 33.71%, showing a slight increase of 0.01 percentage points compared to the previous year [1] Financial Performance - In Q4 2024, the company achieved a revenue of 2.914 billion yuan, up 22.52% year-on-year [1] - The net profit attributable to shareholders for Q4 was 263 million yuan, reflecting a growth of 33.50% [1] - The non-recurring net profit for Q4 was 260 million yuan, with a significant year-on-year increase of 79.01% [1] Business Segments - The smart power distribution business generated 4.324 billion yuan in revenue, a growth of 17.06%, with a gross margin of 32.57% [3] - The scheduling and cloud business reported revenue of 1.290 billion yuan, up 17.11%, but with a slight decline in gross margin to 37.70% [3] - The power transmission and transformation automation business saw revenue of 857 million yuan, a growth of 37.50%, with a gross margin of 38.35% [3] - The comprehensive energy and virtual power plant business achieved revenue of 220 million yuan, growing by 12.43%, with a gross margin of 32.79% [3] - The new energy and energy storage business reported revenue of 296 million yuan, a decline of 13.90%, but with an improved gross margin of 25.66% [3] - The industrial internet and smart manufacturing business generated 448 million yuan in revenue, a growth of 12.38%, with a gross margin of 22.68% [4] International Expansion - The company has made progress in overseas markets, with a localized production line in Saudi Arabia and contracts worth nearly 170 million yuan [5] - The company secured a project for the national dispatch center in Nicaragua, marking a significant overseas achievement [5] - Products have successfully entered the Belgian market, and contracts worth 50 million yuan have been signed for projects in Uzbekistan [5] - The company won contracts for smart metering systems and photovoltaic microgrid projects in the Maldives, with contract values exceeding 100 million yuan and 28.53 million yuan respectively [5] Future Projections - Revenue projections for 2025-2027 are estimated at 8.921 billion yuan, 10.613 billion yuan, and 12.614 billion yuan respectively [6] - Net profit projections for the same period are 852 million yuan, 1.023 billion yuan, and 1.225 billion yuan respectively [6] - The company maintains a "buy" rating with corresponding price-to-earnings ratios of 15.9, 13.2, and 11.0 for the years 2025, 2026, and 2027 [6]

Core Insights - The company reported a total revenue of 4.717 billion yuan in 2024, representing a year-on-year growth of 12.30% [1] - Net profit attributable to shareholders was 1.002 billion yuan, with a growth rate of only 2.00%, indicating a significant slowdown compared to previous years [5] - Revenue from the new energy business declined by 12.32%, highlighting potential issues within the business structure [1][5] Smart Distribution and Utilization Business - The smart distribution and utilization business achieved a revenue of 4.535 billion yuan in 2024, growing by 13.35% year-on-year [4] - Overseas revenue reached 2.940 billion yuan, up by 9.77%, while domestic revenue was 1.595 billion yuan, increasing by 20.61% [4] - The company made significant progress in localizing operations in overseas markets, with new production bases launched in Europe, Latin America, and Africa [4] New Energy Business - The new energy business generated a revenue of 143 million yuan, down 12.32% year-on-year, indicating challenges in market expansion and profitability [4][5] - The company is actively developing commercial microgrid capabilities in overseas markets, but the revenue decline suggests a need for improved strategic execution [5] Financial Performance - The net profit growth rate of 2.00% in 2024 is significantly lower than the previous years' growth rates of 47.89% in 2023 and 111.71% in 2022 [5] - Operating cash flow net amount was 886 million yuan, reflecting a decline of 19.56%, indicating cash flow pressure [5] - Research and development investment was 311 million yuan, up 9.43%, but the proportion of R&D investment to revenue decreased by 0.17 percentage points to 6.59% [5] Overall Assessment - The company maintained steady revenue growth in 2024, but the slowdown in net profit growth, decline in new energy revenue, and cash flow pressure are concerning [5] - There is a need for the company to optimize its business structure, enhance profitability in the new energy sector, and increase R&D investment to sustain long-term competitiveness [5]