Core Viewpoint - State Grid Corporation of China held its first collective performance briefing for its listed companies, showcasing high-quality development achievements and emphasizing innovation in the new power system construction [1] Group 1: Financial Performance - In 2024, the company achieved a record high in total assets, operating revenue, and net profit, with operating revenue reaching 57.417 billion yuan, a year-on-year increase of 11.15%, and net profit attributable to shareholders of 7.610 billion yuan, up 6.06% [1] - The company has been recognized as a benchmark for "scientific and technological reform enterprises" by the State-owned Assets Supervision and Administration Commission and has maintained an A-class rating for information disclosure from the Shanghai Stock Exchange for ten consecutive years [1] Group 2: Strategic Layout - The company has established four major industrial clusters: smart grid, digital energy integration, low-carbon energy, and industrial interconnection, with a focus on grid business as the foundation and external and overseas businesses as growth areas [2] - Core product advantages in new generation dispatching, ultra-high voltage, and digitalization of grid production have been further highlighted, enhancing market competitiveness in new energy, industrial control, and microgrid businesses [2] Group 3: Technological Innovation - The company has built a research and development system that integrates research with application, strengthening foundational research capabilities and continuously producing significant innovations such as domestically produced direct current control systems and ultra-high voltage converter valves [2] - The company has led the formulation of four international standards and seven national industry standards, enhancing its influence and voice in the industry [2] Group 4: Management and ESG Practices - The company has initiated quality improvement and efficiency enhancement actions, implemented a talent empowerment plan, and advanced lean production management, achieving strong core performance indicators compared to peers [2] - The company has established a scientific and efficient governance system and a green production system, releasing social responsibility reports for 13 consecutive years and demonstrating its commitment to corporate social responsibility [2] Group 5: Shareholder Returns and Mechanism Reform - The company has actively implemented cash dividends, with a cumulative dividend of 18.6 billion yuan since its listing, maintaining a high dividend payout ratio of 60% for 2023 and 2024 [3] - The company has initiated share buybacks to boost market confidence, with a buyback amount of 386 million yuan in 2024 and a new round of buybacks starting in April 2025 [3] - The company aims to deepen reforms to stimulate innovation and enhance governance, positioning itself as a leader in the energy internet sector through technological innovation and diversified development [3]

Investment Rating - The report maintains a "Buy" rating for Guodian NARI Technology Co., Ltd. [1] Core Views - The company's performance aligns with market expectations, with a revenue of 57.42 billion yuan in 2024, reflecting a year-on-year growth of 11.15% [8] - The company continues to invest heavily in research and development, with R&D expenses increasing by 19% to 2.26 billion yuan in 2024 [8] - The net profit attributable to shareholders is projected to reach 7.61 billion yuan in 2024, a year-on-year increase of 6.06% [8] Summary by Sections Financial Performance - Total revenue for 2023 is reported at 51.66 billion yuan, with projections for 2024 at 57.42 billion yuan, 2025 at 64.63 billion yuan, and continuing growth through 2027 [1] - The net profit attributable to shareholders is forecasted to grow from 7.17 billion yuan in 2023 to 10.53 billion yuan by 2027 [1] - The earnings per share (EPS) is expected to increase from 0.89 yuan in 2023 to 1.31 yuan in 2027 [1] Business Segments - The company's internal business revenue is expected to reach 39.2 billion yuan in 2024, with a year-on-year growth of 9% [8] - The external business revenue is projected to grow to 18.1 billion yuan in 2024, reflecting a year-on-year increase of 16% [8] - International business revenue is anticipated to reach 3.3 billion yuan in 2024, showing a significant year-on-year growth of 135% [8] R&D and Future Outlook - The company plans to maintain its high R&D investment, with total expenses expected to rise to 7.7 billion yuan in 2025, a 20% increase from 2024 [8] - The report anticipates a stable growth trajectory for the company, with a projected revenue of 64.63 billion yuan in 2025 and a net profit of 8.37 billion yuan [1][8] - The company is expected to benefit from upcoming large-scale equipment updates and upgrades in the distribution network, which will drive demand for its traditional business [8]