Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [6][16]. Core Views - The company is driven by a dual engine of "technical services + smart devices," indicating strong growth potential. The 2024 revenue reached 3.01 billion yuan, a year-on-year increase of 18.8%, with a net profit of 370 million yuan, up 29.8% [1][6]. - The company has a robust order backlog, with significant contracts in the energy storage and testing services sectors, suggesting sustained revenue growth in the coming years [6][7]. Financial Performance Summary - **2024 Financials**: - Total revenue: 3,014 million yuan, up 18.8% year-on-year - Net profit attributable to shareholders: 365 million yuan, up 29.8% - Earnings per share: 0.65 yuan [2][6]. - **2025 Projections**: - Expected total revenue: 4,126 million yuan, with a growth rate of 36.9% - Expected net profit: 481 million yuan, with a growth rate of 31.9% - Expected earnings per share: 0.85 yuan [2][6]. - **Profitability Metrics**: - Gross margin for 2024: 30.8%, up 1.8 percentage points year-on-year - Net profit margin for 2024: 12.1%, up 1.0 percentage points year-on-year [6][7]. Order Backlog and Growth Potential - As of Q1 2025, the company has a backlog of approximately 9.5 billion yuan in energy storage system technical services and over 5 billion yuan in testing and commissioning services [6][7]. - The company is involved in significant projects, including the largest user-side energy storage project in Jiangsu and various testing projects in Guangdong [6][7]. Valuation and Target Price - The target price for the company is set at 34.10 yuan, based on a projected price-to-earnings ratio of 40 times for 2025, reflecting its leading position in the smart energy sector [2][6].