[Table_Summary] 公司发布 2025 年中报。上半年公司实现营业收入 23.3 亿元，同比+16.1%；归母净利润 2.5 亿 元，同比+4.1%；扣非净利润 2.2 亿元，同比+12.5%。公司 2025Q2 实现营业收入 12.5 亿元， 同比+16.6%；归母净利润 1.4 亿元，同比-2.6%；扣非净利润 1.2 亿元，同比+9.9%。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BQK482 SFC：BVD284 丨证券研究报告丨 公司研究丨点评报告丨良信股份（002706.SZ） [Table_Title] 收入结构多点开花，费用管控成效显著 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 良信股份（002706.SZ） cjzqdt11111 [Table_Title2] 收入结构多点开花，费用管控成效显著 [Table_Summary ...

Summary of the Conference Call for Liangxin Co., Ltd. Company Overview - Liangxin Co., Ltd. specializes in distribution electrical appliances, accounting for over half of its revenue, and is actively expanding into terminal electrical appliances, control electrical appliances, and smart electrical products [2][3][4] - The company is focusing on the new energy and data center markets, initiating a new growth cycle, particularly driven by AI investments in data centers [2][4] Key Points and Arguments - **Market Positioning**: Liangxin Co., Ltd. positions itself in the high-end market of low-voltage electrical appliances, initially starting from the communication industry and expanding into real estate and new energy sectors [3][4] - **Data Center Potential**: The data center sector is identified as a significant growth area, with increasing demand for low-voltage electrical appliances, especially in the context of AI investments and the recovery of the domestic market post-pandemic [4][12] - **North American Market Entry**: The company has obtained UL certification in the U.S. and is set to become a circuit breaker supplier for the North American market, targeting a 10% market share in the Vidi market, which could generate 1 billion RMB in revenue with a 30% net profit margin [2][5][6] - **R&D Focus**: The management team, primarily with technical backgrounds, emphasizes R&D investment to ensure product competitiveness and adapt to market changes [7][21] - **Employee Stock Ownership Plan**: The company plans to recover approximately 70 million RMB in employee stock ownership plan expenses by 2025, which is expected to enhance overall performance [8][22] Challenges and Strategic Adjustments - **Impact of Real Estate Sector**: The company's performance in 2024 is expected to be under pressure due to challenges in the real estate sector, but strategic adjustments, including increased direct sales to major clients and investments in other markets, are anticipated to reverse performance trends [9][10] - **Profit Margin Pressures**: The overall gross margin is facing pressure, particularly in the photovoltaic sector, as the share of new energy business increases [9][10] Market Dynamics - **Low-Voltage Electrical Market Recovery**: The low-voltage electrical market is experiencing a strong recovery post-pandemic, with new demand concentrated in new energy and smart distribution sectors [10][16] - **Global Market Leadership**: The global low-voltage electrical market is dominated by international brands, with Liangxin Co., Ltd. ranking fifth domestically and holding the largest market share in DC products [11][14] Future Growth Projections - **Revenue Growth Expectations**: By 2027, the global low-voltage electrical market is projected to reach approximately 12-13 billion USD, with significant growth in low-voltage DC products. The company expects to benefit from increased penetration of DC products [22][23] - **Market Valuation Goals**: The current market valuation of the company is around 12 billion RMB, with a target valuation of 18-20 billion RMB by considering contributions from overseas markets and core business growth [23] Additional Insights - **Technological Innovation**: The company is committed to technological innovation, with a strong patent portfolio and collaborations with leading solution providers like Huawei and ZTE [21] - **Strategic Business Units**: Liangxin Co., Ltd. operates across four business units: new energy, smart buildings, infrastructure, and digital energy, focusing on high cost-performance and domestic substitution [18][19][20]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 10.2 CNY per share based on a 25x PE for 2025 [4]. Core Views - The company is positioned as a leading player in the low-voltage electrical industry, focusing on the "Two Intelligence and One Innovation" strategy to drive transformation and growth. The operational efficiency is expected to improve with the commissioning of the Haiyan factory, and the company is well-prepared for the trends in the AIDC sector and the shift towards direct current (DC) products in data centers [4][16]. - The company anticipates a robust growth trajectory, with projected net profits of 459.2 million CNY, 601.7 million CNY, and 807.1 million CNY for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 47%, 31%, and 34% [4][31]. Summary by Sections 1. Company Overview - The company has transitioned from a traditional low-voltage electrical manufacturer to a provider of intelligent distribution solutions, focusing on high-growth areas such as renewable energy and data centers [16]. - The revenue structure is evolving, with a significant portion expected from the AIDC sector and international markets, particularly in North America and Southeast Asia [18]. 2. Market Dynamics - The report highlights a steady recovery in infrastructure investment and a narrowing decline in real estate demand, with expectations of 20-30% growth in infrastructure-related revenue by 2025 [3]. - The company is leveraging its strengths in the renewable energy sector, with anticipated revenue growth of 20-30% in this area by 2025, driven by increasing demand for energy storage and wind power installations [10][31]. 3. Financial Projections - The company forecasts total revenue of 42.38 billion CNY for 2024, with a slight decline from the previous year, primarily due to weak demand in the real estate sector [31]. - The projected earnings per share (EPS) for 2025 is 0.41 CNY, with a corresponding PE ratio of 20.4 based on the current price [4]. 4. Competitive Landscape - The low-voltage electrical market is characterized by a fragmented domestic landscape, with the company holding a 5% market share, ranking fifth among domestic competitors [54]. - The report notes that the global low-voltage electrical market is dominated by foreign brands, but there is significant potential for domestic brands to expand their international presence [52]. 5. Strategic Initiatives - The company is committed to high R&D investment to support its transition to intelligent distribution solutions, with a focus on enhancing product offerings and market share in the AIDC and renewable energy sectors [31][28]. - The management team, with a strong technical background, is well-equipped to drive the company's strategic transformation and long-term growth [28].

Summary of Key Points Core Viewpoint - The company held an annual performance briefing for 2024 and the first quarter of 2025, addressing investor inquiries and discussing the company's performance and future growth prospects. Group 1: Performance Overview - In the first quarter of 2025, the company achieved a revenue of 675 million yuan, representing a year-on-year growth of 1.04% [4] - The net profit attributable to shareholders was 34.17 million yuan, up 18.06% year-on-year, while the net profit after deducting non-recurring gains and losses was 31.73 million yuan, an increase of 4.75% [4] Group 2: Market and Industry Insights - The low-voltage electrical industry is experiencing growth, with the global market size surpassing 400 billion yuan in 2023, and the Chinese market approaching 100 billion yuan [16] - The company is focusing on smart low-voltage electrical products and solutions, which are widely applied in various sectors including construction, energy, communications, and emerging fields [3] Group 3: Future Growth Drivers - The company anticipates significant revenue growth in the power grid sector due to ongoing national investments, and it is also positioned to benefit from the rapid development of the energy storage inverter industry [8] - The company is enhancing its competitiveness through increased R&D investment, product intelligence, and market insights [9] Group 4: Investor Engagement - The company emphasized its commitment to providing stable returns to shareholders through a high dividend policy and is open to exploring new investment opportunities to enhance its brand [17]

Core Insights - The company reported a total revenue of 64.52 billion yuan for 2024, representing a year-on-year increase of 12.7% [1] - The net profit attributable to shareholders for 2024 was 3.87 billion yuan, up 5.1% year-on-year, while the non-recurring net profit decreased by 3.9% to 3.68 billion yuan [1] - In Q4 2024, the company achieved a revenue of 18.11 billion yuan, a year-on-year increase of 23.8%, but the net profit dropped significantly by 45.8% year-on-year [1] Revenue Breakdown - The photovoltaic business generated 42.99 billion yuan in revenue for 2024, up 19.97% year-on-year, while low-voltage electrical revenue was 20.92 billion yuan, increasing by 3.9% [2] - International revenue reached 10.05 billion yuan, marking a 21.5% year-on-year growth [2] - The revenue from photovoltaic power station engineering contracting was 30.84 billion yuan, up 13.0% year-on-year, and the revenue from power station operation increased by 30.8% to 7.88 billion yuan [2] Profitability Metrics - The overall gross margin for 2024 was 23.50%, an increase of 1.64 percentage points year-on-year, while Q4 2024 gross margin was 18.62%, down 0.32 percentage points [3] - The gross margin for the photovoltaic business was 20.26%, up 1.99 percentage points year-on-year, and for low-voltage electrical, it was 29.99%, up 1.97 percentage points [3] Expense Analysis - The total expense ratio for 2024 was 12.61%, an increase of 1.14 percentage points year-on-year, with the sales expense ratio at 4.10% and the management expense ratio at 3.62% [3] - In Q1 2025, the total expense ratio rose to 13.36%, with notable increases in sales and management expense ratios [3] Other Financial Metrics - As of Q1 2025, inventory reached 48.96 billion yuan, up 35.1% year-on-year, and contract liabilities were 5.20 billion yuan, up 65.9% [4] - The company reported a net cash flow from operating activities of 15.20 billion yuan for 2024, a significant increase of 267.2% year-on-year [4] - The estimated net profit for 2025 is projected to reach 4.6 billion yuan, corresponding to a valuation of 10 times [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [7][15]. Core Views - The company is recognized as a leading player in the low-voltage electrical equipment sector, with a potential new growth phase on the horizon. The first quarter of 2025 shows a significant recovery in performance, with revenue and net profit both experiencing positive growth [5][6]. - The low-voltage electrical industry is expected to benefit from strong demand in high-growth areas such as renewable energy and data centers, driven by trends towards smart technology and customized solutions [5][6]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 4.238 billion yuan, a year-on-year decrease of 7.57%, and a net profit of 312 million yuan, down 38.92%. However, in Q1 2025, revenue reached 1.089 billion yuan, marking a 15.53% increase year-on-year, with net profit at 103 million yuan, up 15.15% [4][10]. - The gross margin has rebounded to 31.56%, ending a three-quarter decline [5]. Market Opportunities - The company is actively expanding into new markets such as renewable energy and data centers, leveraging a strategy focused on major clients to enhance its market presence [5][6]. - The overseas market is anticipated to provide new growth opportunities, particularly in Southeast Asia and Europe, driven by infrastructure upgrades and energy transitions [5][6]. Strategic Initiatives - The company is guided by a "Two Smart, One New" strategy, focusing on high-end solutions tailored for new energy, intelligent computing centers, and smart buildings [6]. - Investment in R&D is significant, with 325 million yuan allocated in 2024, representing 7.66% of revenue, aimed at developing next-generation low-voltage components [6]. Earnings Forecast - Projected net profits for 2025, 2026, and 2027 are 428 million yuan, 533 million yuan, and 679 million yuan, respectively, indicating a recovery trajectory with expected growth rates of 37.14%, 24.59%, and 27.41% [7][10].

Group 1 - The company achieved operating revenue of 64.519 billion yuan, a year-on-year increase of 12.70%, and a net profit of 5.209 billion yuan, up 5.26% year-on-year [8][12] - The company plans to distribute a cash dividend of 6.0 yuan per 10 shares, pending approval at the 2024 annual general meeting [5][12] - The company’s total assets reached 138.081 billion yuan, an increase of 14.30% year-on-year, and equity attributable to shareholders was 50.707 billion yuan, up 9.03% year-on-year [8][12] Group 2 - The company is engaged in the research, production, and sales of various electrical equipment, including low-voltage electrical systems and renewable energy solutions [2][3] - The company is positioned as a leading supplier of smart energy solutions, leveraging its strong industry position and technological innovation [2][3] - The low-voltage electrical industry is experiencing a recovery, with a 5.8% year-on-year increase in industrial added value and a 3.2% increase in fixed asset investment [3] Group 3 - The smart electrical segment generated revenue of 21.704 billion yuan, a year-on-year increase of 2.79% [4] - The company’s household photovoltaic business achieved revenue of 31.826 billion yuan, with a net profit of 2.861 billion yuan, and added over 13 GW of new installed capacity [5][6] - The company ranked third among the top 20 EPC companies for photovoltaic power stations in China [6] Group 4 - The company plans to conduct commodity futures hedging to mitigate risks associated with price fluctuations of raw materials, with a trading limit of up to 300 million yuan [34][35] - The company also intends to engage in foreign exchange derivative transactions to manage risks from currency fluctuations, with a total transaction amount not exceeding 300 million USD or equivalent [49][50]

Core Insights - The company reported a revenue of 64.519 billion yuan for 2024, representing a year-on-year growth of 12.70%, and a net profit attributable to shareholders of 3.874 billion yuan, up 5.10% [1] - In Q1 2025, the net profit attributable to shareholders reached 1.163 billion yuan, marking a 7.65% increase year-on-year [1] - The company focuses on "strengthening integration and innovation, promoting collaborative development" with an emphasis on smart electrical appliances and green energy [1] Business Segments - The smart electrical appliances segment generated a revenue of 21.704 billion yuan in 2024, showing a growth of 2.79% [2] - The company is enhancing its operational efficiency and competitiveness through digital transformation and deepening collaboration across the entire industry chain [2] - In the domestic market, the company is capitalizing on opportunities from new energy, new power systems, and new infrastructure, achieving both scale and profit growth [2] International Strategy - The company is restructuring its overseas business, focusing on high-potential regions such as Europe, the Middle East, North Africa, and Asia-Pacific [3] - It aims to deepen strategic partnerships with key clients and accelerate its "global regional localization" strategy [3] - The company maintains stable growth in traditional component channels in Europe while developing new growth curves in Germany and France [3] Green Energy Initiatives - In the household photovoltaic sector, the company achieved a revenue of 31.826 billion yuan in 2024, with a net profit of 2.861 billion yuan and an annual installed capacity exceeding 13 GW [4] - The company has a total installed capacity of over 19 GW and has recruited nearly 3,700 agents, covering 29 provincial-level administrative regions [4] - The company is actively involved in the development and operation of renewable energy projects, contributing to the global energy structure's green transition [4] Domestic Projects - The company has established Zhejiang Province's first tidal flat energy storage station and is advancing the construction of a 300 MW wind power project in the northwest region [5] - It is collaborating with NIO Energy to explore the "energy storage + battery swap" market, promoting deep integration of the green industry chain [5] R&D and Innovation - The company is enhancing its global business layout in the inverter sector, focusing on North America and South Korea while accelerating breakthroughs in Europe [6] - In 2024, R&D expenses increased by 7.47% to 1.267 billion yuan, with R&D investment as a percentage of sales revenue ranging from 3% to 12% [6] - The company holds nearly 100 core patents and has received multiple awards for its technological advancements and product certifications [6]

Core Viewpoint - The company reported a decline in revenue and net profit for the year 2024, indicating significant operational challenges, particularly in the real estate sector [1][2]. Revenue Summary - The total revenue for 2024 was 4.24 billion, a year-on-year decrease of 7.6% [1]. - Revenue breakdown by segment: - Power distribution equipment: 2.759 billion, down 1.8% - Terminal equipment: 835 million, down 23.9% - Control equipment: 458 million, up 3.9% - Electrical products: 156 million, down 29.3% - Other businesses: 29 million, up 67.1% [2]. - Domestic revenue was 4.134 billion, down 7.5%, while overseas revenue was 104 million, down 11.5% [2]. Profitability Summary - The net profit attributable to shareholders for 2024 was 310 million, down 38.9% year-on-year [1]. - The gross profit margin for 2024 was 30.36%, a decrease of 2.09 percentage points [2]. - In Q4 2024, the gross profit margin was 27.66%, down 1.35 percentage points year-on-year [2]. Expense Summary - The total expense ratio for 2024 was 23.28%, an increase of 3.00 percentage points year-on-year [3]. - Breakdown of expense ratios: - Selling expense ratio: 9.50%, up 0.66 percentage points - Administrative expense ratio: 6.53%, up 1.11 percentage points - R&D expense ratio: 7.36%, up 1.18 percentage points - Financial expense ratio: -0.11%, up 0.05 percentage points [3]. - In Q4 2024, the total expense ratio was 28.17%, up 8.26 percentage points year-on-year [3]. Future Outlook - The company is expected to reach a net profit of 450 million in 2025, corresponding to a PE ratio of approximately 20X, with potential growth from new energy, smart distribution, and data center businesses [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to hit a bottom in operations in 2024, with a potential recovery in 2025. The growth in new energy, smart distribution, and data center businesses is anticipated to contribute significantly to revenue [10][4]. Financial Performance Summary - In 2024, the company achieved total revenue of 4.24 billion yuan, a year-on-year decrease of 7.6%. The net profit attributable to shareholders was 310 million yuan, down 38.9% year-on-year, while the net profit excluding non-recurring items was 260 million yuan, a decline of 41.6% [2][4]. - For Q4 2024, the company reported revenue of 1.11 billion yuan, a decrease of 1.4% year-on-year and 0.1% quarter-on-quarter. The net profit attributable to shareholders was 1 million yuan, down 98.5% year-on-year and 98.0% quarter-on-quarter, with a slight loss in net profit excluding non-recurring items [2][4]. - The revenue breakdown by segment for 2024 shows: - Distribution electrical appliances: 2.759 billion yuan, down 1.8% - Terminal electrical appliances: 835 million yuan, down 23.9% - Control electrical appliances: 458 million yuan, up 3.9% - Electrical products: 156 million yuan, down 29.3% - Other businesses: 29 million yuan, up 67.1% [10]. - The gross margin for 2024 was 30.36%, a decrease of 2.09 percentage points year-on-year. The gross margin for Q4 2024 was 27.66%, down 1.35 percentage points year-on-year and 1.98 percentage points quarter-on-quarter [10]. - The total expense ratio for 2024 was 23.28%, an increase of 3.00 percentage points year-on-year, with specific increases in sales, management, and R&D expense ratios [10]. Future Projections - The company is projected to achieve a net profit of 450 million yuan in 2025, corresponding to a price-to-earnings ratio of approximately 20 times [10].