国电南瑞 20250509 摘要 • 国电南瑞 2024 年营收 573.23 亿元，同比增长 8.76%；归母净利润 76.1 亿元，同比增长 6.06%。公司被评为国资委科改企业标杆，并连续 多年获得信息披露 A 类评价及入选 ESG 相关指数，显示其稳健的经营状况 和良好的社会责任表现。 • 2024 年，智能电网、数能融合、能源低碳板块收入分别同比增长 10.7%、11.05%和 26.43%，但工业互联板块同比下降 9.5%。国际业 务收入同比增长 135.14%，占比提升至 5.7%，海外市场成为重要增长点。 • 公司 2024 年研发投入 40.32 亿元，占营收比重 7.02%，并获得国家技术 发明二等奖，多项成果达到国际领先水平。研发重点聚焦于源网荷储数碳 和底座技术，预示着公司在新型电力系统技术领域的持续创新。 • 国电南瑞计划加大分红比例至归母净利润的 60%，并积极实施股份回购计 划，回购金额不低于 5 亿、不超过 10 亿，以提升投资者回报，增强市场 信心。 • 2025 年一季度，公司营收 88.95 亿元，同比增长近 15%；归母净利润 16.8 亿元，同比增长 14.14%，延 ...

4月28日晚间，国电南瑞发布年度报告，2024年，公司实现营业收入574.17亿元，同比增长11.15%；归属于上市公 司股东的净利润（净利润，下同）76.10亿元，同比增长6.06%；扣除非经常性损益的净利润（扣非净利润，下 同）73.89亿元，同比增长11.14%，均创新高。 截至2024年末，国电南瑞在手订单506.97亿元，其中2024年新签在手订单290.06亿元。 2025年一季度，国电南瑞实现营业收入88.95亿元，同比增长14.76%；净利润和扣非净利润分别为6.8亿元、6.09亿 元，同比增长14.14%、11.14%。 作为我国能源电力及工业控制领域的领军企业，国电南瑞聚焦于智能电网、数能融合、能源低碳、工业互联四大 产业集群。公司还积极开拓行业外及国际化等新兴业务领域。2024年，公司新兴业务收入同比增长36.24%。 值得关注的是，2024年，国电南瑞增加了分红力度。包括半年度及年度分红在内，2024年公司现金分红总额为 45.65亿元，且现金分红和回购金额合计49.51亿元，占当期净利润的比例约65%。 长江商报消息 ●长江商报记者 徐佳 随着能源转型加速推进，国电南瑞（600406 ...

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].