具体来看，*ST宝实控股子公司宁国运新能源（盐池）有限公司拟投资建设盐池高沙窝光伏复合项目长 关330kV变电站配套调相机工程，项目动态总投资4485.20万元。该项目旨在落实电网接入要求，提升区 域新能源项目并网稳定性及发电效率。 *ST宝实控股子公司宁国运新能源（灵武）有限公司在灵武马家滩开发建设的100万千瓦光伏复合项 目，须在萧关330kV变电站35kV侧共配置3台50MVar的分布式调相机。公司决定分阶段实施，计划于 2026年先行投资建设1台50MVar分布式调相机，总投资额为静态投资5700万元，动态投资5850万元。 本报讯 12月31日，宁夏国运新能源股份有限公司（以下简称"*ST宝实"）发布两份对外投资的公告。根 据公告，该公司两家控股子公司将分别投资建设光伏项目配套的调相机工程，两个项目动态总投资合计 超过1亿元。 （文章来源：证券日报） ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the coming year [6]. Core Insights - The company achieved a revenue of 24.243 billion yuan in H1 2025, representing a year-on-year increase of 19.54%, with a net profit attributable to shareholders of 2.952 billion yuan, up 8.82% year-on-year [1]. - The company signed new contracts worth 35.432 billion yuan in H1 2025, reflecting a growth of 23.46% compared to the previous year, with over 50% of contracts coming from outside the State Grid [2]. - International business saw a remarkable growth of over 200% in new contracts, with significant projects in markets such as Saudi Arabia and South America, contributing to an overseas revenue of 1.987 billion yuan, a 139.18% increase year-on-year [2]. - Emerging business segments grew nearly 40% year-on-year, with advancements in energy storage solutions and new product applications in various sectors [3]. - Revenue projections for 2025-2027 are estimated at 64.518 billion, 72.045 billion, and 80.608 billion yuan, with corresponding growth rates of 12.4%, 11.7%, and 11.9% [3]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 24.243 billion yuan, with a net profit of 2.952 billion yuan, and a cash dividend of 0.147 yuan per share [1]. - For Q2 2025, revenue reached 15.348 billion yuan, marking a 22.50% increase year-on-year, while net profit was 2.272 billion yuan, up 7.33% [1]. Market Expansion - The company has strengthened its market share in domestic sectors and achieved significant project wins in both domestic and international markets, with a notable focus on energy storage and smart grid solutions [2][3]. - The international market has become a crucial growth driver, with overseas revenue now accounting for 8.20% of total revenue [2]. Future Projections - The company is expected to see steady revenue growth, with net profits projected to reach 8.204 billion yuan in 2025, growing to 10.611 billion yuan by 2027 [5]. - The report anticipates a PE ratio of 22X for 2025, decreasing to 17X by 2027, indicating a favorable valuation trend [3].

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant revenue growth and a focus on R&D to strengthen its technological edge [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 57.417 billion yuan, a year-on-year increase of 11.33% - The net profit attributable to shareholders was 7.610 billion yuan, up 5.94% year-on-year, while the non-recurring net profit was 7.389 billion yuan, increasing by 6.31% year-on-year - For Q4 2024, the company reported operating revenue of 25.104 billion yuan, with a quarter-on-quarter increase of 9.1% and a year-on-year increase of 105.8% - The net profit for Q4 2024 was 3.137 billion yuan, reflecting a quarter-on-quarter increase of 3.8% and a year-on-year increase of 77.9% - In Q1 2025, the company achieved operating revenue of 8.895 billion yuan, a year-on-year increase of 15.54%, and a net profit of 680 million yuan, up 14.19% year-on-year [1]. Profitability and R&D Investment - The company's gross margin for 2024 was 26.66%, a slight decrease of 0.14 percentage points year-on-year, while the net margin was 14.19%, down 0.64 percentage points year-on-year - Total R&D investment for the year was 4.032 billion yuan, an increase of 15.94% year-on-year, representing 7.02% of revenue, aimed at enhancing the technological moat in areas such as smart grid upgrades, AI power dispatch, semiconductor devices, and energy storage [1]. Business Segments and Orders - The company signed new contracts worth 66.32 billion yuan in 2024, a year-on-year increase of 13.8%, with a backlog of orders amounting to 50.697 billion yuan - Revenue from the smart grid business was 28.468 billion yuan, up 11.05% year-on-year, while the low-carbon energy business generated 12.185 billion yuan, a significant increase of 26.4% - The digital integration business reported revenue of 12.365 billion yuan, also up 11.05% year-on-year, with the large-scale power model accelerating deployment in scheduling and operation scenarios [2]. International Expansion - The company's overseas revenue reached 3.279 billion yuan in 2024, a remarkable increase of 135.1%, accounting for 5.7% of total revenue - Significant projects include the Saudi ADMS flexible direct valve project and various operations in South America, contributing to a notable increase in overseas order reserves [2]. Investment Outlook - The company is focused on the entire "source-network-load-storage" chain, with multiple cycles in high voltage, new energy storage, and overseas electrification - Projected net profits for 2025-2027 are estimated at 8.324 billion yuan, 9.248 billion yuan, and 10.013 billion yuan, respectively, with corresponding price-to-earnings ratios of 21.4, 19.2, and 17.8 times [2].