Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company is expected to achieve revenue growth of 16% in 2024, with a projected revenue of 75.45 billion yuan and a net profit of 6.84 billion yuan, reflecting a year-on-year growth of 26% [5][6] - The company maintains a strong focus on its core business and innovation, with significant breakthroughs in research and development, and a high proportion of R&D investment [5][6] - The company has successfully expanded its business across six major directions, achieving new contracts exceeding 10 billion yuan in 2024 [5][6] Financial Performance Summary - Revenue (in million yuan) is projected to grow from 6,478 in 2023 to 11,926 in 2027, with a compound annual growth rate (CAGR) of approximately 16% [1][6] - Net profit (in million yuan) is expected to increase from 541 in 2023 to 1,175 in 2027, with a CAGR of about 15% [1][6] - Earnings per share (EPS) is forecasted to rise from 0.40 in 2023 to 0.88 in 2027 [1][6] Business Segments - The company’s revenue from its three main business segments in 2024 includes: - Dispatch and cloud services: 12.90 billion yuan (up 17.11% year-on-year) - Power transmission and transformation automation: 8.57 billion yuan (up 37.50% year-on-year) - Intelligent distribution and utilization: 43.24 billion yuan (up 17.06% year-on-year) [5][6] R&D and Innovation - The company has 309 ongoing projects, with 220 newly initiated and 104 completed in 2024, alongside 104 patent authorizations [5][6] - The company actively participates in the publication of national and industry standards, with 24 contributions in 2024 [5][6] Market Position and Outlook - The company is well-positioned to benefit from the accelerated construction of new power systems, with its core competitiveness continuing to stand out [5][6] - The company’s operational efficiency is improving, and it is expected to maintain stable growth in its business performance [5][6]