Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company is expected to achieve rapid growth in its 2025H1 performance, with a projected net profit attributable to shareholders ranging from 290 to 348 million yuan, representing a year-on-year increase of 50% to 80% [1]. - The company's electric power equipment business is experiencing steady growth, with accelerated overseas expansion and successful project bids, including a 700 million yuan project for the Saudi national grid [2]. - The electric vehicle charging network business is also growing rapidly, with charging volume exceeding 8.5 billion kWh in 2025H1, a year-on-year increase of 47% [2]. Financial Forecasts and Key Indicators - The company is projected to achieve net profits of 1.218 billion yuan, 1.532 billion yuan, and 1.862 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 32.9%, 25.8%, and 21.5% [3][4]. - Revenue is expected to reach 17.214 billion yuan in 2025, reflecting a year-on-year growth of 12% [4]. - The earnings per share (EPS) are forecasted to be 1.15 yuan, 1.45 yuan, and 1.76 yuan for the years 2025, 2026, and 2027, respectively [3][4].

Group 1: Financial Performance - In Q1 2025, the company's revenue reached 2.102 billion yuan, showing a year-on-year increase of 3.46% but a quarter-on-quarter decrease of 56.96% [1] - The net profit attributable to the parent company for Q1 2025 was 65 million yuan, with a year-on-year increase of 5.17% but a quarter-on-quarter decrease of 86.22% [1] - The company's gross margin and net margin for Q1 2025 were 37.51% and 10.35%, respectively, reflecting a quarter-on-quarter decline due to high-margin sales in Q4 2024 [1] Group 2: Charging Business - The charging business remains a leader in the industry, with a market share of 19.12% as of March 2025, operating 745,700 public charging piles [2] - In Q1 2025, the company added 37,100 new charging piles, maintaining its position as the top player in the market [2] - The company has established over 290 wholly-owned or joint ventures and partnered with more than 70 automotive companies, building over 1,900 brand-specific charging stations [2] Group 3: Power Equipment Sector - The company holds a strong position in the power equipment sector, leading in market share for high-voltage prefabricated modular substations and new energy box transformers [3] - In April 2025, the company announced a pre-bid for a framework procurement of box transformers valued at 560 million yuan, which is expected to support future revenue [3] - The company is accelerating its overseas expansion, signing a 700 million yuan order for a high-voltage substation in Saudi Arabia in January 2025 [3] Group 4: Investment Outlook - The company maintains its profit forecast, expecting net profits of 1.211 billion, 1.594 billion, and 2.286 billion yuan for 2025-2027 [4] - The target price is set at 40.25 yuan, based on a target PE of 35 times for 2025, reflecting the company's strong market position and improving profitability [4] - The company is expected to benefit from the gradual asset-light transformation of its charging business and significant ecological barriers [4]