Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company has achieved rapid growth in revenue and profit, with a projected revenue of 6.444 billion yuan in 2024, representing a year-on-year increase of 29.62%, and a net profit of 663 million yuan, up 33.80% year-on-year [8][3]. - The company is focusing on product upgrades, with significant advancements in offshore wind power transformers and environmental GIS technology, which have filled domestic industry gaps [2][18]. - The data center business is making important progress, enhancing the company's competitiveness in the smart grid market [2][19]. - The company is actively expanding its overseas market presence, with products certified by various international standards and exported to over 60 countries [19][2]. Financial Performance - In Q1 2025, the company reported a revenue of 1.306 billion yuan, a year-on-year increase of 26.21%, and a net profit of 112 million yuan, up 25.01% year-on-year [13][17]. - The gross profit margin for Q1 2025 was 21.78%, slightly down by 1.29 percentage points year-on-year, attributed to the increased delivery of data center products [17][13]. - The company expects to achieve net profits of 865 million yuan, 1.064 billion yuan, and 1.314 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 15, 12, and 10 [3][19]. Financial Projections - The company forecasts revenues of 8.464 billion yuan in 2025, 9.870 billion yuan in 2026, and 11.568 billion yuan in 2027, with growth rates of 31.4%, 16.6%, and 17.2% respectively [4][22]. - The net profit is projected to grow at rates of 30.5%, 23.1%, and 23.4% for the years 2025, 2026, and 2027 [4][22]. - The company's return on equity (ROE) is expected to be 17.3% in 2025, 18.8% in 2026, and 20.3% in 2027 [4][22].