Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][19] 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, including the successful development of key technologies such as the 110kV offshore wind transformer and the 252kV environmentally friendly GIS [2][18] - The data center business has made significant 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 Summary - In 2024, the company reported a revenue of 6.444 billion yuan, a 29.62% increase year-on-year, and a net profit of 663 million yuan, a 33.80% increase year-on-year [8][4] - The first quarter of 2025 saw a revenue of 1.306 billion yuan, a 26.21% increase year-on-year, and a net profit of 112 million yuan, a 25.01% increase year-on-year [13][17] - The company's gross margin for 2024 was 22.29%, a slight decrease of 0.40 percentage points year-on-year, while the net margin was 10.28%, an increase of 0.22 percentage points year-on-year [8][4] Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been raised, with projected net profits of 865 million yuan, 1.064 billion yuan, and 1.314 billion yuan respectively [3][19] - The current stock price corresponds to a price-to-earnings (PE) ratio of 15 for 2025, 12 for 2026, and 10 for 2027 [3][19] - The company is expected to maintain a strong return on equity (ROE) of 14.9% in 2024, increasing to 20.3% by 2027 [4][22]