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].

考虑到未来电力消费需求与结构的变化，公司的新能源基本盘与数据中心等新市场业务仍然具备成长 性。 作者 | beyond 编辑 | 小白 2025年，国家电网投资额预计将首次超过6500亿元。过去五年，国家电网在电网建设、补强配电网功 能以及服务新能源等方面持续加大投资力度，相关投资额由2020年的4699亿元，逐年增加至2023年的 5275亿元。 截至2024年11月末，国家电网基本建设投资完成额累计达到5290亿元。根据相关资料，2024年国家电 网全年投资预计将超过6000亿元，而2025年投资额将进一步增加至6500亿元以上。 （来源：wind） 电网投资景气度依旧的情况下，随着全球数字化进程的加速推进与数据中心市场的持续繁荣，数据中 心电源需求呈现出井喷之势。 数据中心作为支撑云计算、大数据、AI等新兴技术发展的基础设施，其对电力供应的稳定性和可靠 性提出了更高要求。特别是在AI算力需求激增的背景下，数据中心更需要先进的电力设备来保障持 续、稳定的电力供应。 上述需求的增长为相关电力设备行业带来了难得的增量机遇，与此同时，行业也在经历激烈的市场竞 争。今天我们就来了解一家电力设备企业，看其如何应对机 ...