XJEC(000400) 新浪财经·2025-04-17 10:35Financial Performance - In 2024, the company achieved operating revenue of 17.089 billion yuan (+0.17%) and a net profit attributable to shareholders of 1.117 billion yuan (+11.09%) [1] - For Q4 2024, the operating revenue was 7.503 billion yuan, with a net profit of 222 million yuan [1] - In Q1 2025, the company reported operating revenue of 2.348 billion yuan and a net profit of 208 million yuan [1] Business Segments - The direct current transmission system segment showed significant growth, supported by a rich pipeline of projects, including high-voltage projects confirmed for revenue in 2024 [1] - The smart electric meter segment generated revenue of 3.866 billion yuan in 2024, up 11.00%, with a gross margin of 24.26% [2] - The distribution and transmission business reported revenue of 4.711 billion yuan in 2024, an increase of 2.93%, with a gross margin of 24.26% [2] - The new energy and system integration segment saw a decline in revenue, down 37.47% to 2.464 billion yuan, with a gross margin of 8.14% [2] Cost and Expenses - The company experienced an increase in sales expenses due to the establishment of a secondary marketing platform, with a sales expense ratio of 4.22% [2] - Asset impairment impacted performance, with a total impairment provision of 59.44 million yuan, accounting for 4.20% of total profit [2] Future Outlook - The company is expected to achieve revenues of 18.367 billion yuan, 19.880 billion yuan, and 21.370 billion yuan from 2025 to 2027, with corresponding net profits of 1.446 billion yuan, 1.780 billion yuan, and 2.057 billion yuan [3] - The projected EPS for 2025, 2026, and 2027 are 1.42 yuan, 1.75 yuan, and 2.02 yuan, respectively, with a PE ratio of 16, 13, and 11 times based on the stock price as of April 16, 2025 [3]