Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is expected to benefit from increased investments in distribution networks by State Grid and Southern Grid, as well as the promotion of renewable energy consumption [3][4] - The company maintains its profit forecasts for 2024-2026, with expected net profits of 54 million, 64 million, and 77 million yuan respectively, corresponding to EPS of 0.33, 0.39, and 0.46 yuan per share [3][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 381 million yuan, a year-on-year increase of 4.42%, while net profit attributable to the parent company was 23.84 million yuan, a decrease of 3.88% [3] - The gross profit margin for the same period was 24.62%, an increase of 0.46 percentage points year-on-year [3] - The company reported a revenue of 171 million yuan in Q3 2024, a year-on-year increase of 3.20%, with a net profit of 19.59 million yuan, reflecting an increase of 11.52% [3] Investment Opportunities - The State Grid plans to invest 600 billion yuan in the power grid in 2024, an increase of 71.1 billion yuan compared to 2023, focusing on distribution network investments [4] - The company is actively developing integrated solutions for solar energy storage and charging, with plans to establish a wholly-owned subsidiary in Singapore for international trade [5] Financial Projections - Revenue projections for 2024-2026 are 684 million, 801 million, and 952 million yuan, with corresponding year-on-year growth rates of 16.7%, 17.1%, and 18.9% [5] - The projected net profit for the same period is expected to grow at rates of 17.1%, 18.3%, and 19.6% respectively [5] - The company’s P/E ratios are projected to decrease from 39.0 in 2024 to 27.6 in 2026, indicating improving valuation [5]
许昌智能：北交所信息更新：国网+南网加大配电网测投资，加强光伏消纳建设带来增长机遇