SIFANG(601126) 海通证券·2025-03-29 14:12Investment Rating - The investment rating for the company is "Outperform the Market" [2][15] Core Viewpoints - The company is a leading provider of new power system solutions in China, focusing on smart power generation, new energy, smart grid, and energy storage [9][10] - The acceleration of new power system construction and frequent industrial policies are expected to drive the company's continuous business growth [6][10] - The company maintains a high level of R&D investment to ensure its core competitiveness and has introduced new technologies and products to meet emerging demands [10][11] Financial Summary - The company's revenue is projected to grow from 5,751 million yuan in 2023 to 9,917 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 19.6% [7][13] - Net profit is expected to increase from 627 million yuan in 2023 to 994 million yuan in 2026, reflecting a CAGR of about 16.7% [7][15] - The earnings per share (EPS) is forecasted to rise from 0.75 yuan in 2023 to 1.19 yuan in 2026 [7][15] Business Segments - Grid Automation: Revenue growth is expected to be 12% in 2024, 13% in 2025, and 13% in 2026, with a gross margin of around 40% [11] - Power Plant and Industrial Automation: Anticipated revenue growth of 25% in 2024 and 2025, and 24% in 2026, with a gross margin of approximately 26% [12] - Total Revenue: The overall revenue growth is projected at 20.44% in 2024, 19.72% in 2025, and 19.60% in 2026, with a gross margin of about 32% [13][14]