State Power Rixin Technology (301162) 民生证券·2025-04-14 14:23Investment Rating - The report maintains a "Recommended" rating for the company [7][11]. Core Insights - The company achieved a revenue of 550 million yuan in 2024, representing a year-on-year growth of 20.50%, and a net profit attributable to shareholders of 94 million yuan, up 11.09% year-on-year [4]. - In Q4 2024, the company reported a revenue of 185 million yuan, a 25.42% increase year-on-year, and a net profit of 40 million yuan, growing 24.52% year-on-year [4]. - The company has a strong market position with 4,345 serviced renewable energy stations, an increase of 755 stations from the beginning of the year, showcasing its leading market share in power forecasting services [5]. - The introduction of the "Four Available" management requirements for distributed power stations is expected to drive market demand, providing significant new business opportunities for the company [6]. Summary by Sections Financial Performance - The company forecasts revenues of 726 million yuan in 2025, 905 million yuan in 2026, and 1,114 million yuan in 2027, with respective growth rates of 32.1%, 24.6%, and 23.2% [12]. - The net profit attributable to shareholders is projected to be 123 million yuan in 2025, 167 million yuan in 2026, and 228 million yuan in 2027, with growth rates of 31.2%, 35.7%, and 36.7% respectively [12]. Business Development - The company is expanding its product offerings in power trading, virtual power plants, and energy management systems, leveraging AI technologies to enhance its service capabilities [8][10]. - The company has developed a new AI model, "Kuangming," which significantly improves the accuracy and efficiency of power forecasting and is being applied across multiple product lines [10]. Market Opportunities - The company is well-positioned to benefit from the ongoing reforms in the electricity market, which are expected to create long-term growth opportunities in its core and innovative business segments [11].