SIEYUAN(002028) 民生证券·2025-04-20 00:23Investment Rating - The report maintains a "Recommended" rating for the company, benefiting from global grid construction demand and the continuous release of new products and markets [4][6]. Core Insights - In 2024, the company achieved operating revenue of 15.458 billion yuan, a year-over-year increase of 24.06%, and a net profit attributable to shareholders of 2.049 billion yuan, up 31.42% year-over-year [1][2]. - The company has a robust order backlog, with new contract orders for 2025 projected at 26.8 billion yuan, a 25% increase year-over-year, and revenue expected to reach 18.5 billion yuan, also a 20% increase [2][4]. - The company is actively expanding its product lineup, with significant revenue growth from subsidiaries, including 5.071 billion yuan from high-voltage switches, a 21.05% increase, and 1.267 billion yuan from high-voltage transformers, a 26.6% increase [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported operating revenue of 5.051 billion yuan, a year-over-year increase of 30.2%, and a net profit of 558 million yuan, up 35.73% year-over-year [1][2]. - The company’s total revenue for 2024 was 15.458 billion yuan, with a net profit of 2.049 billion yuan, and projections for 2025 include revenues of 18.579 billion yuan and net profits of 2.506 billion yuan [5][10]. Order and Revenue Guidance - The company exceeded its 2024 target of 15 billion yuan in revenue, achieving 15.458 billion yuan, and plans to achieve 18.5 billion yuan in 2025 [2][4]. - The order backlog remains strong, with 214.57 billion yuan in new orders for 2024, reflecting a 29.94% increase year-over-year [2][4]. Product Development and Market Expansion - The company has made significant strides in new product development, with notable revenue contributions from various subsidiaries, including high-voltage electrical equipment and supercapacitors [3][4]. - The overseas market has shown impressive growth, with revenue reaching 3.122 billion yuan in 2024, a 44.67% increase year-over-year, contributing to 20% of total revenue [4][5].