Acrel(300286) 光大证券·2025-04-24 02:43Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Views - The company experienced a significant improvement in profitability in Q1 2025, with a 15.33% year-on-year increase in net profit, despite a 5.24% decrease in revenue for 2024 [1][2]. - The company is focusing on expanding its presence in both domestic and overseas markets, particularly in high-growth sectors such as renewable energy and energy management [3][4]. - The report highlights the company's efforts to enhance its sales capabilities through technical training and product upgrades, which are expected to drive future growth [3][4]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 1.063 billion yuan, a decrease of 5.24% year-on-year, and a net profit of 170 million yuan, down 15.68% [1][5]. - For Q1 2025, revenue reached 243 million yuan, a slight increase of 0.58% year-on-year, while net profit surged by 15.33% [1][2]. - The company's gross margin for 2024 was 44.67%, down from the previous year, but improved to 47.50% in Q1 2025 [2][4]. Business Segments - Revenue from power monitoring and substation monitoring products decreased by 12.12% to 436 million yuan in 2024, while energy efficiency management products saw a slight decline of 0.57% to 355 million yuan [2]. - The company reported a 7.43% increase in revenue from power sensors, reaching 120 million yuan, and a notable 24.46% growth in microgrid-related products [2][3]. Market Strategy - The company is strategically targeting high-growth domestic sectors such as new energy and virtual power plants, while also expanding its overseas footprint in regions like Southeast Asia and Europe [3][4]. - The overseas revenue grew by 33.22% to 44 million yuan in 2024, showcasing strong growth momentum in international markets [3][4]. Profitability Forecast - The report projects net profits for 2025, 2026, and 2027 to be 238 million yuan, 284 million yuan, and 335 million yuan respectively, reflecting a downward adjustment of 21% and 25% for the first two years [4][5]. - The expected earnings per share (EPS) for the same years are 0.95 yuan, 1.13 yuan, and 1.34 yuan, with corresponding price-to-earnings (P/E) ratios of 24, 20, and 17 [4][5].