Linyang Energy(601222) 国金证券·2025-04-27 07:57Investment Rating - The report maintains a "Buy" rating for the company [4][9]. Core Views - The company experienced short-term performance pressure but is actively expanding its overseas market, which is expected to create new growth points in the electric meter and energy storage businesses [2][3]. - In 2024, the company achieved an operating income of 6.742 billion RMB, a year-on-year decrease of 2%, and a net profit attributable to shareholders of 753 million RMB, down 27% year-on-year [2]. - The company reported a significant increase in overseas revenue, reaching 1.126 billion RMB in 2024, a growth of 34% year-on-year [3]. Summary by Relevant Sections Performance Overview - In Q1 2025, the company reported an operating income of 1.124 billion RMB, a decrease of 27% year-on-year, and a net profit of 124 million RMB, down 43% year-on-year [2]. Business Analysis - The company is focusing on expanding its overseas market, with a partnership with global meter leader Landis+Gyr to increase market share in Western Europe and Asia-Pacific [3]. - The energy storage business generated 920 million RMB in revenue in 2024, a decline of 39%, but maintained a gross margin of 17.64%, an increase of 1.55 percentage points year-on-year [3]. - The company’s power station construction is progressing steadily, with power station revenue of 1.19 billion RMB in 2024, down 8% year-on-year, but with a gross margin of 25.94%, an increase of 14.46 percentage points year-on-year [3]. Profit Forecast and Valuation - The company’s net profit is projected to be 850 million RMB in 2025, 970 million RMB in 2026, and 1.1 billion RMB in 2027, with corresponding P/E ratios of 15, 13, and 12 times [4].