XJEC(000400) 长江证券·2025-04-27 11:15Investment Rating - The investment rating for the company is "Buy" and it is maintained [7] Core Views - The company reported a slight increase in revenue for 2024, with total revenue of 17.09 billion yuan, up 0.2% year-on-year. The net profit attributable to shareholders was 1.12 billion yuan, an increase of 11.1% year-on-year, while the net profit excluding non-recurring items was 1.06 billion yuan, up 22.2% year-on-year [2][4] - In Q4 2024, the company achieved a revenue of 7.50 billion yuan, representing a year-on-year increase of 17.3% and a quarter-on-quarter increase of 172.8%. However, the net profit attributable to shareholders decreased by 4.7% year-on-year to 220 million yuan [2][4] - For Q1 2025, the company reported a revenue of 2.35 billion yuan, down 16.4% year-on-year, and a net profit of 210 million yuan, down 12.5% year-on-year [2][4] Financial Performance - The company's revenue from various segments in 2024 included: - Smart distribution and transformation systems: 4.71 billion yuan, up 2.9% - Smart meters: 3.87 billion yuan, up 11.0% - Smart medium-voltage power supply equipment: 3.35 billion yuan, up 6.7% - New energy and system integration: 2.46 billion yuan, down 37.5% - DC transmission systems: 1.44 billion yuan, up 101.6% - Charging and swapping equipment and other manufacturing services: 1.25 billion yuan, up 4.2% [10] - The overall gross margin for 2024 was 20.77%, an increase of 2.78 percentage points year-on-year. The gross margin for Q4 2024 was 19.28%, up 2.50 percentage points year-on-year but down 5.24 percentage points quarter-on-quarter [10] - The company’s total expenses ratio for 2024 was 12.54%, an increase of 1.68 percentage points year-on-year, with the sales expense ratio at 4.22%, up 1.34 percentage points [10] Future Outlook - The company has set a financial target for 2025 to achieve a revenue of 18.3 billion yuan. The expected net profit attributable to shareholders for 2025 is projected to reach 1.45 billion yuan, corresponding to a PE ratio of approximately 15 times [10]