NARI-TECH(600406) 华泰证券·2025-04-29 04:10Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.04 RMB [8][11]. Core Views - The company is expected to achieve a revenue of 64.65 billion RMB in 2025, representing a year-on-year growth of 12.60% [7]. - The company has a strong order backlog, with a total of 506.97 billion RMB in hand orders by the end of 2024, indicating robust business development [4]. - The company is positioned to benefit from the construction of new power systems, leading to sustained and stable growth in performance [1]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 57.42 billion RMB (+11.33% year-on-year) and a net profit attributable to shareholders of 7.61 billion RMB (+5.94% year-on-year) [7]. - The company reported a Q1 2025 revenue of 8.90 billion RMB (+14.76% year-on-year) and a net profit of 680 million RMB (+14.14% year-on-year) [2]. Business Segments - The company’s revenue from smart grid, digital energy integration, and low-carbon energy segments for 2024 was 28.47 billion RMB (+10.70%), 12.37 billion RMB (+11.05%), and 12.19 billion RMB (+26.43%) respectively [3]. - The industrial interconnection segment saw a decline of 9.51% year-on-year, while the integrated and other businesses experienced a decrease of 23.89% [3]. Profitability and Dividends - The company maintained a dividend payout ratio of 60% in 2024, resulting in a dividend yield of 2.26% [2]. - The gross and net profit margins for 2024 were 26.66% and 14.19%, respectively, indicating stable profitability [2]. Future Projections - The company plans to achieve a revenue of 64.65 billion RMB in 2025, with a projected net profit of 8.33 billion RMB [5]. - The estimated PE ratio for 2025 is set at 22.27, reflecting the company's strong market position and technological advantages [5][23].