NARI-TECH(600406) 东莞证券·2025-04-29 11:09Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [5][7]. Core Insights - The company, Guodian NARI (国电南瑞), has shown steady performance with a revenue of 57.42 billion yuan in 2024, reflecting a year-on-year growth of 11.15%. The net profit attributable to shareholders reached 7.61 billion yuan, up 6.06% year-on-year [4][5]. - In Q1 2025, the company reported a revenue of 8.89 billion yuan, a 14.76% increase year-on-year, with a net profit of 680 million yuan, up 14.14% [4]. - The smart grid segment generated 28.47 billion yuan in revenue in 2024, growing by 10.70% with a gross margin of 29.52% [4]. - The company signed new contracts worth 66.32 billion yuan in 2024, marking a 13.78% increase from the previous year [4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 57,417.25 million yuan and a net profit of 8,146.60 million yuan. The projected EPS for 2025 is 1.09 yuan, with a PE ratio of approximately 21 times [6]. - The company’s gross margin and net margin for 2024 were 26.66% and 14.19%, respectively, indicating stable profitability [4]. Business Development - The company is enhancing its competitive edge through the integration of business units and focusing on new energy, industrial control, and international markets. New business segments grew by 36.24% [4]. - The company is actively participating in high-voltage and pumped storage projects, securing significant contracts in 2024 [4]. Research and Innovation - R&D investment reached 4.03 billion yuan in 2024, accounting for 7.02% of total revenue, which is an increase of 0.31 percentage points year-on-year [4]. - The company is committed to strengthening its technological innovation capabilities, which is expected to enhance its core competitiveness [5].