Newsletter summary

The performance of the new power system company is growing rapidly.Crashnintendo64In 2023, revenue and net profit increased by 13% respectively compared with the same period last yearCrashnintendo64.51% and 28%Crashnintendo64.03%, HVDC and flexible DC services have a leading market share and great potential for future development, and are rated as "overweight". The risks include power construction and winning the bid less than expected.

Text of news flash

[the company's performance has increased significantly, and the dividend is expected for power grid investment] the company has made a forward-looking layout in the field of new power system, covering power transmission and transformation, DC, power distribution, watt-hour meter and other business sectors, and showing a strong performance.Crashnintendo64The competitiveness of. In 2023, the company's operating income, return net profit and deducted non-net profit were 17.06 billion yuan, 1.005 billion yuan and 869 million yuan respectively, an increase of 13.51%, 28.03% and 21.9% respectively over the same period last year. Among them, the revenue of intelligent power transformation and distribution business is basically flat, while the new energy and system integration business has achieved a significant growth of 42%. In addition, the company has shown good market performance in the characteristic business sectors such as HVDC and flexible DC, distribution network, and is expected to bring flexible business growth in the future. Under the background of power grid investment and construction, the company shows a steady performance growth and a trend of improving performance. In recent years, the faster-than-expected growth of domestic electricity consumption has provided a guarantee for the long-term demand of power facilities. The company's main business shows strong competitiveness in the fields of high-voltage power transmission and transformation, power distribution and DC, and maintains the top 10 market share of power transmission and transformation equipment in the State Grid Corporation's power transmission and transformation project in 2023. The company has great development potential in DC and power distribution business. The company's ultra-high pressure converter valve and flexible straight converter valve have a market share of 19% and 18% respectively, showing their competitive advantage in related fields. With the acceleration of flexible DC and UHVDC construction, the company's related business is expected to achieve further growth. In addition, the company's long-term accumulation in the field of distribution and the characteristic business of its subsidiaries may help the company to get more opportunities in the upgrading and transformation of distribution automation. The company has broad prospects in the business layout, the main business has a strong competitiveness, the industry is still growing, the future development can be expected. The company's characteristic business is expected to bring some flexibility. Last year, the company completed restricted stock incentives and established excess performance incentives for individual subsidiaries. Coverage for the first time, giving a "overweight" rating. However, the company also faces certain risks, including the lower-than-expected power construction, the lower-than-expected winning of the bid and the risk of overseas business progress.