Guolian Securities: Maintaining a "buy" rating on China Resources Land, the "four major transformations" continue to deepen, and the future looks promising.

Guolian Minsheng Securities' research report pointed out that in the first quarter of 2025, State Grid Corporation of China's (SGCC) revenue was 100.4 billion yuan, a year-on-year increase of 3%; net profit attributable to shareholders was 16.1 billion yuan, a year-on-year increase of 9%. The new signings of Q1 revenue all achieved positive growth, and it is expected that the demand for energy and electricity will continue to be strong. In the first quarter of 2025, the company obtained a new energy development quota of 2.1 GW. The promotion of the "four major transformations" of innovation-driven, green low-carbon, digital intelligence, and shared integration has been effective. The improvement in operating cash flow, the increase in cash received and paid ratios year-on-year, and the marginal improvement in project collections support the overall improvement in cash flow performance. As a member of the energy infrastructure "national team", SGCC's emerging businesses such as hydrogen energy and energy storage have achieved good results, the "four major transformations" continue to deepen, and the prospects are promising. The operational quality is steadily improving, attention is given to shareholder returns, and the "buy" rating is maintained.