收入与净利润稳健增长，盈利能力持续改善。2024财年，SHNE交出稳健的财务成绩单，实现营业收入人民币44.23亿元，超出我们在首次覆盖报告（Initiation of Coverage，简称IOC）中预测的人民币43.91亿元。毛利润达人民币20.21亿元，对应毛利率为46%。毛利率同比下降的主要原因是售电业务利润率下滑，受到电网限电加剧的影响。期间管理费用维持在人民币3.50亿元，显示公司在成本控制和运营效率方面的持续优化成效。归属于母公司净利润为人民币2.84亿元，略高于IOC报告中的预测值（人民币2.82亿元）；公司整体净利润同比增长32%，达到人民币4.63亿元。净利润与归母净利润之间的差异主要源于2024财年少数股东权益占比增加。
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