According to the Changjiang Securities Research Report, it is believed that Guodian Nanrui (600406.SH) is still one of the companies with the best certainty of continued growth in the power equipment industry, maintaining a “buy” rating. The company's main growth center is the current business trend. Currently, Guodian Nanrui has four major businesses: power grid automation and industrial control, relay protection and flexible transmission, power automation and information communication, power generation and water conservancy and environmental protection, all of which have strong order support, and are expected to usher in growth in 2024. Driven by energy transformation, intelligent manufacturing upgrades, and old reforms in Europe and the US, there is a high probability that future growth will accelerate. Guodian Nanrui got involved in the layout earlier. Currently, it has achieved business distribution in most overseas regions. The amount of overseas contracts in 2022 and overseas revenue in the first half of 2023 are growing rapidly, which is expected to bring incremental contributions in the future.