According to the research reports of Central China, the new energy and system integration business, as well as the direct current transmission system business, contracted, leading to a decline in revenue for XJ Electric Co., Ltd. (000400.SZ) in the first three quarters. The company's gross margin continues to rise, and its profitability continues to enhance. In 2024Q1, 2024Q2, and 2024Q3, the company's gross margin was 18.27%, 22.74%, and 24.52% respectively, showing a continuous increase in gross margin. The construction of ultra high pressure direct current is accelerating, and as a leading company in the industry, the company is expected to achieve further performance improvement. The company is a leading enterprise in converter valve and is benefiting from the accelerated construction of ultra high pressure direct current, maintaining a 'shareholding' rating.