国元证券：给予梅安森买入评级

Core Viewpoint - The company Meian Sen (300275) has demonstrated rapid growth in its performance, with significant increases in revenue and net profit, supported by the confidence of its controlling shareholder through a planned capital increase [1][3][5]. Financial Performance - In 2024, the company achieved total operating revenue of 500.60 million yuan, a year-on-year increase of 16.05% - The net profit attributable to shareholders reached 55.59 million yuan, up 24.50% year-on-year - The net profit after deducting non-recurring gains and losses was 56.46 million yuan, reflecting a growth of 28.12% - The net cash flow from operating activities was 78.21 million yuan, an increase of 58.76% year-on-year [3]. Industry Trends - The mining industry is experiencing a push towards intelligent construction, with government policies promoting the use of intelligent equipment and robots in mining operations - By 2026, the target replacement rates for intelligent equipment in coal and non-coal mines are set at no less than 30% and 20%, respectively, aiming to reduce underground personnel by over 10% nationwide [4]. Strategic Initiatives - The company plans to raise up to 180 million yuan through a private placement to enhance liquidity and support the development of intelligent mining and robotics applications - The company is focusing on "technology innovation + scenario application" to drive its growth, leveraging its expertise in IoT and data governance to provide comprehensive solutions for intelligent mining [5]. Profit Forecast and Investment Recommendation - The company is expected to maintain a strong growth trajectory, with projected revenues of 609 million yuan, 729 million yuan, and 861 million yuan for 2025, 2026, and 2027, respectively - The net profit attributable to shareholders is forecasted to be 70 million yuan, 86 million yuan, and 106 million yuan for the same years, with corresponding EPS of 0.23, 0.28, and 0.35 yuan per share - The company is rated as a "buy" based on its growth potential and industry positioning [6].