Recodeal(688800) 民生证券·2025-01-21 23:52Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [6][13]. Core Viewpoints - The establishment of a joint venture with Suzhou Xuchuang focuses on AEC (Active Electrical Cable) technology, which is expected to enhance the company's capabilities in high-speed copper cable components [1]. - The demand for AEC solutions is increasing due to limitations in passive copper cables (DAC) regarding data transmission distance, with AEC providing significant performance advantages [2]. - The company is rapidly catching up in the AEC market, which is currently led by Credo, and aims to accelerate product development and production through the new joint venture [3]. - The report emphasizes that AEC technology is crucial for the next generation of AI servers, with significant growth potential anticipated in the coming years [3]. Financial Forecasts - The projected revenue for the company is expected to grow from 1,555 million yuan in 2023 to 3,490 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 21.6% [5][10]. - The net profit attributable to the parent company is forecasted to increase from 137 million yuan in 2023 to 300 million yuan in 2026, with a notable growth rate of 56.5% in 2025 [5][11]. - The price-to-earnings (PE) ratio is expected to decrease from 85 in 2023 to 39 by 2026, indicating improving valuation metrics as the company grows [5][10].