Sharetronic(300857) 光大证券·2025-02-27 02:30Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 6.81-8.33 billion yuan in 2024, representing a year-on-year growth of 137.16%-189.86% [1]. - The demand for AI applications is driving growth in data storage devices, with the company positioned to benefit from this trend through its comprehensive SSD product line [1][2]. - The server remanufacturing business is also expected to thrive due to the increasing focus on cloud computing, big data, and AI, with the company actively engaging in server recycling and remanufacturing in North America [2]. Financial Forecasts and Valuation - The company’s revenue is projected to grow significantly, with estimates of 7.54 billion yuan in 2024 and 10.01 billion yuan in 2025, reflecting growth rates of 61.90% and 32.69% respectively [4]. - The net profit forecast for 2024 is adjusted to 7.70 billion yuan, with further increases to 10.21 billion yuan in 2025 and 13.12 billion yuan in 2026, corresponding to P/E ratios of 37, 28, and 22 [3][4]. - The report highlights a robust long-term growth potential for the company, driven by AI demand and digital transformation initiatives [3].